The cryptocurrency scene is on the rise and many people are trying their hands at trading various coins on different exchanges to gain profit. The question now is, which one would suit best for your needs?
Deepcoin is one of the many exchanges dominating the digital sphere with its features that users can take advantage of to profit from crypto trading. However, is this the platform that would help with your crypto transactions? Know all of these and more as you browse through this review by Cryptoshimbun!
All you need to know about Deepcoin
First and foremost, Deepcoin exchange is a platform that allows you to trade crypto coins, tokens and positions conveniently. It’s designed to increase value over time so that the investments you place will grow and obtain purchasing power in the long run.
The exchange generates profits from derivatives, meaning the values of the trades are derived from the current value of a specific crypto asset. Many users trade derivatives through smart contracts based on the underlying value of an asset under an agreed-upon condition.
A brief history of Deepcoin
This crypto exchange is operated by Deepcoin Limited and was founded by Eagle Huang. He also acts as the current chief executive officer of the company alongside a team with wide-ranging expertise in crypto.
Deepcoin was launched in November 2018 and is an exchange based in Singapore but is registered in Seychelles. Currently, it has over 1 million registered users in several countries across the globe.
Initially, it was a contract trading system upon its release. By the following year, the platform made spot trading and futures contracts available to their more advanced users to generate more income and liquidity within the exchange.
It’s most notably known for its comprehensive financial services that benefit more sophisticated investors. However, the exchange still offers spot trading that many beginners can opt for.
Deepcoin Token (DC)
Deepcoin exchange has its local token that runs on the Ethereum network. However, it isn’t traded but instead is utilised by the platform and the users as a rewards system. Corresponding holders of the token are rewarded with new tokens that are purchased on secondary spot markets.
Supported cryptocurrencies
At the moment, Deepcoin exchange supports 85 cryptocurrencies and tokens on its platform. These include:
- Bitcoin (BTC)
- Ether (ETH)
- Cardano (ADA)
- Tether (USDT)
- Ripple (XRP)
- Binance Coin (BNB)
- Solana (SOL)
- Polkadot (DOT)
- USD Coin (USDC)
- Dogecoin (DOGE).
Deposit methods
One of the main reasons why the exchange is for advanced traders is its deposit methods. For you to top up your wallet and use the platform, you’ll need to use cryptocurrency. The exchange has yet to include a ‘fiat on-ramps’ option for depositing funds. This just means that you need to go to a different exchange if you want to purchase crypto using fiat currency.
The main features of Deepcoin exchange
Deepcoin has a flexible and customisable trading platform where you can trade easily. These features make the exchange more alluring to users that have experience trading with crypto assets like digital coins and tokens. Get to know some of them here:
Deepcoin trading view
One of the most important things when weighing which exchange to use for your crypto activities is the trading view. This is where you can see the price chart of a certain currency as well as the order types either buying or selling to place the orders.
The layout is different for every exchange. For Deepcoin, however, things are more simplified for your use. The chart is at the centre of the screen and the order types are located in the left-hand corner for ease of use. What’s more interesting is that you can customise the settings so that you can tailor the view to your own preferences.
Leverage trading
It’s possible to make leverage trading in Deepcoin exchange since the platforms offer more sophisticated orders for advanced traders. That’s why if you want to engage in such activity, you must use a reliable exchange so that your assets are secured.
At Deepcoin, you can trade with leverage wherein you receive a higher exposure towards a certain cryptocurrency when the price increases or decreases. This means that you can borrow from the exchange so you can bet more on the position. The platform can lend you as much as 125x leverage on futures trades.
K-line quick trading
This is one of the most efficient innovations provided by Deepcoin exchange to its users. The K-line quick trading allows you to place trades and edit them directly on the chart without having to switch back and forth between order pages.
This is helpful for crypto trading especially because the market changes rapidly. You can just quickly select a spot order right on the chart and place it within seconds.
Split and merge positions
For each currency, Deepcoin allows you to set up 20 different split positions. This way, you can hold multiple positions with different leverages in just a single currency. For example, you can set up more than one position of various leverages for BTC using the split and merge positions function.
Moreover, you can also add margin to the position and merge separate ones in just a simple click. You can also reduce risks but continue profits as the market moves by placing a trailing stop price on your position.
Wallet security
Deepcoin has a hot and cold wallet structure wherein you can store your assets and profits. This dual system helps ensure the safety of your assets because you both have online and offline access.
24/7 Deepcoin support tech
Sometimes it’s hard to understand the user interface of a certain exchange. Deepcoin has complicated functions that many users may not be familiar with at first. If you have questions and concerns about the site, it’s easy to connect with the support team. You can just click on the chat icon and an online consultant will help you out.
Mobile-friendly platform
Many users are starting to migrate from desktop computer trading to mobile-friendly platforms. Deepcoin exchange understands this predicament and has updated its platform to be compatible with mobile devices. You can even download the app through Google Play or the Apple AppStore.
The final verdict: Is Deepcoin exchange worth your time?
What makes the platform alluring for many is its features that can make trading seamless. However, these functionalities may be hard to navigate at first, especially if you’re not an advanced trader.
The platform is more friendly to investors that have been trading for a while and can benefit from the sophisticated features that the platform can provide. However, if you’re a beginner, you might find it difficult to navigate through. Don’t worry because the support team has your back with its quick response time.