Decoin

Decoin Review

The functionalities of crypto exchanges have evolved such that crypto users can enjoy all of the benefits of holding, using, and trading crypto on a single platform. As such, it has become imperative to evaluate the various moving parts of crypto exchange-powered digital asset ecosystems. This will allow users to understand the workings of the exchange and determine how resourceful it is to them.

With this in mind, we will be evaluating the operations of Decoin Exchange and compiling its strengths and weaknesses. This is part of our ongoing quest to list and review the top-performing exchange platforms in the crypto industry.

What Is Decoin Exchange?

DEcoin was launched in 2017 as a social trading platform where users can trade digital assets and network with a community of traders. The platform describes itself as a pro-social trading ecosystem with high-grade security solutions. From this definition, it is clear that Decoin combines trading infrastructure with social networking systems to deliver a highly interactive and intuitive ecosystem.

Furthermore, Decoin explains that the interactive nature of its offerings makes the exchange an ideal option for new crypto users. This, coupled with the easy-to-use interface of the platform, showcases the compatibility of Decoin to individuals who are still trying to find their footings in the crypto market. However, this does not mean that veteran traders are sidelined. Remarkably, the exchange has ensured that its offerings are versatile enough to cater to the needs of even the most sophisticated crypto traders. Experienced traders can access advanced trading features that suit various trading styles. At the time of writing this review, Decoin processes trading volume worth $33.9 million on a daily and features 44 cryptocurrencies.

Importantly, Decoin is registered and licensed under the authority of the Republic of Seychelles. It also secured all of the necessary licenses and documentation for operating within the European Union from Estonian authorities. Therefore, it is safe to say that Decoin is obligated to comply with consumer protection rules that apply to services operating within the European Union.

The trading view of Decoin showcases the order book, the order history, a price chart, and other applicable trading tools. More importantly, the trading view utilizes a simple user-interface, which is in line with the exchange’s consumer-centric architecture.

What Are the Features of Decoin?

Apart from the aforementioned trading infrastructure, Decoin also offers another variety of services designed to improve the crypto experience of its users. These features are:

DTEP Staking service

Like a majority of crypto exchanges, the Decoin ecosystem has its native token. Called DTEP, the digital asset is designed to provide exclusive opportunities for Decoin users. The most notable of these opportunities is the DTEP staking solution. Being powered by proof of stake-based protocol, DTEP generates interest to DTEP holders when they keep their tokens in an online Decoin exchange wallet. The staking reward is set at 6.2% annually.

Visa Credit card crypto purchases

Decoin allows users to buy crypto with Visa credit cards. Users can make crypto purchases worth up to $6,000 in a single transaction. The daily maximum limit is set at $10,000 while the monthly limit is $30,000. With this, Decoin users can buy crypto directly with their Visa cards and instantly receive the crypto in their wallets.

Crypto stock trading

Apart from the normal digital asset trading, Decoin users can now trade stocks on the exchange using crypto. The exchange currently features the popular GameStop stock paired with USDT, and it plans to bring more stock options in the coming months. This functionality exemplifies the growing demand for viable ways to trade popular stock with cryptocurrencies.

Decoin Referral

Decoin users stand a chance of receiving up to 70% of the revenue that Decoin generates from your referred friends. You get to receive a share of the fees charged each time your referred friend completes an order. This program also takes into account the DTEP balance of the user. As such, you will only get a 35% referral bonus if your DTEP balance is below 5,000 DTEP. In contrast, those who hold 5,000 DTEP or more will receive a 70% referral bonus. Also, note that the exchange will pay the bonuses in the corresponding coins traded by your referred friends.

D-TRADE

Dtrade is Decoin’s social trading platform designed to help users share trading experiences live. This service was launched in March 2021, and it is targeted at newbies who are interested in copying and learning from the trades of experienced and successful traders. With this, users can choose the accounts to follow and those they want to share their strategies with.

Margin trading

Additionally, Decoin allows the margin trading of selected crypto pairs, including BTC/USDT and ETH/USDT.

Security

Decoin understands that security is one of the most vital criteria for choosing a crypto exchange. As such, it has incorporated a variety of security infrastructures to ensure the safety of users and their assets. For instance, the website offers 2FA as a secondary authentication layer for all login requests, the API generation process, and all withdrawals. Besides, Decoin keeps, tracks, and analyzes login data to identify unusual activities.

