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Deriv Review: Is Deriv.com A Scam?
Deriv.com Review: this is the name of a Forex and Binary Options company that claims to provide a trading platform as well as trading automation. Is Deriv a legit Forex brokerage? Many new traders are entering the market and they have become easy targets for scammers. Read this review before starting trade with this broker.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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Deriv mentions about 5 different locations on its website. All of these regions are offshore locations. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Deriv
The broker claims to have trading bots for their clients and high leverage, which some traders prefer. Numerous transaction options are listed and clients can pick any they are comfortable with. Trading assets are over 100 and includes the major markets. Even beginners can use the platform that is offered easily and earn profits.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Deriv Trading Platform
The website revealed that Deriv offers clients two trading platforms, namely; DTrader and DMT5. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
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Trading instruments offered to traders are currency pairs, indices, synthetic indices, and other commodities. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:1000 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well Spreads are not disclosed on the EURUSD pairs.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Deriv
The means that traders are to use to make deposits and withdrawals are VISA, MasterCard, Bank transfer, Neteller, Skrill, iWallet, WebMoney, Qiwi, Perfect Money, Fasa Pay, and PayTrust. We find these options encouraging.
This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
We are not informed of what the minimum deposit requirement is for those willing to trade with this brokerage. However, we want readers to be aware that the average among brokers is usually between $100 to $250. The terms and conditions of trading with this firm include giving them the right to charge deposit and withdrawal fees when they deem fit.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Deriv Licensed?
No. Deriv is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
We found no means of contacting the broker on the page which is discouraging. This is because some clients would want to get more information directly from a company’s representative.
Deriv is not licensed and thus gets a low rating from us. We get no customer support means as well and no minimum deposit information. The only good thing is that it gives access to MT5 and high leverage. We advise the broker to be more open with details concerning trading conditions. If you have anything to say about this broker, do so in the comment section.
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Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
Deriv review – Is deriv.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
Deriv is an offshore broker offering both binary options and standard forex and CFD trading with two account types, leverage as high as 1:1000 and the MetaTarder5 platform. The company that operates the website is registered in St. Vincent and the Grenadines and is not regulated, so if you are considering investing your funds with them be sure to read the following review.
|Account type||Min. deposit||Max. leverage||Spread s|
Leverage as high as 1:1000 as offered by Deriv surely will fit even the most aggressive trading style. And yet you should be aware that leverage comes with a trade off – your funds can be erased in a matter of minutes when the market turns against you. And that is precisely why in the past few years leverage was restricted to levels well below 1:100 on virtually all major regulated markets including the EU, Canada, Japan and the U.S.
The MetaTarder5 is a highly reliable, professional trading platform, featuring numerous market indicators and trading robots with the help of which one can easily run algorithmic tracing sessions. And because the platform is also complemented with an excellent set of advanced charting tools, here you may also check our list of brokers supporting the MT5:
Deriv is owned and operated by Binary (SVG) Ltd, an offshore company based on St. Vincent and the Grenadines, which is not licensed and authorized by any official financial regulator.
Otherwise Binary (SVG) Ltd is said to be a part of a holding company – Binary Limited, based on the Channel Islands (UK), which also runs several other subsidiaries, registered in Malta, Vanuatu, British Virgin Islands and Malaysia, which are said to be regulated by the respective local authorities.
All of that however does not change the fact that Deriv and Binary (SVG) Ltd are not regulated, which basically means that for the safety of your funds you will have to rely entirely on the integrity of the people, who operate the website.
So our advise is to trade only with brokers, regulated by reliable financial authorities like the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) or the Financial Conduct Authority (FCA) in the UK, where for example your funds will even be protected by a client compensation fund, covering up to 85 000 GBP of your trading account.
Here you may check as well our list of FCA regulated brokers:
Deriv reserves the right to charge unspecified fees and to reverse trades
That is not something we like either. Deriv reserves the right to charge deposit and/ or withdrawal fees on their sole discretion, and to reverse the trades you have made. See for yourself:
No demo account directly available
Unfortunately the trading conditions offered with Deriv’s Standard and Advanced trading accounts are not specified, and as we were not directly able to open a demo account, we can not comment on their spreads.
