COSS offers 0% fees on fiat deposits, making it a great choice for cryptocurrency purchases with USD or EUR.
Currently, the only fiat pairs on COSS are USD and EUR, but thanks to their fiat provider, Epay, you can deposit your local currency and have it converted to USD or EUR at near perfect rates.
Epay accepts deposits in AUD, EUR, GBP, HKD, JPY, NGN, PHP and USD. Upon receipt, it converts it to a currency of your choice. Select EUR or USD and you’ll be trading on COSS in no time.
Preparing to Trade Fiat on COSS
There are some prerequisites to trading on COSS with fiat. You’ll need to complete your KYC on the COSS exchange (see our guide on COSS KYC) and you’ll also need to complete a KYC on Epay. Both KYCs usually get verified in a matter of hours.
KYC on Epay
Completing the KYC on Epay is simple, but can be a little confusing if you don’t know where to look.
Create an Epay account here. When your account is registered, you will need to navigate to the ‘Account Setting’ tab. This brings up a sidebar with a few additional tabs.
Navigate to the ‘Certificate Authority’ tab and you will then be able to follow the steps to complete your KYC on Epay. Multiple users are reporting this process takes only a couple of hours.
Making a Deposit on Epay
Now that your Epay account is verified, you can initiate a deposit from the Epay home page, or by clicking the ‘Deposit/Withdraw’ tab at the top of the page (or follow this link to go directly there). Make sure the ‘Deposit’ tab is selected and the second ‘Bank’ tab is selected to initiate a bank deposit.
Deposit in Your Local Currency
To deposit in your local currency (GBP in this example), you will need to select ‘Local Currency’ as the deposit method. The ‘Payment Currency’ is the currency you are depositing, the ‘Deposit Currency’ is the currency you want you local currency converted to. Deposit currency must be either USD or EUR to trade on COSS.
In this example, I want to convert my GBP to USD to trade on COSS. I selected the ‘Payment Channel’ as Bank. You will need to set up your Bank’s details if this is the first time you are depositing. Basic information such as Bank address, sort code, IBAN, etc. is required.
Epay then shows the minimum and maximum amount of USD you can convert as ‘Recommended Amount’. Type how much you would like into the ‘Deposit Amount’ field and the cost (based on the current exchange rate and a nominal fee) will be displayed.
In this example, 125 USD cost 102.49 GBP, with a 1.25 USD fee.
Make and Confirm the Payment
Clicking ‘Next’ on the deposit page will create your order. You will be shown an order summary page like the one below.
You will need to set up a new payee at you current bank using their online portal. Fill in the details using those displayed on the order summary such as the one above.
When making the payment to Epay, you must use the batch number (beginning with HD) as your reference. This can be found on the home page in the list of pending/completed transactions. The payment must be for the exact amount listed on the order summary page.
Uploading a Payment Voucher
When you are ready to make the payment, click ‘Pay online’, this will confirm your order and ask you to upload a ‘Payment Voucher’, this is simply the e-receipt you receive after making an online payment. See the example below.
The payment receipt is the transaction confirmation page your bank shows you after sending money. This usually shows up immediately after making a payment with an option to print. If you’re on a PC, you can print and choose ‘Save as PDF’ and simply upload the PDF. Or you could take a screenshot of the relevant information. The screenshot method would work best on a mobile device and can be immediately uploaded to their portal.
Await Completion of the Deposit
Now you need to wait for Epay to receive, confirm and process your deposit. This process can take a day or more, so please be patient at this stage.
When you receive confirmation that the deposit was successful, head over to the COSS website to initiate an immediate and fee-free deposit of your fiat.
Immediate Fiat Deposit to COSS Wallet
On the COSS website, log in and click the ‘Wallets’ dropdown, then ‘Fiat Currencies’.
This will show your fiat wallets (if they don’t appear, make sure the ‘hide small balances’ option isn’t ticked. As your fiat deposit in the local currency will have been converted to your choice of USD or EUR, click the relevant wallet.
Above is the page for making fiat deposits of USD from your Epay wallet. A minimum of 100 USD can be deposited. In this example, I exchanged 102.49 GBP into 125 USD, so the deposit amount can be 100-125 USD. Notice the 0% fee.
Type in the amount you want to receive and press ‘Deposit’, your funds will be instantaneously transferred from your Epay wallet to your COSS fiat wallet and you can now start trading USD/EUR pairs.
That’s how you can trade USD or EUR pairs on COSS using yet to be supported currencies like AUD, GBP, HKD, JPY, NGN and PHP. Leave any questions in the comments section below.