Back in April 2020, in partnership with Europe-based fintech software developer Covesting, PrimeXBT successfully launched the Covesting copy trading beta.
The tool lets experienced traders create strategies for investors to follow. Utilizing publicly available success metrics, followers can choose a strategy and invest equity into top traders’ trades from around the globe. Followers earn 70% from any profitable trades, while the strategy manager nets 20%.
By tapping into pro traders’ expertise, newer traders just learning the ropes can bypass many hard lessons for stress-free trading. However, even the world’s best traders have losing streaks, so it is essential to understand all risks associated with the Covesting platform and take steps to minimize this risk. As is the case with any investing or trading, capital loss is possible, so proper risk mitigation tactics are always necessary.
After months of valuable feedback and partnership with Covesting, the full public launch will be here on August 17, 2020.
Upon careful review of all positive and negative beta cases, we have made some adjustments for launch. We have also prepared a roadmap in cooperation with Covesting outlining further improvements.
On the positive side, even during the beta phase of the Covesting module, total follower equity exceeded over $1 million USD. Strategy ROI reached over 360% in some cases.
However, some funds that had amassed a large stable of followers didn’t properly handle recent market volatility well and were unfortunately liquidated. This is a natural and common outcome of trading with leverage, and anyone considering doing so should be well aware of any risks associated and how to manage them properly.
PrimeXBT and Covesting will closely monitor trading activity, streamline performance, and develop new tools to reduce risk and improve user experience.
We also decided to analyze performance data to determine how much traders could realistically make by allowing others to follow their strategies. Instead of relying on theoretical projections, we pulled direct case studies from strategy managers active now in the Covesting beta to accurately reflect potential profitability.
The public rating system is packed with successful strategies like the examples below, making the module also enticing for investors and new traders to follow top performing strategies. The examples best reflect what’s in it for strategy managers, but also outlines what followers would generate for ROI from both a $1,000 and a 1 BTC investment. Earnings are adjusted to account for the 70% follower success fee share.
Note: All Covesting top ten strategy sample data reflects a statistical snapshot taken on August 13, 2020. The current Covesting top ten and data may not accurately reflect the standings or metrics pictured in the table or in the top ten ranking above. Always be certain to check the Covesting module rating section for the most up-to-date and accurate information.
Even with very little starting capital, there’s money to be made on both sides of the trade. Anyone will soon be able to follow any of these top strategies when the Covesting full public launch goes live on August 17. Traders who are able to consistently show success and profitability can build their reputation and trading career as an asset manager.
Once again, all Covesting module users have to keep in mind that volatility can quickly turn even a profitable strategy into a losing one. We provide all the tools and flexibility needed by both traders and followers in order to manage their risks accordingly. Our 24/7 support team is willing to support in case any questions arise during your Covesting journey.
We are all excited to release the platform to the public trading community at large and bring a new, innovative tool to the cryptocurrency industry.
Stay tuned for additional updates on Covesting and more from PrimeXBT, and good luck in trading during these volatile times!
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||64%||82||$63 645.44||-1.99%||7.33%||$1 199 774 552 258|
|2||ETH||Ethereum predictions||68.8%||59||$4 139.22||-1.75%||9.78%||$488 553 235 728|
|3||BNB||Binance Coin predictions||65.6%||64||$494.18||2.27%||7.35%||$82 429 849 478|
|4||ADA||Cardano predictions||90%||12||$2.19||-2.26%||1.61%||$72 047 004 298|
|5||USDT||Tether predictions||94.8%||1||$1.000114||0.05%||-0.02%||$69 621 041 076|
|6||SOL||Solana predictions||71.2%||53||$208.99||12.31%||31.86%||$62 869 603 263|
|7||XRP||XRP predictions||76.4%||50||$1.11||-2.14%||-0.86%||$51 997 973 203|
|8||DOT||Polkadot predictions||60.8%||76||$45.63||4.21%||15.04%||$45 063 591 577|
|9||DOGE||Dogecoin predictions||72%||57||$0.246272||-2.25%||8.04%||$32 458 768 640|
|10||USDC||USD Coin predictions||94%||1||$1.000179||0.05%||0%||$32 371 720 899|
|11||LUNA||Terra predictions||68%||63||$44.81||8.47%||21.75%||$17 994 078 265|
|12||UNI||UniSwap predictions||74.8%||55||$26.75||-0.32%||4.19%||$16 363 172 636|
|13||AVAX||Avalanche predictions||68%||64||$65.76||6.17%||19.69%||$14 486 666 348|
|14||WBTC||Wrapped Bitcoin predictions||61.2%||82||$63 639.39||-2.08%||7.19%||$14 070 224 774|
|15||LTC||Litecoin predictions||69.6%||56||$199.17||-2.89%||10.96%||$13 703 410 012|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.