Update: COSS Migration & FAQs
Hello, everyone.
Hope everyone is keeping safe during the global COVID-19 pandemic.
The rollout of the new trading platform is ongoing and new login credentials are being sent to every pre-registered COSS user.
Throughout the process, user feedback is being collected and we are doing our best to incorporate improvements as we proceed further.
We answer some of the most common questions asked by the COSS community.
Q: Why is KYC now mandatory considering that when users signed up it was under no-KYC and will you allow withdrawals without KYC?
A: This is to ensure preparedness and being done in good faith to ensure 100% of accounts on COSS comply with AML/KYC policies and coins are being returned to their rightful owners. Withdrawals without KYC will not be possible.
Q: Are withdrawals being processed now that the exchange has come back online?
A: Withdrawals are being processed for users who have completed KYC, made deposits and whose in-audit balances have been cleared already.
Q: Why are my funds still in-audit?
A: We are completing the balance audits as quickly as possible. Our team is impacted by the current lockdowns in effect across the globe which may cause a delay.
Q: How will FSA be calculated? Will users who have not received their new login details lose their FSA as a result of the delay?
A: FSA — from a development perspective is being built based on the previous vision of COSS with additional FSA sources from trade volume of other platforms. When the account is activated the FSA will be counted for that account from the launch date (and not from the account activation date). This is being done to not penalise those that have not initiated migration of their accounts.
Q: What about my other altcoins which are currently not listed on the new platform?
A: Assets that are not currently supported on the platform will show up on a new menu tab at a later date. From here you will be able to add an address and process a withdrawal. Just because an asset is not currently supported, does not mean it can’t be added rather quickly.
Q: Why is the exchange full of bugs?
A: Some systems have seen a higher load than we had anticipated. Functions related to COS have had some bugs reported and resolved. Continuous improvements are being made based on feedback received on bit.ly/COSSrelaunch and via the integrated support system.
Q: Who provides the margin? Is it other users who lend the funds or is the exchange providing the margin?
A: All funding and liquidity is provided by COSS partners, hedge funds, private investors etc. It is a part of the services we offer. Funding rates will be displayed on the fees page once it is launched.
Q: What’s our daily volume?
A: Daily on-exchange volume will be available on CMC (and others) and a real-time value will be made visible on the exchange itself.
Q: How are we doing on the roadmap?
A: We are making progress despite the impact of lockdowns across our team’s locations. However, some releases scheduled for end of Q1 (June 2020) might happen earlier. We will keep you informed.
Following is a FAQ compiled by our volunteer moderator, Silects. It has also been posted on the official COSS sub-reddit — r/COSSio — on 15th March. We are reproducing it here with Silects’ permission.
https://np.reddit.com/r/COSSIO/comments/fipat3/new_platform_faqs_emails_wallets_trading_changes/
Welcome back Emails
Where’s my email?
The e-mails are still in the process of being sent. They’ve been going out in batches with more users reporting receiving emails everyday. Whitelist no-reply@coss.io to avoid delays.
I just got my email, where are my coins?
Once you receive your email you should do the three following things.
[1] Click the reset link in the email and go set a new password allowing you to login.
[2] Click the area where it says wallets, with your current USD value in large letters (should be 0 USD initially). Create all the wallets there. Creating the wallets will start the transfer process from your old account. You will see “In-Audit Balance:” on these wallets after some time and a relog. It may take some time to update, don’t be alarmed.
[3] Complete Level 1 KYC as it is required for all accounts.
What’s the overall progress?
There were roughly 500,000 accounts previously. Latest update from the CTO was “We are well past the half-way mark.”
Why is it taking so long?
The emails are being rate limited and sent in batches. The route was taken due to sensitive account information in the emails. Because of this, a third party mail provider was not used. Third party mass mail services are typically white listed by common email services allowing them to send a high volume of emails. COSS is now using their own mail servers which are at risk of being blacklisted by email services if they send too many emails too quickly (spam protection). Some community members involved in mass mailing have confirmed the rate COSS is using as being industry standard and appropriate. Other community members have disagreed and offered some alternative methods (some feasible, some not).
Official explanation:
“The emails continue to go out. Yes. I agree, this seems slow and I do understand your frustration. Please understand that sending mass email first of all, is risky. We do not want to blacklist our IPs or the coss.io domain name in any SPAM systems. The process to recover from this would take a great deal of time. Being in the SPAM reporting systems will risk important accounts, wallet and related emails not arriving to your inbox properly. If this happens it affects our overall reputation with you as our member, relying on email communication.”
Are certain users getting priority?
No users are getting priority. As it seems so far it is completely random. Alphabetical sort, account age, heavy COSS supporters, location, kyc etc have all been ruled out so far by the spread of community members that received emails. Anti-coss, pro-coss, new and old accounts alike have all been receiving emails.
My personal experience: I have 2 accounts, one known to the COSS team (primary account, funded), one not (rarely used, no funds). One account received the email last week, the other 3 days ago. My kyc is processing and funds in audit currently on primary account.
KYC and Account
Is KYC required?
