Financial markets are unpredictable, full of risks, and uncertainties. The desire to get rich quick and feel like a professional is common to all people. Practice shows that about 90% of first-time investors lose capital in the first year. But we shouldn’t judge them harshly, because large funds and experienced investors sometimes lose money too. There are always outstanding talents and those who fail in any profession.
Trading is a profession where it is especially important to learn from the experience of successful and talented traders. Their trading strategies take into account the mistakes of the past. But where can you find the best and how can you learn from them if there are many online fraudsters? The PrimeXBT margin trading platform solved this problem a long time ago by integrating the Covesting copy trading module.
The Covesting Module: A Unique Solution For The Crypto Market
The Covesting copy trading module on the PrimeXBT platform allows experienced traders to share their best trading strategy. Beginners or people who do not have enough time to trade on their own can copy the strategy, receive passive income, and invaluable experience. It is essential to notice that you do not transfer capital to the asset manager, but only follow his trades; thus the process of copying trading positions occurs automatically.
The Covesting module is available to every client of the PrimeXBT platform. You can find it in the Copy trading section. There is a massive list of strategy managers and all related performance information is included in a transparent leaderboard system. Metrics include: profitability, period of activity, performance, follower’s equity, and rating.
You can learn more about the asset manager’s strategy by clicking on it. You will find a wealth of information about the dynamics of the strategy’s trading and profit distribution on the trader’s page. Depending on the Individual Following limit and which COV token membership is activated, you can earn up to 75% of the profit from the strategy manager trades. From 5% is the platform remuneration and 20% is set aside for strategy manager remuneration.
The Covesting Five-Star System: Follow The Best
Stars are awarded to traders only if the strategy brings profitability above zero. A strategy can receive up to 5 rating stars, each is given for the fulfillment of certain conditions:
- 1 star – the manager’s equity is greater or equal to 0.1 BTC;
- 2 stars – the number of active days is greater or equal to 2 in the last 10 days;
- 3 stars – Margin usage was not exceeded 60% in the last 10 days and trading volume was above 0;
- 4 stars – the ratio of profitable and unprofitable positions is 60%/40% for the last 30 days
- 5 stars – the turnover was 10 BTC or more in the last 30 days.
Thus, you can focus not only on the manager’s profitability, but also on their activity, the number of followers, and the overall star rating.
There are cases when strategy managers generated profitability of several thousand percent. For example, top ranked trader Fractalz received a profit of 5797%, as well as traders who copied his trades.
Become A Strategy Manager: The Benefit For Skilled Traders
By becoming a strategy manager, you get 20% of the profit from each follower, providing the opportunity for everyone to copy your trading positions. You increase your own profit with each new follower added, without taking any extra actions and without taking any risks.
PrimeXBT strives to provide traders with only the best and most innovative tools that allow them to manage their money professionally or leave it to professionals.
More than 100 instruments are available for trading on the platform including cryptocurrencies, stock indices, commodities and the Forex market. CFD trading allows you to open margin positions both buy and sell. Thanks to this, you can diversify risks and benefit from any situation in the financial markets — whether it’s the collapse indices or a bull run in the commodity market.
The Covesting module has been added to the PrimeXBT apps for iOS and Android to keep you always abreast of developments. The smartphone applications are available for free download and can be accessed anywhere in the world from the palm of your hand.
Conclusion: Follow The Money At PrimeXBT
Not everyone can be the best of the best, but that doesn’t make you inferior. The key to the success of many famous people is that they surround themselves with the best specialists and delegate authority to them. Elon Musk did not build SpaceX or Tesla with his own hands, he only chose those who would do it better than him.
Using the copy trading module, the PrimeXBT user has the opportunity to receive high passive income, as well as invaluable money management experience. The platform is packed with professional tools as well as the professional traders who rely on them. Follow the best, stand shoulder to shoulder with them, and make more money today!