Deepcoin is a Singapore-based centralized exchange (CEX) offering spot trading, derivatives, wealth management, DeFi investment, and other comprehensive financial services. Deepcoin claims to have obtained three major authoritative regulatory licenses, including the United States NFA, the United States MSB, and the Canadian MSB.
The crypto derivatives trading platform is primarily aimed at the Asian market. It offers a handful of innovative products like Super Saving, Lucky Money, and Options FX.
Here’s a concise rundown:
- Type: Centralized Cryptocurrency Exchange (CEX)
- Established: 2018
- Founder: Eagle Huang (CEO)
- Key Features:
- Spot trading (buying and selling cryptocurrencies)
- Derivatives trading (perpetual contracts) with high leverage (up to 125x)
- No mandatory KYC (Know Your Customer) verification for anonymous trading
- Limited fiat on-ramps (services to buy crypto with traditional currencies)
- Some wealth management and DeFi (decentralized finance) products
Benefits:
- Accessibility: Easy-to-use platform for beginners in spot trading.
- Advanced Features: High leverage and derivative contracts for experienced traders.
- Privacy: No mandatory KYC allows anonymous transactions (be aware of evolving regulations).
- Competitive Fees: Lower trading fees compared to some exchanges.
Drawbacks:
- High Leverage Risk: Leverage trading can lead to significant losses.
- Security Concerns: Lack of mandatory KYC raises security questions.
- Limited Transparency: Limited information about ownership and background.
- Limited DeFi Features: Not a major focus of the platform.
How Does Deepcoin Work ?
is a cryptocurrency exchange platform that offers a variety of features, but it’s particularly known for two things: derivatives trading and anonymity. Here’s a breakdown of how it works:
Derivatives Trading:
- allows users to trade derivative contracts, specifically perpetual contracts. These contracts track the value of an underlying cryptocurrency, but they offer leverage, which can magnify profits (and losses). For example, with 10x leverage, a $10 move in the price of a coin translates to a $100 change in your position. Deepcoin offers leverage up to 125x, which can be very risky.
Spot Trading:
- also allows regular spot trading, where you buy and sell cryptocurrencies outright. They offer around 100 different crypto assets for trading.
Anonymity:
- Unlike many exchanges, Deepcoin doesn’t require users to complete Know Your Customer (KYC) checks, which means you can trade without revealing your identity.
Other Features:
- offers some additional features like wealth management tools and DeFi (decentralized finance) products. However, these features are less prominent than the derivatives and spot trading.
Important Considerations:
- Leverage trading is complex and risky, especially for beginners. It’s important to understand the risks before using it.
- The lack of KYC checks might raise concerns about the platform’s security and legitimacy. It’s important to do your own research on Deepcoin before using it.
Here are some resources you can explore to learn more:
- app description: [Play Store ]
- Review: [ Review ON BitDegree bitdegree.org]
Who Are the Founders of Deepcoin?
founder is Eagle Huang. He’s the CEO and is credited with leading the company since its launch in 2018.
It’s important to note that while Eagle Huang is identified as the founder, there might not be publicly available information about other co-founders or the full founding team.
The CEO had over ten years of digital experience and was the head of a wealth management company with more than $7bn of assets under management.
When Did Deepcoin Launch?
was launched in 2018.
Where Is Deepcoin Located?
There are varying reports on the location of Deepcoin. Although the exchange launched in Singapore, its LinkedIn page states that it is headquartered in Denver, Colorado. Meanwhile, an excerpt from its website said that it is headquartered in Singapore, with “branches in Japan, Canada, South Africa, and many other countries.”
Deepcoin Restricted Countries
According to the Deepcoin, residents of Hong Kong (China), Cuba, Iran, North Korea, Crimea, Sudan, Malaysia, Syria, United States, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, or any other jurisdiction where the services offered by the exchange are restricted are not allowed to use the platform.
What Coins Are Supported on Deepcoin?
The platform has 216 active pairs, including the most popular trading ones like BTC/USDT, ETH/USDT, XRP/USDT, ETH/USD, and LTC/USDT. It also supports fiat currencies like USD, EUR, and GBP.
What licenses does Deepcoin hold?
- US LIMITED, United States of America, United States-Financial Crimes Enforcement Network (FinCEN), Licence number 31000246760600
- LIMITED, Canada, Canada-Financial Transactions and Reports Analysis Centre(FINTRAC), Licence number 1209596-3
- LABS DMCC, United Arab Emirates, United Arab Emirates DMCC Freezone-Proprietary Trading in Crypto-commodities Licence number DMCC-900097
How Much Are Deepcoin Fees?
offers a commission rate of 0.10% for both takers and makers in its Spot trading market. However, as of September 2022, all spot trading at Deepcoin Exchange was free.
