Deepcoin Review

Deepcoin Review: PROS

As per tradition, we’ll start things off by discussing some of the best and most-notable aspects of the Deepcoin exchange. This does also include some of its most-unique features, too!

Truth be told, it's probably best to start this Deepcoin review out by addressing the elephant in the room - the core, signature feature of the exchange.

A Derivatives-Focused Crypto Exchange

In the world of finance and day trading, there are multiple different products that individuals may choose to access - each of these products has its own pros and cons associated with them.

The most common service that everyone thinks about when they hear “cryptocurrency trading” is the Spot market. In plain terms, Spot trading is when you trade one cryptocurrency asset for another, and once the trade is complete, you do actually receive that asset into your wallet, and are able to transfer it to an external crypto wallet.

However, while Spot markets might be the most popular service, it’s far from being the only one - this is obvious by reading through user Deepcoin reviews, too.

Deepcoin specializes in something known as derivative trading. Derivatives are some of the more-complex products in the field, but to put it as simply as possible, they refer to contracts that derive their value from an underlying asset - in our case, that asset is a cryptocurrency.

Derivatives trading does, naturally, have its own benefits. You don’t really need to worry about things such as liquidity, or when your order will be accepted - most of the time, these are non-issues. On top of that, since you’re not buying the *actual* cryptocurrency, but instead, a contract associated with it, you don’t need a third-party, external wallet, either!

As you might have gathered by now, derivatives are some rather complicated financial trading tools. They are usually used by experienced day traders, or individuals who aren’t keen on owning their own crypto, but instead, want to participate in active trades, and make a potentially-quick profit.

The Deepcoin exchange allows you to do just that! With its “derivatives-first” mindset, Deepcoin allows users to access multiple trading pairs, and a huge array of different, high-end tools, too (more on those later).

With Deepcoin being focused on derivatives, though, this does not mean that you can’t trade actual cryptos on the exchange!

Around 100 Supported Cryptocurrencies

As mentioned earlier, Spot markets are usually the first thing that individuals think about, when talking about cryptocurrency exchange platforms. The Deepcoin exchange does have a Spot market - that’s already great news if you’re looking to purchase and trade actual cryptocurrencies!

However, in that case, the next big question that arises usually has to do with the number of supported coins. Reading through user Deepcoin reviews, this particular exchange isn’t any different.

Deepcoin supports around 100 different crypto coins and tokens. Naturally, this number includes all of the major coins (such as ETH and BTC), as well as some of the more-niche projects, as well (1Inch, ZIL, YFI).

This number is actually rather decent! What this means is that you’ll be able to trade a wide selection of assets, and thus, diversify your portfolio quite a bit. Whether you’re interested in “playing it safe” and sticking with the major projects, or you’d like to take some larger risks, the point of the matter remains the same - you would be able to do so, with the Deepcoin exchange!

This, in turn, actually leads us into another major benefit of Deepcoin - the fact that the platform offers multiple trading tools. In other words, you will be able to trade perpetual contracts (derivatives trading), as well as participate in Spot trades, too!

What’s the point, you may wonder? Well, for starters, it makes Deepcoin out to be a very versatile exchange platform - one that is able to accommodate and cater to the wants and needs of different traders. Whether you’re a hardened crypto veteran who’s trying to build up their portfolio, or a day trader who’s looking for the best liquidity, Deepcoin’s got you covered!

You may also choose to mix and match your trading strategies, as well. For example, you could choose to hold some coins, indefinitely, while actively trading others! The point here isn’t what you’ll do - instead, it’s what YOU ARE ABLE to do. Or, as some user Deepcoin reviews put it, the variety of choice that the exchange provides to its users.

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Partial Fiat-Crypto Support

Fiat money (USD, EUR, etc.) support is one of the most important features of any high-end, reliable cryptocurrency exchange that isn’t a DeFi project (in other words, that’s not a DEX). I would go as far as to say that it’s pretty obvious why that’s the case, too.

With crypto slowly becoming truly mainstream, more and more people are looking to get themselves some coins or tokens. Naturally, whether you’d want to acquire DC Coins, or any of the top-performing cryptocurrencies out there, you’d always prefer to do so with fiat money.

