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Deepcoin Review 2024: Features, Fees & Security
Swen Keller
- URL: https://www.deepcoin.com
- Headquarter: Singapore
- Year Founded: 2019
- Platform App: Web and Mobile
- No. of Cryptocurrencies: 150+ digital currencies
- Fiat Currencies Available: JPY, AUD, TRY, USD, CAD, SGD
- Payment Methods: Cryptocurrency deposit, credit and debit card (Visa and MasterCard)
- Withdrawal Methods: Cryptocurrency wallet address
- KYC Verification: Yes
- Native Token: No
Deepcoin Review: Our Opinion
Our detailed research and testing of the Deepcoin cryptocurrency exchange indicates that the trading platform is best for advanced derivatives traders looking to trade USDT Perpetual Pro Contract.
It offers limited instant buy and sell digital currencies and doesn’t support major fiat currencies like GBP and EUR.
Deepcoin also doesn’t allow you to withdraw fiat currencies directly, only crypto assets.
Company Overview About the Deepcoin Exchange
Deepcoin was founded in 2019 and it is headquartered in Singapore.
It is a centralized exchange that requires users to complete KYC verification before being able to execute any form of transaction on the platform.
Concerning its products, Deepcoin offers over 150 digital currencies, over 200 trading pairs, perpetual contracts, derivatives, wealth management, spot trading, complete position management tools, and trial bonus funds. It also has a popular copy-trading feature for newbies and other comprehensive financial services.
Other services include:
K-Line Quick Order
Multi-Point Take-Profit & Stop-Loss
Order Merge & Split Modes
Double Price Liquidation
Trailing Stop Functionality
The team behind the company are individuals from Singapore, Japan, the US, China, and Russia.
Pros
- Large selection of cryptocurrencies and trading pairs
- Supports up to 40 fiat currencies
- High leverage
- Competitive fees determined by trading volume
Cons
- It does not support direct fiat currency withdrawal
Deepcoin Review: Unique Features
K-line Quick Trading
This is an on-chart derivative trading function exclusive to Deepcoin.
With the K-line Quick Trading feature, you can place orders, edit trades, and adjust leverage directly on the chart.
This eliminates the need to toggle between screens or switch back to the order page.
Deepcoin has stacking charts that allow you to view different timelines and trade directly on the chart.
When there is a rapid market change, you can simply select the spot on the chart and place an order within seconds.
Aside from placing orders on the chart, this feature also allows you to effectively manage your position.
You can set your leverage, edit or adjust your existing orders, and set your Take-Profit and Stop-Loss prices.
Deepcoin offers users at least 3 Take-Profit/Stop-Loss modes which can help the traders effectively manage their profit. You can set a Take-Profit/Stop-Loss for the whole position amount, you can set a Take-Profit/Stop-Loss with a partial amount of the position margin, and you can also set a Conditional Take-Profit/Stop-Loss.
The Conditional Take-Profit/Stop-Loss allows you to set a trigger price at which the position will close.
Deepcoin also allows users to set up to 50 Take-Profit and Stop-Loss orders for the position, at different prices, and with different amounts of the margin.
Copy Trading
Deepcoin offers Copy trading which allows traders to copy other experienced traders. This prevents them from incurring significant losses while learning how to trade.
Currently, copying is only available in open and closed position mode.
To make copy transactions on Deepcoin, you need to first deposit funds in your USDT Contract account under the main account.
Currently, Deepcoin supports copy trading for the following crypto assets:
BTCUSD, ETH USD, LTCUSD, ADAUSDT, APTUSDT, SOLUSDT, OPUSDT, ENSUSDT, LDOUSDT, DOGEUSDT, BCHUSDT, LINKUSDT, XRPUSDT, FILUSDT, BNBUSDT, ETCUSDT, DOTUSDT, EOSUSDT, APEUSDT, 1000PEPEUSDT, LINAUSDT, MATIC USDT, ARBUSDT, SANDUSDT, SUI USDT, and UNIUSDT.
Copy traders incur the same transaction fees as the normal contract transaction fee rate when copying other traders on Deepcoin.
Deepcoin does not charge any additional or hidden transaction fees.
Traders who are copied by other users earn 10% profit from the profit made by the copying traders.
Deepcoin splits the trader’s every 8 hours. For the profit to be shared, the copyist and the trader must have no positioning relationship at the settlement time.
The copyist must not have any open position following the trader. If there is an open position following the traders, the settlement is carried out in the next cycle. Profits are reflected in the trader’s account 30 to 60 minutes after settlement.
Deepcoin offers copyists a 0.5% spread protection when opening a copying position.
If the opening price exceeds 0.5% of the trader’s opening price, the copying will fail.
As with other crypto exchanges, copying in Deepcoin can fail for several reasons including insufficient available assets in the trading account, withdrawal from the order by the order holder, and exceeding the maximum copy amount limit or layer opening limit.
Deepcoin Trial Bonus (DTB)
Deepcoin Trial Bonus is an experience benefit available to Deepcoin users which allows risk-free trading of USDT perpetual contracts.
