Trading in cryptocurrency is, undoubtedly, one of the most profit generating activity on the web. Both experienced and inexperienced people venture into trading every day. However, the trading business is very risk. One stands a chance to earn up to 120% profit, yet he/she can lose the entire investment amount.
As result of the high risk involved in trading, many newbies shun it. However, covesting reduces the chances of risks.
Covesting is a trading method where individuals copy the trading strategies of experienced traders. This gives new traders confidence and the chance to make money within a short period.
How to Covest?
As a new crypto trader, you copy the strategies of experienced traders through:
- Choosing a trader
- Selecting the amount
- Then following the trader.
By following experienced traders, you access much trading information such as performance data, trade statistics and risk metrics. Thus, you do not become a blind follower of successful traders.
On top of this, the system has a transparent performance rating.
Which platform offers the best covesting service?
Covesting.io, through its module at PrimeXBT offers copy trading services covering over 30 trading markets such as forex, cryptocurrencies, indices and futures.
It is simple to start copy trading. Open accounts at covesting.io and https://primexbt.com/.
Copy trading at PrimeXBT is very easy since the platform is user-friendly, with clear sub-page guides- Account, Trade, Turbo, Covesting and Analysis.
These sub-pages or tabs show you exactly what to do.
Account: You click this if you want to deposit or withdraw funds or cryptocurrencies.
Trade: click this in order to trade
Turbo: You earn through predicting price changes
Covesting: This is where you go in order to copy trade.
Analysis: This is the section that shows you trading analysis, including indicators and trends. Here is an example of trend, shown under Analysis.
Steps to follow in order to covest
- Depositing funds. Click on Account, then select “Fund account”. You choose the cryptocurrencies or currency you want to deposit.
- Covesting: You click on Covesting and agree to terms and conditions. From there you select the option, “Go to rating.” In this section you see the top traders whom you want to follow.
From there, you select the top 20 traders to follow. To do so just click “Follow.” Once you have done your trading becomes automatic, in line with the trader you have selected.
Does copy trading with PrimeXBT have risks?
Trading risks still exist. However, you can earn up to 120% profit, if you choose the cryptocurrency with reasonable fees. In contrast, you can also lose the whole invested amount. Therefore, like in the case of general trading, you need to take due caution.
How does the trade manager benefit?
The person whom you follow is your trade manager. If you are experienced in trading you can also become a trade manager and earn from the fees generated from the followers’ trading. Specifically, the trade manager earns 18% of the fees generated from the trading activities of his/her followers.
Extra benefits of copy trading
By the way, copy trading means the same as covesting or social trading. When you take part in copy trading at PrimeXBT you have the following benefits:
- There is 24 hour support service.
- You copy the trading strategies of experienced people.
- You develop confidence, leading you to trade on your own in the future.
- You learn from an experienced person.
- There is a higher possibility of earning profit than when you trade on your own.
Referral Compensation system
One thing unique about PrimeXBT is its lucrative compensation system. If you refer people, you earn commission 4 levels deep.
Covesting gives both the trade manager and follower room to trade profitably. Through copy trading there is a lesser risk for an inexperienced person than trading on your own. The trade manager earns commission based on revenue generated through trading fees of his/her followers.