The cryptocurrency industry, in general, has grown tremendously in the past couple of years. This became especially evident and expressive throughout the massive bull run that we witnessed in 2021 when Bitcoin’s price almost touched $70K.
Despite the prices going down quite a bit and the market depressing to its current state, there are many industry participants who went on finding new ways and venues of both investing and trading. Covesting is amongst them.
The Covesting ecosystem has grown to become a thriving community filled with copy traders, passive investors, and COV token holders that, when combined as a whole, are so much larger than the sum of all its parts.
With it constantly growing and evolving, we have prepared this guide to the Covesting ecosystem, providing everything you could possibly know and more about the peer-to-peer copy trading community, yield accounts, and COV utility token integration.
What is Covesting
Covesting is a Europe-based fintech software developer with many years of combined investing and tech development experience across the team. The company became one of the first ever to be granted a DLT services license.
Covesting designed several innovative cryptocurrency-based services and tools, each of which is centered around the COV utility token. These solutions are offered to B2B partners, with the first exclusive rollout of Covesting products launching on the award-winning PrimeXBT margin trading platform.
Since then, both PrimeXBT and Covesting have become synonymous and created a synergistic situation that stands to benefit both brands – and their users – immensely.
The Covesting Copy Trading Module
Upon launching the Covesting copy trading module on PrimeXBT, the peer-to-peer copy trading community rapidly expanded, soon featuring hundreds to thousands of traders who signed up to become strategy managers. Thousands more signed up to become followers who automatically copy the trades of strategy managers using the tool.
Strategy managers get access to PrimeXBT trading tools and must rise the ranks with a high monthly and all-time ROI in order to gain more visibility. With more visibility, strong ROI, and a high rank, strategy managers can grow their income levels enormously through the profit share they receive from followers’ copied trades.
Followers must rely on the fully transparent performance metrics provided within the Covesting global leaderboards to choose which traders to follow. Followers can also elect to follow several top traders at once, effectively building a portfolio of high-ranking traders.
Covesting Yield Accounts
The second tool that PrimeXBT and Covesting unleashed on the crypto community is the Covesting yield account system. Yield accounts offer direct access to popular DeFi protocols from within the PrimeXBT dashboard. There is no longer a need to tinker with blockchain-based dapps just to access industry-best variable interest rates.
The APY-generating accounts pay out in crypto rewards daily to a staking balance consisting of idle crypto assets. Rather than simply holding, users can stake their coins and earn yield.
Covesting yield accounts are easy to use and, when combined with COV token memberships and the Covesting copy trading module, can make for the most well-rounded passive investing strategy possible.
COV Token Memberships
The COV utility token is the native cryptocurrency of the Covesting ecosystem. No summary of the Covesting ecosystem would be complete without covering it in detail. Users aren’t required to use it, but those who do unlock account-level utilities that are designed to benefit both followers and strategy managers, as well as those using Covesting yield accounts.
Followers who activate a COV token membership will never have to pay another following entry fee again and receive an increased profit share on every profitable copied trade. Strategy managers get trading fee discounts. Covesting yield accounts get up to double the APY with COV token memberships.
COV token memberships come in Advanced, Premium, and Elite and can be accessed from the MyCOV section. Users will be reminded they can reduce fees each time they use the Covesting trading module. COV token memberships can be started or stopped at any time, allowing users the total freedom to move from one membership to another or turn it off if they should so choose to.
All of these tools and the entire Covesting ecosystem is currently available at the margin trading platform PrimeXBT. The B2B partnership has led both companies toward continued success, and the synergistic benefits have made the two brands synonymous.
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