Digital assets are the future of the finance ecosystem, and PrimeXBT is a trading platform that leverages the idea. Launched in 2018, PrimeXBT has now raised the bar for trading platforms across the globe through its trading tools available. One such trading feature is the PrimeXBT Covesting module.
The PrimeXBT Covesting module is a trading tool that enables users of PrimeXBT to make higher ROI, earn passive incomes and more through its innovative features. PrimeXBT Covesting has become one of the most sought-after trading tools in the digital finance market, making the promotion of the platform easy, as covered in the PrimeXBT referral program review.
What is Covesting?
Covesting is a peer-to-peer copy trading module that serves as a meeting point between seasoned traders and first-timers or unskilled traders. The platform enables users to scan through the marketing strategies followed by skilled traders and copy those strategies to earn the same returns.
The skilled/professional traders earn from their follower equity profits, while the follower earns by mimicking the same trading strategies. In short, it is a form of mutualism relationship where both parties benefit from the interaction.
Background of Covesting and PrimeXBT
Covesting is one of the trading products of PrimeXBT launched in August 2020 as a result of the B2B partnership between PrimeXBT and Covesting, which is a Europe-based fintech software developer. The innovative copy trading platform was available for PrimeXBT users after it was beta-tested for four months to ensure excellence in service delivery.
Following the release of Covesting beta on PrimeXBT, the product garnered a massive following from the trading community. It managed to collect over $1 million in follower equity, with its followers earning up to $2000 and more with minimum capital. In a few cases, the strategy ROI even crossed 360%.
The success of Covesting beta is dedicated to its 100% transparent success statistics that got the interest of some of the best traders in PrimeXBT. Soon after the launch of Covesting, PrimeXBT saw an exponential rise in the number of traders each engaging with their own set of quality strategies.
How Does PrimeXBT Covesting Work?
Covesting is a copy trading module that is available to all PrimeXBT users. It allows every user or trader to copy the trading strategies of leading PrimeXBT traders using numerous tools and features. It is a way for users to become passive market participants without taking the trouble of strategizing or analyzing the trading market.
Every user can develop a strategy that is limited to just one per trader. The Strategy will be a pool of the trader’s personal funds and the market statistics of the funds, which can be viewed by the general public. Such information will give new users an idea of how good the strategy is and if they are interested in following it.
For each follower, the strategist trader gets a percentage of the follower’s equity profits. The “Today’s Profit” tool on the page shows how much profit the Strategy has earned on that day. Once a trader creates a strategy, all details of the Strategy such as strategy equity, total profit, number of followers and other information are publicly available for general viewing.
To get more information on Covesting copy trading, you can watch the tutorials on the PrimeXBT website. You will also find many Covesting reviews online if you wish to know more.
Does PrimeXBT Charge Covesting Fees?
Yes, PrimeXBT charges nominal trade fees for every Covesting trading. It also charges an overnight financing fee depending on the liquidity of the assets. But, PrimeXBT overall charges very little in terms of fees as compared to other trading platforms.
What Are The Latest Developments Between PrimeXBT and Covesting?
The B2B partnership between Covesting and PrimeXBT strives to bring innovative products and trading tools to the platform for all their users. Apart from Covesting copy trading, the companies launched COV tokens which is a native utility coin to the Covesting ecosystem.
The Exchange service tool of the PrimeXBT website was upgraded to include COV tokens, thus making it easier for Covesting users to swap crypto assets easily.
Their latest release was the Covesting Yield Accounts in 2021. The Covesting Yield Account allows users to get access to the features of DeFi without the trouble of connecting their wallets to a decentralized exchange or getting help from experts.
Users of the account can easily stake crypto assets and earn from the current industry APY rates. You can even get a fully transparent estimate of the expected APY rates and make secure investments from your PrimeXBT crypto wallet.
Covesting & PrimeXBT FAQs
Covesting is easily transferrable between trading platforms and uses the Ethereum network. However, Covesting cannot be sent to jurisdictions such as the US or other places where some cryptocurrencies are prohibited.
Covesting coins (COV) are on the Ethereum network, so you can store COV only in wallets that are compatible with ETH. You can even store the coins on exchanges, but it is best to use a dedicated wallet for storing Covesting coins. There is an in-built Covesting wallet in PrimeXBT for the users.
To buy Covesting, you need to buy Ethereum and use Ethereum to buy Covesting and add to the ETH wallet. Open an account in any self-custody wallet such as “Coinbase” and deposit Ethereum in your ETH wallet. Then use Ethereum to swap any other coin on the list, such as Covesting and then buy it. This way, you have just added Covesting to your ETH wallet.
Covesting ICO has raised over $33 million in the crypto trading market.
Conclusion
PrimeXBT and Covesting joined hands to bring better opportunities for participants in the digital assets market. Their trading tools such as the Covesting copy trading module, COV tokens and the Covesting Yield accounts amazed wide recognition from leaders in the trading community.
Such products enable an easier and quicker way to achieve higher ROI and earn passive income while making use of the arsenal of tools at the disposal of the traders.
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