Categories
Exchange Reviews

Coss.io Exchange Review

COSS.io is more than just an exchange.  Spelled out, it’s acronym stands for Crypto One Stop Solution, and that’s precisely the platform that COSS looks to provide to its users.

In the COSS whitepaper, the project’s team argues that the barrier of entry to cryptocurrency trading and services is too substantial.  Adoption, they claim, has been hindered by the space’s lack of user friendly resources.  Without ease of use platforms, the revolutionary potential of cryptocurrencies will be stymied by a daunting learning curve.

That’s why they built COSS, a platform “which encompasses all features of a digital economic system based on cryptocurrency,” according to the white paper.  As its name suggest, COSS is a one-stop-shop for all of your cryptocurrency-related needs.  It’s a wallet, an exchange, a payment gateway for consumers and merchants, a marketplace, and a market tracker all in one.  COSS is creating a single ecosystem inside of which all the integral pieces of the crypto economy can flourish as one.

With this review, we’ll be going over a truncated overview of the exchange.  Don’t worry–we’ll still cover all of the necessary bases.  But there’s more to unpack here than with your prototypical exchange, so we’ve got more to talk about than usual.

So let’s get cracking, shall we?

COSS: The Exchange

At this stage in its development, the bulk of COSS’s platform functions as an exchange, so we’ll be covering this first.

Verification

Signing up for COSS’s exchange was a breeze.  All I had to do was enter my email, password, and verify the email to gain access to the trading site.  Unlike other exchanges, there was no lengthy verification process to get my basic account up and running, no wait time for documents to be processed.

That said, I did only activate a basic account.  With this account, you’re still able to trade up to $100,000 worth of funds a day, but you’re only allowed to deposit/withdraw cryptocurrencies.  If you want to be able to deposit fiat currency into your account in the future, you’ll want to get Basic Plus.   This requires a know your customer verification that asks for a personal ID with a selfie, personal information (i.e., location/residency), and proof of residency.  There’s also a Basic Ultra verification level that requires a video conference with the COSS team.  This verification is meant for the whales of the trading bunch, as it permits unlimited trading volume per day.

coss document page screen shot

It should be noted that COSS is still working on implementing fiat to crypto trading pairs–this feature is not live yet, but it will be in the future.

Fees and Withdrawal Times

Coss’ exchange charges a base fee of 0.2% for all trades.  Withdrawal fees, like most exchanges, vary based on the currency in question.

coss withdrawal fees

As for withdrawal times, the project’s FAQs list that Bitcoin withdrawals can take anywhere from 1-3 hours, while Ethereum and ERC20 tokens take around 10-30 minutes to clear.  This is longer than most exchanges, but the team argues that they do this to ensure the safety of their platform as it “puts security above convenience and we hope our users appreciate that.”

Security

Speaking of security, COSS sports the usual industry-standards, including cold storage for the majority of customer funds, two factor authentication, and email confirmations.  Besides that, I didn’t find anything particularly novel about COSS’s security specifications, though its website claims that COSS “is designed as a state-of-the-art application with advanced security features.”.

Website Layout and User Interface

Overall, COSS’s layout aligns with its goal of keeping the platform user friendly.  There’s an easily navigable tool bar on the account page that allows you to switch from wallet to exchange and a number of other account features.

The exchange itself is pretty straight forward, as well.  It keeps your account balance, the trading pair’s order books, and the chart all neatly packed into one place.  The interface is simple, but its design leaves a bit to be desired.  Further, it has the usual trading tools/indicators that most exchange price charts offer, but the it is definitely geared towards your average user and not your pro trader.

coss markets

COSS coin

COSS’s platform includes its own native token, like KuCoin and Binance.  Unlike BNB coin for Binance, however, COSS coin doesn’t have multiple trading pairs (only trades with BTC and ETH), and it isn’t subject to lower trading fees.  But like its counterparts, it does give its stakeholders a cut of the exchange’s profits.  If you hold COSS in the platform’s wallet or even an external wallet, you’re entitled to 50% of the exchange’s trading fees.  The fact that you can still receive these coins in a non exchange wallet is a plus, as keeping coins on an exchange is never recommended.

Conclusion

COSS’s exchange is another breath of fresh air for users looking for a more accessible trading experience.  It’s trading fees are a bit high (as are some of the ERC20 token withdrawal fees), and withdrawal times can be a bit sluggish. 

Overall, though, COSS’s dividend coin is a big plus, and its smooth interface and variety of more obscure altcoins makes it an exchange worth trying out.

