Although the majority of those within the peer-to-peer copy trading community are obviously there for profits, the Covesting development team themselves tend to focus their efforts on protecting traders and providing them with the tools they need to not only become profitable but ensure those profits are booked and kept.
The most recent update to the Covesting copy trading module proves just that. A simple yet useful update to the way margin allocation charts work is just one of the many finishing touches that the developers put on their products. Together with partner PrimeXBT, the two are continuously innovating with new features and improving upon existing ones.
Here is a closer look at the recent update to margin allocation charts, along with details about another new update and another prominent feature to be introduced in the near future.
Covesting Origins And The Ongoing Partnership With PrimeXBT
The Covesting copy trading module is one of the many cutting-edge solutions developed by the Europe-based, licensed DLT developer of the same name. The tool is currently found exclusively at the award-winning margin trading platform PrimeXBT via a white-label licensing agreement, and together the two have brought excellence to the trading community at large.
The Covesting copy trading module was launched on PrimeXBT primarily due to the access strategy managers would have to advanced trading tools like long and short positions, stop-loss orders, built-in technical analysis software, and much more. Strategy managers can build a proper portfolio diversified across a variety of assets, including forex, stock indices, commodities, and cryptocurrencies.
A new update has brought with it the listing of seven new assets to PrimeXBT. The assets listed include some of the fundamentally strongest altcoins around, such as Solana (SOL), Polkadot (DOT), Dogecoin (DOGE), Chainlink (LINK), Uniswap (UNI), Cardano (ADA), and XRP (XRP). Covesting strategy managers can now access these assets alongside existing crypto assets and traditional markets, all from a single account. A personalized experience is offered from start to finish, along with a dedicated account manager.
New Margin Allocation Chart Update Gets Color Coding
However, that’s not the update that this article is focusing on. The focal point of this piece is to highlight Covesting’s commitment to follower safety and the constant innovation and improvements found at PrimeXBT. A new update has bolstered the visual data available through the margin allocation chart.
The margin allocation chart still shows up much margin a trader has allocated toward positions but is now color-coded clearly in red, yellow, and green. If the strategy manager stays in the green, it means all systems are going in terms of finding a safe strategy to follow. And if the strategy can maintain that safe zone for more than 30 days, they will be awarded one of five stars for their efforts.
If the margin allocation chart reaches yellow, it means that it is time to take caution, and the trader is engaging in riskier behavior. If the margin allocation chart turns red, all bets are off, and it might be time to unfollow. If the strategy is too profitable to resist, at the very least, it is a signal to take profit or set a stop loss level – two additional features that followers have at their disposal.
More About Covesting’s Five-Star Commitment To Safety
Another way Covesting is committed to safety for followers is by adding a max cap on initial followers’ equity, which encourages followers to spread capital around. The fully transparent metrics themselves are also a tool to stay on top of performance on followings. Finally, an official Telegram channel connects Covesting traders with one another so that they can share tips, ideas, charts, and more.
We also mentioned the five-star rating system, which complements the data of the global leaderboard system. Using the data the system tracks, up to five total stars can be awarded. There’s the already mentioned margin allocation star, as well as a star awarded for having enough trading turnover, enough capital on the line, is actively trading and has a win to lose ratio of 70:30.
None of these are easy feats to achieve, nor are the substantial profits that strategy managers have been able to reach. Stories of strategy managers making tens of thousands of percent in total profits while also making their followers millions are commonplace in the crypto industry.
APY-Generating Tool Brings Passive Income To PrimeXBT
Covesting also is bringing a low-risk way to earn passive income on idle crypto assets to PrimeXBT as well. Covesting Yield Accounts, as they are called, have been announced for release in several weeks. The APY-generating tool offers variable yields of up to 35%, all without having to connect to blockchain wallets or tinker with the emerging technology.
This is all possible by connecting directly to top DeFi protocols like Uniswap from directly within the Covesting section of the PrimeXBT account dashboard. Any assets stored within the secure wallet system can be staked using Covesting Yield Accounts. In addition, a 2x APY boost is also possible by staking COV tokens.
COV utility tokens act like a skeleton key that unlocks a different door to profits across the entire Covesting ecosystem. Staking COV tokens specifically can enable Premium, Advanced, and Elite accounts, each providing various benefits that get better with each higher level. Benefits include a trading fee discount for strategy managers, and followers get a boost to their profit share, follower limits, and more.
Try Covesting On PrimeXBT For A One-Of-A-Kind Experience
All of this is available at PrimeXBT through a partnership with Covesting. While you wait for Covesting Yield Accounts to launch, there are so many ways to profit already. Using PrimeXBT’s margin accounts, users can start trading Ethereum, Bitcoin, or stablecoin-based synthetic contracts on forex, commodities, crypto, and stock indices, all under one roof.
The award-winning trading platform has been honored with several awards across a variety of categories, and with this client-focused commitment to essential factors such as safety and security, the honors will keep on piling up as time goes by.