COSS Crypto Exchange Review: Why This Platform Failed Users and Lost Trust

When COSS first launched in 2017, it promised something rare in the wild west of crypto exchanges: a one-stop solution. No need to juggle multiple apps for trading, storing, or launching tokens. COSS bundled everything - exchange, wallet, and IEO platform - into one interface. At the time, it looked like a smart move. The trading fees were low, the maker fees were zero, and holding the native COS token gave you half of all trading fees back. For a while, it worked. But by 2021, that promise had collapsed. Today, COSS isn’t just inactive - it’s a cautionary tale.

What COSS Actually Offered (Before It Broke)

COSS wasn’t just another exchange. It had three core parts: the COSS Exchange for trading, the COSS Wallet for storing crypto across multiple blockchains, and COSS Lift-Off for launching new tokens. That’s unusual. Most exchanges focus on trading. COSS tried to be the whole ecosystem.

The trading fees stood out early on. Takers paid 0.25%, which was average. But makers? Zero fees. That’s better than Binance’s 0.10% and Kraken’s 0.16%. If you were placing limit orders to add liquidity, you got paid to trade. High-volume traders could drop their taker fee to 0.15%. That’s attractive for active traders.

Withdrawal fees were also competitive. Sending Bitcoin cost 0.0004 BTC - lower than Binance and Kraken at the time. And the real kicker? 50% of all trading fees went straight to COS token holders. That model was copied from BNB, but COSS didn’t have the user base or infrastructure to make it sustainable.

The COSS Wallet was another attempt at differentiation. It let you swap tokens inside the app, recharge your phone with crypto, and even send crypto to someone nearby using GPS. Sounds cool? It was - on paper. But the wallet never got the adoption it needed. Most users stuck with MetaMask or Trust Wallet, which were free, open-source, and didn’t tie you to a failing exchange.

The Downward Spiral: When Everything Went Silent

By mid-2021, users started reporting the same thing: they couldn’t withdraw their funds.

The exchange went into what it called “audit mode.” No explanation. No timeline. Just a message saying withdrawals were paused for “security reviews.” But here’s the problem - audits don’t last months. They last days. This went on for over a year.

Support channels vanished. The compliance email listed in their terms didn’t respond. The Telegram groups went quiet. The official forum disappeared. Users on Reddit’s r/CryptoCurrency started threads like “Anyone else stuck with COSS exchange?” - and hundreds said yes.

One user on Trustpilot wrote: “Had traded at COSS since it opened shop and never once believed that Rune would one day scam us all. Now all my cryptos with COSS are in their audit mode - which means little or no chance of returning back to me.”

The platform claimed it was migrating to a new system. Then it said the COSS DEX (decentralized exchange) was live. But when users clicked the link, it either showed an error or redirected to a random site. The API documentation, once available, vanished. The website became a ghost town.

Why COSS Failed When Others Survived

It’s not just that COSS had technical problems. It failed because it skipped the basics that every trustworthy exchange must get right.

First - no regulatory license. COSS was based in Singapore, but it never applied for a Payment Services Act license, which became mandatory in January 2020. That meant it operated in a legal gray zone. No oversight. No accountability.

Second - no transparency. While Binance published proof-of-reserves and Kraken shared quarterly audits, COSS never released a single financial statement. When users asked where their funds were, the answer was always silence.

Third - no community trust. Even in the early days, COSS didn’t have the developer activity, community engagement, or marketing muscle of its rivals. It didn’t sponsor events, hire influencers, or build partnerships. It relied on low fees and a catchy pitch. That’s not enough.

Compare that to Kraken, which survived multiple bear markets and even kept operating after the FTX collapse. Or Coinbase, which went public in 2021 and still handles billions in daily volume. COSS had peak daily volume of $5-10 million. That’s less than 1% of what Coinbase did. When the market cooled, COSS had no buffer.

The COS Token: A Dead Asset

The COS token was supposed to be the glue holding the ecosystem together. Hold it, get 50% of trading fees. Simple. Elegant.

But without a functioning exchange, the token became worthless. No one was trading. No one was earning rewards. The price dropped to near zero. Today, COS has no market data on CoinMarketCap or CoinGecko. It’s not listed anywhere. The token contract still exists on the blockchain, but it’s a digital relic - like a banknote from a closed bank.

Some people still hold it, hoping for a revival. There isn’t one. The team stopped communicating. No updates. No announcements. No social media activity since 2021. The COS token is dead.

What Users Lost - And What They Can’t Get Back

Users didn’t just lose access to their crypto. They lost time, trust, and money.

Many had been with COSS since 2017. They trusted the platform. They moved funds in, bought COS tokens, and even staked them. When the withdrawal freeze hit, they waited. They checked daily. They emailed support. Nothing.

By August 2021, Trustpilot ratings dropped to 2.0 stars. The majority of reviews called it an “exit scam.” That’s not hyperbole - it’s the word users used themselves.

There’s no legal recourse. COSS Pte. Ltd. still exists on paper, but it’s inactive. No lawyers are taking cases. No regulators are investigating. The company has vanished.

The only thing left is the website - frozen in time. The last archived version from May 2021 still shows API docs and support links. But they don’t work. It’s like visiting a house where the lights are on, but no one’s home.

Alternatives That Actually Work

If you’re looking for a reliable exchange, don’t waste time on COSS. Here are four that still operate with full functionality:

• Coinbase: Best for beginners. Simple interface, fiat on-ramps, insured custody.
• Kraken: Strong security, low fees, margin and futures trading, transparent audits.
• Binance: Highest liquidity, lowest fees, wide coin selection - but watch the regulatory risks.
• Crypto.com: Good mobile app, rewards program, Visa card integration.

All of these have active customer support, published reserves, and regulatory compliance. COSS had none.

Final Verdict: Don’t Even Consider COSS

COSS isn’t just a bad exchange. It’s a failed experiment that left users with nothing. The low fees, the token rewards, the wallet features - all of it was smoke and mirrors. The company vanished. The funds are gone. The trust is shattered.

If you’re thinking about using COSS because you saw an old review or a YouTube video from 2019 - don’t. That information is outdated. The platform is dead.

The crypto industry has seen many collapses. Mt. Gox. FTX. Terra. And now COSS. Each one teaches the same lesson: never trust a platform that doesn’t show its books, doesn’t answer your questions, and doesn’t have a license.

Stick to exchanges with real track records. Your crypto is too valuable to risk on a ghost.