KYC is now required for all accounts. Level 1 KYC requires a government issued ID that has a picture on it. A driver’s license is acceptable.
[Lvl 1 KYC] Deposit and Withdrawal Crypto, Trade Crypto and Fiat
[Full KYC] Fiat withdrawal
How long does the KYC take?
KYC was said to typically take around 48 hours depending on the backlog. As I’ve seen a few users have reported completing kyc already. My personal experience is kyc pending for 8 days at this moment on my account.
Changes to trading and platform
How do I trade on this platform? What happened to limit orders? What’s the difference between ‘Trade’ and ‘Exchange’ tabs?
The exchange has been changed from a spot exchange (typical market, limit order against order book) to a derivatives exchange. As a derivatives exchange, margin orders are the primary function (longs/shorts using leverage) supplemented by an instant swap function that lets you trade one asset for another at current market price instantly (essentially a market order). With the heavy liquidity now added, instant swaps are available with little to no slippage on the price within reason.
If you expect price to rise on an asset:
Exchange — Deposit your base currency/coin and exchange/instant swap it for the asset you want. Once the asset goes up to your desired price, exchange back to your base currency/coin to have your profits. Alternatively you can hold onto it, withdrawing to private wallet if needed
Trade — Open a long position on the asset you think will rise. This will be the margin option with 1x-100x leverage. At higher leverage, if the price moves too far in the wrong direction (lower in this case), all the funds you opened a position with will be lost (liquidated). At 1x leverage there is no risk of losing the funds due to liquidation. If the price goes up as predicted you would close your position at the desired amount of profit in the quote asset (USD as of now). There are fields to set your price to take profits or stop losses to protect yourself when using leverage.
If you expect the price to decrease on an asset:
Exchange — Exchange/instant swap from the asset to base currency/coin. Once the price drops where you want to buy back in, swap back to the asset to increase your holdings. Alternatively you can keep the base asset and withdraw or start exchanging for something else.
Trade — Open a short position on the asset you think will decrease in price. Close the position at the desired level to take profits. There are fields to set your price to take profits or stop losses to protect yourself when using leverage.
Additional examples as explained by the team are included below:
“The TRADE option on COSS is margin positions. It is not a spot exchange.
You can long and short at 1–100x with USD.
Example 1:
The price of BTC is $1000 and you have 1 BTC on a derivatives exchange.
If you open a 1x short, and the price falls to $500, you will profit 100% in BTC and have 2 BTC. That’s where BTC is settlement currency.
Example 2:
You have 1 BTC balance in your COSS account, and the current price of BTC is $1000…
You’d swap to USD and enter a short position of $1000 (1x your account balance), your account will maintain its USD value of $1000 no matter which way the price moves.
Your profit or loss in BTC will show when you swap to it again using EXCHANGE option which will market buy it for you. Same amount of USD buys more BTC in the short scenario.
Example 3:
1x long is just holding the crypto in your wallet. Swap to USD to book profit.”
Why are there only 11 pairs on the exchange all tied to USD?
Team response:
“These are the pairs possible almost instantly: https://xhub.trade/tickers/
Just waiting for the launch to roll out completely before we begin adding it all.
NANO, XMR, ATOM, FTM and more… all in there”.
Why is a feature missing?
Features are being added, and changes made daily. The team is responding to feedback received, so if you have some feedback please send it using the form listed in your welcome email.
How do I contact support?
Support is now integrated into the exchange. It can be found on the left sidebar once logged in to the exchange. If you can’t login yet, inquiries regarding the emails have been answered above (the e-mails are still being sent, you may need to wait longer).
These order books look fake, who is placing all these huge orders?
COSS has partnered with XHub, a liquidity provider. They are providing liquidity for all pairs. As the exchange now supports margin trading, there must be enough liquidity to support trading on leverage.
What’s going on with FSA?
Currently COS holders will receive 100% of fees in FSA instead of the usual 50% until the new FSA dashboard is complete (going back to 50% at that time). There is no volume counter on the exchange presently, though one would assume there hasn’t been too much activity yet with the limited number of users over the last week. Your balances are accumulating FSA since the day of launch.
Is the API released?
The API has not been released yet. It is being worked on and will be announced as soon as it’s ready.
From Team: “New COSS API docs will be available soon as well on coss.io/docs. Link is private for now.”
Why is CoinMarketCap/Delta/Blockfolio/CoinGecko/etc showing 0 volume or the wrong price?
Third party apps rely on the API to display their information. None of these services are working for COSS right now. Once the API is released, these services will be able to display the data again.
Where are the rest of my alt coin wallets that I had on the old exchange?
From Team: “There are limited assets listed as of now. Altcoins which were previously listed will be reviewed and added back in some days. They will also be available to withdraw to private wallets.”
Additionally in regards to trading alts available previously: “We will initiate a delisting procedure for some assets. A complete list of pairs and the withdrawal process for the same will be released at a later date.”
Please note: From 27th March, users can request an email for access to the new platform with the new credentials on https://www.coss.io/i_cant_wait.
Automated sending of emails will be disabled briefly and will be resumed at a later date to ensure those who have not voluntarily initiated migration of their accounts do not lose access.
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