There is also limited access implemented to your account from specific IP addresses. And it tracks IP address changes that may imply session hijacking attacks. The same level of analysis goes into the withdrawals. The system tracks withdrawals for any anomaly that could suggest an attack. The users can also set a fixed destination address for all their withdrawals.

Remarkably, the exchanges ensure that 97% of the deposited assets are stored in a cold wallet. The other 3% remains in the hot wallet to finance the daily trades and withdrawals. However, Decoin claims that its hot wallet is fully insured. Hence, users do not have to worry about the implications of hacks as the exchange can refund all the stolen coins in its hot wallet.

Commissions and fees

Trading fees

Decoin uses a tiered fee structure that analyzes the 30-day trading volume of users to determine the applicable maker and taker trading fees. According to the information made available on the website, the traders with a 30-day trading volume lower than 50 BTC pay 0.15% as taker and maker fees. This drastically drops to 0.07% as maker fees and 0.08% as taker fees when the monthly trading volume amounts to 1,000 BTC and above.

Interestingly, the exchange offers discounts to DTEP holders. For those executing monthly trading volume worth less than 50 BTC, they get to pay a discounted 0.075% trading fee.

Deposit and withdrawal fees

With over 25 crypto networks supported, Decoin only allows users to make crypto deposits. Some of the supported coins include Bitcoin, Litecoin, Aave, Ethereum, Uniswap, DTEP, and USDT. Notably, Decoin does not charge deposit fees on all of its payment methods. In contrast, all withdrawals incur charges. Depending on the type of coin you are planning to withdraw, the exchange deducts a fee before processing the transaction. For instance, Decoin charges 0.0005 BTC on all Bitcoin withdrawals.

It is also worth mentioning that there is a minimum withdrawal limit applicable to each payment method.

Customer support

The exchange does enough to provide a variety of customer support channels for users. There is a compilation of helpful guides and articles on the FAQ page. Also, the website utilizes an email ticketing system, and it promptly replies to queries on its social networks. Unfortunately, Decoin does not provide a live chat option to supplement existing customer support channels.

What Are the Pros and Cons of Decoin?

Having evaluated the workings of Decoin, we went a step further to compile its pros and cons.

What Are the Pros of Decoin?

Decoin offers social trading features

With the launch of DTrade, traders can now enjoy the benefits of a social trading infrastructure. The platform promotes a community approach to crypto trading that promises to help newbies learn various trading styles and boost their profitability.

It is security conscious

While researching Decoin, we noticed that the exchange takes the security of its users seriously. This is why it has implemented several security solutions to track and identify unauthorized access to sensitive data and user accounts. There is also 2FA for another layer of protection, and 97% of users’ assets are stored in cold storage. The other 3% stored in the hot wallet comes with an insurance cover. Hence, users would not lose funds permanently in the event of a hack.

Decoin offers a highly rewarding referral program

You get to receive up to 70% of the revenue generated from trading fees paid by your referred friends. This unlocks extra income for Decoin users.

The trading fees are relatively low

With the highest trading fees set at 0.15%, it is somewhat affordable to execute trades on Decoin. Note that the fees drop even lower when you hold a certain amount of DTEP tokens.

It offers a staking service

Another income-generating opportunity you will find on Decoin is the staking service. You can earn 6.2% annually when you stake DTEP.

It has a simple user interface

The exchange is serious about enabling a conducive trading environment for new users. And so, it comes as no surprise that it has opted for a simple design that makes navigation a lot easier.

Decoin features stocks

The platform is slowly incorporating crypto-paired stocks. Already, users can trade GameStop’s stock on the platform.

It supports a variety of crypto deposit and withdrawal options

Another unique selling point of Decoin is its crypto payment options. With over 20 cryptocurrencies adopted as deposit and withdrawal gateways, it is easier for users to fund their accounts.

What Are the Cons of Decoin?

It does not support fiat currencies

There are no fiat payment methods on the website. Therefore, newbies have to first source for an external crypto-fiat gateway before funding their Decoin accounts.

It does not support live chat

The customer support system of Decoin does not include live chat. Therefore, there is no guarantee that Decoin would respond to your queries instantly.