New York City, 11/12/2021
When you sign up to the award-winning PrimeXBT, one of the fastest growing platforms around, you don’t just get a margin trading platform – you get access to a margin trading platform, copy trade platform, and yield-generating tool all from a single account.
Margin trading aside we are highlighting the two Covesting tools and traditional trading alternatives and asking the tough question: which Covesting tool is right for you? Comparing copy trading to yield accounts is like comparing apples to oranges, but we aim to pick a winner while also underscoring the key differences each tool has to offer.
What Is Covesting? The Ecosystem And Alternative To Trading On PrimeXBT
Covesting is the name of a licensed and regulated fintech firm from Europe, who gives their name to many of the tools and technology they have created. Think of it as a stamp of approval or a seal of quality that makes it clear to onlookers.
Covesting is the name of the utility token that powers the ecosystem, trading using the COV ticker symbol. COV trades against BTC and ETH on many top exchanges, including within PrimeXBT’s wallet system. There are only 19M COV tokens in existence and that number is dwindling by the day due to regular token burns.
Finally, Covesting is the name given to both the copy trading module and the recently released APY-generating tool.
What Is The Covesting Copy Trading Module?
The Covesting copy trading module puts followers and strategy managers together in a peer-to-peer trading community. Strategy managers can set up a special account that followers can follow, and then copy the trades of the followed strategy manager.
If the strategy manager is successful, profits are booked for the follower, and the strategy manager also gets a cut, making sure they have skin in the game and reason to keep trading. Followers can find which strategy managers will perform the best by looking for winning success metrics.
The Covesting global leaderboards makes all performance and risk data fully transparent so that followers can make informed decisions about who to follow. This also forces strategy managers to stay honest, do their best, and drives competition between other traders in the ranks.
What Are Covesting Yield Generating Accounts?
Covesting yield accounts are the next major evolution in the ecosystem. This tool, as the name implies, provides a yield on idle crypto assets. By staking idle crypto assets stored in a secure PrimeXBT crypto wallet, users can access variable APY rates of up to 10%.
In the world of DeFi, token holders provide liquidity via smart contracts for trading pairs on decentralized platforms. Since these protocols have no third-party to pay, the fees generated go back to liquidity providers as crypto rewards that are paid as a variable APY. The rates change based on market conditions such as demand, volume, and more.
Users no longer have to connect directly via the blockchain to protocols like Uniswap, Curve, Compound, and more, and instead can easily stake ETH, USDT, and USDC in just a few clicks, all from the same single account they trade forex, stock indices, commodities, and crypto from.
Which One Is Right For You? Copy Trading Or APY Tools
Because the two platforms are nothing alike, picking which one is best is a challenge. Instead, we’re going to weigh some pros and cons and let you do the math yourself.
First of all, it depends on how much work you really want to do. Trading yourself is the most active way to manage capital for a profit, and staking tokens is probably the most passive way to do so beyond using the platform’s referral program. Staking tokens does take monitoring rates, but the risk is very low overall compared to say margin trading.
Covesting copy trading is somewhere in between the two in terms of how much active participation it takes. There’s no need to do all the technical analysis and managing positions yourself, but you still have to do more monitoring and managing than with staking alone.
Covesting followers have to pay attention to more key performance indicators than simply what APY rates are offered at what date. They have to watch margin allocation, win to loss ratio, and more, and that number multiples by the number of strategies followed. This number increases further during the scouting phase when a follower is searching for which acts to follow.
The Best of Both Worlds: How To Take Full Advantage
The best part about PrimeXBT and Covesting, is that you do not have to choose. From a single account, users can access Covesting yield accounts, Covesting copy trading, and margin trading on forex, stock indices, Bitcoin, gold, oil, and other assets.
There is no limit on positions, so each tool can be taken advantage of individually or all at once. Margin, Covesting, and yield accounts are all separate in terms of capital for safety reasons, but the profits all flow back to the same central account and location, making PrimeXBT a one stop shop for traders.
Staking COV tokens makes both worlds even better, by unlocking utilities and benefits through Premium, Advanced, and Elite account levels. The higher the level and the more COV tokens staked, the better things get for users. Followers get increased following limits and profit shares, while strategy managers get trading fee discounts. Both get a 2x APY boost with yield account APYs.
Profit With Exclusive PrimeXBT Advanced Trading Tools
PrimeXBT has been honored with several industry awards and it is clear to see why. The client-focused approach comes through in everything the company does, and the ongoing partnership with Covesting makes the platform even better.
There are so many ways for users to make money, and any of these opportunities can be taken advantage of consecutively or concurrently – the choice is yours. The more layers of profit-generating tools, the higher the probability of success, so be sure to try them all.
This is not an offer to sell or a solicitation of an offer to buy securities or to subscribe to services herein. This information is not intended, nor should it be distributed, for advertising purposes, nor is it intended for publication or broadcast to the general public.
Source: Story.KISSPR.com
There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.
