Let Traders Build Your Portfolio: Crypto’s First Copy Trading Platform Covesting Launches on PrimeXBT | NewsBTC
Back in April of this year, PrimeXBT introduced the Covesting copy trading module beta in partnership with Europe-based software developer Covesting, bringing a level of competition, transparency, and simplicity to the crypto industry, unlike anything else.
After several months of beta testing, regular improvements, and feature updates, the full public launch of the crypto market’s first-ever copy trading platform is here.
Covesting Copy Trading Now Open To The Public On PrimeXBT
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The cryptocurrency industry was built on a few essential pillars, one of which is transparency. Bitcoin’s blockchain and all other distributed ledgers allow anyone full transparency into transactions, wallets, network health, and more.
Analysts can use this data to better understand the fundamental value of underlying assets. But what if there was a way for followers to know when other traders sharing PnL screenshots and boasting about their ROI are lying or were able to actually put their money where their mouth is?
Several “successful” crypto traders have been caught red-handed deleting incorrect predictions, meanwhile promoting their “paid groups” to followers that, in the end, get burnt.
Covesting on PrimeXBT, however, has a robust rating system that displays the full success metrics of skilled traders who create strategies for others to follow.
Using the copy trading module, traders become strategy managers. From that point on, every win, loss, percentage gained or lost, and much more becomes available for followers to make informed decisions so they too can make money trading.
Sophisticated Peer To Peer Solution Allows Traders And Followers To Profit Together
Over $1 million in follower equity was added during the beta, and ROI reached as high as 1800% in some strategy managers. PrimeXBT shared examples on its company blog demonstrating just how much both followers and strategy managers can earn from one another, and the results are staggering.
The Covesting platform offers traders and followers a unique peer-to-peer connection, something that Covesting CEO Dmitrij Pruglo compares to “eBay for buyers and sellers,” or “Uber for drivers and passengers.” Like those revolutionary platforms before it, Covesting offers something innovative and unlike anything else in the market.
In a separate blog post, Covesting – the software developer behind the module now live on PrimeXBT – also revealed the coming utility to the COV token that will act as the backbone to the Covesting platform, in addition to a roadmap with future updates.
COV token holders will be able to reduce trading fees, increase follower limits, and bolster ROI by improving success fees in their favor, once the rollout of utility features are complete. These core COV token features will be arriving on PrimeXBT and any other platform that offers the module in the future. At the same time, Covesting also promises secondary COV token features that will be platform-specific, depending on the B2B partner platform itself.
Trading Transparency Opens Up World Of Opportunity For Traders And Followers Alike
Finally, the crypto market has a solution for all the photoshopped PnL screenshots luring paid group followers down a shady path. Instead, Covesting unlocks the potential and experience of some of the most successful traders in the world and allows followers to tap into that expertise for trading without worry.