A Painful Experience with Deriv: Investor Loses $10,000 Amidst Serious Security Concerns

Recently, an investor faced a devastating experience while using the Deriv trading platform. Despite following all recommended security measures, the investor’s account was subjected to unauthorized automated trades, resulting in a loss of $10,000.

Security Measures Failed, Platform Ignored Critical Issues

The investor reported that he strictly followed all of Deriv’s safety recommendations, regularly changing his password and enabling two-factor authentication (2FA) to secure his account. Despite these precautions, multiple unauthorized trades were executed on his account, leaving him deeply shocked and concerned.

Upon realizing the issue, the investor promptly reached out to Deriv’s support team for resolution. However, the platform's response was disappointingly dismissive. Deriv’s support claimed that there were “no signs of unauthorized access” to the account and simply suggested that the investor continue adhering to the basic security protocols he had already implemented. This advice was unhelpful, as the investor had already followed all of these measures.

Request for Critical Account Information Ignored

During the discussions with Deriv, the investor requested detailed login information for his account, including IP addresses and server addresses, in an attempt to trace any potential illegal access. Unfortunately, this reasonable request was blatantly ignored by Deriv, with no explanation or feedback given. Moreover, the platform failed to provide any clarification regarding who had executed these unauthorized trades, leaving the investor’s concerns unresolved.

This clear disregard for account security and legitimate complaints highlights a major security flaw within the Deriv platform. As a financial trading service provider, Deriv has a responsibility to protect its users’ accounts. Yet, by neglecting this duty and failing to conduct a thorough investigation, the platform's actions are clearly unacceptable.

Solid Evidence Ignored, Deriv Refused to Act

It’s important to note that the investor had gathered solid evidence, including screenshots of every unauthorized trade and all communication with Deriv’s support team. 

Deriv’s various global entities are registered with several regulators:

Deriv (V) Ltd – Licensed by the Vanuatu Financial Services Commission, 14556

Deriv (FX) Ltd – Licensed by Labuan Financial Services Authority, MB/18/0024

Deriv BVI Ltd – Licensed by the British Virgin Islands Financial Services Commission, SIBA/L/18/1114

It is worth pointing out, however, that these are not top-tier regulators.

Despite presenting this concrete evidence, Deriv has failed to take any corrective action or provide a valid explanation. The platform’s failure to address such a serious issue raises significant doubts about its integrity and reliability.

Conclusion

This incident clearly exposes Deriv’s significant shortcomings in both account security and customer support. The platform failed to protect the investor’s funds and, even when presented with clear evidence, refused to take any meaningful action. Investors are urged to be cautious when using this platform and should consider opting for regulated, reputable trading platforms to ensure the safety of their funds.

Investors should remain vigilant when using the Deriv platform to avoid falling into similar traps.