COSS Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
COSS Review – is it scam or safe?
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
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.
COSS officially launched in April 2017, following an ICO. The entire project is still in “beta”, so we shouldn’t expect anything too advanced.
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 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.
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.
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.
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%.
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:
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.
COSS Review – is it scam or safe? Conclusion
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