How to find the best traders to copy? Copy-trading module at PrimeXBT (Covesting)

There’s a good chance you’ve already heard of ChainLink (LINK), the decentralized oracle network that aims to connect smart contracts with real-world data. It’s now the fifth-largest cryptocurrency in terms of market cap, and its value has grown by 100% since January 2020.

You might be wondering what the next big cryptocurrency could be. What can you invest in right now to earn a 100% return?

One contender is Covesting – in this review, we’ll outline what Covesting is, how it works, and whether you should get involved.

Review of Covesting (2020)

What is Covesting?

Covesting is a global fintech company registered in Gibraltar. But what’s so special about it?

For one, the firm offers the widest range of software solutions for retail and institutional customers across the globe.

It’s also become one of the world’s first companies to receive a Distributed Ledger Technology License (DLT) from regulatory authorities in Gibraltar. With these credentials behind it, Covesting seems ready to make a splash in 2020.

What is Covesting?

Covesting connects traders with followers using a method known as “copy trading” or “social trading.” Users choose experienced traders to follow, and Covesting allows them to copy the trades of these experts automatically.

It’s a clever strategy that allows both parties to profit. Traders earn a portion of the fees from their followers’ equity when a trade is profitable, while followers can trade for a small fee with none of the usual hassles or knowledge barriers. What’s not to like?

The platform has its own token, called COV, which we’ll examine in more detail later.

What is PrimeXBT? Covesting’s Partner

Covesting has a partnership with PrimeXBT, an award-winning margin trading platform that focuses on Bitcoin but also offers forex, stock indices, commodities, and more.

The platform boasts trading volumes of over 1 billion USD and even won the award for the Best Bitcoin Margin Trading Platform in the 2020 ADVFN International Financial Awards.

What is PrimeXBT? Covesting's Partner

The PrimeXBT platform offers:

  • Up to 100x leverage for cryptocurrencies.
  • Aggregated liquidity from multiple liquidity providers.
  • A wide range of technical analysis tools for trading.
  • Solid security protocols that foster a safe trading environment.

Using Covesting on PrimeXBT

When users enter the Covesting area on PrimeXBT, they create funds and trading strategies transparently. This lets potential followers see their track record and how much capital they invest in each fund before deciding to copy their trades.

Users can browse traders, see their results, and choose who to follow, allowing them to earn passive income without needing to learn how to trade or gain market knowledge.

As they attract followers, traders can build a reputation and a second source of income – if they’re good at what they do, it can be very profitable.

Using Covesting on PrimeXBT

Why Will COV Skyrocket?

Covesting’s token, COV, is currently available to investors. You can use COV on the Covesting platform, but it’s also an investment that could bring in serious profits if it increases in value.

There’s a limited supply available, with 18,000,000 COV-tokens in circulation and a supply of just 20,000,000 in total. Allegedly, 50% of the supply belongs to a “strong hand.” Covesting will split its token utilities will split between Core and Secondary token utilities.

The COV token seems likely to skyrocket thanks to Covesting’s ambitious business goals. After already securing a partnership with PrimeXBT, Covesting wants to partner with more third-party platforms in the future via white-label licensing agreements. Additional utilities will be designed with these key partners in mind.

Both Covesting and PrimeXBT have announced that they plan to integrate the COV token into PrimeXBT to achieve trading fee reductions, improving success fees, and increasing limits on following.

Why Will COV Skyrocket?

Trading Fee Reduction: Strategy managers will benefit from several opportunities for trading fee reductions if they hold COV. The fee reduction tiers will range from 10% to 100%, but the exact amount of COV tokens required for each discount level isn’t yet decided.

Improving Success Fee %: Followers will be able to earn a greater percentage of their success fees by staking COV tokens. Covesting currently takes a percentage of success fees on all closed profitable trades, which it splits between the trader and the follower. The distribution between the trader, follower, and platform depend on the current rates, which can change at any point due to market conditions. By staking a yet-to-be-determined amount of COV tokens, Covesting will earn a lower share of the profits, while the follower and trader receive a larger share.

Increase Following Limits: To keep token utility high, Covesting plans to limit the maximum number of unique followers or impose capital limitations. Staking COV tokens will let users have additional followers and higher capital limits.

Token Burns

Token Burns

Covesting aims to burn a portion of the fees it generates at monthly or quarterly intervals. It will calculate the fees after excluding affiliate earnings, fee discounts, and other costs.

Overall, the COV token has strong potential over the medium term, and Covesting has attractive a community of loyal supportive.

Among other platforms, you can trade COV token on KuCoin, where its price reacted positively to news about the Covesting module launch on PrimeXBT.

Benefits of Holding COV

Benefits of Holding COV

Still undecided? Here’s a quick summary of the benefits of Covesting and the COV-token:

  • Reliable team
  • Limited token supply (means higher value)
  • Licensed and regulated company
  • Token is still below the radar (undervalued)
  • Partnership with a popular trading platform
  • Future utility and token burns
  • Strong community of loyal supporters
  • Received analyst recommendations on TradingView

Bottom Line

As you can see, Covesting is a promising platform with a lot of factors working in its favor. But don’t just take our word for it – make sure you carry out your own research before investing your money.

Visit the Covesting site to learn more about the COV Token. You might want to try margin trading crypto on PrimeXBT – use this link to get a $50 USD welcome bonus (for new users only).

You can also try following traders to see how well they perform —  but always remember that past performance doesn’t guarantee future results.

Finally, be sure to pay attention to how long the strategy has been active on the platform; the newer the strategy, the more risk it carries. Don’t invest funds you’re not ready to lose.

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