COSS (COSS) - Community Reviews & Ratings
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|Fiat Daily 107 rated: July 22, 2019 23:39:58|
This token is/was an exchange token similar to BNB token for Binance. It gives discount on trading fees, but had a unique characteristic that token holders will get a part of the trading fees (in all listed currencies) added to their portfolio. This feature still exists. Currently at the time of writing this review I noticed that coss.io (the exchange) is doing a token swap apparently. It seems due to company merger there were 2 different tokens in the eco system and now they will deprecate both (including COSS) and merge them into a new token to represent all features, to be swapped in the new COS token, which will be the new ticker everywhere. The COS token will also have the fee sharing feature for token holders.
I have used COSS exchange in the past and I didn't have complains, though it was low liquidity back then, but that doesn't have to represent anything about their current situation, because obviously a lot has changed. They are still active despite crypto winter, which is a good sign I believe.
Overall, so far the exchange seems to be legit (at least up until now), and I did like the fee sharing feature. I don't know if the mechanics have changed, but in the beginning you would get quite a lot of "dust" of all kinds of small coins in your exchange wallet. You could convert most of it easily, but to withdraw most of it (I don't exactly remember the whole process), transaction fees were required to pay, which ended up not being worth it. You would need an enormous amount of COSS to offset the transaction costs and actually be profitable from the fee sharing program. I did like the idea, and it might be worth looking into it being improved or not, but I remember back then to have been a bit disappointed in the system. Because of the fee sharing program it seems that the COS (formerly COSS) token could theoretically be labeled as a security token by the SEC, so there might also be a potential legal risk on that front.