The Covesting copy trading module is among the most talked about developments in crypto trading over the last several years, and is the most important thing to crypto markets since shorting Bitcoin became popular during the bear market.
Copy trading lets newcomers profit by copying the trades of more experienced strategy managers who show success through the global Covesting leaderboards. Risk and success metrics push the best of the best to the top of the ranks for more followers to see.
When successful trades are copied, the follower earns a profit share, and the strategy manager gets a cut of the action for doing all the work. The result is one of the most compelling peer to peer trading communities globally.
To further build into the ecosystem the Covesting development team has introduced new COV token staking and with it three new account memberships that take standard accounts to the next level. Here’s how to get started with new COV staking membership levels.
What Is COV Token?
Before we dive into how to get started with COV token staking, we want to first introduce the COV utility token and what it is. The COV token is the native crypto token to the Covesting ecosystem, designed to activate specific account utilities and enhancements through staking.
The COV token is an ERC-20 token, however, the Covestingdevs recently created a bridge to Binance Smart Chain as an alternative to high Ethereum costs. This also allows for the swap to a BEP-20 token instead for use within the alternate blockchain.
COV has even less supply than Bitcoin – an asset known for its hard coded digital scarcity. Bitcoin has 21M BTC as a total supply, while COV has a current total token supply of
19,336,881 COV. COV tokens are regularly burned to lower the overall token supply, and locking tokens up through staking further takes coins out of the market from being sold.
More than 660,000 COV have been burned to date, and more than 1.67M COV have been staked as part of the new COV staking feature and related memberships recently launched on PrimeXBT.
What Is COV Token Staking?
Staking, in general, is a term that describes locking up cryptocurrency assets or tokens for a period of time, in exchange for some type of reward, access, or benefit. Many tokens when staked allow early access to airdrop programs, while others provide governance or a return on investment called an annual percentage yield.
Staking became increasingly popular during the recent decentralized finance (DeFi) boom, and is a technology being added to Ethereum. Ethereum, for example offers toke holders a variety of benefits for locking up 32 ETH in a smart contract. The same concept works for the COV token, and unlocks the full power of the utility token.
COV token staking is an innovative new solution found within the Covesting ecosystem on PrimeXBT. Staking involves locking up tokens in a certain amount, for a specific amount of time or in perpetuity. Doing so typically provides the users with a range of new features, tools, or more.
COV token staking is a new feature recently added to Covesting on PrimeXBT which enables three additional membership levels on top of the standard account. All standard accounts let anyone become a follower or a strategy manager, but any of the three tiers make the experience so much deeper.
What Are The Membership Levels?
The membership levels above and beyond standard range from Advanced, Premium, and Elite, and each provide an increasingly better level of benefits for token holders.
By staking $3,000 worth of COV for the Advanced level, followers will get a 2% profit share increase, and will eliminate all fees on new followings. Strategy managers receive a trading fee discount of 10% and the follower limit is boosted by two times.
Staking $10,000 instead unlocks the Premium membership which takes the follower profit share to 3% and includes the same lack of new following fees. Strategy managers get a 20% trading discount and the follower limit is increased by three times instead.
At the highest level, Elite, which requires a full $50,000, users get the largest suite of features. The profit share jumps to 5%, and the same lack of new following fees is still included. Strategy managers now get a massive 30% discount on trading fees, while doing away with any follower limit altogether for the most value.
The more followers a strategy manager gains, the higher the profit potential can go so the cost can be worth it for the savvy professional trader with serious skills.
COV token staking will also unlock up to a 2x APY boost when the Covesting Yield Account module launches later this year in Q3 2021 on PrimeXBT. Users can join a waitlist within the PrimeXBT dashboard for early access to the yield generating tool and also earn an extra 1% APY boost during the launch phase.
Summary: How To Access Covesting On PrimeXBT
Covesting’s innovative tools are available exclusively on the award-winning trading platform PrimeXBT as part of an ongoing B2B partnership. Covesting was first launched in 2020 and has since grown across the trading community and attracted a variety of well-known traders with built-in followings. The development team continues to scale and hone the module in accordance with their company roadmap.
Today, it now features hundreds of strategies for followers to choose from, each with their own pros and cons and unique trading style. A Telegram channel offers a behind-the-scenes look at the tactics many of these strategy managers utilize. Tactics include built-in technical analysis tools, long and short positions, and a plethora of risk management tools, all offered through the award-winning trading platform, PrimeXBT offers free registration for trading accounts which also provides access to the Covesting copy trading module, and will also include the Covesting Yield Account system when it launches later this year. To learn more, follow this link and register for a free margin trading account today.