Rating: 4/5

COSS: The Wallet

COSS’s wallet supports a number of popular cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, DASH, NEM,  EOS, Lisk, ICS, OMG, VeChain, Waves, and ARK.  It can also hold a number of lesser known altcoins, including Substratum, Enjin Coin, Lampix, Po.et, ChainLink, and others.

coss wallet

Obviously, COSS’s wallet integrates with its exchange, and it also syncs up with the platform’s payment gateway for merchants and consumers.  Going forward, the team hopes to implement a remittances payment portal with the wallet and exchange, as well as a token swap feature.

COSS: The Merchant Service

Using COSS’s platform, merchants can integrate a cryptocurrency payment option into their online or storefront business model.  COSS supports multiple fiat currencies with its cryptocurrency exchange rates, including EUR, USD, Singapore Dollar, Malaysian Ringit, Korean Won, Romanian Leu, and a handful more.  Further, COSS’s exchange keeps these figures up-to-date right on the platform, and it allows merchants to offer competitive rates to their customers against a global market.

If you were looking to integrate COSS’s services into your online shop, it’s as easy as installing COSS’s payment gateway plug-in.  Storefront merchants, on the other hand, can download COSS’s Point of Sale application for Android or web based devices.

COSS’s payment gateway currently supports Bitcoin, Ethereum, Litecoin, DASH, ARK, Lisk, NEM, and COSS coin.  Merchants can learn more or sign up using the contact form here.

COSS: Everything Else

That’s right, there’s even more.  COSS has made some serious progress in 2017 delivering on its platform promises.  These features include:

ICO Platform: COSS started launching ICOs on its platform last year and it hopes to keep up this practice in 2018 and beyond.  Currently, it does not have any active ICOs listed, but it has supported four in the past (Aditus, Lala World, DropDeck, and GatCoin).

Market Cap Tracker: The platform allows its users to track the market cap of the top 100 coins in the cryptocurrency ecosystem.  Along with market trends, some coins include links to project websites and other resources.  While this informational feature is only available to a number of cryptocurrencies now, expansion to more coins will come in time.

In addition, the COSS team lists a number of future developments in the Phase 2 Planning section of their roadmap.  These milestones include:

Pre-paid Cards: The name says it all.  COSS will allow users to load up credit/debit cards with cryptocurrencies to streamline merchant payments even more.

Remittance Payments: Using COSS, individuals will be able to process overseas payments with ease.

Crowdfunding: It’s already accommodated ICOs.  Next, COSS will provide the means for fundraising across industries outside of the crypto sphere.

Smart Contracts: Businesses and associates will be able to sign legal contracts and other terms of agreement on COSS, securing legal proceedings using the blockchain’s public ledger.

coss find out more page screen shot

Categories
Exchange Reviews

Kucoin Exchange Review

It specializes in the more obscure altcoins on the market and it brands itself as “The People’s Exchange.” Meet KuCoin, a rising star on the cryptocurrency exchange field.

It’s one of the younger exchanges out there. Launched on September 15th, 2017, the Hong Kong based exchange has had a successful inauguration. Many in the crypto community have drawn comparisons to Binance, and at time of writing, the exchange is ranked #17 on CoinMarketCap in 24/hr volume at $303mln. 

Offering its own coin and shared trading profits among its users, KuCoin is unique in its own right amongst its peers, and it’s worth getting to know at the very least.

So let’s get acquainted, shall we?

Verification Process

KuCoin has one of the quickest, least painful account set up and verification processes out there.

All you need to do is head over to the exchange’s website, click “Sign up,” and enter an account email and password. From here, you’ll need to verify your account via email, and viola, you’re done!

Seriously, it’s actually that easy. Oh yeah, you also need to enable two factor authentication before you can start trading, either through Google (if you’re not from China) or through SMS (for Chinese residence).

kucoin verification screen shot

Unlike most exchanges, there are no tiers to verification status, so all accounts from their creation are treated equally.

Deposit/Withdrawal Times and Limits

Trading pairs on KuCoin are exclusive to cryptocurrencies, so deposits onto the platform depend entirely on the network speed of the currency in question.

For withdrawals, anything that is less than 100,000 times that coin’s withdrawal fee will be processed in seconds. If you’re withdrawing Ethereum, for example, your transaction would clear nearly instantly so long as it was less than 1,000 ETH (if you’ve got more than that on the exchange, for the love of Mary, man, get that into a wallet quick!).

Currently, KuCoin has no withdrawal limits, an unusual departure from the procedures most exchanges follow. Now, before you start throwing your hands in the air in celebration, the team is looking to adding a daily limit of 2 BTC sometime in the near future.

Fees

Perhaps one of the likeliest comparisons we can draw between Binance and KuCoin come from the low fees both exchanges offer.

Like Binance, it has a flat 0.1% fee for all trades.  This fee will be taken out of the asset that is purchased, not sold.

