Nearly everyone familiar with the world of cryptocurrency knows about the successful platform called ChainLink.
Also called LINK, ChainLink is the fifth global cryptocurrency platform in terms of market capitalization.
The mission of this decentralized union is to enhance real-world data in connecting smart contacts. This platform has grown its worth by 100% since January 2020.
If you are wondering what cryptocurrency platform to invest in gain as much as 100% returns, this article holds the answer.
In this article, we will introduce you to Covesting, provide vital information about the platform, and guide you as to whether or not you should get involved in Covesting.
What you need to know about Covesting
Covesting is a financial technology (fintech company) operating globally and registered in Gibraltar.
The company handles a vast range of software needs and offers solutions to individual customers and institutions globally.
Covesting is one of the international firms that received the Distributed Ledger Technology License by the Gibraltar regulatory authorities, which gives it a boost and assurance of great achievements in 2020.
Traders and new users can connect on Covesting through the Copy trading or social trading feature. The copy trading or social trading feature allows users to identify expert traders on the platform. After selecting experienced traders, they can automatically copy their trading patterns.
Copy-trading or social trading is a smart tactic for both traders and their followers to earn a profit. In practice, when a trade is profitable, the expert trader receives a share of the profit from their followers. Likewise, the followers can trade with fewer fees and greater ease even if they are a novice in trading crypto.
Covesting also has a unique token called COV that traders on the platform can use for their activities.
Read on to learn more about COV and other features in Covesting.
PrimeXBT's partnership with Covesting
Covesting is in partnership with a renowned and award-winning trading platform PrimeXBT. The firm won the 2020 ADVFN International Financial Awards as the Best Bitcoin Margin Trading Platform.
PrimeXBT offers Bitcoin trade, forex, indices, stocks, commodities, etc. on a global scale and has over 1 billion USD trading volumes.
Other features on PrimeXBT
- 1: 100 cryptocurrency leverage
- Accumulated assets from different asset providers.
- A safe and secure platform for trade.
- Vast range of trading tools.
How to use Covesting through PrimeXBT
Users and traders can assess Covesting through PrimeXBT and create strategies for funding and trading in a transparent environment. Tracking records will be made visible to potential traders who can monitor the trade records of expert traders. The followers will see their capital investment and returns, and then decide whether or not to copy the trade.
You can search traders through the Covesting area. From the search results, you can decide on a successful trader to follow and copy. Following a trade and copying the trading pattern helps you to earn passive income with little or no knowledge.
The traders-followers pattern is also an avenue for the traders to build their reputation. It will earn them more profit if they know what to do.
Is COV Likely to Skyrocket?
Investors can use the Covesting token (COV) to invest in the platform. Investing with the token is very profitable when the value appreciates.
Those interested in serious investment and profits can avail themselves of the supply of token available on the platform. 18,000,000 tokens are in circulation out of a total of 20,000,000 tokens. Top investors referred to as 'strong hands' control 50% of the total token in circulation. Covesting differentiates its utilities into core and secondary token utilities.
With an ambitious business goal and direction, Covesting is out to expand its frontiers in business and fintech. The firm aspires to obtain more partnership deals with other third-party trading platforms asides from PrimeXBT through the white-label licensing agreements.
With its current partnership with PrimeXBT, the two companies want to integrate the COV token into PrimeXBT. The purpose of this integration is to reduce the trading fee, expand the success fee, and increase followers' limits.
Reduced Trading Fee
A reduced trading fee is achievable for strategy managers who hold COV. The deduction in trading fees will cover about 10%-100% of the COV token, although, the particular COV discount level has not been ascertained.
Higher Success Fee Percentage
Followers can earn a higher percentage of profits on their success fee when they stake with COV tokens. Presently, profits from closed trades on Covesting are shared between the platform, traders, and followers. The percentage distribution of profit is calculated depending on the current rates and market conditions, of which traders and followers will receive a greater percentage profit than the platform.
Limits on Follower Numbers
Covesting plans to enforce a limit on followers to keep their utility high. However, a trader can increase follower numbers when they start staking COV tokens.
Token Burns
Covesting will calculate and burn a specific amount from its monthly or quarterly generated fees. The token burn will exclude affiliate earnings, fee discounts, and other costs.
Covesting has an admirable customer base, and the COV has a strong medium-term potential.
Traders can also trade COV on other platforms, including onKuCoin.
Benefits of Covesting and its COV-token
In summary, these are what you can benefit from trading on Covesting and using the COV token.
- Team of trustworthy holders.
- Higher token value.
- Reliable partnerships with other renowned platforms.
- Possibilities of utility and token burns.
- Recommended by analysts on TradingView.
- A community of dedicated followers.
- Legitimate, registered, and regulated platform
- Token is still under the radar
Our Verdict
Our review has shown that investing and trading on Covesting has many benefits. However, this should not be your final research before investing your funds in this platform.
Find out more about Covesting and COV before you invest and trade. To learn more about the COV token and trading, you can visit their website. Also, follow traders to learn about their trading strategy.
In all, our verdict is that Covesting is a very promising platform for investment and trading, but make sure you do not invest until you are convinced that it is the best platform for you.
