Unless you have been living under a rock, you would know that everyone is getting on the bandwagon of cryptocurrencies.
It is also a known fact:
That for better or worse people are getting into cryptocurrencies due to the price action more than anything else.
But do you think making money from cryptocurrencies is so easy?
Let me tell you, It is not.
There are things like which crypto to choose when to enter when to exists, which coin’s development is going well, which has strong fundamentals etc…which makes picking a right cryptocurrency for investing and trading a difficult affair.
But what if I say, it all changes and becomes easy from right now and right here.
Enter Covesting trading and investing module with PrimeXBT.
PrimeXBT, a renowned margin trading exchange, has brought a unique feature of Covesting copy trading which makes easy for even a novice crypto enthusiast to gain profits like a pro-crypto trader.
Didn’t get me?
Well, stay with me, and I shall introduce you to the step by step process of doing the same, but before that, let’s start from the very start by touching upon the following points:
- What Is PrimeXBT?
- What Is Covesting?
- Features Of Covesting With PrimeXBT?
- How Can You Get Started?
- Some More Important Points To Note!!
What Is PrimeXBT?
PrimeXBT is veteran margin trading platform designed especially for cryptocurrencies, commodities, indexes, & forex.
The platform was launched in 2018 and has continued to grow exponentially since then to add new features and products to help investors in 150+ countries to dabble global markets with just Bitcoin as the base deposit for getting started.
PrimeXBT platform has also processed volumes over 1 billion USD and was also recognized as the best Bitcoin margin trading platform in 2020’s ADVFN International Financial Awards.
What Is Covesting?
Covesting is another Gibraltar based global fintech company established under laws of Gibraltar which provides an array of investing software solutions to retail and institutional investors worldwide.
It is also one of the first companies in the world to receive a Distributed Ledger Technology License (DLT) from regulatory authorities in Gibraltar.
So this is the company which as developed the Covesting copy trading module or platform for the benefit of PrimeXBT users.
Let me tell you in the next section in an elaborate way.
Introducing Covesting Module On PrimeXBT
Covesting copy trading feature or module which PrimeXBT platform has integrated for its users is developed Covesting company only.
The main USP of Covesting is that it connects traders with followers (aspiring investors), allowing each other to benefit mutually.
Here the followers can follow an established trader and commit a certain portion of their capital or equity to them. This trader is someone who has proven his/her abilities in trading and is generating consistent gains for themselves.
By following such trader and committing their equity (capital), the follower will be able to easily copy the strategies applied by this winning trader and report similar gains.
While the follower gains, the trader also gains by earning a portion as a success fee from the follower’s capital. This way, the follower enjoys the hassle-free benefits from trading, and the trader gets extra income for doing exactly what he/she is best at, i.e. formulating trading strategies.
How Can You Get Started?
With this ongoing B2B partnership, all PrimeXBT users will be able to access this innovative copy trading module powered by Covesting for connecting with pro-traders, enabling them to profit from each other.
Covesting module allows traders to create funds with their trading strategy in a transparent way. In which the users (i.e. potential followers) can verify the track record and how much capital is invested in each fund to decide which fund to follow and invest in.
- As an Investor (Follower)
PrimeXBT users (i.e. potential followers) can browse different traders, check their fund’s results, and invest in the one they like, this provides a way to earn money passively without any trading skill or market knowledge.
- As a Trader
Traders can build a reputation and a second source of income by attracting followers and by continuing to do what they are best at, i.e. trading.
Some More Important Points To Note
To make things more interesting for traders as well as the followers who will ultimately use the services of these traders through Covesting, COV tokens are also introduced.
Both Covesting & PrimeXBT teams have agreed and confirmed about COV tokens involvement to enhance the useability of Covesting copy trading module.
Here are the following core COV token utilities:
Trading Fee Reduction: For traders holding COV tokens discount on the trading fee ranging from 10%-100% will be given. This way, strategy managers will benefit from holding COV tokens.
Improving Success Fee %: Success fee the Covesting currently charges. Covesting currently takes a % of success fees on all closed profitable trades, splitting the remaining % between strategy manager and follower. By staking a yet to be determined amount of COV tokens, Covesting’s % is reduced, and a larger share goes to the follower on all profits generated by the strategy manager.
Increase Following Limits: To give the tokens a high utility, PrimeXBT and COvesting have decided to keep a maximum limit to the number of unique followers, a trader or strategy manager can have. But staking additional COV tokens will unlock this limit of maximum followers they can have.
So What Are You Waiting For?
I liked this copy trading feature so much so that I have followed two strategies of some experienced traders in my PrimeXBT account, and both of them are in profits.
Of course, it has been only a few days, and I don’t know what the future beholds but what I am certain is that this passive way to trading global markets like crypto, commodities, forex is a super cool concept.
Additionally, I am also developing trading abilities which will soon help me launch my strategy too as strategy manager to help me increase my monthly cash flow.
So happy trading and do check out Covesting module on PrimeXBT!!