Background of making money online in Zimbabwe: The crisis
Financial freedom is achievable but most people believe it is a pipe dream and you can achieve that too. While the state of the mind plays a significant role in missing this goal, venturing in the wrong trade with zero guidance may see you hitting a brick wall every time. In this article, I look at how to make money online in Zimbabwe through Deriv, a popular online broker.
- Got no time? Open a Deriv account and start trading.
But, let me give you a brief background. Make sure you read to the end because there is good news.
By the time you complete this article, you will have all the tools you need to make your first dollar online.
Disclaimer: This article is for educational purposes only and is based on my own research. It should not be taken as trading advice as I’m not a trading guru. Make sure you read the terms and conditions of sites linked in this article.
With that out of the way, let’s dive in…
The country has been hit by a serious economic crisis and things are not slowing down. Qualified professionals, working 9 to 5 jobs and particularly in the civil service, barely make ends meet.
As a result, this has led to the proliferation of small-scale entrepreneurs in order to supplement meagre salaries or wages.
In addition, this pressure has also given birth to online entrepreneurs. Anyone can be an online entrepreneur but you should be willing to put in the work.
One of the ways in which you can take advantage of these online opportunities is through online trading. I know a lot of people who have made a fortune through online trading, like forex trading.
As you may have read, one of the top musicians in Zimbabwe, Enzo Ishall, was bought for US$100,000 in 2020. The new manager, Teemak (real name Taona Chipunza), is a forex trader based in Malaysia.
However, if you go into online trading blindly, just like starting any business with no strategy, you are likely to fail. Since you are here, it shows you have the determination to do things properly without cutting corners.
Let’s get to the meat…
Challenges faced by online entrepreneurs in Zimbabwe
Well, they say there are a million ways to make a million dollars and that applies 100% to online hustling. However, there are challenges that limit Zimbabweans from fully taking advantage of online opportunities.
The major challenge is the presence of trade restrictions that have cut off Zimbabweans from most of the online money. As an online entrepreneur myself, I have also faced these challenges.
Most of these online sites adhere strictly to regulations in their countries that determine who they should work with.
Examples of restrictions faced by local Zimbabweans are:
- You cannot receive money via Paypal
- Stripe is not even supported
- You are not able to open popular online wallets like Skrill or Neteller
- You are not able to receive money directly into your bank
- In some cases, Zimbabwe doesn’t even appear in the drop-down menu when you try to sign up
- If it appears, you are told that the service is not available in Zimbabwe at the moment
Trust me, I’ve been there and it sucks…
In the end, if you do some work on one of the restricted sites, chances are you won’t be able to withdraw your earnings.
In trading, most online trading platforms pay via Skrill or some other method not supported in Zimbabwe.
Some people have resorted to blackhat methods to withdraw earnings but if you try it, you risk getting your account blocked and payment withheld.
- However, there is always light at the end of the tunnel
Introducing Deriv (Binary.com) trading platform
I was introduced to Binary.com, by a friend of mine in Kwekwe, back in 2017. The award-winning company re-branded to Deriv in May 2020.
Although I was skeptical at first, this is one online venture where I managed to make my first earning.
It wasn’t much that time, but I was over the moon because I had made some cash. As someone who is fully employed and working 9 to 5, this opened new possibilities.
Deriv is one online trading platform that has put great effort to improve their services and reliability. Anybody who uses that platform will tell you that.
This company upgraded its platform to make it very user-friendly. In addition, they addressed challenges faced by online traders worldwide by ensuring that signing up, trading and withdrawal of funds is as smooth as possible.
It is a trustworthy broker regulated by multiple jurisdictions and any queries are addressed by client support asap.
All you need are the following tools to get started:
Smart device and Internet connection
- A smartphone, tablet, laptop or desktop will do
- Data for internet access.
- You can sign up for a new account here and submit documents for verification
- Once you are on the platform, you can trade any of their products
- This allows you to withdraw your earnings with ease
- You also make deposits via the same account
- Open an account today and start trading.
- If you are starting out in forex trading, make sure you have grasped the basics taught on Babypips.com
- There are plenty of YouTube videos from local traders who are making money trading online
- You can also join local trading groups and learn the ropes from other’s experiences.
What products are available on Deriv?
Deriv has 3 types of accounts that you can open to trade. The most notable one that sets Deriv apart from competition is the Synthetic account. You open this account to trade synthetic indices.
These indices allow you to place your trades based on technical analysis only because they are not affected by fundamental events.
Synthetic indices mimic real-world movements of currencies and are very popular in Zimbabwe.
An independent party audits the synthetic indices platform regularly so that there is transparency.
Forex trading, on the other hand, requires you to master both fundamental and technical analysis. That takes time and experience.
If you have a good strategy and your psychology doesn’t get in the way, you can make lots of money trading synthetic indices.
Synthetic indices include:
- Volatility indices
- Crash Boom Indices
- Step Index
These synthetic indices are traded 24/7 and are available at Deriv on Metatrader 5.
In addition to the Synthetic account, you also have 2 other types of accounts that you can open. These are Financial account (Standard) and Financial STP account.
With the Financial account, you get to trade commodities, cryptocurrencies, major and minor pairs with high leverage. It’s great for newbies and is also available for experienced traders.
The Financial STP account allows you to trade high volumes. You can trade major, minor and exotoc currency pairs with access to tight spreads. Traders have direct access to forex liquidity providers.
Here is a glimpse of the 3 type of accounts:
|ACCOUNT TYPE||Synthetic||Financial||Financial STP|
|LEVERAGE||Up to 1:1000||Up to 1:1000||Up to 1:1000|
|STOP OUT LEVEL||50%||75%||75%|
From the details above, you can see that Deriv has done a lot to cater for everyone who has an interest in trading online.
How do you deposit and withdraw from Deriv?
I highlighted above the main method (Airtm) that is available to Zimbabweans or traders who stay in countries facing the same restrictions.
However, there are other ways in which one can withdraw and these are:
- Bank Wire
- Credit/Debit Card
- E-wallets (this is where Airtm is available)
E-wallets have a minimum deposit or withdrawal of US$5 or 5 Euros or 5 Pounds.
|Payment Method||Deposit Processing Time||Withdrawal Processing Time|
|Bank Wire||Instant||1-2 working day|
|Credit/Debit Cards||Instant||1 working day|
|E-Wallets||Instant||1 working day|
|Cryptocurrencies||3 blockchain confirmations||1 working day + 3 blockchain confirmations|
With this arrangement, Deriv has lowered the barrier of entry so that anyone who is interested in trading doesn’t find it too difficult to test the waters.
Other competitor platforms have prohibitive minimum deposits, for example, minimum deposit to trade on Forex.com is US$50.
It’s possible to make money online in Zimbabwe through Deriv. You need to know what you are doing otherwise you will lose your money.
Always have a strategy that you have tested on a Demo trading account first. Once you are making consistent profits then you can move to a real account.
As someone who has full-time employment, I have limited time to look at the trading charts. In addition, I spend most of my time working on my website, VPNAnchor so my time is stretched thin.
However, I still trade synthetic indices and make profits (and sometimes losses) using a strategy I found on YouTube.
It’s one way to make at least US$5 or $US10 a day and if you want to become a pro-trader, you can build a career around trading, earning even more.
I believe the more you stay in a particular field and study it, the more you become an expert. Be patient and eventually you start seeing the money start to flow.
Deriv is definitely a perfect platform to use in Zimbabwe and it has changed the lives of numerous online entrepreneurs.
Share this article with your friends in social media groups and leave comments below on what you think about Deriv.
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