Cryptocurrency trading platform PrimeXBT announced on Tuesday it has launched the Covesting copy trading platform to the public. PrimeXBT reported that Covesting, which is a result of an ongoing B2B partnership and white label licensing agreement in cooperation with Europe-based fintech software developer, notably 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.”
PrimeXBT also noted that by using Covesting, followers can enjoy stress-free trading. Trading and following other skilled traders carry risk and require careful capital management. The platform explained past results are not a guarantee for future success. PrimeXBT and Covesting remind users never to invest more than they can afford to lose.
“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.”