DTB can be earned by participating in monthly promotions and competing challenges.
Once you complete the required event, you must claim the coupon for the funds to be deposited in your Bonus Funding Account.
DTB is always issued in the form of USDT.
The Deepcoin Trial Bonus cannot be withdrawn into another account. You can, however, withdraw a certain amount of profits after trading by the DTB configuration rules.
There are 2 types of Deepcoin Trial Bonus: Standard DTB and Replacement DTB. The standard DTB uses a one-time profit withdrawal mechanism. This means that once you transfer your profits, any remaining DTB is cleared.
The Replacement DTB, on the other hand, can be transferred multiple times according to the profits and transfer provisions specified in the rules.
You can view the DTB you have received in the Rewards Hub under ‘My Coupons’
The Rewards Hub has 2 sections; Obtainable Rewards and Claimed Rewards.
Obtainable Rewards are benefits available to you that have not yet been claimed while Claimed rewards are benefits that have been claimed.
Aside from your DTB, you can also view your Few Discounts, Deductible Money, and Token Bonus.
A Token Bonus is a reward offered by Deepcoin to its users in the form of a specific Token.
Token Bonuses are earned by participating in related promotional activities like social events and airdrops. Token Bonuses can be traded, transferred, and withdrawn as real assets.
Deductible Money is a form of welfare offered to users. Currently, Deductible Money only applies to transaction fees for the perpetual contract.
The deduction takes precedence over your capital when it is applied to the corresponding fee.
Cryptocurrencies Available on Deepcoin
The Deepcoin crypto exchange supports the buying, trading, and holding of over 150 cryptocurrencies.
Supported cryptocurrencies include Bitcoin, Ethereum, XRP, Bitcoin Cash, Chainlink, Litecoin, 1Inch, Yearn Finance, Polkadot, Dogecoin, Solana, Ethereum Classic, ApeCoin, EOS, Filecoin, Solana, etc.
Deepcion Review: Fees
The Deepcoin derivatives trading platform charges different fees depending on the financial instrument you’re trading with.
USDT Perpetual Contract Fees
For all executed orders, Deepcoin charges a trading fee using the taker and maker model with taker = 0.06% and maker = 0.04%.
Note that the actual order cost is reserved for when you open an order but it is paid when the order is executed.
The amount to be paid is calculated based on the actual execution cost.
That said, after all open transactions are executed all remaining funds after trading fees have been deducted are automatically returned to your available Deepcoin wallet account.
The formula for calculating the USDT Perpetual Pro Contract trading fee is:
Trading Fee = Contract Face Value Trading Fee Rate Filled Price
Order value = Contract Face Value Contract Size Filled Price
For instance, if Trader B buys 100 ETH/USDT contracts using Market order. (1 contract face value = 0.001 BTC）
Now if the execution price is 18,000 USDT:
Taker fee for Trader B = 0.001*100*18000*0.06% = 1.08 USDT
Spot Trading Fees
Deepcoin also uses the maker-and-taker trading fee model that’s dependent on trading volume to charge crypto traders for using the centralized cryptocurrency exchange.
That said, Deepcoin charges a maker fee of 0.10% and a taker fee of 0.10% for spot trading.
The formula for calculating fees on Deepcoin is:
Buy Fee = Buy price Buy trading volume Fee rate (Deducted in BTC)
Sell Fee = Sell trading volume * Fee rate (Deducted in USDT)
Deepcoin Review: Payment Methods
Deepcoin allows users to deposit funds into the centralized exchange by transferring cryptocurrency assets to a wallet address on the exchange platform or buying using a credit and debit card (Visa and MasterCard only).
To use a debit or credit card to buy cryptocurrency you would need to do so via Deepcoin’s partner third-party payment processors which include Banxa and Simplex.
Deepcoin Review: Security
From our direct trials and assessments, we can confirm that Deepcoin is a secure, comprehensive cryptocurrency derivatives trading platform registered in Singapore with multiple licenses in Canada.
Deepcoin implements several security practices to keep users’ digital assets on Deepcoin safe at all times.
Deepcoin holds users’ assets in a combination of hot and cold wallets. This dual-isolated method keeps users’ assets on Deepcoin safe at all times.
Other Deepcoin security practices include the use of bank-level hardware security modules and customizable two-factor authentication options.
The exchange uses IP addresses and Cookie data to protect users from automated abuse like phishing, Spam, and Distributed Denial of Service (DDoS) attacks.
All trading activities are closely monitored to ensure that any suspicious behavior is detected early. This is to prevent potential fraud and loss of funds to bad actors.
Deepcoin also has several security measures in place to ensure that users’ data is not lost, altered, abused, or accessed by unauthorized parties. Available data security measures include strict physical access controls to buildings and files, PCI scanning, internal data access restrictions, Secure Sockets Layer encryption technology, and pseudonymization.
In compliance with global regulatory standards like Know Your Customer, Anti-Money Laundering, and Counter-Terrorism Financing, Deepcoin users must be authenticated for both personal and business-level accounts.
