COSS cryptocurrency exchange – reviews and review
COSS is a cryptocurrency exchange and provider of payment solutions for online stores wishing to accept payments in cryptocurrencies.
Despite the fact that COSS is officially registered in Singapore, a lot says that this exchange has close ties with Romania. For example, most of the project participants are from Romania. In addition, COSS is a member of the Romanian Chamber of Commerce. It is worth noting that at the same time she is a member of the Singapore Association of Cryptocurrencies and Blockchain (ACCESS).
The official launch of the COSS site took place in April 2017 after the successful completion of the ICO. The exchange is still a beta version of the final product, so you should not expect anything outstanding from it.
Most of the user reviews are devoted to ICO COSS, and not to the cryptocurrency exchange site itself. Many of them agree that the project is ‘excellent, but maybe too ambitious.’
It supports more than 30 cryptocurrencies in pairs with Bitcoin and Ethereum.
At the current stage, it does not support margin trading and probably does not plan to add such options in the future.
For unknown reasons, the commission for trading on the site is not indicated. It was experimentally possible to establish that it is about 0.20%, which is the average value for the industry as a whole.
The trading platform itself has a fairly simple and at the same time standard interface. It does not offer advanced technical analysis tools.
Deposit / withdrawal of funds is available only in cryptocurrencies. Although the company offers the possibility of converting fiat as part of a service for sellers, this does not apply to its exchange.
The backbone of the COSS team, which has 12 members, is made up of experienced professionals from Under Development Office, a Romanian company specializing in software development. COSS’s top management is based in Singapore, with branch offices in Bucharest and New York. Doubts may be caused, perhaps, by the fact that only five out of twelve team members on the Linkedin social network indicate their involvement in the project. Doubts are partially dispelled after reading an impressive list of COSS advisers and strategic partners.
- Wallet for popular digital currencies.
- Exchanger for converting any type of currency.
- A trading platform for goods and services with a value in cryptocurrency.
- Ratings of the most popular digital currencies with data on the value, number of coins and capitalization.
- List of stores that operate on the platform and accept payments in digital currency.
- A listing of digital currencies, which allows developers to display their tokens on the exchange.
- The Proof-of-development service allows any individuals and legal entities to collaborate with professionals in the blockchain technology industry.
- Cryptocurrency market news and information on innovations in the platform.
How does a multi-currency wallet work
This wallet supports the most common digital currencies, as well as fiat money. It is divided into three groups: hot, warm and cold.
- Hot – designed for temporary storage of funds. Funds are on this wallet in the process of confirming the transaction by the network.
- Warm – funds are transferred here after transaction confirmation. Here they are stored for subsequent operations. The security level in this wallet is increased, while its volume has limitations.
- Cold – designed for permanent storage of funds. Cold wallets are stored on company computers that are not connected to the network. Operations with them are conducted by COSS financial staff.
As the founders of the platform themselves say, the task of COSS.io is to popularize cryptocurrencies by providing users with easy-to-use cryptographic and network services and products with a clear interface.
Developers use the negative experience of other platforms to avoid standard inconveniences and provide customers with better services in a simple and convenient format.
COSS specialists are actively introducing innovations for the further development of the platform in order to meet the needs of customers, create an understandable and affordable crypto market, improve the security system, expand the client network and issue tokens with real value.
Benefits of COSS.io
- This platform is a great option for a beginner who is first trying his hand at the crypto market. It offers all the features in one place. An electronic wallet, an exchanger, trade, news … You do not need to search for a long time, go to sites, waste time and get even more confused. And this is one of the main advantages of COSS.io.
- Monetization through a payment gateway (0.75% per transaction) and exchange (from 0.2% to 0.04% depending on the trading volume of transactions), which is a low indicator in the industry.
- There is a working prototype of the platform (trading on the exchange with a daily volume of 77,000 US dollars).
- Active participation in social networks helps to strengthen the image of the site as a living and promising project.
- The openness of information about team members and state registration of the company increases the trust of potential customers.
- The versatility of the platform and the scale of the project make its technological component very complex. This requires a competent planning team, well-coordinated work and constant coordination from the development team.
- Exchange data is not available on the open GithHub account.
In each of these projects there are shortcomings, shortcomings and ‘thin spots’. Nevertheless, customer reviews indicate that developers implement ambitious promises in real functionality, which users appreciate. The immediate plans of the COSS team include the introduction of functionality for depositing funds in fiat currency and the introduction of an affiliate program. So, soon it will become even more convenient to work on this crypto site.
Among the advantages of the service, users highlight the reliability of the platform, excellent technical execution of transactions, a rich listing, including the most relevant coins, as well as a developed application for full-fledged mobile trading. In particular, customers respond positively to the prospect of investing in the exchange token (COSS), talking about its good liquidity during trading and the possibility of receiving dividends during storage. Despite its youth, the site provides all the minimum necessary for technical analysis by experienced users.