Can you deposit on Deriv via Mpesa? We explain the options for traders from South Africa.
M-Pesa is a service identical to having a mobile bank account, allowing users to save on costly fees and transfer funds from their mobile phones. Furthermore, the introduction of M-Pesa in South Africa gave its citizens an additional option for accessing banking services.
While banking services in South Africa are more widespread than in several African countries, certain rural areas still do not have access to basic banking. M-Pesa is a solution that has changed the face of banking solutions and money transfers, which is why it has become so popular.
Because M-Pesa is making it possible for money to be transferred via mobile networks, forex brokers such as Deriv have integrated the payment option onto their platforms to make it easier for forex and CFD traders to deposit and withdraw funds, at a fraction of the cost.
Different countries have different tariff structures, but they all employ a pay-as-you-go system to ensure that clients only pay for the services they use.
Deriv Deposit Methods – M-Pesa and Alternatives
Clients in eligible regions who want to use M-Pesa can download and install the D M-Pesa App on iOS and Android, allowing them to make deposits and withdrawals on Deriv via M-Pesa. Alternatively, South Africans can use a Deriv-verified payment agent to deposit and withdraw.
How to make Deposits on Deriv using M-Pesa Step-by-Step
To deposit to a Deriv trading account using M-Pesa, traders can follow these steps:
- Register and verify your Deriv trading account.
- Download and install the D M-Pesa Mobile App.
- Sign up with M-Pesa and Sign in to your Deriv trading account.
- Once sign-up is complete, you can start depositing funds to your Deriv account.
Alternatively, you can register and verify your account and connect to a Deriv Payment agent to receive trading credits into your Deriv trading account.
Deriv M-Pesa Alternatives
Deriv offers several alternative payment methods that South Africans can use, especially if M-Pesa is not available to them yet; these methods include:
- Perfect Money
- 1 For You
Here is a full guide on how to deposit on Deriv.
What is Deriv P2P, and how does it work with mPesa?
Deriv P2P is a unique feature of Deriv and a peer-to-peer trading platform that facilitates instantaneous fund transfers between traders. In addition, Deriv launched the feature to accommodate clients in countries without currency exchange services.
Deriv P2P connects buyers with verified sellers who can exchange credits using local payment methods, such as M-Pesa, in a secure and well-regulated environment.
Use Deriv P2P to deposit with Mpesa
- Trader 1 makes profits (credits) while trading Forex, Boom, Crash, or Synthetic Indices.
- To enjoy their profits in local currency, they can download and install the DP2P app and place a “Selling” advert for their Deriv credits.
- Simultaneously, Trader 2 wants to deposit funds into their Deriv Account. However, they can only do so using M-Pesa, which is not directly listed on Deriv. Therefore, Trader 2 can download and install DP2P and “book” the credits listed by Trader 1.
- Trader 2 can obtain Trader 1’s contact details from the advertisement, allowing the two traders to communicate.
- Trader 1 makes payment in credits to Trader 2 to the amount requested, using M-Pesa.
- While the funds are released to Trader 2 in credits, Trader 1 will receive local currency to the value of their credits. Therefore, Trader 1 receives withdrawable currency while Trader 2 receives trading credits.
Overview of Deriv Payment Agents
What are Payment Agents, and How do they Work with mPesa?
In 2020, Deriv implemented payment agents to facilitate local currency deposits and withdrawals for traders.
A Deriv payment agent is a third-party money changer with authority to accept and process payments for Deriv customers in a certain country. In addition, they allow for the transfer of monies between several Deriv accounts.
Payment agents for Deriv facilitate customer deposits and withdrawals using payment systems that are not directly integrated with the Deriv platform, such as M-Pesa. This process can easily be described as follows:
- Trader 1 wishes to deposit funds into a trading account using M-Pesa. However, they cannot do so on the Deriv platform.
- They contact a Deriv Payment Agent, and the payment agent deposits funds into Trader 1’s account. At the same time, Trader 1 pays the agent using M-Pesa.
Affiliates of Deriv, Currency Exchanges, and Community Managers can easily become Deriv Payment Agents. However, the prerequisites are:
- A verified Deriv trading account.
- A positive minimum account balance (depends on the country of residence)
- Valid and verified contact details.
How can I register to become a Deriv Payment Agent?
To register as a Deriv Payment Agent, you can follow these steps:
- Email Deriv at [email protected] and provide the following:
- Your name, email address, and contact number.
- Your Website Address (if applicable).
- Accepted Payment Methods, such as M-Pesa.
- Commission you intend to charge on deposits and withdrawals.
- Once you have received final approval from the Deriv Compliance team, your details will be published on the respective “Payment Agent” list on Deriv.
Are Deriv Payment Agents safe?
Deriv Payment Agents are safe if you use a verified agent listed on the official Deriv website. Deriv has stringent requirements for payment agents, making them a suitable option for South African traders.
How do I deposit money into a Deriv Account?
You can log into your Deriv trading account and select “Cashier,” choose to deposit, select your payment method, and follow additional steps to complete your deposit.
How can traders add mobile money to a phone account?
They must be a Vodafone user in a country where the M-Pesa service is offered. Secondly, they must register as an M-Pesa client by creating an account with an M-Pesa agent.
Can I use M-Pesa to deposit or withdraw from Deriv?
You can, but you cannot do so directly from Deriv. Instead, to deposit or withdraw using M-Pesa, you must use a Payment Agent that supports this payment method or use the D M-Pesa App.