Hey guys! Today I'd like to talk to you guys about an exchange that I've been following for a LONG time. Listen, imagine an exchange that:
- is FULLY globally compliant
- has a fiat gateway
- trade exclusive new crypto with many popular ones (and many of the top ones coming soon)
- multiple trading promos per month
- has exclusive ICOs only on their platform, purchasable with the exchange's native coin
- native coin (COSS) has 50% profit share FOREVER
- introducing MERCHANT gateway and POS later this year
- new UI coming up
- new engine will eventually be able to support at least 5 million users
This may all sound well and good but their execution has been horrendous so far. Don't get me wrong, I still see GREAT potential in COSS and I monitor them very closely, readying myself to buy back in at any moment they show signs of competence but this has been the story so far...
KYC drama
As soon as the requirements for KYC was announced, COSS dropped by almost 40% in a day. Their requirements were extremely strict and made it a giant barrier for new and existing users to use the exchange. Fast forward a day and they decided to change the policy, making it easier for users to get on. However, fast forward again a few weeks to now, users are still constantly getting rejected for trivial stuff. Here's an article where a user claims to have been rejected five times already.
Fiat gateway
Basically unusable. The minimum deposit is $1000 and it costs $40 + 0.5%, that's pretty much the most expensive platform I have heard of, no one will use it!
Crypto to crypto trading
Basically, no public API and none of the top coins. NEO/GAS will be added soon but too little too late. If this was a year ago, COSS would be considered in great shape but crypto is probably the fastest moving industry in the world right now, taking this long to do things simply isn't going to cut it.
New ICOs
Not going to be very attractive if the ICO isn't very sought after, or they implement the mandatory KYC to trade on even crypto to crypto on coss.io
Trading promos
Basically just artificially drives up volume from wash trading. I was hit hard and lost about $3,000 to $4,000 USD worth of COSS because of wash traders, this was ultimately the reason I sold all my COSS a few weeks ago (which the community ridiculed me for).
50% profit share
NO VOLUME!! The volume doesn't seem to be going up either, and it won't until more popular coins are added or the public API is releasaed
The rest
The rest is simply speculative future stuff, can't really talk much about it. If they can implement all three and fast, then they will be on track to becoming a top 10 exchange, but simply based on the past I don't see it happening.
The past
COSS is literally famous for fucking up major releases. Remember their first major UI update? Their prices tanked around 50% after their new UI was laggy to the point of unusable and that famous limit orders being executed as market orders bug. These were big warning signs, telling me loud and clear that I should NOT be investing here, yet I did anyway. I was looking for that x10 moon and since I was 50% down already I thought hey, can't get much worse! Well it did, the coins fell from around $2.90 to $0.16 at some point, and after dollar cost averaging down quite low, I was still around 90% down from my initial investment due to stupid swing trades where I lost money, which were 100% my fault. Not long ago, I sold for an overall loss of about 70% in fiat value and I think around 40% in ETH value.
The present
COSS's long awaited fiat gateway is out, trading at a spectacular $3,500USD combined across 4 trading pairs! Seriously, with the current ridiculous amount of fees they charge to deposit and the fact that it's IMPOSSIBLE to withdraw, there's 0 reason why the volume is above 0 right now. The price of COSS is falling every day and I don't see any chance of recovery until they really start putting some work into their fiat gateway, engine, UI, public API.
The future
Basically everything I just said before, improvements on fiat gateway, engine, UI and public API. Another thing that may cause COSS to be a primary competitor is if more regulation happens and there's stricter penalties, making COSS one of the only exchanges to be compliant (if not the only one to be globally compliant). If COSS can pull off their merchant gateway, I think that that alone will be able to justify the purchase of COSS tokens, but until then, I really don't know what to expect. However, I will be constantly following their Reddit and Telegram for the latest news in case some miraculous news comes out.
