The Covesting copy trading module has plenty of options for traders of all walks of life, ranging from complete novice to professional career traders and everyone in between. However, this particular guide was designed with pros in mind, so there is a greater focus on becoming a strategy manager and how to get the most out of that experience.
But since pros might also consider following others for some diversity, we will start with a brief review of what pros can get out of becoming a follower also. Read on to learn more about Covesting copy trading and all that pros can get out of the powerful peer-to-peer trading community.
Table of Contents
What Is Covesting Copy Trading?
Covesting is a peer-to-peer copy trading module found exclusively on PrimeXBT, an award-winning margin trading platform offering crypto, forex, indices, oil, silver, and gold trading services.
After visiting the Covesting section of PrimeXBT, users are then split into one of two types: follower, or strategy manager. For the sake of keeping this article focused on professionals, we’ll only briefly touch on what it means to be a follower. The rest of the guide will be centered around strategy managers and how this type of trader can maximize their gains, performance, visibility, and follower counts.
Why Become A Follower As A Professional?
Two words: diversity and opportunity. Portfolio diversification is a tool professionals use to counterbalance holdings that are previously heavy in one asset type. By spreading capital across other assets, the risk is reduced and additional opportunities aren’t missed.
A professional trader who doesn’t always need to copy trade and follow others can still do so to take advantage of an ultra-hot streak in another trader, or to hedge against oneself if suffering a losing streak. Being smart, and, in this case, betting against yourself could be the better bet.
Outside of professionals, novices can make a fortune from strategy managers if they pick the most successful one.
Why Become A Strategy Manager As A Pro?
Becoming a strategy manager if you are already an experienced pro or industry vet makes sense because it adds another layer to profitability that doesn’t exist otherwise. Anyone can trade markets using tools like what is offered at PrimeXBT and turn a profit, but only with Covesting can a strategy manager make an extra cut from their followers’ success fees.
Followers put their capital behind strategy managers who make it to the top of the Covesting leaderboard ranks. The more capital and followers, the greater the cut the strategy manager gets so there is plenty of incentive for professionals to get started, and keep on trading. The more money they bring their followers, the more word of mouth will spread. The more fame, the more fortune is possible as followers pile in.
How To Get The Most Out Of Covesting As A Pro
It is now clear how strategy managers make money for themselves off followers, and how followers make money by copy-trading top strategy managers. But there are plenty of ways to further enhance profitability.
Rise The Ranks
The fastest and most powerful way to improve profitability is a bit of a catch 22. To get the most followers and therefore the most profits, you must rise the ranks of the Covesting leaderboards. But to rise the ranks of the leaderboards, you must have plenty of total profits to beat the competition.
Shoot For The Stars
There is a five-star rating system that scores each strategy manager against certain risk factors and parameters such as margin allocation. By maintaining a certain win to loss ratio, for example, one star is awarded. All five stars combined are as rare as a shooting star in the sky and definitely worth chasing.
COV Token Staking
The COV utility token is the native cryptocurrency token to the Covesting ecosystem. When users stake COV tokens, certain membership levels are unlocked with each, providing a varying level of benefits. Strategy managers get 10%, 20%, and 30% trading fee discounts respectively for pros that want to go big and get the most out of Covesting.
Promote Following Online
Chances are, you are on social media and surrounded by other traders in one community or another. And, chances are, they would also find value in Covesting as a follower or strategy manager. Why not share your stats related to your strategy with the rest of your social circles, and invite them to join Covesting and follow your strategy?
Four-Level Referral Commissions
If you are sharing your strategy to build a following with others, then throw in a unique, user-specific referral link to drive new users to the platform directly. If they follow your link, you’ll get a cut. If they do the same and promote their link to others, you’ll get a cut from anyone they bring in, also. Believe it or not, this still goes one more level, so anyone the third person brings in will also generate a commission for the first pro to start the chain of referrals. It is that simple!
Professional Trading Tools At PrimeXBT And More Coming From Covesting
Pros will also feel right at home with everything else PrimeXBT has to offer. There are built-in charting tools, a free smartphone app for Android and iOS, long and short orders, more than 50 different CFDs, and so much more. The platform is highly decorated with several industry awards, and its customer service has been recognized by industry influencers for its 24/7 live customer support staff.
The innovation and partnership between PrimeXBT and Covesting will also continue, offering yet another advantage for professionals in the finance industry. Coming in Q3 2021, Covesting Yield Accounts will also debut on PrimeXBT, offering an easy way to connect to top DeFi protocols, all without the technical requirements, expertise, or risk associated with Uniswap or other platforms.
COV token staking will also unlock a 2x APY boost for up to 35% variable interest rates on idle crypto assets staked directly from within the PrimeXBT account dashboard.