Still bear in mind that with a standard account spreads are generally considered attractive only when they start below 1,5 pips. Here you may check our list of brokers offering tighter spreads:
Unfortunately Deriv is not a broker we can recommend. They might be a part of a larger group that offers regulated services with some of their other brands, but that does not alter the fact that Deriv is a unregulated, offshore broker. So here we will repeat our usual advise – deposit your funds only with legit and properly regulated brokers, like the ones licensed and authorized by the FCA in the UK, CySEC in Cyprus and ASIC in Australia – the three most popular regulatory hubs in the forex industry.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
DriveTime Reviews: Is it Legit? A Scam or the Best Car Shopping Dealer?
Everything You Should Know About DriveTime Used Cars: Is it Legit? A Scam? Or is it One of the Best Car Dealerships?
Purchasing a car can be an exciting process—but if you don’t find the right seller that will work with you and answer all of your questions, it can quickly become stressful and confusing.
If you’re in the market to buy a car, it pays to make sure that you partner with the right dealership. For those that want to buy a used car, DriveTime offers quick approval, a large inventory, and best of all, no strict credit requirements.
In this AdvisoryHQ DriveTime review, we’ll help you determine whether DriveTime vehicles are right for you, answering questions like:
Thinking about purchasing a used car? Keep reading for an in-depth discussion on whether DriveTime used cars are worth it.
AdvisoryHQ DriveTime Review | What is DriveTime?
DriveTime is a “Buy Here, Pay Here” dealership with 145 locations in 27 states. According to their website, DriveTime is currently the second-largest national dealership that focuses solely on selling used cars.
DriveTime automotive sales have a wide reach, both among used car and new car dealerships. In total, there are over 14,500 DriveTime used cars available across the country, with over 1.1 vehicles sold since its founding in 2002.
Perhaps the biggest differentiator between DriveTime and other dealerships is that DriveTime uses a “Buy Here, Pay Here” structure. There are a few key aspects to this business structure, including:
For car buyers that have had issues with credit histories in the past, DriveTime used cars offer a unique accessibility that other dealerships often cannot offer.
AdvisoryHQ DriveTime Review | How Does DriveTime Work?
If you’re in the market to purchase a used car, DriveTime vehicles are available to view online with information on mileage, features, safety ratings, and Kelley Blue Book pricing.
This AdvisoryHQ News DriveTime review found that DriveTime works by offering additional features like:
Does DriveTime Take Trade-Ins?
If you want to apply the value of your current car towards a new car, DriveTime automotive dealerships do accept trade-ins. In fact, customer trade-ins are one of the primary ways that the dealership obtains their used vehicles.
The dealership can provide a price valuation on the spot from a third party, providing a convenient way to decrease the cost of DriveTime used cars.
DriveTime Used Cars
How Much Do You Have to Put Down at DriveTime?
The amount that you will have to put down for DriveTime used cars will vary depending on your unique situation (and the specific vehicle that you purchase). Their company policy states:
Unlike the majority of ‘buy-here pay-here’ dealerships, we don’t have the same down payments for everyone. We customize our down payments per vehicle and per customer.
One unique feature that Drive Time offers is their 45-day reservation policy, where car buyers can reserve their car and get a little extra time to get their down payment together.
AdvisoryHQ DriveTime Car Sales | DriveTime Reviews & User Ratings
DriveTime auto sales sounds like a simple and affordable process, but how do you know that this dealership is really the best place to get a used car?
Before you commit to one of DriveTime’s used cars, you may want to take a look at DriveTime reviews to see whether past customers would highly recommend DriveTime—or whether they would tell you to steer clear.
DriveTime Reviews | TrustPilot
There are nearly 11,000 DriveTime reviews on TrustPilot, giving DriveTime automotive sales an overall rating of 4 out of 5 stars. With 78 percent of DriveTime reviewers giving the company a full 5-star rating, TrustPilot has given them a TrustScore of 8.8 out of 10.
Many satisfied DriveTime reviewers state that purchasing a used car through the dealership was the “best car buying experience” they had ever had, expressing that the process was convenient and stress-free.