Why? It’s fast, simple, and trouble-free… In most cases. I do admit that this isn’t always the case with advanced-level traders, and those who want to keep their identities private - for the vast majority of the population, though, fiat is the way to go.

User Deepcoin reviews will tell you that the exchange does support fiat-crypto acquisition… To an extent. Specifically, you will be able to purchase cryptocurrencies with fiat money, but only through a couple of specific gateways.

Deepcoin uses Banxa and Simplex as their payment facilitators. So, if you want to, say, buy BTC with fiat money, you will need to pass all of the KYC verification checks requested by said platforms.

Why is this a significant point to mention? Well, simply due to the fact that Deepcoin, in of itself, doesn’t have any mandatory KYC checks.

A KYC-Less Cryptocurrency Exchange

KYC abbreviates as “Know Your Customer”. It’s a set of strict guidelines that all financial institutions must adhere to, and has to do with the prevention of fraud, scams, and money laundering activities.

On the user end of things, KYC usually means “doxing” yourself to the exchange - revealing your identity, taking a selfie as you hold up your ID card, providing your residential address, and other relevant information. As you might imagine, it’s a pretty controversial subject.

While it’s usually agreed upon that KYC helps protect users from potential scams, and also aids the process of bringing cryptocurrencies into the mainstream, there are still many crypto traditionalists who claim that KYC checks are a direct violation of one of the fundamental principles of crypto - anonymity. It is, without a doubt, a hot topic.

All of that being said, you should be aware of the fact that Deepcoin doesn’t require any mandatory KYC checks in order to be used. In other words, you will be able to trade cryptocurrencies on the platform, without passing identity verification checks.

Remember when, earlier in the Deepcoin review, I mentioned the fact that there are specific payment gateways available on the exchange (namely, Banxa and Simplex)? Well, do keep in mind that the above doesn’t apply to said fiat gateways - if you want to purchase crypto via, say, Simplex, you will need to pass relevant identification processes.

Instead, Deepcoin doesn’t employ KYC checks on individuals who might choose to use the native features of the exchange itself. So, if you’d like to trade cryptocurrencies anonymously, the Deepcoin exchange proves itself to be a viable option!

DC Coin - The Native Token of Deepcoin

Whenever you encounter a cryptocurrency exchange (or any crypto-powered platform, really), you can almost be certain that the project will have some sort of a crypto coin or token standing behind it. Reading through the user Deepcoin reviews left online, it’s evident that this particular project isn’t different.

The native token of Deepcoin is called just that - Deep Coin. Funnily enough, that’s just the name - in actuality, the asset isn’t a crypto coin, and instead is a token. To be even more specific, it’s an Ethereum-based token, built on the ERC-20 standard.

That’s all fine and dandy - however, what is the DC coin used for, to begin with?

Well, in order to obtain Deep Coins, you will need to perform transactions on the exchange. As you trade different crypto, you will receive DC coins, depending on your fees.

These tokens can then be used for a few different things. First, they can be used for staking on the exchange - so, if you’re an active trader, you can use DC coins to add some passive income to your trades, via the platform’s built-in staking pool.

On the flip side, you can also sell Deep Coins, too. Well, “sell” maybe isn’t the right word here - instead, you may trade them for other cryptocurrencies.

Naturally, if you’re reading this section of the Deepcoin review, you’re probably curious about the DC coin price, as well. As of writing this, the current Deepcoin price is $0,12. I am, however, writing this review as the crypto market is experiencing an unprecedented crash - for the longest time, the token was valued at around $0,30.

There are 1 billion DC coins that will ever be in circulation. Currently, there are over 30 million of these tokens circulating in the market - that’s a bit over 3% of the total token supply.

Some of the Lowest Fees in the Industry

Fees are yet another hot topic that you’ll find discussed and mentioned in various user Deepcoin reviews, all around the internet. And with good reason, too - depending on the fees present on the exchange, your potential profit margins can vary, significantly.

