The exchange of criptomonedas PrimeXBT launched a tool called Covesting, which allows traders to copy commercial strategies of other more experienced operators, transparently, 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.
The operations in Covesting are automated so you can operate with little effort, but can also opt for manual exchanges.
The goal of social trading is to open positions in various financial markets and then close them as soon as the value of your assets has increased.
But, as with any trading method, this can result in gains and losses.
What is 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.
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.
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.
The advantages of Covesting
Covesting is great for beginners as it allows them to become familiar with stocks and trading strategies. You can easily follow other traders.
By learning from experienced traders, you can gain the knowledge to start trading on your own soon.
You can easily develop your own strategy and become a professional trader that way.
Furthermore, Covesting is also ideal for experienced traders. Since copy trading is automated, this is a convenient option for busy traders or those who just want to make extra money easily.
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.
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.
You can access your portfolio from the left side of the window. From the portfolio, you can see the traders you have followed, how much profit / loss you have made so far, the amount of BTC invested with each trader, among other details.
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.
Traders who work hard to make their strategies successful are not going to work for free. Fortunately, these only make money if you make money.
There are no startup costs to worry about. When you stop following a strategy, the profits are shared in percentages that benefit the follower, or user of Covesting, between 60 and 75 percent, depending on the investment.
The percentage of earnings you keep is not fixed. If you invest more at the beginning, you will be able to keep more when you stop.
The profit ratio is determined by how much you start to follow a strategy, it is not based on the total amount you have once you stop following.
Thus, if you temporarily stop following and then reinvest in a strategy when your balance increases above 0.3 BTC (65% profit), 0.5 BTC (70% profit) and 1 BTC (75% profit), then you can continually keep more of the winnings as you go.
With all of this in mind, if you’re looking for a quick and easy way to start copying, PrimeXBT’s Covesting is the choice to go.
Do you want more information? Visit to PRIME XBT
Code: CMEI50, to have a 50% bonus on a deposit of more than $ 100.