UPDATE 11 January 2023: When trying to access the website of Decoin Exchange today, we were unsuccessful. There have been no preceding messages on system maintenance or new websites or anything similar. The following error message is displayed on Decoin Exchange's website:
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
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Decoin Exchange Review
What is Decoin Exchange?
Decoin Exchange is a cryptocurrency exchange registered in the Seychelles. It has apparently been up and running since 2017. It has a fairly large number of different trading pairs. You can trade the 25-30 biggest cryptos here.
Decoin Exchange Advantages
As main advantages with its platform, Decoin Exchange highlights that they offer staking rewards on staking of their own native token (the DTEP-token), that they focus on security and hold 97% of all user assets in cold storage, that they have an easily understandable trading interface and that they offer 24/7 support. We think that all of these advantages are indeed advantages for a prospective user of the platform and that they are worth highlighting.
Decoin Exchange Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. Fortunately for them, Decoin Exchange is also available in mobile format, although it does not yet come as an application for iPhones or Androids.
Decoin Exchange has a referral program with two different levels. Through this program, you earn either 35% or 70% of the trading fees generated from the trading of your referrals. The distinction between the levels is easy to understand:
- If you hold less than 5,000 DTEP-tokens, you get 35%.
- If you hold more than 5,000 DTEP-tokens, you get 70%.
At the date of first writing this review (11 February 2021), 5,000 DTEP-tokens corresponded to roughly USD 350. So it's not particularly unachievable to reach the second level of referral commissions.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear whether Decoin Exchange permits US investors or not. We have read their Terms and Conditions and have not found an explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Decoin Exchange though.
Decoin Exchange Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Decoin Exchange:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Decoin Exchange Fees
Decoin Exchange Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
At Decoin Exchange, the standard trading fees are 0.15% for takers and the same (i.e., no discount) for makers. 0.15% is in line with, or even slightly below, the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to the latest empirical study on the subject, the industry average taker fees were 0.217% and the industry average maker fees were 0.164% (for spot trading). Consequently, Decoin Exchange's fees are well below both of these industry averages.
You can also receive discounts on these trading fees if you achieve a certain trading volume during the preceding 30 day period, and hold a certain amount of DTEP-tokens. The exact trading fee discounts are set out in the below table:
Decoin Exchange Withdrawal fees
Decoin Exchange charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. This fee is a bit below the global industry average. The current global industry average is 0.000643 BTC per BTC-withdrawal according to this report, which is the latest such report prepared on the subject to our knowledge.
All in all, the fees charged by this platform are acceptable.
In addition to depositing cryptocurrency to the platform, Decoin Exchange also lets you deposit fiat currency. However, only through credit or debit card, not through bank transfer.
Seeing as fiat currency deposits are possible at this trading platform, this platform qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world.