There are no fees for depositing onto KuCoin, but as with most exchanges, the withdrawal fees vary.  For example, Ethereum runs at 0.01 ETH, Litecoin at 0.001 LTC, and Bitcoin at 0.0005 BTC.

Security

In the KuCoin whitepaper, the exchange’s team goes to lengths to detail KuCoin’s security measures.  These standards meet modern financial and banking-level criteria.

Micro-wallets (those used by accounts for withdrawals), are stored in a private network built on Amazon Web’s Cloud Service, protected by a multi-layered firewall. Documentation of these wallets are encrypted and require two individuals to decipher the code simultaneously to unlock it. Further, macro-wallets (those used by the exchange for reserve funds) are held in cold wallets under the protection of banking storage.  Finally, encryption and multi-factor authentication protects all of the data stored on the platform.

Users have the choice of two factor authentication to keep individual accounts safe, as well.

Website Layout and User Interface

Going along with its easy-going registration, KuCoin serves up a truly ease-of use interface.  Anyone from longtime investors to newbies are likely to find its design straightforward and its functions easy to navigate.

In its market view, KuCoin offers tabs off all of its trading pairs. From here, investors can easily navigate markets for the trading pairs they’re looking for, either manually or with the exchange’s search bar in the top right of the market view.

kucoin screen shot 1

Once you’re in the trading window, the exchange function is about what you would expect. It includes an order book, depth chart, price chart, and a log for an individual’s active or past orders, along with the usual chart reading tools veteran traders use to go to work.

kucoin advanced trading screen shot

In KuCoin’s asset section, you can keep track of all of your funds, orders, and income (returns) all in one place.

kucoin assets section

Customer Support

If you’re having issues with your experience, you can contact KuCoin at support@kucoin.com or on the instant message help chat featured on the exchange’s website.

Alternatively, KuCoin has its own subreddit, and developers can be reached via the KuCoin Telegram, as well.

Additional Features

Adding to the comparisons to Binance, KuCoin sports its own native currency, KuCoin Shares. Like Binance coin, KuCoin Shares have their own trading pairs, but unlike its cousin currency, KuCoin Shares don’t offer trading discounts.

Instead, they offer holders a share of KuCoin’s trading fees. Yes, you read that right. If you own KuCoin, a portion of 40% of the exchange’s daily fees will go to you based on how many KuCoin Shares you own. If you refer a friend to KuCoin, you’ll get 50% of that friend’s trading fees. These fees are paid in the traded currency in question.

KuCoin also supports a highly scalable ordering system, capable of handling 2 million placed orders per second as well as 1 million processed orders per second.

It also has API plugins to allow for trading bots.

Conclusion

As I mentioned in the introduction, KuCoin is rising fast in the cryptocurrency community, becoming one of the hottest exchanges available. With its innovative fee sharing model with native KuCoin Shares currency, it’s also unique in that it offers the only profit sharing with its customers of any exchange available.

It also has an impressive team full of industry leaders, including CEO Michael Gan, former technical expert of the Alibaba Group’s Ant Financial. 

When we consider KuCoin’s team and their dedication to providing a superior exchange experience, the exchange’s low fees, and its innovative approach to profit sharing, we’re chalking up KuCoin as one of our honorable mentions going into 2018.

Pros:

-Great security

-Great team

-Profit Sharing

-Low Fees

-Growing market of altcoins

-Easy Registration

-User Friendly

Cons:

-API allows for trading bots

-No fiat trading

Overall rating: 4.5/5

Categories
Exchange Reviews

GDAX Review

The Global Digital Asset Exchange (or GDAX for short) is a fiat to crypto exchange that offers trading pairs for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.  Users from the United Kingdom buy Bitcoin with the GBP, while United States and European residence have access to Bitcoin, Ethereum, and Litecoin with the USD and EUR, respectively.  US investors can trade their USDs for Bitcoin Cash, as well, and the exchange also offers Bitcoin pairs with Ethereuma and Litecoin, as well.

The same company that runs Coinbase also runs GDAX, and Coinbase account holders can easily extend their account access to GDAX.  With GDAX, investors can deposit and trade in fiat at lower rates than Coinbase, making it an attractive alternative to what has arguably become the world’s largest cryptocurrency purchasing hub.

That should be enough expository information to tide you over until we get into the thick of it. 

Verification Process

For those of you opening a GDAX account with an existing Coinbase account, verification and set up is rather easy.  You need only click the “Sign in” button on GDAX’s homepage.  This will redirect you to a Coinbase login page, ask you to confirm your identity with whatever two factor authentication you have set up on Coinbase, and then you’re all set.  You can then link the same bank account you use with Coinbase to deposit fiat, or you can just deposit crypto in the form of Ethereum or Bitcoin–your choice.

