“Crypto One-stop Solution,” popularly called COSS is a new digital asset exchange that goes far beyond the standard profiles of your usual, vanilla cryptocurrency exchanges. Reason being that COSS is not just an exchange, but also a payment gateway for merchants, a micro-crypto economy, and an Ethereum-based ERC20 token that shares COSS’s fees with holders.
In this case, COSS is endeavoring to do it all. Merchants can now equip their whole online stores through COSS, accepting payments in digital currencies and keeping perfect records while also having crypto-to-fiat features.
COSS’ headquarters is located in Singapore, though the company has so many links to Romania that it is practically 50/50 Singaporean and Romanian. For instance, most of the exchange’s employee are Romanian, and it is listed in Romania’s Chamber of Commerce and Industry. Also, COSS is a member of Singapore’s most famous blockchain association, ACCESS, and the exchange also has an office in New York.
Renowned team members working on the project include:
- Co-founder – Dan Cearnau
- Team coordinator – Ioana Frincu
- Tech officer – Iulian Oprea
Subsequently, the COSS exchange has a legal paper trail that speaks volume about its legitimacy, but it is also necessary to keep in mind that no dedicated agency oversees COSS’ activities at this point. It’s something you have to examine going forward, but then again it’s a dynamic that is very common within the cryptocurrency trading services framework.
The exchange started operations in the Spring 2017 after the project’s team ran a successful ICO. COSS is still in its beta phase, so there are still many developments ahead and improvements to implement.
Setting up an account on COSS is straightforward and comparable to any other signup process you’ve completed over the past years.
On the signup page, you will be asked to input your email address, create a username, and a secure password. Once you are through with these tasks, check the box that indicates you agree to the terms and conditions, complete the captcha and you’re good to go.
Seconds after submitting your details, a verification message will be sent to the email address you registered with. On the COSS.io site, you will get a message stating your account has been created and to check your email for your account confirmation. Open the email and click the link, and your account will be verified.
Once you’re back on the exchange, you’ll need to log in for the first time. And you’ll get a timely reminder to set up a 2FA (Two-Factor Authentication) on your account immediately.
COSS has a beautifully designed and user-friendly interface. It currently allows BTC and ETH trading pairs with more than 30 popular cryptocurrencies, with more digital coins being added daily. It has all the heavyweights to be sure, from privacy coins like DASH to hot ERC20 tokens like OmiseGo (OMG).
If you are looking for margin trading, you’ll have to look somewhere else, as COSS doesn’t allow margin trading functionalities. Besides, there’s nothing in the exchange’s roadmap that suggests such features are going to be added anytime soon, if ever.
To begin trading on COSS, you will need to deposit a cryptocurrency as it currently does not offer Fiat payment options yet.
The COSS trading platform can be accessed through any browser or through the COSS GO app. And while COSS certainly has its aesthetic style, its trading platform looks quite competitive in terms of quality and added functionality. Not that it distinguishes from the crowd in one way or another, but it is intuitive and navigates fast.
One not-so-desirable feature that is peculiar to the COSS trading platform is its trading charts. They appear too simple when compared to other exchange’s chart capacities, like Bittrex. There is nothing bad about simplicity but the functionality of charting screen might not be sufficiently professional to satisfy the demands of more experienced traders.
In a slightly troubling development, a quick survey of COSS.io did not give any readily discoverable details on transaction fees. Other users have reported charges on the exchange being in the region of 0.20 percent per trade, though this is yet to be independently verified at the time of writing this review.
Not only trades attract fees on COSS; withdrawals do as well. Withdrawal fees vary from coin to coin, so the amount you’ll have to pay will differ, there is a popup in your profile section which details the charges for each cryptocurrency.
Deposits and Withdrawals
COSS does not deal with Fiat currencies. Therefore, only cryptocurrencies transfers are currently available on the platform
The withdrawal process is straightforward. After you launch a withdrawal, two verification emails will be sent to you. The first message is a simple message revealing that a transaction has been requested. The second message you will get on your email will contain a confirmation link that you will need to open to okay the transaction.
Once that is done, your withdrawal will be processed and commenced. If you choose not to click the link contained in the confirmation email, you’ll be able to cancel your transaction at any time.
Is COSS Safe?
COSS.io is still in its beta phase on the current state of affairs which makes it hard to pass the final judgment.
It is indeed an interesting exchange that will probably witness more adoption in the months to come. However, with competition getting really overblown on the cryptocurrency market, it’s tough to say where COSS will finally settle given its backwardness relative to other giants like Bittrex or Primecrypto, but with more improvements likely to be added over time this project is given green light to be successful.