COSS.IO Exchange – ALL You Need To Know
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During the early years of cryptocurrencies, investors and users of the virtual currencies alike found it a challenge to freely exchange the different coins they held against other coins as well as goods and services. Nearly a decade down the line, the liquidity of both the giant and minor cryptocurrencies is tremendously growing, thanks to the introduction of various exchange platforms where crypto-users can easily swap one cryptocurrency for another.
And since cryptocurrencies are not all about trading but also utilization in acquiring different commodities, more and more exchange platforms are playing the game changers in the crypto-world, with some of them such as COSS going to the noble extent of providing their users with merchants (PoS) points of sales while at the same time eyeing to diversify their portfolio to other robust features such as pre-paid cards and smart contracts.
COSS, which we will comprehensively unravel in the subsequent paragraphs, is one of the finest illustrations on what cryptocurrencies hold for the future. The new invention will perhaps take us beyond the normal contours of traditional financial transactions we are currently versed with.
What is COSS?
Crypto One-Stop Solution (COSS), is a top-tier cryptocurrency exchange platform that has gone beyond the ordinary realms of offering their clients crypto trading services. It is a do it all exchange platform, extending their boundaries to other services such as payment gateway to various merchants. This is coupled up with a range of other ‘coming soon’ services including rolling out of smart contracts, a crowd-funding avenue for various start-ups, pre-paid cards, and an international platform for cryptocurrencies remittances.
- As a payment gateway, COSS provides businesses with an avenue to perfectly manage cryptocurrencies by seamlessly accepting crypto-payments from their clients on their web-based plugin for online shops, or COSS PoS (Point of Sale) application for physical store-based businesses. The platform offers liquidity for various cryptocurrencies against several fiat options including USD, EUR, Singapore Dollar, Korean Won, Romanian Leu, and Malaysian Ringgit. Encrypted in the payment gateway are reporting tools to assist merchants with accounting procedures.
- As an exchange platform, COSS obviously plays the role of offering their users an avenue where they can easily trade one cryptocurrency for another. As at the time of writing, the exchange supports the buying and selling of more than 50 cryptocurrencies, mostly traded against Bitcoin and Ethereum.
- Crowdfunding (a coming soon feature), will enable inventors to place their new ideas as investors consider them for funding in expectation of gaining profits once the startups run live.
- Users will also be able to leverage COSS Prepaid Cards services (a coming soon feature) by topping up their credit cards with Bitcoins or Ethereum and using them at acceptable PoS.
- Closely related is their remittance service (another coming soon feature), that will facilitate global financial transfers streamlined through cryptocurrencies.
- Finally, the team is also eyeing smart-contracts capabilities, where users can sign-legally binding contracts with associate companies, or incorporate new companies.
COSS is headquartered in Singapore and listed in Romania’s Chambers of Commerce and Industry. The do-it-all exchange platform is a member of ACCESS, Singapore’s most reputable blockchain association.
COSS was launched in September 2017, after the successful completion of its ICO. The team is sphere headed by Dan Cearnau, who is also the co-founder and has quite a number of other personnel, serving different capacities. The COSS.io platform currently supports all countries in the world.
Trading on COSS
Despite its range of features, the main services currently offered by the COSS exchange is buying and selling of variously supported cryptocurrencies. The platform has a still long way to go in terms of providing top-notch trading services, especially in regards to its charting and trading software, as the currently available options are not robust and might not be appealing to expert traders.
COSS.io trading limits
The daily trading limit for all account users is $100,000. COSS is still in the process of updating its ‘Know Your Customer’ (KYC) policies, which is set for completion in later 2018. Once that is done, basic users can apply for an upgrade to the KYC accounts with better terms of services including high buying and selling limitations.
Currently, the COSS trading platform only supports payment through cryptocurrencies hence does not support fiat currencies. As at the time of writing this review, customers can deposit or withdraw in 54 different cryptocurrencies including BTC, ETH, COSS, DASH, BCH, among others. The exchange platform equally supports the 54 cryptocurrencies enlisted in its depositing or withdrawal options.
The COSS exchange platform charges both buyers and sellers whenever they successfully execute a transaction on the platform. The transaction fees are charged in the cryptocurrency chosen by a user, with the most relevant information regarding the fees being provided in a pop-up window whenever a transaction is executed. Tabulated below are the exact fees charged to users, subject to their 30 days trading volume.
|Trading Range Amounts||Trading Fees|
|5.001 USD – 10.000 USD||18%|
|10.001 USD – 25.000 USD||0.16%|
|25.001 USD – 50.000 USD||0.14%|
|50.001 USD – 100.000 USD||0.12%|
|100.001 USD – 250.000 USD||0.1%|
|250.001 USD – 500.000 USD||0.08%|
|500.001 – 1.000.000 USD||0.06%|
|1.000.001 – onward||0.04%|
COSS Verification Requirements
Registering an account with COSS exchange is a hassle-free process. All that is required is a user-name, email address, and a strong password. To further proceed and use the platform, you will be required to submit some personal information and documents for verification which will be assessed by their compliance team installed with the mandate of accepting and rejection users applications. Among the two categories of KYC details required by COSS.io include:
Proof of Identity details: COSS only accepts government-issued IDs as proof of identity. These can be either a driver’s license or passport with the latter being the most preferred option.
