How to Copy Trade on Covesting Effectively

The recent 50% mega crash in cryptocurrencies proves that this emerging asset class is still highly volatile and speculative – and is best left to those with nerves of steel and diamond hands. Most everyone else wasn’t able to stomach the sizable correction, and many have capitulated and given up completely. Others were liquidated and buried with losses.

However, there’s another way to get exposure to the crypto market but also avoid getting wrecked in massive moves due to inexperience with risk management, and it is called Covesting copy trading.

What Is Covesting Copy Trading?

Covesting copy trading connects followers with strategy managers and lets them make money together on the same peer-to-peer platform. The copy trading module is developed by Covesting, a licensed European fintech software developer for use on B2B partner platforms like PrimeXBT.

PrimeXBT is an award-winning cryptocurrency trading platform with CFDs on over 50 different assets, including forex, stock indices, and commodities. It is also the exclusive home currently to the Covesting copy trading module.

Strategy managers can leverage the advanced trading tools found there to increase their success and risk-related metrics on the Covesting module’s fully transparent global leaderboard system. These tools include long and short positions, stop-loss orders, built-in trading tools, and much more.

Strategy managers can utilize these tools to gain a competitive edge and rise the ranks of the global Covesting leaderboards.

Pay Attention to Global Leaderboard Rankings

Now that you know what copy trading is and can see why it is valuable, the first place to start when scouting for talent is the leaderboards, which are updated at regular intervals with the freshest success and risk metrics.

Those with ambitious profit goals and a high-risk appetite can jump right into whoever has the most profits. At the same time, more conservative followers will want to search for five-star traders that have been awarded each star for achieving certain feats, such as utilizing as little margin as possible and keeping the win to loss rate high.

The more stars, the better, and when combined with a high profit percentage, could be the diamond in the rough you’re looking for.

Weigh Out Risk Versus Reward

It might feel risky putting your capital behind someone else and letting them do the work for you, but these strategy managers must maintain high stats at all times or risk falling down the ranks of the leaderboards. Because these strategy managers are able to show success regularly, it can be proof that they are worth the following.

Many of the traders on Covesting were able to avoid losses altogether and even gain during the recent crypto market selloff due to strategy managers knowing how to appropriately hedge short and were able to see the correction brewing in advance.

Maximizing Return With COV Utility Token

Once followers and strategy managers become comfortable with Covesting, they can consider unlocking even more value and benefits from the platform through the COV utility token. The COV utility token is an ERC-20 token on Ethereum that is central to the entire Covesting ecosystem of products.

COV token staking on PrimeXBT unlocks various new account levels, each bringing about a greater degree of benefits. It improves the profit share for followers, lowers trading fees, and even removes the fee for a new following, providing the greatest freedom and flexibility possible.

COV token staking will also unlock up to a 2x APY boost when Covesting Yield Accounts arrive on PrimeXBT later this year in Q3 2021.

Why You Should Try Covesting Copy Trading Today

Cryptocurrencies like Bitcoin, Ethereum, and Litecoin are highly volatile, speculative assets that make them ideal for trading, but not so much for investing. Those who want crypto exposure, but are shaken after getting wrecked over the last month in the crypto market chaos, might want to consider giving Covesting copy trading a try.

The pros on the peer-to-peer trading platform have the experience necessary to manage risk even during the worst selloffs and even can turn downtrends into profits using short positions on PrimeXBT. Registration is free, and anyone can use the Covesting copy trading module as a way to get exposure to crypto without it needing to turn your stomach too.