The cryptocurrency industry, in general, has grown tremendously in recent years. This became especially evident and expressive during the massive bull run we witnessed in 2021 when the price of Bitcoin almost reached $70K.
Even though prices fell quite a bit and the market depressed to its current state, there are many industry participants who continued to find new ways and places to both invest and trade. Covesting is among them.
The Covesting ecosystem has grown into a thriving community filled with copiers, passive investors, and COV token holders that, when combined as a whole, are much greater than the sum of all their parts.
Since it is constantly growing and evolving, we have put together 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 investment and technology development experience across the team. The company became one of the first to obtain a license for DLT services.
Covesting designed several innovative cryptocurrency-based services and tools, each of which focuses on the COV utility token. These solutions are offered to B2B partners, with the first exclusive launch of Covesting products on the award-winning PrimeXBT margin trading platform.
Since then, both PrimeXBT and Covesting have become synonymous and have created a synergistic situation that will greatly benefit both brands, and their users.
The Covesting Copy Trading Module
Following the launch of the Covesting copy trading module on PrimeXBT, the peer-to-peer copy trading community expanded rapidly and soon had hundreds or thousands of traders signing 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 gain access to PrimeXBT trading tools and must rank up with high monthly and all-time ROI to gain more visibility. With more visibility, solid ROI, and a high rank, Strategy Managers can greatly increase their revenue levels through profit sharing they receive from followers copied trades.
Followers must rely on the fully transparent performance metrics provided in Covesting’s global leaderboards to choose which operators to follow. Followers can also choose to follow several top traders at once, effectively building a portfolio of high-ranking traders.
Covering performance accounts
The second tool that PrimeXBT and Covesting launched in the crypto community is the Covesting Yield Account system. Yield accounts offer direct access to popular DeFi protocols from the PrimeXBT dashboard. No need to mess around with blockchain-based dapps just to access the best variable interest rates in the industry anymore.
APY generating accounts pay crypto rewards daily to a staking balance consisting of idle crypto assets. Instead of just holding them, users can stake their coins and earn returns.
Covesting Yield Accounts are easy to use and when combined with COV Token memberships and the Covesting Copy Trading module can be the most comprehensive passive investment strategy possible.
VOC Token Memberships
The COV utility token is the native cryptocurrency of the Covesting ecosystem. No overview of the Covesting ecosystem would be complete without covering it in detail. Users are not 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 performance accounts.
Followers who activate a COV token membership will never have to pay another entry fee again and will receive a higher profit share on every profitable copied trade. Strategy managers get discounts on trading fees. Covering performance accounts get up to 2X 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 that 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 complete freedom to move from one membership to another or turn it off if they wish.
All of these tools and the entire Covesting ecosystem are currently available on the PrimeXBT margin trading platform. The B2B partnership has led both companies to continued success, and the synergistic benefits have made the two brands synonymous.
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