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COSS Review - is it scam or safe?

COSS Review - Is coss.io scam or good cryptocurrency exchange?

RATING: 3 / 9 REVIEWS COSS

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Trading Accounts

Account type Leverage Fee
Standard None 0.20%

COSS (which stands for Crypto One Stop Solution) is an ambitions project in the sphere of cryptocurrencies. The company offers an exchange and a payment solution for online stores, willingly to accept crypto-payments. This review will focus on the current characteristics of the trading environment and may need an update soon.

 

The company, security of funds

 

Company Country Regulation
C.O.S.S. Pte. Ltd. Singapore/Romania N/A

 

COSS is based in Singapore, but a lot of things connect the company to Romania. For instance, most of the people working on the project are Romanian and the firm is also a member of the Chamber of Commerce and Industry of the country. That being said, they also participate in ACCESS, the Singapore Cryptocurrency and Blockchain Industry Association. 

 

While all of these give the company some credibility, their exchange activity is still not overseen by any dedicated agency. That being said, not all jurisdictions currently have rules governing crypto-currency exchanges.

 

>>Trade Bitcoin with a regulated forex broker<<

 

COSS officially launched in April 2017, following an ICO. The entire project is still in “beta”, so we shouldn’t expect anything too advanced. 

 

It may not surprise you, there haven’t been any major reports of a hack at COSS. Given the age of this exchange, this isn’t saying much.

 

Most of the user reviews about this exchange still focus on the time this was still an ICO, where people can invest. They generally have the same ring of “the project is great, but maybe too ambitious”. We must reiterate this is a review of the current state of the exchange and not COSS, as a whole.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

COSS currently features 31 coins, and the list is constantly growing. The coins include Bitcoin, Ethereum, Litecoin, Dash, Waves, Ark, OmiseGo and obviously a lot more. Trading is done against Bitcoin and Ethereum. In case you would like to experience even more altcoins, exchanges like Bittrex may be an option. 

 

 

Leverage

At this point in time COSS doesn't support margin trading an by their looks of it, they company isn't planning to do so. That being said, most crypto exchanges do not allowi this functionality, so if you are looking for speculative trading, a forex broker may be a better alternative.

 

>>Forex brokers, where you can trade Bitcoin with leverage<<

 

We feel the need to mention, when you are trading cryptocurrencies with a forex broker, you do not own the actual coins in question. Instead you will be dealing in the so called Contracts For Difference (CFDs) – derivative instruments which follow the price dynamics of whatever asset they associated with. This type of trading allows taking a short position (which most exchanges don’t support and using leverage, but is not suitable for long term trading. To get a better picture, read this explanation.

 

Fees

We couldn’t find any mention of the trading fees on the COSS website. When playing around with their platform we saw 0.20% fee on cryptocurrency trading. This is competitive with the current state of the industry, as the average fees go as high as 0.25%. 

 

Trading platform

 

The trading platform at COSS is web-based. This is nothing unusual for the world of cryptocurrencies. While we have seen even worse trading software at other exchanges, the software provided by COSS is nothing special at this point. Here is how it looks:

 

 

While we don’t mind most of it, the charting is below the standard we are used to, when dealing with forex brokers. Here is a detailed view:

 

 

There are currently no technical indicators not the ability to properly move and zoom the chart. Additionally, this brings us to the next point – liquidity at this exchange is very lo. The chart above is the best one we could find, featuring COSS token trading against Bitcoin.

 

 

 

Methods of payment

 

Only cryptocurrencies transfers are currently available for the trading platform provided by COSS. While the company offers solutions for merchants, who are willing to start accepting Bitcoin, the exchange itself does not accept fiat currencies.

 

Furthermore, fees are also charged when withdrawing coins. They vary for each one, with BTC being 0.001. While other exchanges also have similar fees, most don’t.

 

 

Conclusion

 

Crypto One Stop Solution or COSS, for short is a platform which attempts to connect the relatively new world of cryptocurrencies with traditional finance. The exchange, which we have reviewed is just one aspect of this project. The current state of the trading venue is fine, but nothing special. That being said, we will update this review in the future.

 

Pros Cons
Multiple altcoins available No fiat currency deposits accepted
Competitive commissions Relatively new project
No serious hacks Currently low liquidity on most pairs
  Fees on blockchain withdrawals 

 

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Traders` reviews for COSS

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Summary

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ETH withdraw not transferred to my private ETH address!!

After KIN to ETH trade, I'd withdrawn my ETH to my private ETH address from Coss. And after checking the transaction, They moved it to a 2nd Coss ETH address and not to my withdraw eth address I had submitted with. They replied with below. And not able to access the support freshdesk.

Your withdrawal has been transferred successfully from our exchange. Please contact the other side support.

Ticket: https://cosssupport.freshdesk.com/helpdesk/tickets/xxxx
Best Regards,
Coss Support Team


sal 06/11/2019

Do not use COSS

I will never use this exchange ever again! I transferred some eth in there and finished trading and the next day I wanted to move the eth out of there. They locked up all the alt wallets for 5+ days. In the end I thought screw this and moved my money out via bitcoin. Will never use that junk exchange ever again!

Pete 03/26/2019

Coss is Scam

Warning!!!
Platform Coss is Romanian Scam platform !!!

Johny K. 02/25/2019

COSS is scam !!!

Coss exchange and Coss coin are clear SCAM! I am lose personly 20.000€ in Coss! He every day write; repair systems, add shit ICOs.. Project total without future! Dogecoin is Better ..

Jozef 05/20/2018

COSS has worst customer support

I put some fund in wrong wallet. I raised a ticket on Jan 20th, they have not act it on it. They have the worst customer support. My advice to you stay away from COSS exchange.

srostami 02/21/2018

Its better

they worked out a lot of bugs...its still coming out of beta...

they refunded 100% of peoples losses the other day during an error...so that gives me huge faith in the company..

fiat soon..

idk what other peoples issues are...i transfered my btc smoothly this morning...


i seriously think most peoples issues is they have no clue what they are doing in crypto

David Hetrick 01/19/2018

Scam

I sent some BTC into this website to change it into altcoins and it was strange that i was not receive it. I sent them an email at their support email address and none has responded. And today, after 2 days, they blocked my acc even i had f2 google authenticator activated.
I lost 150 $ in BTC, some others could lose more than me, so be careful.

R 01/11/2018

Don't touch it's scam!

Bitcoins or Ether aren't credited, there are a lot of people on Facebook with this probelm. Service is not availible / does not react. Until today there is no credit (2 days), the blockchain is confirmed. Better send money directly by Western Union to Romanias people, at least they can buy something to eat!

THIS IS SCAM - DON'T TOUCH IT

Inform about other users expirience by reading the facebook comments.

:-(((

Bitcoin Broker 01/09/2018

Stay Tuned

Attention with this exchange

slowly bugged
i buy 15 chainlink instead 46

Luigi Sforza 01/07/2018
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