Copy trading, along with DeFi, NFTs, and other emerging trends are among the most popular in the cryptocurrency industry today. Each sector is more profitable than the next which is responsible for the hype surrounding them and rightfully so.
However, with NFTs, users need to have some sort of artistic talent or digital goods to offer, as well as some technical expertise and some ETH to pay for all the fees.
With DeFi, it is the same, where users must connect blockchain-based wallets to decentralized applications in order to generate an annual percentage yield. If that all sounds too confusing for you, don’t worry, you’re not alone. The future of finance is still very young, and not every valuable new technology is ready for the public just yet.
Copy trading, however, is ready today much like DeFi and NFTs, but can be accessed in only a few clicks and with far less technical expertise. In fact, Covesting copy trading is the only solution listed that can be more beneficial the newer you are to markets.
Here’s a detailed explanation of how, along with a step-by-step guide to getting started copy trading with the Covesting copy trading module on PrimeXBT.
Copy trading is taking the trading community by storm and has forever changed the way newcomers approach the market. Rather than approaching with an extreme caution and understanding they are more likely to lose when dipping their toes in the water, newcomers can jump right in and start profiting as if they had years of experience behind them.
And that’s because they will be trading with years of experience at times. The Covesting module allows for two types of users: followers and strategy managers. Strategy managers represent potentially skilled traders with extensive knowledge of markets who all vy for the top spot on the fully transparent global leaderboard system.
The more profits a strategy manager has to show, the higher the rank they will climb and the more visibility they will receive with potential followers. Followers can scout for the best strategy managers with the risk and success metrics that best match their personal tastes.
Followers copy the trades of these strategy managers by putting capital behind them, and strategy managers make an earning based on the success fees from followers.
With DeFi and NFTs so much technical expertise is required. Like crypto and trading before it, technologies eventually become more user friendly, but for now, DeFi can be daunting and even dangerous, and natural talent is necessary for NFTs to be successful.
With copy trading only becoming a strategy manager requires natural talent, while anyone can become a follower and copy the successful trades of others. Being a follower doesn’t come without any risk or effort, as it is the follower’s responsibility to ensure they’re picking a profitable strategy and then managing that following accordingly.
All three of these emerging technologies provide incredible transparency and insight into all that’s going on within each platform. All DeFi transactions are recorded to the blockchain, and NFTs provide ownership rights to digital goods that are easily traced via the blockchain. Copy trading also relies on the COV utility token to power its ecosystem and offers the same level of transparency the crypto market has come to expect.
Copy trading’s benefits over other newer crypto market tech is obvious but can be like comparing apples to oranges due to the extreme differences in each type of technology. When comparing crypto investing against copy trading, the results are even more remarkable.
Take the recent crypto market crash for example. Reading social media threads, sub-Reddits, or other online communities it is all the same – most people got wrecked in the greater crypto market selloff of 2021. After setting new high after high, the market reset by more than 50% in a flash.
Traders were wiped out and billions in Bitcoin was liquidated in the carnage. Yet somehow, Covesting copy traders were in the green. Not only were they profitable while others lost, but they had more than 1,000 ROI in many cases to show for it.
Copy trading takes advantage of long and short positions and CFDs to trade both directions of the market, so many strategy managers were in proper positions for the reversal. Others were prepared with stop loss orders and switched short when their longs were stopped out. Simply put, strategy managers knew how to better manage positions than the rest of the market, hands down.
Getting started copy trading is simple and anyone can access Covesting on PrimeXBT. With Covesting residing on PrimeXBT exclusively as part of a white label licensing agreement, users must first register for PrimeXBT.
Make a deposit to a secure cryptocurrency account with any of the base margin account currencies: BTC, ETH, USDT, and USDC. COV tokens may also be deposited for use within the Covesting ecosystem.
Within the PrimeXBT account dashboard, users will be able to find a section dedicated to the Covesting ecosystem. This includes Covesting copy trading, the leaderboards, the My COV sub-section focused on COV token staking and information, and the upcoming Covesting Yield Account system slated for Q3 2021.
Decide if you have the skills to become a strategy manager, or want to follow one that has proven themselves enough in the Covesting leaderboards. From there, choose how much capital to put on the line and begin to put it to work one way or another. Be certain to watch positions carefully as a follower to protect against a strategy manager on a losing streak.
As an optional fifth step, navigating to the My COV sub-section is where users can access Advanced, Premium, and Elite membership levels through COV token staking. Information on COV token burns are also included for transparency along with details on token supply and more.