Is COSS.io a scam? Is it safe? Can it be trusted? These are some of the many questions I’ve seen out there on the internet so in this short post I’m going to address them and do a little review on COSS.
In this review I’ll be going over what exactly COSS.io is, what services the provide, complaints and more. In particular I’ll be focusing mostly on the exchange side of COSS since that seems to be what most people are interested in and what I have most experience in dealing with.
COSS (found at coss.io) stands for “Cryto One Stop Solution”. So as you can imagine based on their name they provide more than just one or two services. The COSS platform was made to tack all aspects of the digital cryptocurrency economical system.
So what is COSSio? It is a platform that provides a cryptocurrency exchange, a payment gateway, market stats and more. They are set out to tackle a heck of a lot but have a lot of potential to become one of the greats. We have seen some major exchanges like Coinbase come out with plugins to allow for merchant payment gateways in addition to their exchanges as well but COSS is on an entire other level with what they are doing and/or set out to do.
I’ll go into more detail below…
What COSS Brings to The Table
On the COSS platform you can trade between various different cryptocurrencies, just as you can on Binance, Bittrex, etc. Don’t compare an exchange like this to Coinbase or GDAX though. They are very different because they do not give you the ability to buy cryptocurrency through them with fiat money and they also offer a heck of a lot more trading pairs than either of them.
In addition to the exchange they also have wallets for each cryptocurrency that is available to be traded so that you can store your crypto within your COSS account. Their wallets operate fine and seem to be about as safe as web wallet can get from what I see. However its always a much safer idea to store your crypto in hardware wallet if you are going to be holding for long period of time.
One downside to the exchange that I think is worth mentioning is that it isn’t quite as fast as some of the more popular exchanges out there. I’ll go more over this in the complaints section… nothing major though.
Coss is on the better side of things when it comes to the fees. The fees are determined based on the value of trading you do on a monthly basis. The more value you are trading the less fees you pay. They are as follows…
- 0 USD – 5,000 USD is 0.2%
- 5,001 USD – 10,000 USD is 0.18%.
- 10,001 USD – 25,000 USD is 0.16%.
- 25,001 USD – 50,000 USD is 0.14%.
- 50,001 USD – 100,000 USD is 0.12%.
- 100,001 USD – 250,000 USD is 0.1%.
- 250,001 USD – 500,000 USD is 0.08%.
- 500,001 USD – 1,000,000 USD is 0.06%.
- 1,000,001 USD – onward is 0.04%.
This is something we are seeing more and more of lately in the crypto world. Exchanges, like Coinbase (which also owns GDAX), are coming out with plugins that ecommerce store owners can integrate into their sites to allow for easy cryptocurrency payments. While there are a lot of crypto’s out there that are absolutely horrible for normal online payments due to transaction fees and speed, this is nonetheless a big step in the right direction and will hopefully lead to more widespread adoption of cryptocurrency.
Their merchant payment gateway is “plug and play” as they say it. They have scripts available that can easily be place on ecommerce sites.
On the platform they also have a merchant list. This is to help crypto users find merchants that they can use cryptocurrency with to ultimately increase user adoption. So if you are a user you can look at the list to find places you can use your crypto at and if you are a business owner you can get your business listed here to get more customers. This in a way works as a way to promote the business as well.
Market Cap Listings
At COSS you can also find market caps for different coins along with more information like the price, volume, links to their whitepapers and more. This is a nice little touch so that if you do use COSS as an exchange you don’t have to go over to coinmarketcap.com or other sites like that to find out these details.
The COSS Token = Free Money
COSS has its own exchange token called the COSS token of course. With this token you can earn free money in a way. However of course it does cost money to buy these tokens to begin with.
I heard someone explain the COSS coin comparing it to stocks and this was a great example so I’ll share it with you.
With stocks you earn dividends based on how much money the company you invested in did right? Well by owning the COSS coin you are basically doing the same thing. You can think of them like stocks because with the COSS coin you will earn money based on the amount of money coss earns from transaction fees on their exchange and from their merchant services. The amount you will earn is directly related to the amount of COSS coins that you have so. So the more you have the more you earn.
All you have to do is buy and hold COSS tokens in your COSS account wallet to get rewarded. You can also hold them in other wallets but this is more complicated and I’m not going to get into that.
One thing that I like about this is that you will end up getting tons of factions of coins that you wouldn’t normally buy. You will get a fraction of everything traded pretty much so you will earn a bunch of different coins that you can either keep, convert easily to ethereum (since its a ERC20 token) or trade for a different cryptocurrency that you like.
This whole “dividend” thing is somewhat similar to what Binance’s BNB token does. However, they don’t buy back their coins like Binance.
Like just about every other exchange out there, COSS has a referral program where you can earn for referring others to join the platform. However its not your typical referral program and isn’t quite as exciting.
When you refer other people to COSS you don’t actually earn anything. Instead… you save money on your own transactions. 10% of the exchange volume that your referrals make will count as your own. This will increase your trade volume on a monthly basis which means you will have less fees, as shown above in the fee list I wrote out in the Exchange section.
Is COSS.io Safe?
Asking is COSS safe is something everyone should do. There are lots of places that you should avoid and its important to know if this is one.
As far as anyone can tell they are as safe as it gets. There haven’t been any breaches of security or anything yet (at least that we know of). They seem to have a really good and competent team behind the scenes and I trust the operations so far.
If anyone is aware of any security failures, hacks, flaws, or anything like this let me know so I can update this review.
One of the big complaints that I have after using their exchange for a while is its overall speed. It is lacking in this area and this is definitely a complaint if you are a serious trader, in particular a day trader.
The site is just slow and that is all there is too it. They need to upgrade their servers if they want people to use them instead of Binance and other, much faster exchanges. If you are just buying and holding onto cyrpto’s this isn’t a big deal but for the daytraders out there that need to get in and out of trades at lightning speed this isn’t going to be a good choice at this time.
I will say that It has gotten better since I first joined though.
Other than that there isn’t much to say. You could also complain about the relatively low number of trading pairs available compared to bigger exchanges but I think this will get a lot better as they become more popular.
If you have any complaints of your own I would love to hear them so I can add to the list. You can leave them in the comment section below.
Final Thoughts on COSS.io – Should You Sign Up?
COSS.io is a nice cryptocurrency platform that provides a lot compared to others in the business. Their focus is on much more than just another exchange and I think this is a good thing as long as they can keep up with the workload that comes with taking on all the more tasks.
When it comes to my use of COSS I use their exchange and that’s pretty much it for the most part. They definitely have room for improvement in the future but so far so good….not a bad place.
One of the reasons I use this exchange is because I like the whole COSS token thing. I have my wallet loaded up with COSS tokens and am collecting fees day and night. Its not much but it adds up and its a nice surprise when I login.
But anyways… that all for the review. I hope you enjoyed and be sure to leave any comments or questions below. I’ll get back to you soon 🙂