Account Authentication for MT5 accounts (BVI, Vanuatu, and Labuan)

Hello Deriv Community,

With the recent update on the MT5 account creation, we are being more transparent about the counterparty a customer is signing up with. You can’t get more transparent than letting the customer choose.

Following the title above, please be advised that this will only be affected the newly registered account. Depending on the type of MT5 accounts, the newly registered account will need to be fully authenticated. However, not every real MT5 account requires a full verification of your account. Only Vanuatu, Labuan, and the British Virgin Islands (BVI) require a full verification after real account opening.

According to the jurisdiction you’ve chosen, you will need to submit the documentation needed to authenticate your account.

The documents needed are the Proof of Identity (POI), Proof of Address (POA), Tax identification (TIN), and Financial Assessment (If required)

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These are the MT5 Account Sign-up flow for your reference:

  1. The customer selects to create a Synthetics, Financial, or Financial STP account.
  2. The customer gets to choose a counterparty based on the jurisdiction.
  3. Once the counterparty is chosen, the client will need to submit the required documents for account authentication (If required)
  4. If the document submitted failed to pass the verification, the client is unable to open an account under that chosen jurisdiction.
  5. If a client passes the authentication, he/she will need to provide a POA. Once verified they will be notified to add the MT5 account.
  6. The client should be able to open multiple MT5 accounts under different counterparties e.g. an MT5 Synthetics account under St. Vincent & Grenadines (SVG), plus an MT5 Financial account under BVI, or an MT5 Synthetics account under SVG, plus an MT5 Synthetics account under BVI.

How long does the verification process take?

The verification checks will take approximately 1-3 working days. Upon account authentication, the client will receive a notification that their account has been verified to which they can go and set a password for their account.

Hope the above information is useful for everyone.

If you have any further queries, please do not hesitate to contact our Live Chat support for assistance.

Hello, please i have been trying to upload my proof or address with my bank statement but i was not successful with it, please that is the only bill that that i have which can be used to verify my account since i do not have or built a place of my own. and in ghana here if u do not have or built a place of your own you cant get your name on the utility bill, i hope you consider my request. thank you.

Hello, @ascaunt-adrowse-2. Thank you for joining the community! We regret to note that. Kindly reach out to us via LiveChat, for better assistance and protection of your account’s data. We’ll work with you to resolve any issues as quickly as possible.