Announcing New COV-Denominated Margin Trading And Copy Trading Accounts 

May 20, 2022
Reading Time: 3 min
Announcing New COV-Denominated Margin Trading And Copy Trading Accounts  - COV DENOMINATED ACCS

We are proud to reveal that our close partner Covesting is proceeding with the latest milestone within their product roadmap and have delivered yet another valuable addition to the many features the COV token provides.

Last year, together, we enabled a COV wallet that could be used to activate Advanced, Premium, and Elite account memberships, each with a plethora of COV token utilities that could be activated. Utilities include a profit share increase, improved following limits, trading fee discounts, and more.

Today we are happy to introduce the latest Covesting update: the launch of COV-denominated margin trading accounts and Covesting copy trading strategy manager accounts. This means that the Covesting community can now use their COV tokens to trade the full lineup of world-class trading instruments without the need to first exchange COV into BTC, ETH, or another asset.

All-New COV-Denominated Accounts Explained

To assist the Covesting community with taking advantage of these new COV-denominated account types, we’ve prepared the below guides along with further details about the benefits they provide.

COV-Denominated Strategy Manager Account & Following Walkthrough

Creating a COV-denominated strategy manager account is as easy as setting up an account with any other asset.

Announcing New COV-Denominated Margin Trading And Copy Trading Accounts  - PrimeXBT 1

  • Step 1: Simply visit the copy-trading section of PrimeXBT and click “Get started” within the My Strategies tab. 
  • Step 2: Next, choose COV as a currency, and fill out the rest of the remaining information related to the strategy.
  • Step 3: Begin trading and gaining followers.

In a future roadmap update, strategy managers will enjoy a 25% revenue share from all profits generated for followers compared to the standard 20%, regardless of membership tier. The planned increased revenue share can boost profitability for skilled strategy managers.

Announcing New COV-Denominated Margin Trading And Copy Trading Accounts  - PrimeXBT 4

Followers can also follow COV-denominated strategies using the COV token. A future roadmap update will enable those that take advantage and follow COV-denominated strategies to benefit from the maximum 75% profit share instead of the standard 65%.

These exciting roadmap updates and further COV token utility improvements from Covesting will be revealed in the coming months.

COV-Denominated Margin Trading Account Walkthrough

PrimeXBT users can also now utilize COV tokens as collateral to fund a margin trading account, much like you can with BTC, ETH, USDT, and USDC. COV tokens provide PrimeXBT users with yet another alternative asset for the greatest possible flexibility and to further support our partner Covesting’s development roadmap.

Setting up a COV-denominated margin trading account is as easy as any other asset.

Announcing New COV-Denominated Margin Trading And Copy Trading Accounts  - PrimeXBT 2

  • Step 1: Select COV as the currency when creating a new margin trading account.
  • Step 2: Move COV from the wallet to fund the margin trading account.
  • Step 3: Select a market and begin trading.

Platform users can then manage their positions by selecting the COV margin account specifically from the margin section dropdown.

Announcing New COV-Denominated Margin Trading And Copy Trading Accounts  - primexbt 3

All-New COV-Denominated Accounts Are Now Live

The new COV-denominated account updates from Covesting are now live for PrimeXBT users. In the future, COV will be added as an asset for yield accounts to provide more flexibility for staking clients. The Covesting roadmap also includes the aforementioned profit share improvements for strategy managers and followers.

Be sure to keep checking the official PrimeXBT and Covesting blog for additional details when they are available.

Risk Disclaimer
Investing in or trading gold or other metals can be risky and lead to a complete loss of capital. This guide should not be considered investment advice, and investing in gold CFDs is done at your own risk.
The information provided does not constitute, in any way, a solicitation or inducement to buy or sell cryptocurrencies, derivatives, foreign exchange products, CFDs, securities, and similar products. Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time. Moreover, they can not constitute a commitment or guarantee on the part of PrimeXBT. The recipient acknowledges and agrees that by their very nature any investment in a financial instrument is of a random nature and therefore any such investment constitutes a risky investment for which the recipient is solely responsible. It is specified that the past performance of a financial product does not prejudge in any way their future performance. The foreign exchange market and derivatives such as CFDs (Contracts for Difference), Non-Deliverable Bitcoin Settled Products and Short-Term Bitcoin Settled Contracts involve a high degree of risk. They require a good level of financial knowledge and experience. PrimeXBT recommends the consultation of a financial professional who would have a perfect knowledge of the financial and patrimonial situation of the recipient of this message and would be able to verify that the financial products mentioned are adapted to the said situation and the financial objectives pursued.

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