Considering the applications of deformation monitoring, PPP (precise point positioning) with singlefrequency (SF) receivers has the advantages of stand-alone, absolute positioning and cost efficiency. However, the existing SF PPP methods can be hardly implemented for deformation monitoring directly due to their limited precision of submeter level. For this purpose, an innovative approach is presented in this paper with several improvements to the existing approaches: firstly, the SEID (Satellite-specific Epoch-differenced Ionospheric Delay) model is adopted in SF kinematic PPP to handle the ionospheric delays for SF receivers embedded in networks of dual-frequency (DF) receivers; secondly, according to the dynamic characteristic of the monitor station, a combination of kinematic PPP and sliding window based static PPP algorithm is adopted. To confirm the availability of the algorithm for deformation monitoring with SF receiver, a seismic experiment is carried out on an earthquake simulation platform. Comparable positioning precision with 1.5 cm for horizontal and 2.2 cm for vertical is achieved by SF PPP with respect to RTK (real-time kinematic) solution. The new deformation monitoring algorithm with SF receiver can be treated as an effective and low cost way to realize some types of geological hazard monitoring in a wide range.