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, and this Coss Exchange Review will help you decide. 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 and industry.
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.
COSS has also built partnerships with ACCESS, Civic, CardBlue, ARK, SingaporeFintech.org.
When it comes to security, its website says that COSS is built as a state-of-the-art application with advanced security measurements. COSS boasts the typical industry standards, including hot/cold wallets or storage, email confirmations, advanced 2FA security or two-factor authentication, as well as other options that are all available to secure the users’ funds from possible hacks. Moreover, you can customize the security options on the platform’s settings.
COSS customer support
In terms of customer support, COSS doesn’t have a very nice CS for now. The only customer support option on the platform was a message to ‘Report an issue’ to email@example.com, where users can contact the exchange’s customer support team with any concerns.
It’s also worth mentioning that the COSS team seems to be most active on social media platforms such as Reddit, Twitter, Telegram, and the Bitcointalk forum where they have an extensive thread.
There’s also a FAQ section where users can find answers to most of their questions about 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 (FSA) 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 card 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 $5,000 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. These fees correspond to the industry average.
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 on 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, order book, 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.
Also, at this point in time, the crypto exchange platform doesn’t support margin trading. So, those users who are looking for margin trading must look elsewhere.
Also, there’s nothing in the exchange’s roadmap that suggests that the platform is planning to support the margin trading feature.
Speaking of ‘roadmap,’ Coss has its roadmap for the future listed out clearly. These features include crowdfunding phase, pre-paid cards phase, smart contracts phase, remittance phase, and third-party plugins phase.
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.
Coss Exchange Review Australia: Is it Safe?
Also known as the ‘Crypto One-Stop Solution,’, COSS is a newer crypto exchange platform that is based in Singapore. At the same time, it has connections to Romania. The crypto exchange company is listed in the Chamber of Commerce and Industry of Romania. Plus many of COSS’ employees are Romanian.
Moreover, the company also has a branch in New York. COSS is also a member of Singapore’s most prominent blockchain association, ACCESS (Association of Cryptocurrency and Blockchain Enterprises and Start-Ups Singapore), which promotes and safeguards the use and development of blockchain technologies and digital currencies. In April 2017, COSS officially launched, follow, and ICO. Right now, COSS’ marketplace consists of 1000 users and 150 merchants.
COSS’ trading platform is web-based, sleek, and easy on the eyes. The platform is pretty straightforward and keeps the trading pair’s order books, the chart, and your account balance in one place. Aside from that, COSS’ trading charts are good but they are definitely geared towards those average users. There will surely be more experienced crypto traders that will be disappointed until COSS provides better charting tools such as better technical indicators and zooming.
Overall, the crypto exchange is certainly an interesting platform and is another excellent tool for users searching for a more accessible trading experience. Even though we can’t still give feedback about where COSS would eventually reach, the crypto exchange does look promising and it takes off like other crypto exchange companies such as Binance and KuCoin did, it could be very successful indeed. The whole project is still in the ‘beta’ phase, so there are still plenty of kinks to smooth out and growth ahead, especially when it involves the Australian government.
COSS has a legal paper trail that points toward the exchange’s legitimacy. However, the company’s exchange activity is still not overseen by any dedicated agency. Meaning, not all jurisdictions (including the Australian government) currently have rules governing crypto exchanges.
Now, if you’re an Australian crypto trader/investor that is more interested in staking and passive income, we don’t recommend COSS. Instead, you should go for well-known crypto staking platforms such as KuCoin, Crypto.com, Coinbase, Kraken, Binance, eToro Staking, Stake.Fish, and MyContainer. The Australian government is not that strict when it comes to well-established cryptocurrency platforms, so you shouldn’t have any problem.
If you’re looking for a more Aussie exchange, have a look at our list of the most popular Australian crypto exchanges.
Coss Exchange Review Canada: Is it Safe?
Are you a Canadian crypto trader or investor that’s looking for a unique crypto exchange? Then, you might want to try COSS. This crypto exchange platform was officially launched in April 2017. COSS is based in Singapore.
But at the same time, it has ties to Romania as it is also lsited in Romania’s Chamber of Commerce and Industry. Aside from that, COSS is a member of Singapore’s very famous blockchain association, ACCESS. Currently, COSS’ marketplace consists of around 1000 users and 150 merchants.
The exchange’s crypto trading platform is web-based, sleek, and has a great interactive user interface. COSS is a pretty straightforward exchange and keeps the trading pair’s order books, your account balance, and chart in one place.
In particular, the platform’s trading charts are good but they are specifically designed for average users. If COSS can provide better charting tools such as better zooming and technical indicators, then more advanced traders will most likely use the platform.
All in all, COSS is definitely a unique crypto exchange platform. it is a great tool for new traders looking for a more accessible trading experience. While we can’t still give comment about where this crypto platform would eventually reach, COSS does look promising and it takes off like other famous crypto exchange platforms as KuCoin and Binance did. COSS is still in the beta stages, so there are more minor flaws to smooth out, but at the same time, its future seems bright.
Want to learn more about exchanges in Canada? Here’s our a recently written post about the best cryptocurrency exchange to buy and sell Bitcoin in Canada.
Coss Exchange Review UK: Is it Safe?
COSS was formally launched in April 2017, The crypto exchange platform is designed as a one-stop-shop for all crypto needs. COSS is a big crypto company that includes the exchange, a platform for sellers, a payment gateway, a news portal, and various applications and services.
The exchange goes far beyond the normal contours of your typical, vanilla crypto exchange platforms. The company’s first product is a payment gateway/POS for offline and online merchants and they have also launched a completely operational cryptocurrency exchange.
Apart from being a micro-crypto economy, COSS is also an Ethereum-based ERC20 token that requires its holders to receive revenues in the shape of transaction fees charged by the platform’s system for crypto transactions.
COSS sports five factors as its main advantages. These include integrated cash flow, state-of-the-art security, instant conversion, transparency, and FSA. FSA says that 50% of all trading commissions charged by COSS are sent back to the owners in the COSS’ own token, which is the COS token.
Even though we cannot provide a complete overview of COSS because of the company’s limited registration, COSS is still an interesting crypto platform that is likely to be further distributed. It’s hard to say where COSS will eventually go given that it has so many competitors that are constantly upgrading in the crypto space.
While it doesn’t hold the cache that often surrounds popular exchanges like Binance 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.
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