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Covesting For Newcomers: How To Get Started Using Copy Trading On PrimeXBT

Covesting is a new concept making waves across the cryptocurrency trading and investment community and recently spilling into the traditional market space. The peer-to-peer copy trading platform enables followers to connect with skilled strategy managers based on a wealth of information available at their fingertips. In just a few clicks, followers can analyze a strategy, begin following, choose the amount of equity to invest, and start earning without having to trade themselves.

The innovative copy trading solution serves all types of traders across various skill levels, from novice to experienced traders, and even to those who are solely investors and trading has never crossed their mind. While Covesting does rely on trading at its core, for followers, it feels a lot more like investing, which is why it is such a positive experience for newcomers to investing, trading, or any type of financial markets. If you fall into this category, here’s how to quickly get started with Covesting on PrimeXBT along with a detailed guide for strategy managers as well.

What Is Covesting?

Before we explain how to get started using Covesting, first, here’s a quick primer on why the platform is generating so much buzz around the world of finance.

Covesting For Followers

In today’s society, even with quarantines and lockdowns, there is still never enough time to pay quite enough attention to technical analysis, quantitative research, and all that’s required to pick out the right investment for top performance. Unless time, patience, and natural talent are in abundance, cryptocurrency margin trading usually proves too tricky for anyone but the most committed. Followers can simply scan through the transparent Covesting global leaderboard, look out for five-star traders, and select a strategy to follow based on their risk appetite and profit goals. They can then sit back, relax, and let the ROI the strategy manager makes pour in.

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Covesting For Strategy Managers

Traders are always looking for ways to maximize profitability and reduce overall risk. These are hallmarks of any of the best traders, so learning that becoming a strategy manager through Covesting can bolster earnings is instantly attractive. Strategy managers only need to sign up, put down their own equity, and make a name for themselves by doing what they already do best. Their performance will need to be vital to rise the ranks and attract followers, but the earnings can be incredible if they can be successful.

Covesting Connects Followers With Strategies For Synergistic Profits

Followers earn based on the equity allocated and the ROI each strategy manager makes, while strategy managers earn a share of any profits generated with follower equity. Followers can improve earning percentages in their favor, and strategy managers can unblock more followers with the COV token.

How To Get Started With Covesting Copy Trading On PrimeXBT

To start, visit the Covesting landing page on PrimeXBT to get registered or log into PrimeXBT and click through to the Covesting tab within the account dashboard.

Covesting For Followers

Followers must make a minimum deposit of just 0.001 BTC that matches the standard PrimeXBT minimum deposit, making it so that very little capital is required to get started so that new investors and novice traders can get comfortable before increasing capital size. After that, followers will want to scour through each strategy’s performance metrics and look for traders with longevity and strong performance, along with a large follower count. Once a follower has found the account they are interested in following, they can click follow, and monitor performance through the portfolio tab.

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Covesting For Strategy Managers

Strategy managers follow similar steps at first, but then will want to jump to the “Create Strategy” and enter any name or description they want to give to their strategy to make it eye-catching or representative of their style, and deposit a minimum of 0.01 BTC. A larger sum is required for strategy managers to get started, to ensure each strategy’s equity is attractive enough for followers and to ensure any strategy managers are serious traders and not just taking a chance with follower funds. From there, the key for strategy managers to maximize income is by actively promoting their strategies to their followings and rising the ranks of the Covesting leaderboard system.

Conclusion: Covesting For All

Covesting is designed to suit traders and investors of all needs, experience levels, goals, and more. The diverse lineup of strategies, each with a unique style, can generate ROI for any follower who closely monitors metrics and pick the top, five-star traders that keep margin allocation in check, regularly win, and much more. Covesting is available on PrimeXBT, an award-winning Bitcoin-based trading platform offering Bitcoin and Ethereum trading alongside traditional markets like gold, oil, stock indices, forex, and more.

Phil Schwartz

"Food expert. Unapologetic bacon maven. Beer enthusiast. Pop cultureaholic. General travel scholar. Total internet buff."

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