When the name Covesting comes up, a few things come to mind. The most widely familiar would either be the Covesting copy trading module or the Covesting (COV) utility token that powers that experience. It also could be in reference to the Europe-based DLT developer by the same name that’s become synonymous with innovation and quality.
The term Covesting is in fact all these things and more, and soon, will be known for among the easiest DeFi experiences around. We’re breaking down all the reasons why you should be hyped for Covesting’s next big thing, and what it means for the crypto community at large.
Covesting: The Team Behind The Innovation
Covesting first and foremost is the name of the licensed European fintech developer who years ago sought to introduce a revolutionary new copy trading experience to the crypto market. At the center of it all, is the COV token, an ERC-20 utility token that unlocks a variety of account level utilities and more.
The company first began as a very different beast but eventually changed their business model to focus on B2B partnerships. It is through a white label licensing agreement that the Covesting copy trading module is available through the award winning Bitcoin trading platform PrimeXBT.
PrimeXBT was chosen as an ideal partner due to the platform’s CFDs providing the full flexibility of long and short positions. These tools are necessary for strategy managers to properly grow capital even when markets are stagnant or downtrending. Otherwise the only way for these strategy managers and their followers to make money would be when the market is rising – but that’s not realistic to expect all the time.
Why Traders Should Care About Covesting
With the Covesting copy trading module now live on PrimeXBT for more than a year, the community has grown enormous in size, and the world has had a chance to see what it is all about. There’s also been time for word of mouth to spread and for other traders to catch wind of not only what the module has to offer, but how much money it has made for followers and strategy managers alike.
Mainstream media outlets highly publicized a story about one strategy manager turning six figures into $8 million and making their followers a fortune at the same time. The most recent report highlighted a strategy manager who had reached more than 20,000% profits all while the crypto market was crashing.
This alone shows the profit potential of a properly placed short position, and the precision at which Covesting top-ranked strategy managers possess. Again, Covesting strategy managers have access to the full suite of advanced trading tools offered by PrimeXBT.
The professional toolset that even novices can use also includes built in charting software from TradingView. Strategy managers have everything they need to find support and resistance, build a plan, and execute accordingly. All the best and most popular technical indicators are also included such as the Ichimoku, Bollinger Bands, MACD, RSI, Parabolic SAR, and many more.
Covesting Copy Trading And The COV Utility Token
With all these tools strategy managers can keep their total profit figures high to keep creeping their way up the ranks toward number one. The Covesting copy trading module has a fully transparent global leaderboard system with various success and risk metrics followers can use to select which strategy manager best suits their needs. Followers can go all in with a high profit strategy manager, or carefully build a diverse portfolio of five star strategy managers who focus instead on safety and slow and steady gains. It all depends on your personal style.
Both strategy managers and followers can bolster their earnings with the COV utility token, through COV token staking. By locking up COV tokens in this way, the token’s utilities become active through Advanced, Premium, and Elite account memberships. Each level eliminates all new following fees, and also provides an increasingly better set of benefits beyond this.
For example, at the lowest tier trading fee discounts are 10% and grow by 10% increments to 30% at the highest. Followers can also boost their profit share, and strategy managers can increase the amount of followers they can have at once. Beyond all of this is another feature that will only be activated when Covesting debuts its next big thing.
Covesting Yield Accounts: The Next Big Thing In DeFi
In the very near future, as soon as this year in the third quarter claims the developer, Covesting will finally introduce what they have been working on besides further updates to the copy trading module: the Covesting Yield Account system.
Covesting Yield Accounts will be added to the PrimeXBT dashboard alongside other Covesting services, but is a completely new experience focusing on DeFi.
These days, DeFi is all the rage but users keep getting rug pulled or running into technical issues where they lose assets. The Covesting software will instead do the connecting for users and tap directly into DeFi protocols such as a Uniswap. These services can be used to access a variable APY interest rate paid back to the user via crypto rewards.
At a centralized platform, the company provides liquidity to users and charges fees for the experience. In DeFi, crypto assets are offered as liquidity within decentralized automated market maker platforms and in return a yield is paid out to users. The funds that come from the trading fees is the yield that is then paid directly to the PrimeXBT secure wallet using Covesting Yield Accounts.
DeFi became popular due to all the doors it opens for permissionless digital finance, such as lending, borrowing, and much more. DeFi protocols will finally be easy to access, and it will allow anyone to easily stake idle crypto tokens and make money. By staking COV tokens also, the final utility is unlocked which provides an up to an 2x APY boost, for as much as 30%+ APY rates across crypto.
Covesting says they are due to launch the new DeFi system this Q3 2021, and to stay tuned to an official blog for more updates and for information on the rest of the company roadmap.