Fees are also one of the most competitive aspects for the exchanges themselves, too. All crypto exchange platforms aim to provide their users with better fees than their competitors, while also managing their operation costs and profits, as well.

Before we even get into this section of the Deepcoin review, I can already tell you - the fees employed by this particular exchange are some of the best ones that you’ll encounter!

Let’s talk facts, though. Specifically, there are two types of fees that you need to know about - those associated with perpetual contract trading (derivatives), and Spot market ones. Also, keep in mind that there are multiple additional clauses that I won’t cover - instead of boring you with complex jargon, we’ll only look at the initial numbers.

So, if you were to trade perpetual contracts on Deepcoin, your fees would look a little something like this: maker - 0,04%, taker - 0,06%.

When it comes to Spot trading the situation is rather similar - both maker and taker fees are 0,1%.

Those numbers are truly fantastic! It’s notably rare to come across an exchange platform that would offer their users fees as low as these, available on Deepcoin.

Now, once again, I have to point out - there are additional clauses that are important, and that will change these numbers, to some extent. This is true both with perpetual contract trading, as well as your traditional Spot markets. Still, however, these changes won’t really ruin the underlying point - if transaction fees are important to you, Deepcoin is definitely worth considering!

Trade With Up to 125x Leverage

In the world of financial asset trading, there are various tools that can help you either increase your potential profits, or at least diversify your potential risk, portfolio creation-wise. One of these tools is called leverage.

Leveraged trading is, admittedly, one of the riskiest forms of trading. Not to go into too much detail, the premise is simple - you borrow money from the exchange, and use it to improve your trading position.

In theory, leveraged trading can help you make a significantly higher amount of money. At the same time, though, you should also know that it’s extremely risky, and the vast majority of traders risk getting liquidated.

Still, though, this is a very popular feature. And if you were to read through user Deepcoin reviews, you’d soon find out that the exchange does support leveraged trading.

That’s only half of the deal, though - it’s important to look into how much leverage you can actually utilize, when it comes to your trading process. Once again, the answer is pleasantly surprising - 125x.

This is a big number! To put it into context, if an exchange allows you to leverage your position 100x, that’s already considered pretty good. With Deepcoin, the situation is even better!

Decent Security Measures

Whenever you’re looking into anything-crypto, security is the name of the game. The Deepcoin exchange shouldn’t be any different - whether it’s an exchange, a wallet, or some sort of a dApp, if the platform lacks security, it’s fundamentally way too risky to be used, in general.

While this is not a concept that’s discussed among user Deepcoin reviews all that often, I’m happy to tell you - Deepcoin does, for a fact, employ time-tested security measures.

At the very top of the list, you have cold storage - in other words, Deepcoin keeps most of its user crypto assets in cold storage devices. It’s a practice that’s pretty standard within the industry, but there’s a good reason for that, too - it’s one of the best security measures that an exchange may take, asset safety-wise!

Then, you have a selection of additional security measures - things such as Google Authentication, email confirmations, and so on. While Deepcoin doesn’t really employ anything out of the ordinary, when it comes to the topic of security, in general, you can still expect to receive all of the core functionality of a high-end exchange.

Mobile Version - Available!

More and more crypto traders are turning to their mobile devices, for their everyday trading needs. Truth be told, the convenience associated with smartphones isn’t anything to scoff at - while crypto trading apps often have somewhat limited functionality, this doesn’t stop most traders from turning to their mobile devices, as the main trading tool.

Crypto exchanges know this. It’s something that’s evident from reading through user Deepcoin reviews, as well. Thus, exchanges try to create the best version of an app-based trading hub possible.

The good news here is that Deepcoin also has a dedicated mobile trading platform, too. Judging by those same aforementioned reviews, it’s a fully-functional version of the exchange, with all of the core features supported and available, in a convenient manner.

On top of that, you can expect the same high-end security measures available with the desktop version of the exchange, too. This is pretty good news, all around! If you prefer trading or purchasing crypto on your phone, you’ll be able to do so with Deepcoin, no problem!