- The mandatory fields that must be present in either of the two proof of identity documents include a photo, legal names, date of birth, nationality, and expiry dates. The expiry date of the government issued ID should not be less than six months from the time of submission as a proof of identity.
Proof of Address details: The platform accepts any of the following types of documents under this category:
- Bank statements
- Utility bills
- Tax assessments
- Tenancy contracts
- Letters from recognized public authorities
Users issuing bank statements and utility bills must ensure that they were issued less than three months from the time of providence as a proof of address. The documents must also bear a user’s legal names, legal residence address, and date of issue. Tax assessments, tenancy contracts, and letters from recognized public entities must be translated into English.
COSS Special Features
- The do-it-all vision of the COSS platform is a key unique feature which many of the currently existing platforms have not surpassed. The most challenging part about this feature is that they are yet to meet most of the functionalities enlisted on their website as well as white paper.
- An even more special attribute of COSS.io is the fact that the exchange shares 50% of its revenues with its token holders.
COSS ran an ICO in August 2017 and came up with an Ethereum-based ERC20 Token, also known as the COSS Coin. Holding COSS Coin comes with the advantage of dividends, which is drawn from 50% of the revenues generated from various COSS transactions. This means that not only do COSS coin holders enjoy the profits as the value of the COSS coin surge but also get extra revenue in the form of dividends.
There will be a total supply of 200 Million COSS Coins, with 25 million tokens having been put up for presale, and 130 million tokens having been released at the launch of the ICO. The allocated dividends realized from transaction fees are usually released to the COSS token holders wallets on a weekly basis.
Is COSS Safe?
As a user or investor of a platform such as COSS, the subject of safety can never be left to pass under the bridge as any loophole detected could lead to severe consequences with the most feared one being the loss of investments. Key parameters that scrutinize the safety of the COSS platform include:
Is COSS legit? The platform has received a relatively fair review from its user community ranging from a 3-star rating and above. Its team consists of many reputable specialists, with none of them going anonymous. Since the project is still at its infancy stage, it would be too early to harshly judge them till they gain a stable ground and identify with a broader user community.
So far, there has not been any fraudulent activity associated with the COSS exchange that could lead to the loss of users’ funds including hacking. The platform boasts of top-notch 2-factor authentification protocols for their users as well as end-to-end encrypted procedures. Additionally, their website is SSL certified, meaning that their users enjoy secure connections between the COSS servers and web browsers.
The COSS community has a support desk on their website where users can ticket their queries in wait for a response. They are also available on various social media platforms, with the later being praised with a quick response towards customer queries.
The handling speed of customers’ inquiries is relatively fast through the company’s various social media platforms but slow on the web-based ticketing system.
How to use COSS?
Step 1: Register an account with COSS exchange.
There are two types of account available on the platform which include general user accounts and merchants accounts. This is a pretty easy exercise as it only requires you’re an email address, username, and a strong password. Upon registration, you will receive a confirmation link to your registered email account. The link provided redirects you to the COSS.io website. Your cryptocurrency wallet is automatically created upon registration.
Step 2: KYC
Provide your personal details and documents to certify the KYC requirements. These include proof of identity information and proof of address documents as aforementioned under the COSS verification headline.
Step 3: Start trading
Depending on whether you have a general user account or a merchant account, you could start trading cryptocurrencies with the former or accept payments from your clients with the latter account.
In a Nutshell
Though still in its early stages of realizing the set roadmap, COSS exchange is a platform which has a bright future ahead as well as a long way to go in terms of bringing to life all its aspired features. The online up and running features as at the time of writing are its exchange platform and payment gateways for interested merchants.
Regarding its trading platform, COSS developers should focus on providing investors with more robust trading tools such as charting analysis as the currently available versions might not be so appealing to expert traders. Nevertheless, the platform has overly proven to be a reliable one and hence recommendable for beginners as well as high rollers.
Pros of COSS
- It has a nice interface which can further be enhanced
- COSS offers users holding its tokens (the COSS Coin), dividends amounting to 50% of the trading fees accrued.
- The platform has so far enjoyed robust security features with no hacks reported.
- It has multiple cryptocurrencies available.
Cons of COSS
- COSS doesn’t accept fiat currencies deposits
- The platform currently offers low liquidity on most cryptocurrency pairs.
- The chartings on its exchange portfolio need a lot of improvements.
- COSS fees are not readily displayed to users.
- The platforms customer service needs improvement.
Thank you for going through our comprehensive COSS.io review. Since our main mission is to offer you the best crypto-related content among other services, we welcome you to regularly view our site and discover the plenty we have in store for you.