Is It Possible To Use Leverage or Margin Trading on Deepcoin?
The crypto exchange supports margin trading, with a leverage of up to 125x.
Features and Benefits of Deepcoin
caters to both new and experienced crypto traders by offering a variety of features and benefits. Here’s a breakdown of some key points:
Features:
- Spot and Derivatives Trading: Deepcoin allows you to trade both regular cryptocurrencies (spot trading) and derivative contracts (perpetual contracts) on over 100 crypto assets.
- High Leverage: Deepcoin offers leverage up to 125x, which can amplify profits (but also losses) on derivative contracts. This feature is best suited for experienced traders who understand the risks involved.
- No Mandatory KYC: Deepcoin stands out for not requiring mandatory KYC (Know Your Customer) verification. This allows users to trade anonymously if they prefer.
- Fiat On-Ramps (limited): Deepcoin integrates with fiat on-ramping services (currently disabled) to enable users to buy crypto with traditional currencies.
- Investment Tools: Deepcoin offers additional features like wealth management tools and some DeFi (decentralized finance) products.
Benefits:
- Accessibility: user-friendly platform allows beginners to participate in basic spot trading.
- Advanced Options: Experienced traders can leverage Deepcoin’s high leverage derivative contracts and other tools for more complex strategies.
- Privacy: The lack of mandatory KYC appeals to users who value anonymity in their crypto transactions. (Keep in mind regulations around KYC may change)
- Lower Fees: boasts competitive trading fees compared to some other exchanges.
Important Considerations:
- Leverage Risk: High leverage trading is inherently risky and can lead to significant losses. Only use leverage if you understand the risks involved.
- Limited KYC: The lack of KYC might raise security concerns for some users. It’s important to do your own research on Deepcoin before using it.
- Limited DeFi Features: While Deepcoin offers some DeFi products, they are not a major focus of the platform.
Overall, Deepcoin caters to a variety of traders with its mix of user-friendly features and advanced options. However, it’s crucial to be aware of the risks involved, especially when using leverage.
Is Deepcoin Safe?
safety is a mixed bag. Here’s a breakdown of what to consider:
Security Features:
- Positive Aspects:
- implements some security measures like multi-signature cold storage for user funds, 2-factor authentication (2FA) for logins, and SSL encryption for data transfer.
- They claim to have passed penetration tests and offer a bug bounty program to incentivize finding and fixing vulnerabilities.
- Some sources report they have some form of funds insurance, but details are scarce.
- Negative Aspects:
- doesn’t hold the industry standard certification ISO 27001, which demonstrates robust information security practices.
Anonymity and KYC:
- Deepcoin allows users to trade without completing KYC verification, which raises security concerns. KYC helps exchanges identify users and prevent illegal activities like money laundering.
- Without KYC, it’s harder to track suspicious activity and hold the exchange accountable in case of issues.
Reputation and Transparency:
- receives a BBB rating (68% security score) from CER.live, a platform that assesses exchange security. This indicates moderate security, but not top-tier.
- There’s limited information available about Deepcoin’s background and ownership, which can be a cause for concern.
Overall:
- Deepcoin implements some security measures, but it lacks the transparency and strong regulatory compliance seen in leading exchanges.
- The absence of mandatory KYC is a significant security red flag.
Here are some recommendations:
- If you prioritize security, consider using a well-established exchange with strong KYC and regulatory compliance.
- If you must use Deepcoin, only invest a small amount you can afford to lose and be extra cautious.
- Do your own research on Deepcoin before using it, and be aware of the risks involved.
Summary of Deepcoin
Deepcoin is a cryptocurrency exchange platform with features for both beginner and experienced traders. Here’s a quick summary:
Pros:
- Variety: Offers spot trading for basic buying and selling, as well as derivative contracts for advanced users.
- High Leverage: Up to 125x leverage on derivatives can magnify profits (and losses).
- Accessibility: User-friendly platform for beginners.
- Privacy: No mandatory KYC allows anonymous trading.
- Fees: Competitive trading fees compared to some exchanges.
Cons:
- Leverage Risk: High leverage is very risky and can lead to substantial losses.
- Security Concerns: Lacks KYC and transparency measures seen in more established exchanges.
- Limited DeFi: DeFi features are not a major focus of the platform.
Overall:
Deepcoin offers flexibility and some unique features, but prioritize security elsewhere if it’s a major concern. Only use leverage if you understand the risks. Consider Deepcoin for small investments if anonymity is important, but proceed with caution.
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