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, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News
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Covesting: How to use PrimeXBT copy trading?

Covesting: How to use PrimeXBT copy trading?

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, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

The complexity of cryptocurrency trading strategies has led many to view the crypto space with suspicion.

This has led to digital currencies being kept as a reserve for those with a high risk appetite, which is why exchanges are simplifying trading by introducing new features.

A clear example of this is PrimeXBT, a cryptocurrency exchange, which allows traders to copy trading strategies from other more experienced traders, in a transparent way, using what is commonly known as copy trading.

While copy trading is not new to the traditional financial space, its application in the crypto world is gaining momentum thanks to Covesting.

This technology has been in development since 2017 and was being beta tested by selected users of the platform, since April 2020, making PrimeXBT the first of what will probably be many exchanges to incorporate this copy trading function.

Covesting copy trading benefits

By copying trading strategies, traders and followers enjoy great benefits.

These include:

  • Easy for New Traders: New Traders don’t have to understand strategy; all they need is an analysis of how the strategy has worked. If it’s good for them, they copy and start trading.
  • Saves time: the trader does all the research for you and you don’t have to research the markets.
  • Wide range of instruments: In addition to cryptocurrencies, PrimeXBT supports currency and gold trading. Therefore, the strategy is ideal even for traders who do not trade as cryptocurrencies. Although, for now, it is only available to Bitcoin traders.
  • Leveraged Trading Compatible: As PrimeXBT is among the leading margin trading cryptocurrency platforms, hedging can be applied on leveraged trading.
  • Transparency: As in traditional fiduciary management, the manager’s performance is also available to Covesting. Just click on the statistics and you can examine the historical performance, maximum profits, losses and the date of portfolio formation.

Trading on PrimeXBT

PrimeXBT is a cryptocurrency exchange that is registered in the Seychelles. The name of the holding company is Prime XBT Trading Services and its company number is 148707. The exchange opened its books to the market in early 2019.

, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

One of the main selling points behind PrimeXBT is the fact that they have taken advantage of trading several different assets.

These include six cryptocurrency pairs with a maximum leverage of 100x and a number of currency / commodity assets with up to 1,000x leverage.

Prime XBT also makes use of the liquidity provided by the big exchanges and market makers in the industry. They aggregate or “pool” their liquidity from more than 12 different exchanges.

The platform has merchants from more than 150 different countries. However, given certain regulations, there are some countries from which they do not accept traders.

These include countries like the United States, the province of Québec in Canada, and a few others.

Another important point of PrimeXBT is its security. And it is that most of the cryptocurrencies that are kept in the exchange are stored cold.

This means that they are kept in a safe offline environment, away from the Internet connection and the threat of potential hackers.

In order to service their current payments and withdrawals, they will also need to run a “hot wallet”, but only a limited number of coins are kept in this state.

To make any move from cold wallet to hot wallet, they use multi-signature access.

, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

This means that for any transaction to take place on the Prime XBT wallets, they will need the authorization of several different people who hold those keys. This reduces the risk of a single point of failure.

As for other security protocols they have, they also make use of Cloudflare technology to mitigate the risks posed by distributed denial of service (DDoS) attacks.

Finally, they also have advanced hardware modules where they run their business technology. These are hosted on AWS web servers, which are known to be some of the best in the industry.

How much can you invest in Covesting?

, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

The minimum investment amount is 0.001 BTC. The larger the investment, the greater the share of the profits the investor will get from the transaction.

Consequently, the participation of the company as organizer in the distribution of profits is reduced by the same percentage.

The commissions of the profits for the manager (operator to be copied) are always the same: it is 20%.

Covesting fees range from 40% to 25% of your profit. It is based on the amount invested:

  • 0.01 – 0.3 BTC: The follower gets 60%, the platform gets 20%, and the original trader gets 20%.
  • 0.03 – 0.5 BTC – Follower gets 65%, Platform gets 15%, and Original Trader gets 20%.
  • 0.5 – 1 BTC: The follower gets 70%, the platform gets 10%, and the original trader gets 20%.
  • More than 1 BTC: Follower gets 75%, platform gets 5%, and original trader gets 20%.

To manage a portfolio, the minimum amount is 10 times more and is 0.01 BTC. For managers, Covesting is a great tool to earn money because there is a direct relationship between profitability and compensation amount, and a fixed 20% commission leaves no room to manipulate portfolio volumes.

, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

How to use Covesting?

If you are not a registered user yet, head over to PrimeXBT and create an account. By registering with this link and activating the code CMEI50, you will have a 50% bonus on a deposit of more than $ 100.

You must then deposit Bitcoin to start using PrimeXBT’s copy trading tool.

Now, go to the Covesting tab.

, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

From here, you can copy the trading strategies of other traders.

PrimeXBT provides the rating of traders who back Covesting. Also, you can sort the list using different preferences such as active days, earnings, name, and followers.

You can invest in BTC with multiple strategic leaders by assigning a section of your trading amount to each leading trader.

  • To copy / follow a merchant, click Follow.
  • Select the amount of BTC you want to invest in the merchant.
  • Are you ready. Expect profit.

To learn more about a merchant, click on their name. This shows additional details such as description, what they have to offer, total capital tracking, and number of followers.

 

, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

You can access your portfolio from the left side of the window. From the portfolio, you can see the traders you have followed, how many profits / losses you have made so far, the amount of BTC invested with each trader, among other details.

, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

The exchange does not have a dedicated leverage button. Instead, use cross margin. As such, all funds in the trading wallet are used as margin.

Links of interest

Visit their website

Code: CMEI50, to have a 50% bonus on a deposit of more than $ 100.

, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News , Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News , Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News


Disclaimer: Forex-News does not offer legal, financial or investment advice, nor is it a substitute for due diligence for each interested party. Forex-News does not endorse any of the initial coin offerings (ICOs) promoted here. The content and links provided in this article are for informational purposes only.

, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

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, Covesting: How to use PrimeXBT copy trading?, Forex-News, Forex-News

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