Singapore based cryptocurrency exchange COSS, today announced it has implemented a negative maker fee program for all its traders. The implementation comes days after the exchange added 0% maker fees – waiving off all trading fees for those acting as market makers of orders during trading.
COSS is popular among its users for being extremely community-oriented. The negative maker fees have been introduced in response to user requests, while also making sure the exchange continues to earn a healthy revenue from trading.
The exchange allows its users to claim 50% of all trading fees generated daily under a unique Fee Split Allocation program. In addition to the above, COSS provides discounted trading fees to traders who pay fees with the exchange’s native token, like Binance, Huobi, and many other top global exchanges.
“We are in the process of building the best global trading experience. As part of our continuous feedback-and-action style of working, we gather user feedback and incorporate it into our business and product strategy. It is important for us to make sure new traders on the exchange get one of the best trading platforms to use. The negative maker fees implementation will allow for enhanced liquidity and better price discovery for assets on our exchange. We are restructuring our listing processes, and scouting for the best blockchain projects in the world to make COSS their home exchange.”
– Sankalp Shangari, Group CEO of COSS
Founded in early 2017, COSS was launched with a vision to be a global ‘Crypto One Stop Solution’ – a time when cryptocurrency assets had still not received the attention of the masses.
The exchange merged with Arax, also a Singapore based fintech startup, which has created a multi-asset wallet that focuses on utility and spending of digital assets. The merged entity has adopted the COSS vision and brand name, and Arax is now known as COSS Wallet.
“Incentivising market makers is an important strategy for us. It is aimed to allow large market makers to trade on our platform. This update has been a long time coming, and we are glad to introduce it as one of the first major updates during our resurgence.”
– Rune Evensen, Chief Product & Strategy Officer of COSS