Oftentimes storms start out as just a minor disruption in the environment but can grow to a roaring tornado with flashes of lightning and sounds of thunder that shake the ground and cause onlookers to stand up and pay attention.
Such is the story of the Covesting copy trading module on PrimeXBT, which from its early beginnings of disrupting the world of finance has become a massive wave that sucks up every trader in its path, regardless of skill level or capital size.
Rather than waiting for a calm to arrive, others are daring to be bold and are chasing the storm for the most thrilling trading experience around. Here are all the ways Covesting is taking the trading community by storm, and how you can follow the path to profits at PrimeXBT.
Covesting is the name of the regulated and DLT licensed fintech developer from Europe, that has developed a copy trading module bearing their name The COV token is the native cryptocurrency token to the Covesting ecosystem, which unlocks a variety of utilities within the copy trading module and has additional usefulness when more tools roll out.
The Covesting copy trading module is an innovative experience unlike anything else offered across finance. The tool connects strategy managers who regularly show success through a fully transparent global leaderboard system, with followers who are eager to copy their traders and earn when they do.
These strategy managers aren’t like normal traders. They are typically experienced traders who know how to trade oil, gold, stock indices, forex and more, and bring their skills to the crypto market. Using PrimeXBT’s BTC, ETH, USDT, and USDC-based margin accounts, strategy managers can long and short over 50 different trading instruments.
If strategy managers are effective, their total profits climb, creating more visibility by rising the ranks of the leaderboards. If they are exceptionally gifted or careful, they can also earn up to five stars for their efforts, each offered for a different feat of trading prowess.
Covesting strategy managers can also tap into the built-in technical analysis tools offered at PrimeXBT, to ensure they stay on top of their game and keep profitability as high as possible for followers.
Followers can sort through a list of more than 400 strategies to find the one that best suits their profit goals, individual needs, risk appetite, or whatever it is that they consider a gauge of success.
Once strategies are chosen, followers can put capital behind their bets and copy the trades of these more experienced traders. If the right pick is made, profits will be booked with each copied trade.
Followers can put their money to work by following several strategies at once, for an interesting take on portfolio diversification. The idea works similarly, by spreading around capital risk is reduced, and more profits are often possible using such methods, than without them.
Features have been added to protect followers from unwanted drawdowns and to secure profits when unrealized PnL begins to stack up too much not to sweat. Plus, followers can unfollow at any given time should the stats behind a strategy begin to not make as much dollars or sense.
Using the COV token, both sides of the trade can improve the situation in their favor. The COV token is the native cryptocurrency token to the Covesting copy trading module. By staking COV tokens, users can unlock Premium, Advanced, and Elite membership levels, each which provide an increasingly better level of utilities.
Strategy managers get 10%, 20%, and 30% off trading fees, while followers enjoy 2%, 3%, and 5% profit share increases, improved following limits, and no initial following entry fees. All of these features unlocked means more money in the pockets of both of these traders.
And when Covesting rolls out Yield Accounts later this year in Q3 2021, COV staking will also unlock up to a 2x APY boost, bringing rates to as high as 35% in variable APY crypto rewards. Moreover, this is all possible without leaving the PrimeXBT account dashboard dedicated to Covesting.
There are plenty of reasons above to pick and choose from that support the storm brewing, but what has caused the storm to reach F5 tornado levels, is simply word of mouth. It is hard to imagine that word of mouth has caused the community’s growth to spin so out of control, but that’s often how network effect works.
What happens is, news breaks in the media or a chart like the one above starts trending on social media. A story of 30,000% profits and making followers millions, is a tale worth telling again and again. Users who lived these moments and made such profits, brag and boast even more about their earnings, causing word to spread.
Covesting is a trading community in and of itself, complete with an official Telegram channel. With so many traders connected, and each person in the ecosystem telling the next, then another, user growth has begun to snowball out of control. The situation is a good problem to have, and PrimeXBT, where the Covesting copy trading module is located, keeps the experience running smoothly at all times for as much as 99.9% reliable uptime.
A storm grows the largest when it begins to suck in everything else around it. The Covesting copy trading module has begun to extend into other trading communities, which further causes the community to expand. What has resulted is a whirlwind of hype that is no disaster, but as powerful as any category 4 hurricane.
With the storm nowhere near slowing down, PrimeXBT and Covesting will continue to suck up traders from trading communities from all around the world. Are you ready for the storm that is brewing today?