Navigating the world of trading can often feel like traversing a vast ocean without a compass. The unpredictable ebbs and flows of the financial markets require a robust, flexible, and reliable trading platform to chart your course. Enter Deriv X – a customisable CFD trading platform that enables you to take the helm of your trading journey.

Just as the perfect outfit enhances your personality and boosts your confidence, Deriv X aims to optimise your trading prowess with its unique customisation features. It’s like trading in a tailored suit – every detail is calibrated to suit your style and strategies, giving you a robust platform to perform at your best.

In this comprehensive guide, we walk you through how to place your first trade on Deriv X and discuss its multitude of features. By the end, you’ll be equipped with the knowledge and tools to begin your personalised trading adventure with Deriv X.

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Placing Your First Trade on Deriv X

The journey to a successful trade begins with a simple step. Let’s get you started on Deriv X.

1. Setting Up Your Account

Before getting started on Deriv X, you’ll need an account. If you don’t have one, creating a Deriv X account is a straightforward process.

2. Choosing Your Asset

After logging in, you’ll find a range of assets available for trading. These include forex, commodities, and cryptocurrencies. The intuitive design of Deriv X makes it easy for you to navigate and select your preferred asset from the list using the filter in the Asset Class column. If you’re interested in trading synthetics, simply click the Account tab located in the top right corner of the platform and select the second account listed there. This will switch your Watchlist to display the synthetic assets exclusively.

3. Placing Your Trade

Now that you have selected an asset, it’s time to place a trade. Deriv X offers three ways to do this:

1. Right-click on the asset in the watchlist and select either Buy order or Sell order.
2. Click on the Bid or Ask price in the watchlist.
3. Right-click on the asset’s chart and select either Buy or Sell.

Once you have initiated a trade, a New Order box will pop up. Here, you’ll need to specify several parameters:

1. Select your order type: Market, Limit, Stop, or OCO (One Cancels the Other).
2. Define your lot size. The lot size is the number of units you are buying or selling in your trade.
3. Select either a buy or sell order based on your market prediction.
4. If you choose a Limit, Stop, or OCO order, you’ll need to set your preferred limit price.
5. You can also set your stop loss or take profit limits by clicking on Protection Orders.
6. Finally, confirm and place your order by clicking Send Order.

Once your order is executed, you’ve officially placed your first CFD trade on Deriv X. Congratulations!

4. Monitoring Your Position

After your trade is executed, it becomes a ‘position’ that you can monitor in the Positions panel. Clicking on the position allows you to view critical details such as position ID, fill price (the price at which you opened your trade), current price, and your potential profit or loss according to the current market price.

You can modify your stop loss or take profit limits at any time by double-clicking on the open position. If you decide to close your trade, simply right-click on the open position and select Close Position.

5. Customising Your Trading Environment

Deriv X offers a range of tools and features for a customised trading experience. Enhance your ability to predict price movements by adjusting your chart with drawing tools and technical indicators available at the top of the chart window.

Whether you’re a seasoned trader or just starting, you can explore and practice CFD trading with virtual funds on the Deriv X demo account. Or, if you’re ready to take on the real markets, you can delve into a variety of educational content, such as Deriv’s blog on technical analysis in trading, to improve your trading skills.

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Why Trade on Deriv X

Deriv X stands out among trading platforms due to its unique customisation capabilities, intuitive design, and the ability to trade multiple markets simultaneously on a single platform. The platform’s user-friendly interface, 24/7 trading availability for cryptocurrencies and synthetic indices, advanced charting features, and bespoke trading tools contribute to a superior trading experience.

The platform is also accessible on both mobile and desktop devices, ensuring that you can seize trading opportunities wherever you are, whenever they arise.

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Markets to Trade on Deriv X

Deriv X offers a wide variety of markets to trade CFDs, including forex, basket indices, commodities, cryptocurrencies, and Deriv’s proprietary synthetic indices.

• Forex: Take advantage of one of the world’s largest and most liquid financial markets with over 60 forex pairs available for trading.
• Basket Indices: Capture sector performance with several pre-selected groupings of stocks.
• Commodities: Trade on price movements of commodities like gold, silver, and oil.
• Cryptocurrencies: Explore the exciting world of digital currencies like Bitcoin, Ethereum, and many others.
• Synthetic Indices: Enjoy 24/7 trading on these unique indices that mimic real-world market volatility and are unaffected by market events and news.

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Learning with Deriv

Deriv believes in empowering all traders with knowledge. To support this belief, Deriv offers a wealth of resources through which you can learn about CFD trading, the role of margin in trading, how to mitigate risks, and much more.

Deriv’s learning resources are tailored to cater to all levels of traders, from beginners to professionals. You can explore various trading strategies, understand the dynamics of different markets, and stay updated with the latest trading trends through the educational resources. So, why wait? Dive in and explore the world of trading with Deriv X.

By offering a personalised trading environment, Deriv X creates an exclusive space for every trader, from the novice to the experienced. Its customisation features ensure that trading feels intuitive and enriching, making Deriv X an ideal platform to embark on your trading journey.

So, why wait? Log into your Deriv X account today and experience a platform that feels like it’s tailor-made just for you.

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FAQs about Deriv’s trading service

What is Deriv X and how does it work?

Deriv X is a highly customizable CFD trading platform that allows you to create a personalized trading environment. You can select assets from various financial markets, including forex, commodities, cryptocurrencies, and synthetic indices. Placing trades involves selecting an asset, choosing to buy or sell, specifying your lot size and order type, and setting your stop loss or take profit limits.

How can I place a trade on Deriv X?

You can place a trade on Deriv X in three ways: right-click on the asset in the watchlist and select either Buy order or Sell order, click on the Bid or Ask price in the watchlist, or right-click on the asset’s chart and select either Buy or Sell. After selecting an order, a new box will pop up where you will need to fill in the details of your trade.

What is unique about Deriv X’s interface?

Deriv X’s interface is customizable, allowing you to drag and drop widgets to create a workspace that suits your needs. Some of these widgets include the Watchlist, Chart, Trading Dashboard, and Trading Journal. You can add multiple workspaces with different layouts to fit your trading needs.

What are synthetic indices and how can I trade them on Deriv X?

Synthetic indices are a type of asset that mimic real-world market movements. To trade synthetic indices on Deriv X, click on the Account tab located in the top right corner of the platform and select the second account listed there. Your Watchlist will then switch to display the synthetics assets.

What is Contract for Difference (CFD) trading?

CFD trading is a form of trading where a broker and a trader agree to exchange the price difference of an underlying asset between the trade’s open and close times. This allows you to trade on the price movement of any financial market without owning the underlying asset.

What is margin trading in the context of CFD trading?

Margin trading, also known as leveraged trading, is the practice of opening larger positions with smaller initial capital by making a refundable deposit to cover only a fraction of the trade value. The broker covers the rest of the trade. This method can amplify potential profits, but also multiplies potential losses.

How can I practice CFD trading on Deriv X?

You can practice CFD trading on Deriv X by using the platform’s demo account. This account is pre-loaded with 10,000 USD in virtual funds and allows you to practice CFD trading without risking real money.

What are some best practices for a beginner in CFD trading?

For beginners, it’s important to choose a reliable broker and platform, learn about the commonly used tools and terms in CFD trading, and diversify your portfolio while keeping it balanced. You should also make use of a demo account for practice before jumping into real-world trading.