The Covesting copy trading module was the first-ever copy trading solution to hit the crypto market and today remains the best-in-class of all competitors. The innovative technology allows followers to make money by copying top traders from the cryptocurrency trading community.
This detailed guide will break down the steps necessary to get started on PrimeXBT and outline how to get the most out of the Covesting copy trading module. Check it out!
What Is PrimeXBT And The Covesting Copy Trading Module
To many, PrimeXBT and the Covesting copy trading module need no introduction. The platform is growing rapidly, and the system lends itself well to today’s social environment, allowing users to share screenshots of their ROI online.
PrimeXBT is an award-winning margin trading platform, offering access to long and short positions on more than 100 trading instruments. The list of assets is all-encompassing, including cryptocurrencies, stock indices, commodities, and forex currencies. It offers a free mobile app to stay on top of positions while on the go.
A key highlight of the platform is the Covesting copy trading module, which allows skilled traders to become strategy managers with access to the same trading tools and instruments, but have their performance tracked for the rest of the world to see.
Performance is aggregated in the Covesting global leaderboards so that followers have full transparency into any potential risk or reward associated with copying a strategy manager. Once following, followers automatically copy the trades of the strategy manager, booking profits without all the hard work and stress associated with technical analysis and trading.
How To Copy Trade Top Traders Using Covesting
To access Covesting, you must be registered to PrimeXBT and make a deposit in BTC, ETH, USDT, USDC, or COV. COV is the native utility token of the Covesting ecosystem, allowing users additional utilities to be accessed. COV tokens can also be used for margin trading or to open COV-denominated strategies and followings.
Covesting copy trading has its own dedicated section on PrimeXBT. It is a hub for both followers and strategy managers to connect. The main landing page is the global leaderboard system, highlighting the very best traders ranked by ROI. A five-star system and various filters allow followers to scrutinize strategies and choose only those right for their risk appetite and profit goals.
Followers should review strategies for their margin allocation usage, for example, to get a better understanding of how the strategy trades. To begin following, simply click the green Follow button and proceed to the next steps. A pop-up box will explain the conditions of the following depending on the capital allocated. There will also be an opportunity to activate any COV token membership at this time.
Followers can choose to follow more than one or more strategies at any given time to spread risk around and potentially tap into more profits overall. Activating each new tier of COV token membership unlocks additional benefits such as increased following limits for followers or trading fee discounts for strategy managers.
Why You Need To Try Covesting Copy Trading At PrimeXBT
Covesting copy trading is simple and easy, yet a great way to profit from global markets while letting more skilled users do all the hard work. Copy trading is not like social trading, where users are simply attempting to copy the trades of those they follow online. Copy trading connects a follower and strategy manager directly to generate synergistic profits. Followers automatically copy trades, win or lose.
Spending time to sort through the leaderboards and follow the right strategy manager is the best way to make sure you are on the right side of the trade and stay making money. Followers have stop loss and take profit tools to assist with managing risk against drawdowns. Top strategy managers currently have as much as 5,700% ROI, so the potential for profits is high.
The Covesting copy trading module is just scratching the surface of what’s available at PrimeXBT. Covesting also partnered with PrimeXBT on APY-generating yield accounts, and there are a wealth of ways to learn to trade, built-in technical analysis tools, and much more.
PrimeXBT is an all-in-one solution that, when combined with Covesting copy trading, can benefit traders of any experience level, from novice to professional and anyone in between. Whether you have the skills or not, you can still profit using the Covesting copy trading module and PrimeXBT.