Staking Rewards
Deepcoin does not offer any form of staking rewards.
However, it offers trial bonus funding rewards for USDT perpetual contract traders.
Supported Countries
Deepcoin exchange is available to users in over 20 countries.
Supported countries include Spain, the United Kingdom, Australia, Canada, France, Turkey, Russia, Slovenia, Bulgaria, Switzerland, Netherlands, Sweden, Brazil, etc.
Deepcoin is not available to residents of Cuba, Hong Kong (China), Malaysia, Sudan, Iran, Puerto Rico, Crimea, Syria, North Korea, Northern Mariana Islands, American Samoa, the United States, and any other jurisdictions where its services are restricted.
Opening a Deepcoin Exchange Account
To open a Deepcoin exchange account go to https://www.deepcoin.com.
Once there, click on the Register button in the upper right corner of your screen.
Next, you’ll need to sign up by either entering your email address and selecting a password or inputting your mobile number.
In this case, we’ll use an email address. So enter your email address and type in your password.
Note that the password you set must contain a symbol, number, and alphabet.
After this, tap the box that confirms you agree to Deepcoin’s privacy policy and Terms of Use.
Hit the Register button.
Deepcoin exchange will send an authentication code to your email address.
Enter the authentication code in the field that shows and tap the button below to continue.
That’s it! You have created a Deepcoin exchange account, however, you will be unable to participate in derivatives trading, leveraged trading, or perform any form of trading on the exchange platform till you undergo basic verification.
The basic verification allows you to deposit an unlimited amount but withdraw only 100,000 USD from your various trading operations.
Trading Experience
Deepcoin offers a trading experience best suited for advanced derivatives trading. Users not interested in the advanced derivatives market may have a difficult experience as the exchange offers very limited instant buy and sell features (supports just 3 cryptocurrencies for Instant buy and sell).
That said, Deepcoin offers the necessary advanced charting tools, technical indicators, etc. for derivatives and spot trading. It also offers wealth management services.
Customer Service
Deepcoin offers 24/7 multilingual customer support via the Deepcoin mobile app and email at support@deepcoin.com.
Customer support is available in several languages including English, Russian, Chinese, Japanese, Portuguese, etc.
Customer Satisfaction
Leveraging our firsthand insights, we discovered that Deepcoin offers average customer support.
The Deepcoin mobile app has a 3.5-star rating in the Google Play store and 4.5 stars in the Apple app store.
That said, the platform is built for advanced traders and is not suitable for beginners or inexperienced traders.
Does Exchange Offer Education?
No, Deepcoin does not offer cryptocurrency education but it has a blog and help center where it updates traders on current happenings with the exchange.
Is Deepcoin Exchange Right for You?
Drawing from our in-depth analysis of the Deepcoin exchange platform, we’ve discovered that it is right for you if:
You’re interested in derivatives trading
You have a large trading volume
You are an advanced crypto trading
You are interested in copy trading
Conclusion
Deepcoin is a centralized trading platform best suited for experienced or professional traders.
It isn’t for beginners or newbies as it offers very limited instant buy and sell cryptocurrencies.
That said, it offers competitive fees that are dependent on the trading volume and has a sizable selection of digital currencies for spot trading and the derivatives market.
Deepcoin’s global presence is notable, but the crypto world is diverse. Explore another major player with our BaseFEX Review.
FAQ
Most frequent questions and answers
Deepcoin is not a decentralized exchange. It is a centralized exchange as it requires users to verify their identity by uploading documents such as a driver’s license or International Passport.
Deepcoin has banned residents of the following countries: Hong Kong (China), Cuba, Iran, North Korea, Crimea, Sudan, Malaysia, Syria, the United States, Puerto Rico, American Samoa, Guam, and the Northern Mariana Islands.
That said, the exchange is constantly updating this list and more countries may be added in the future or removed from the list.
Yes, Deepcoin requires users to undergo KYC verification before they can deposit funds or carry out any transactions on the exchange.
There is a 3 stage verification process that unlocks various withdrawal limits based on the level you pass.
To withdraw from the Deepcoin exchange you need to have an external cryptocurrency wallet address. Deepcoin does not allow or support fiat currency withdrawals only purchases.
That said, to do so go to https://www.deepcoin.com.
Next, tap on the withdraw button that’s between the Deposit and Transfer buttons at the upper right corner of your screen.
You’ll need to enter your external cryptocurrency wallet address or copy the QR code of the external wallet address.
That’s it!
However, it is important to note that Deepcoin places withdrawal restrictions on your account based on your current KYC verification level.
For example, the first KYC verification phase known as the basic level has a withdrawal restriction of 100,000 USD.
Deep coin exchange is a cryptocurrency exchange that gives registered and verified users access to more than 150 cryptocurrencies for spot trading, derivatives trading, USDT Perpetual Pro Contract, Inverse Perpetual Contract, and copy trading.
We always try to provide the most accurate information available, and make sure our team follow through.
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