PrimeXBT adds Covesting copy trading for crypto
Offshore cryptocurrency broker PrimeXBT, founded in 2018 and domiciled in Seychelles, has announced that it has officially launched the Covesting copy trading platform for its clients.
Covesting, an innovative copy trading platform, is now available on PrimeXBT starting today. As a result of an ongoing B2B partnership and white label licensing agreement in cooperation with Gibraltar-based fintech software developer, Covesting, the platform connects traders with followers, enabling them to profit from one another synergistically.
Experienced traders can earn up to 20% of follower equity profit by creating a successful trading strategy. The Covesting module on PrimeXBT tracks all strategy metrics in a public rating system, such as ROI, daily profit, equity, and total followers. Followers earn up to 70% of the profits generated by these traders, making it a highly attractive platform for those willing to tap into the expertise of other top market participants.
The public launch comes nearly four months following the release of the Covesting beta on PrimeXBT. The company said that the platform quickly garnered widespread interest within the trading community and amassed over $1 million in follower equity. As indicated by fully transparent success statistics, following the platform’s best traders brought followers earnings of as much as $2,000 and up with very little starting capital.
With Covesting now open to the public, the company said that the number and quality of strategies and traders will increase exponentially through fierce competition and strict capital management. Accessing the tool requires signing up for a free PrimeXBT trading account. Existing clients can access the Covesting public launch immediately. Users from start to finish can buy Bitcoin, fund their trading accounts, and access the Covesting platform in just a few clicks.
PrimeXBT and Covesting also revealed several upcoming features as part of a future development roadmap. The roadmap includes stop-loss functionality for followers to limit unwanted drawdown, strategy description editing post-launch, various added risk management features, additional honing of the rating system weighting logic, and integration of the COV token.
Covesting is a global fintech company incorporated under the laws of Gibraltar, which offers a broad array of software solutions for retail and institutional customers worldwide. Covesting has become one of the world’s first companies to receive a Distributed Ledger Technology License (DLT) from regulatory authorities in Gibraltar.