Meet Covesting: PrimeXBT’s Tool to Copy Successful Traders
Meet Covesting: PrimeXBT's Tool to Copy Successful Traders
Investing and trading in cryptocurrencies is on the move. Everyone strives for financial security, wants to know that they can prepare for retirement or even retire early.
There are many investment strategies that can be employed, such as social trading.
Before the internet, social commerce was something only the wealthy could access. Today anyone can start copying successful strategies.
You don’t even have to be a cryptocurrency expert – there are many apps and platforms to make trading easier.
And now there is one that stands out among all: Covesting by PrimeXBT.
What is Covesting?
Covesting is a social trading tool, or Copy Trading, that can be used to copy trades from other investors.
This is a popular tactic used by newbies, because you can learn to trade cryptocurrencies and also earn passive income using various techniques. In addition to being used by many experienced investors.
The operations in Covesting are automated so you can operate with little effort, but can also opt for manual exchanges.
The goal of social trading is to open positions in various financial markets and then close them as soon as the value of your assets has increased.
Mind you, as with any trading method, this can result in gains and losses.
The advantages of Covesting
Covesting is great for beginners as it allows them to become familiar with stocks and trading strategies. You can easily follow other traders.
By learning from experienced traders, you can gain the knowledge to start trading on your own soon.
You can easily develop your own strategy and become a professional trader that way.
Furthermore, Covesting is also ideal for experienced traders. Since copy trading is automated, this is a convenient option for busy traders or those who just want to make extra money easily.
What is PrimeXBT?
PrimeXBT has established itself as a leading crypto margin trading platform, winning the ADVFN’s best crypto margin trading award in 2020.
It has access to 30 trading markets, including forex, cryptocurrencies, indices, and futures, currently operating in more than 150 countries.
PrimeXBT is also committed to security. Traders and followers are completely anonymous and their network is extremely secure, protecting all users from hackers and identity theft.
PrimeXBT offers other benefits including:
- Low commercial rates.
- Tools and resources (a complete panel, graphics, etc.).
- Mobile access.
- 99.999% network availability.
- Excellent customer support.
- Referral fees and affiliate program.
- A very active community.
Overall, this is the best platform for followers and traders who are serious about social trading, through Covesting.
You can start trading in just three easy steps:
- Deposit into your account;
- Start Covesting.
By registering with this link and activating the code CMEI50, you will have a 50% bonus on a deposit of more than $ 100.
Thus, experienced investors can present their results to the public and monetize their skills.
While beginners can follow successful investment strategies and copy them automatically.
How to get the best out of Covesting?
Covesting provides the ability to select and “hire” merchants to work for you.
But as with any “hiring” process, there are features to look for and others to avoid.
This is why one of the main qualities to look for in a trader is consistent performance.
And, despite the fact that losses are normal in the world of trading, even for the most experienced traders, the important thing is to find traders who manage their losses well.
In other words, you have to find a trader whose earnings are stable for long periods of time.
You can easily find strategies that have consistently performed well over time by looking at the performance charts along with the number of active days.
The best performing charts are those with a gentler upslope with small drops.
This means that the operator behind the strategy knows how to grow their portfolio steadily without incurring significant losses.
A higher number of active days shows that the trader’s strategy has been consistently profitable over a longer period of time.
The lower the number of days of activity, the greater the risk involved in following that strategy.
Another way to get the best out of Covesting is by looking for senior management stocks and a high historical margin in the trader to be copied.
Within the breakdown of a strategy in the Copy Trading tool, you can see the amount of capital (money or investment) that the trader (Manager) has put into the strategy, compared to the capital that followers have invested.
This is important, because it shows you how much of your funds are at risk in the strategy.
Ideally, find a strategy in which the manager’s capital is at least $ 1,000. This is because the trader would normally be more cautious if they also had money at stake in their strategy.
Look at this to assess the risk of following a trader. The higher the number, the lower the risk.
Lastly, always lock in your winnings. The longer you leave your funds within a strategy, the greater the risk that your funds will be lost.
Even seemingly stable strategies can suddenly incur huge losses.
Because of this, it’s a good idea to stop strategizing frequently and save your earnings as you go.
A great benefit of using PrimeXBT’s Covesting feature is that as soon as you stop following a strategy, your funds are immediately placed in your account at PrimeXBT.
Is there a fee to use Covesting?
Traders who work hard to make their strategies successful are not going to work for free. Fortunately, these only make money if you make money.
There are no startup costs to worry about. When you stop following a strategy, the profits are shared in percentages that benefit the follower, or user of Covesting, between 60 and 75 percent, depending on the investment.
The percentage of earnings you keep is not fixed. If you invest more at the beginning, you will be able to keep more when you stop.
The profit ratio is determined by how much you start to follow a strategy, it is not based on the total amount you have once you stop following.
Thus, if you temporarily stop following and then reinvest in a strategy when your balance increases above 0.3 BTC (65% profit), 0.5 BTC (70% profit) and 1 BTC (75% profit) , then you can continually keep more of the winnings as you go.
With all of this in mind, if you’re looking for a quick and easy way to start copying, PrimeXBT’s Covesting is the choice to go.
Do you want more information? Visit to PRIME XBT
Code: CMEI50, to have a 50% bonus on a deposit of more than $ 100.
Make sure you don’t miss any important news related to Cryptocurrencies! Follow our news feed the way you prefer; via Twitter, Facebook, Telegram, RSS, or email (scroll down to the bottom of this page to subscribe). Bitcoin never sleeps. Neither do we.
Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.
Do you use Telegram? Join the best Telegram trading community to receive Exclusive Signals to Buy and Sell cryptocurrencies, access to our Free Courses, discussions and project analysis! // www.criptomonedaseico.com