By and large, the most common point of praise from DriveTime reviewers on TrustPilot is the exceptional customer service that they received from DriveTime automotive employees. Reviewers state that their car salesman was honest, courteous, willing to answer all questions, and most importantly, not pushy or looking to take advantage of them.
While many DriveTime reviewers report having a positive experience purchasing DriveTime used cars, there are some car buyers that were not satisfied with DriveTime. Many critical DriveTime reviews describe issues with rude or unprofessional employees, faulty warranties, and cars that are in and out of the mechanic shop.
For example, one DriveTime reviewer states that:
Down payment may be low. But my car had been giving me a problem since day one. The warranty they offer is a nightmare to deal with. The mechanics are not good. and they just seem unconcerned with fixing your car.
There were also a significant number of DriveTime reviewers that complained about receiving a lower down payment quote online than in-person, saying that the company is “misleading people who need help.”
In response, DriveTime explains that “final approval and down payment options are subject to change based on physical documentation provided to the dealership, as well as the specifications of the selected vehicle.”
Other complaints came from car buyers that tried to return their vehicle outside of the 30-day warranty or trade their car before the required 3-year period was up.
DriveTime Reviews | Better Business Bureau
There are over 1,600 DriveTime reviews on the Better Business Bureau, with 88 percent of reviewers giving positive reviews. Common elements among positive DriveTime reviews include:
Although there are a large number of positive DriveTime reviews on the BBB, this AdvisoryHQ review found a significant number of complaints filed against the company.
In total, 831 complaints have been filed since 2020, with the majority of these complaints referring to issues with the product or service. Many DriveTime reviewers describe purchasing cars with significant repair issues, often resulting in serious safety concerns while driving. Complaints on DriveTime vehicles include:
Although many of these complaints have since been resolved to the customer’s satisfaction (in some cases, refunding the entire amount of the car or forgiving the remaining balance), the frequency of these complaints may warrant additional consideration before purchasing DriveTime used cars.
AdvisoryHQ DriveTime Review | Is DriveTime Legit?
For used car buyers with less than perfect credit, DriveTime vehicles sound like the perfect solution to the strict credit requirements set by other dealerships. But is DriveTime legit? Can you trust DriveTime automotive dealerships?
This AdvisoryHQ review found that yes, DriveTime is legit, with company headquarters based in Tempe, Arizona. DriveTime has been registered with the Better Business Bureau since 2020, and currently has an ‘A’ rating.
Furthermore, based on DriveTime reviews, the dealership has built a strong foundation of consumer trust, selling over a million vehicles across the country. The vast majority of car buyers applaud DriveTime for their customer service, transparency, and accessibility, representing thousands of positive experiences with DriveTime used cars.
AdvisoryHQ Conclusion: Are DriveTime Vehicles Worth it?
For many car buyers, purchasing a car comes with numerous barriers, including price, down payment amount, and credit history. DriveTime automotive sales offer a unique accessibility that many dealerships cannot match, helping those who might not be able to purchase a car otherwise.
Based on positive DriveTime reviews, there are thousands of satisfied customers that would strongly recommend considering DriveTime used cars. Many people have had overwhelmingly positive experiences with this dealership—not just for affordable pricing, but also for the overall professionalism and transparency offered by the staff.
However, this AdvisoryHQ News review did find a few key criticisms to consider before signing up for DriveTime used cars.
First, although the company does provide financing quotes online, final estimates only come from showing documentation in-person. Second, potential shoppers should consider that the company has had past issues with state laws, particularly where credit and information reporting practices are concerned. Third, complaints from car buyers on BBB suggest that there may be issues with the company’s inspection and quality control policies.
Should you consider DriveTime vehicles for your next used car purchase? If you have less than perfect credit and are in the market for a used car, thousands of satisfied customers say that DriveTime is worth a try.
However, based on the sheer number of complaints regarding overall safety and repair, we encourage you to use the same precaution that you would when buying any used car. No matter what car you end up driving off the lot, bring it to a mechanic you trust to ensure that the vehicle you purchase fits your long-term expectations.
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