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Deepcoin Exchange Review
What is Deepcoin Exchange?
Deepcoin Exchange is an exchange registered in Singapore that opened up shop on 11 November 2018. Today, it has more than 1 million users and is regularly one of the platforms with the highest trading volumes in the world.
While Deepcoin Exchange also offer spot trading (i.e., regular trading), it is primarily a derivatives exchange. This means that they focus on derivatives trading. A derivative is an instrument priced based on the value of another asset (normally stocks, bonds, commodities etc). In the cryptocurrency world, derivatives accordingly derive its values from the prices of specific cryptocurrencies. You can engage in derivatives trading connected to a number of different cryptos here.
Deepcoin Exchange Liquidity
On the date of last updating this review (21 January 2023), this exchange had a very impressive 24 hour contracts trading volume: USD 13.27 billion. According to Coinmarketcap.com, this made it the fifth biggest exchange in the world ranked by 24 hour contract trading volume, surpassed only by BTCC, BingX, Bybit and - of course - the almighty Binance.
How to Use Deepcoin's Spot Trading
If you are a user that's more interested in spot trading than contracts trading, than you might find the following video on how to use Deepcoin's spot trading feature to be helpful. Beware, it's primarily for mobile users, it is in English, and it is 5 minutes and 8 seconds long!
Deepcoin Exchange has a referral program in place for its users, through which existing users can refer new users and then earn a commission from the trading of the referred users. The referring user receives 45% of all the trading fees generated by the referred user. This means that if you (user A) refer a friend (user B), and user B starts trading on the platform, you will receive 45% of user B's trading fees - forever.
You can sign up to the referral program here.
For its crypto derivatives products, Deepcoin Exchange allows you to trade with leverage. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without actually holding the necessary amount of assets. You do this by “leveraging” your trade. In simple terms, this means that you borrow from the exchange to bet more. You can get as much as 125x leverage on futures (BTC/USD) here.
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. If you are one of those traders, you’ll be happy to learn that Deepcoin Exchange’s trading platform is also mobile compatible. You can download it to/from both the AppStore and Google Play.
Deepcoin 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 concerning 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 Deepcoin Exchange, obtained from their website on 21 January 2023:
It is up to you – and only you – to decide if the above trading view is suitable for 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.
Deepcoin Exchange Fees
Deepcoin 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.
For the contract trading, which is the main part of the trading performed on Deepcoin Exchange, takers pay 0.04% and makers pay 0.02%. These fees are lower than the contract trading industry average fees, being 0.0618% for takers and 0.02597% for makers according to the latest empirical study on the subject.
The trading fees for Deepcoin's spot trading is 0.10% for both takers and makers, which is also below the global industry averages (being 0.2294% for takers and 0.1854% for makers, according to the same report).
Deepcoin Exchange Withdrawal fees
To our understanding, Deepcoin Exchange does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.
In general though, only paying the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals.
Deposit Methods and US-investors
Deepcoin Exchange does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our Exchange Filters, you can sort the exchanges based on whether or not they accept US-investors.
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Deepcoin Exchange is cryptocurrency. However, if you really like Deepcoin Exchange but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange.
Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.