Earlier this year, we shared some exciting upcoming updates to our product lineup that weren’t quite yet ready at the time. That time is now here, and we are proud to reveal the debut of Covesting Yield Accounts in continued partnership with Covesting – the creators of the ambitious and innovative Covesting copy trading module.
While the formula for copy trading relies on PrimeXBT’s advanced trading tools to access global markets across forex, crypto, commodities, and stock indices from a single account, Covesting Yield Accounts are an entirely different experience altogether, more closely resembling the world of DeFi, only simpler.
We are proud to officially introduce Covesting Yield Accounts for the first time and announce that the tool is now live on PrimeXBT immediately.
What Are Covesting Yield Accounts? An Introduction
Covesting Yield Accounts let users stake any idle crypto assets stored in their highly secure PrimeXBT account wallet and earn a competitive, variable APY. APY stands for annual percentage yield and references the rate of return in crypto rewards offered for staking assets.
Staking has become a prevalent trend among the cryptocurrency community, made even more popular due to the emergence of automated market-making platforms such as Uniswap.
Unlike how it works on centralized exchanges, users of such decentralized platforms provide liquidity for trading pairs. The protocol issues reward to users as a variable APY based on any fees generated by the platform. Market conditions dictate what that variable APY rate is at any given moment. Current rates trend lower than 10.5% – the highest rates Covesting Yield Accounts have achieved thus far. But market conditions change regularly depending on demand, trading volume, and general market volatility.
The Covesting Yield Account system always makes it abundantly clear what the expected APY performance should be; however, it is up to the user to monitor the rates and watch for changes in market conditions. Any rewards generated are automatically added to the staking account.
In the future, we will be connecting additional DeFi protocols – even CeFi platforms – to offer the highest possible rates and the best possible experience around. These developments will increase yields further for clients and better diversify our offering between multiple protocols and platforms.
How To Use Covesting Yield Accounts
The performance history of any stakings are listed for accounting purposes, and clicking on individual stakings gives users a birds-eye view of all performance metrics, including total earned, total equity, and more.
By visiting the Yield Account tab of the Covesting section in the PrimeXBT dashboard, users can get the current estimated rates or prepare a more specific expected rate of return using the calculator tool. Here, users can also find out how each COV token staking membership can bolster the APY rates of each asset being offered for staking.
By staking COV tokens, users can unlock utilities that offer as much as a 2x APY boost, in addition to other compelling utilities for copy traders, like trading fee discounts, improved success fees, and more.
Covesting Yield Accounts also offer significant flexibility, with staking offered on ETH, USDT, or USDC. Stakings can also be started or stopped at any time, giving users complete control over their capital.
Covesting Yield Accounts Are Now Live!
We have also updated our website to include information for users who have yet to register for PrimeXBT. The new Covesting Yield Account also provides access to the calculator tool so anyone, regardless of registration, can find out how lucrative the tool can be for them, based on their unique individual needs.
Covesting Yield Accounts are just the latest in our constant innovation, which recently included new altcoin assets, a margin allocation chart update, the PrimeXBT V2.0 upgrade, and so much more still on the way. Our ever-growing roadmap continues to expand, alongside our asset lineup and world-class trading features you can’t find anywhere else.
Combined with our award-winning trading infrastructure and personalized service with a dedicated account manager and 24/7 live customer support staff, PrimeXBT has everything traders need to be profitable in any market condition, actively or passively.