Coss Exchange Review: Is it Safe?
When you go shopping, are you the type of person who likes to get everything in one place? Or do you prefer to make three or four stops for the items you need? If you’re the former, then Coss might be the cryptocurrency exchange for you. There’s plenty to know about this innovative and unique exchange, so let’s dig deeper and discover what this platform is all about.
- Operating Since 2020
- Cryptocurrencies Supported 60+
- Fees Crypto to crypto: 0.04% - 0.2% Fiat to crypto: 1%
- Fiat Currencies Yes
- Deposit Methods Fiat, Wire, Crypto
- Verificiaton KYB form
- Margin Trading No
- Futures Trading No
Why is Coss Special?
Coss crypto exchange is the Wal-Mart of exchanges.
It has everything you need in one place, a one-stop shop, if you will. It has an exchange: a wallet for your digital assets, a fiat gateway, a platform through which you can launch an ICO, a widget for market cap tracking, and more.
The payment gateway is a particularly interesting option on the platform.
It’s a point-of-sale for merchants, which goes beyond what you’ll usually find with an exchange designed specifically for trading. As a result, retailers can set up their entire online store on the COSS platform.
Coss stands for Crypto One Stop Solution, which is exactly what the platform touts itself as.
The platform was launched in 2017, with its headquarters located in Singapore. Still, there are sites that show the site has ties with Romania. Additionally, the exchange is a member of the country’s chamber of commerce.
However, the exchange unexpectedly closed in January 2020, leading many to believe the whole thing was a scam.
Then, just as abruptly, it was reopened by a new group of investors a few months later. Consisting of professional traders and technology specialists, the new COSS is a team that strongly believes in the original vision of the platform.
In a 24-hour period, COSS does a little more than $3M USD in trades and close to $100M USD in a month. However, due to the three-month hiatus the exchange experienced, it’s difficult to determine how much trading volume the platform does in a year.
Token-Based Fee Sharing
COSS uses a Token-Based Fee Split Allocation process, which allows for transaction fees acquired on the trading platform to be split among token holders.
The exchange uses its native COS token to create a portfolio for its holders. With this process, half of the transaction fees created by the exchange are distributed amongst users that hold COS tokens.
Coss Cryptocurrency Exchange Features
The COSS platform serves as a one-stop shop for multiple cryptocurrency-related services bringing cryptocurrencies to the masses.Visit Exchange
There are plenty of features available with the COSS cryptocurrency exchange, but we’re only going to focus on a few of them. If you want to learn more about the platform beyond these features, check out COSS.io.
Payments and Withdrawal methods
Up until about a year ago, the platform only accepted cryptocurrencies for payments and withdrawals. At that time, the platform realized that it would be more beneficial to integrate fiat payments and withdrawals into its exchange.
As a result, users can deposit EUR, USD, GBP, JPY, and HKD into their COSS accounts. If you choose to deposit a fiat currency, you will have to sign up for ePay alongside your account.
Fees are a part of crypto trading, no matter what platform you’re using. Let’s take a closer look at what you can expect when depositing, withdrawing, or trading on the COSS platform.
When using the COSS exchange, you’ll get simple and easy to understand deposit fees. If you’re using a credit or debit card to load USD, EUR, GBP, HDK, or JPY onto your account, there are no deposit fees.
The same is true if you’re loading your account with crypto via the blockchain from another wallet or exchange.
While withdrawal fees with the exchange aren’t quite as simple as the deposit fees, it’s still easy to know exactly how much you’ll pay when you go to withdraw your funds.
For example, the Bitcoin withdrawal fee is 0.0004 BTC. If you’re planning on moving to other digital currencies, you can check out the COSS fees here.
When it comes to trading fees, COSS aims to keep things as simple as possible. Some platforms make things so complex and confusing that users don’t know what they’re paying for when making a simple trade.
Here’s what you can expect to pay when using this exchange for trading your favorite digital currencies:
Maker fees for all traders are 0%. Plus, if you do more than $5000 USD in trading volume, the exchange offers negative maker fees, starting at -0.02%. If you are using the native Coss token, you also get 25% off all your trading fees.
On the other side of the trade, Taker fees are 0.1875% no matter how much trading you do. As you can see, the structure is straightforward and easy to understand. So whether you’re a day trader or a novice looking to learn more, the exchange makes its fees simple for everyone.
COSS supports several different types of altcoins. While the list isn’t as extensive as the ones you’ll find with other platforms, you can trade some of the more popular digital currencies on the exchange. Here’s a list of the more common cryptocurrencies supported by the platform:
- Bitcoin (BTC)
- Ethereum (ETH)
- Stellar (XLM)
- DASH (DASH)
- Ripple (XRP)
- Basic Attention Token (BAT)
- EOS (EOS)
- Tether (USDT)
- Bitcoin Cash (BCH)
- Dectranland (MANA)
The platform offers both a desktop app and a mobile app for users who prefer not to use a web-based exchange.
Both Windows and macOS operating systems are supported, so if you like to work offline, you’re in luck. Additionally, a mobile app is available on Android and iOS.
If you want to do some trading on the go, just download the app and get started. However, to access the downloads, you’ll have to register for the exchange and complete the KYC process.
When you’re ready to start cryptocurrency trading, you’ll have no shortage of options on the platform. Users have access to advanced order types, tight spreads, very low latency, instant order execution, deep liquidity, and advanced functionalities.
Additionally, the exchange will offer social trading, which is the ability to trade with expert traders and see the types of trades they’re making.
Market analysis tools, demo accounts for practice trading, and trading signals will also be available.
Lastly, leverage trading with crypto assets is also an option. They are available at a maximum of 1:3, along with contracts for trade spotting.
Keep in mind that you’re trading on a smaller exchange, so you may not have the liquidity you’d get with other platforms like Binance or KuCoin.
The COSS exchange offers COS, the native token for its platform. This ERC-20 token allows users to earn dividends on the exchange.
This is done by paying coin holders 50% of the profits from certain transactions performed on the platform.
The exchange calculates each user’s weekly reward-based on the number of COS a user already holds. Platform users can have them sent directly to their exchange wallets or allow them to accumulate over time.
While it doesn’t hold the cache that often surrounds popular exchanges like Binance, KuCoin, or Bittrex, Coss is a solid option in the world of cryptocurrency trading. Overall, the exchange is an effective and solid system, but doesn’t quite compete with an exchange like Coinbase.
If you want to do nothing but trading, then you’re probably better off with one of the big boys. On the other hand, if you want a single place to manage all your digital currencies, this might be the platform for you.