If you’re starting from scratch, you’ll have to go to “Create an account” on GDAX’s homepage and go through the usual verification process that Coinbase uses.  This includes email verification and an identity verification that varies by region.  Wherever you’re signing up from, GDAX has a dual verification method.  For every region, this requires proof of a government issued ID for step one, while step two differs by region.  You can find more information here.

gdax sign up screen shot

Deposit and Withdrawal Times and Limits

As with all exchanges, cryptocurrency deposits and withdrawals are entirely dependent on the respective currency’s network.

For fiat, United States customers have the option of either an ACH transfer or a bank wire transfer.  Deposits and withdrawals take 4-5 business days for ACH transfers, while bank wires are same day so long as they are processed before the bank’s wire transfer cut-off time (usualy 2pm).

In Europe, users can send or withdraw  money via SEPA transfers.  This process typically takes 1-3 business days.

There are no limits to cryptocurrency deposits and USD wire transfers, but SEPA and ACH transfer limits vary.  For withdrawals, individual users can take out $10,000 worth of funds daily, while Institutional accounts have a daily withdrawal limit equal to $50,000.

Apparently, United Kingdom customers have to use SEPA to deposit EUR into their accounts, as GBP does not have a wire transfer option.  Great Britain patrons can then trade their EUR into Bitcoin and trade this for GBP on the exchange if they see fit.

Trading and Deposit/Withdrawal Fees

GDAX does not charge for cryptocurrency deposits and withdrawals.  It does, however, charge a flat €0.15 for SEPA deposits and withdrawals.  USD bank wires are $10 for deposits and $25 for withdrawals, while ACH transfers are free of charge.

On the exchange, GDAX charges a 0.25% maker fee on all Bitcoin transactions and a 0.3% taker fee on all Litecoin and Ethereum transactions.  Luckily, any maker trade is feeless.

Security

Like its brother company Coinbase, GDAX features robust security and its team is dedicated to running an airtight operation.  98% of user funds are kept in cold storage.  The Federal Deposit Insurance Corporation also insures USD balances up to $250,000 in the case of an internal attack on GDAX’s hot wallet reserve.  It also conducts regular IT security checks and financial audits to make sure the exchange is running as intended.

On top of these features, the exchange also mandates two factor authentication for all its users, whether by email of phone.

Website Layout and User Interface

If you’re migrating to GDAX from Coinbase and you’ve never used an exchange before, you’ll likely find yourself overwhelmed at first glance.  Don’t worry–you’ll adjust quickly enough.  GDAX is pretty streamlined compared to most exchanges, and its UI is clean and simple.

gdax order book

GDAX doesn’t waste any space.  Your wallet, trading tools, and exchange functions all fit neatly on a single page.  For new users, all of this information is difficult to digest, so having it in a single space makes GDAX more easily navigable than most of its peers.

Customer Support

GDAS boasts a fabulous customer support resources on their website.  This includes general and frequently asked questions along with a search bar for users to submit their queries.

If you’ve got a question, it’s highly probable that GDAX has already answered it somewhere on the site.

gdax support screen shot

Additional Features

GDAX offers a number of trading tools that seasoned investors will likely appreciate.

For one, it includes an API function that allows for secure and smooth integration with trading bots.  It also allows traders to set stop loses and limit buys, meaning you can set automated exchange commands if a currency goes above or below a certain price.  In addition, GDAX comes with a margin trading option, allowing users to leverage a currency at 2x to 3x its value if they’re willing to take a risk.

Conclusion

GDAX is a great alternative to Coinbase if you’re looking for a more flexible exchange experience with significantly lower fees (region depending, Coinbase charges fees of 1.49% for bank account purchases, while debit/credit card purchases run around 3.99%).

Ultimately, GDAX has all of the security features and trading pairs of Coinbase without the excessive fees, but it doesn’t support as many fiat currencies.  Further, United Kingdom residence are limited to BTC/GBP pairs, and they have to go through the EUR before they can even get there.

Still, a user friendly interface makes GDAX a winner for newcomers looking to learn how to use exchanges for the first time.  Between this win for new traders and a win for everyone’s wallets, GDAX is a damn fine exchange in our book.

Pros:

-Easy verification, especially with pre-existing Coinbase account

-Lower fees compared to Coinbase

-Variety of trading pairs and fiat depositing/withdrawing methods

-Clean, easy to use interface

-Trading tools

-Great Security

Cons:

-Not so accessible to UK users

-API accommodates trading bots

-While lower than Coinbase, you can find lower fees elsewhere

Final rating: 4.5/5