The beta version of the Covesting Fund Management Module will be released on PrimeXBT on April 1, 2020 to selected clients.
The goal of the beta phase is to stress test the platform with live-trading activity and gather vital intel on any bugs that may impact the user experience. But it also is an ideal opportunity for traders to get a head start in creating a fund and building up their global ratings before the floodgates are opened to the rest of the trading community.
In addition to explaining all of the details surrounding the benefits the Covesting Fund Management Module beta provides, we’ve also put together a helpful guide to assist clients in getting started using the module and learn how to take full advantage of the various aspects of the upcoming beta version of the tool.
What is the Covesting Fund Management Module Beta?
The Covesting Fund Management Module beta phase is a chance to test out an innovative, new asset management module.
After the final launch, top traders can utilize the module to launch a fund of their own for investors to follow and invest in, taking the guesswork out of their individual trading strategies and allowing them to piggyback onto the industry’s top traders and professionals.
These professional traders or well-known traders with large followings can further bolster their earnings by leveraging the added capital these investors inject into each fund and earning a portion of profit share.
The result is a unique connection and relationship between top traders and investors, allowing them both to profit synergistically alongside one another in an innovative way not found elsewhere in the cryptocurrency market.
Fund managers can market their funds via social media, online forums, and more, and through writing enticing descriptions and keeping ROI performance high, they will be able to attract investors to their funds and boost earnings considerably.
A global ratings feed keeps traders honest, providing transparency to investors who are tasked with choosing the right fund to invest in and profit from.
During the beta phase, fund managers can create new funds, experiment with the platform, and grow their ratings through implementing winning trading strategies consistently. After a fund is created, all performance will be tracked by the system and be updated in real-time for all users to see. Traders can also get started in promoting and marketing their funds.
This way, when the beta phase concludes, investors will be able to choose from a variety of successful funds the moment the full platform is released.
Beta User Guide: Learn How to Use the Covesting Fund Management Module
The Covesting Fund Management Module beta offers a unique experience depending on if the client aims to be a Fund Manager or an Investor.
However, during the beta phase, only Fund Managers will be able to Create a Fund, Manage a Fund, and View Fund Ratings. No investments can be made at this point in time during the beta release.
Creating a Fund
After logging into the PrimeXBT trading platform, you can find the new section dedicated to the Covesting Fund Management Module beta at the top of the website. Select Covesting to get started.
Note: Those who are familiar with PrimeXBT will access the Covesting Fund Management Module from the same website tab that brought users to the Covesting preview launched last year.
Once you are on the page, you will be prompted to Create a New Fund.
On the new page that loads, the system will verify that all requirements are met before a fund is created.
These requirements include:
- The user does not already have an active fund
- A description of the fund is added
- A previously unused and valid fund name is given to fund
- Open rollover time is selected and valid
- The trading account contains more than 0.1 BTC
- All open orders and positions are closed
Either a check or a red X will indicate if the requirement is met or not. All requirements must be met before a user may continue with fund creation.
Also on this page is where clients may name their fund, give it a compelling description that encourages users to invest, set the rollover period, and more.
Click Create Fund, and if all requirements are indicated as met within the checklist, a new fund will be created.
Note: Upon creation of a fund, your trading account will immediately be made public and added to the global rating system.
Beta users are encouraged to create a new fund and begin tracking their performance. At launch, these early users will serve as the first funds offered to investors.
Manage an Existing Fund
Once the Create Fund process is completed and a new fund is made, the Create Fund section under the Covesting tab will become a Manage Fund section, where any operational management adjustments to the fund can be made.
In the new section, the Fund Manager can view their own investment and performance, the overall fund investment and performance, and make any additional investment into the fund.
Here, the Fund Manager can also choose to close out the fund.
After clicking Close Fund to close out the fund, the system will prepare the fund for liquidation, set to occur at the selected rollover time.
Clients can change their mind and cancel the closure of the fund before the liquidation process commences, by clicking Cancel.
If the cancellation window includes a message explaining that the “fund is in the process of being liquidated” cancellation isn’t possible as the rollover window has begun, and liquidation has commenced.
Funds closures cannot be canceled at this time, and the system will complete fund liquidation, returning any remaining funds to Investors and the Fund Manager.
Beta users should experiment and get familiar with managing their fund ahead of the full platform launch.
Viewing Fund Ratings
Clients can access the Covesting Fund Management Module beta by clicking the Covesting tab at the top of the website.
Once there, users can click Ratings to view all available funds ranked in order globally by performance to learn which funds are open for investment and review key metrics to determine which fund to invest in.
Ratings factor in everything from ROI, total investment, to the time the fund has been open, and more, to ensure clients can make informed decisions before making an investment into a fund.
Reminder: Investments are disabled during the beta phase, but will be enabled at the conclusion of the beta phase. Accounts are made public and added to the global ratings system the moment a fund is created.
The Covesting Fund Management Module Beta Launches on April 1
On April 1, 2020, the Covesting Fund Management Module beta will launch on PrimeXBT for the first time.
The beta version is an ideal opportunity for top traders to create funds and begin tracking and growing their trading performance to bolster their ratings ahead of the full release.
The beta version will only be available to select users to reduce any occurrence of bugs or other issues during the rollout phase. As the platform continues to be stress-tested, more and more users will be introduced to the module.
To reward those users for their assistance in reporting bugs, we will be offering prizes awarded directly to your PrimeXBT account for reporting bugs.
To report a bug, write to the PrimeXBT support chat with details about the issue. PrimeXBT representatives will consider the reported information and potentially issue a reward upon confirmation of the bug.
As the date draws closer, we’ll provide additional information on the beta release of the Covesting Fund Management Module on PrimeXBT along with details on how to register for the early beta phase.