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Deepcoin Reviews: CONS

Now, with all of the core features and benefits of the exchange discussed and covered, before we finish off this Deepcoin review, let’s also take a look at some of the more-notable complaints that users have, in regards to this platform.

Complaints About Customer Support

Proper customer support is probably one of the most underrated features, when it comes to crypto, in general. For the longest time, customer support, as a concept, was non-existent within the space, simply due to one, single factor - decentralization. However, with crypto becoming more and more popular, many centralized exchanges start offering live support, too.

The Deepcoin exchange isn’t an exception in this regard - the platform allows you to talk to live agents, at any point in time.

Evidently, this is super-cool, and also very convenient, as well. That being said, though, there are some user complaints surrounding the support over at Deepcoin, nonetheless.

Specifically, there are claims that support takes a long time to respond, and isn’t always super-helpful, when it comes to answering the inquiries that you might have.

It’s worth mentioning, however, that this isn’t a “universal” issue. Just to give you an example, I myself have contacted Deepcoin support, a few times. While the response times were truly random, I did receive the answers I was searching for, every time, and the agent on the other side was helpful and communicative.

All things considered, even though you might not have the best experience with the customer support agents over at Deepcoin, every single time, the fact that the platform DOES actually have live support is a huge benefit, nonetheless.

Complicated Situation With US Investors

Now, this is one of more-complex issues that relate to Deepcoin. In order to understand it thoroughly, though, you’ll need to first understand both sides of the deal.

All of the financial service-offering institutions that operate in the US have to follow strict guidelines (among which KYC is included, by the way), and are monitored closely by the SEC - Securities and Exchange Commission. This, however, also extends to off-shore exchange platforms.

Many of these off-shore (out-of-country) exchanges aren’t keen on passing all of the super-strict checks employed by the SEC within the US - thus, it’s super-common that foreign crypto exchanges aren’t able to operate within the US, or serve US clients.

On the flip side, though, while multiple user Deepcoin reviews will tell you that the exchange doesn’t support US customers, Deepcoin itself holds a different position. The support agents over at the platform will tell you that US residents can use it, no problem.

So… What’s the reality of the situation?

Well, it’s quite complicated. But, essentially, both sides are correct - while Deepcoin does allow US investors on its platform, they will have no fund protection, and would technically use the services offered by the exchange illegally. This is especially true for the derivative trading side of the platform.

Put simply, since the Deepcoin exchange doesn’t have any mandatory KYC checks in place, users aren’t asked to identify themselves, and can trade anonymously (to an extent). This lack of identification means that the platform won’t really know where you’re from, and, by extent, won’t be able to enforce any strict regulations or restrictions.

On the flip side, it’s still worth considering that, theoretically, US investors aren’t allowed on Deepcoin - this restriction simply comes from the country, and not the exchange platform. If you live in the US, and trade crypto on Deepcoin, there’s no asset loss prevention, no regulation, and no security guarantees - if something were to happen to your funds, that would frankly be it.

So, to sum this point up, while you are able to trade on Deepcoin, if you’re located within the US, doing so can be a risky venture. Just something to keep in mind!

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Conclusions

In a world where there are seemingly countless numbers of crypto exchanges available to be accessed, checked out, and used, picking out the best option for yourself can become a really interesting challenge, pretty fast. However, every once in a while, you might come across exchange platforms that offer some truly interesting and unique benefits.

The vast majority of user Deepcoin reviews will tell you that this particular exchange is definitely unique! Being focused on derivatives trading, Deepcoin still allows users to trade cryptos the traditional way (Spot market). That said, if you’d like to trade derivatives, you’ll be able to access up to 125x leverage - that’s notable!

On top of that, Deepcoin doesn't have mandatory KYC checks in place, either. That’s a rare feature in the current crypto environment! While the platform might not be the best option for US-based investors, if you value anonymity and privacy, Deepcoin definitely has that covered.

If you’d like to learn more about Deepcoin - how to register on the exchange, and how to explore all of its core functionality -, I’ll be writing a dedicated tutorial on the subject. You’ll be able to find it here.

All of that being said, thanks for reading - see you next time!

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