Covesting: Everything You Need to Know
ChainLink, or LINK, is the decentralized oracle network which connects data from the real word to smart contracts, which many of you will be familiar with. In terms of market cap, LINK is currently the fifth most popular cryptocurrency. It has increased its value by about 100 times.
People are always looking for the next cryptocurrency which is going to explode as fast as LINK. If this is something that interests you, you might be interested in learning more about Covesting.

Covesting, a global fintech company, offers a range of software solutions for institutional and retail customers all over the globe. Incorporated under Gibraltar law, Covesting is one of the first companies in the world to be awarded a Distributed Ledger Technology License, or DLT, from Gibraltar’s regulatory authorities.

This company has developed the Coveting platform, which connects followers and traders, so they can profit together for mutual gains. Followers enjoy easy trading by copying the successful strategies used by other traders, while traders earn a percentage of success fees from their followers’ equity. Covesting calls this type of copy trading ‘COV’.
Covesting/PrimeXBT Partnership
PrimeXBT makes the Covesting copy trading platform available to everyone, which means traders can profit from each other. The partnership already appears very successful. Soon after launch, the platform gained widespread interest in the trading community and amassed more than $1 million worth of follower equity.
How It Works for Traders and Followers
Traders can use this module to create funds using their own trading strategy, and this is done transparently so users can verify how much capital is invested in various funds, and see the traders’ track records.
Attracting followers gives traders the means to build a reputation and a second income source. The different traders can be tracked by users, who can see their results and choose which ones to invest in.
This system makes it possible to passively make a profit without having any marketing knowledge or even trading skills.
Prime XBT Explained
This margin trading platform, which is award-winning and based on Bitcoin, offers stock indices, forex, and commodities with more than $1 billion USD in trading volumes. Prime XBT won an award for the Best Bitcoin Margin Trading Platform at the ADVFN International Financial Awards this year.

The platform includes:
- A variety of technical analysis tools to use with trading
- Up to 100x cryptocurrency leverage
- Aggregated liquidity from several liquidity providers
- Liquidity, security and a safe, efficient environment for trading
Why COV is Set for Success
COV utility token holders are able to get benefits from these tokens when using the copy trading platform. The token utilities are split between Core and Secondary.
Covesting proposes a number of professional goals which include a future partnership with other third-party platforms using white-label licensing agreements. Additional utilities will then be created with key partners in mind.
About half of current COV tokens in circulation are believed to be held by a ‘strong hand’. The total number of tokens is 18 million.

This token is going to be integrated into PrimeXBT and then used primarily for these three functions:
- Trading Fee Reduction
- Increasing Following Limits
- Improving Success Fee Percentage
Let’s look at each o those in a little more detail:
Trading Fee Reduction
There will be a number of choices for trading fee reduction to benefit strategy managers. Although the exact number of COV tokens needed for each fee reduction tier is not yet finalized, the level of discounts will range from 10% to 100%.
Increasing Following Limits
Either capital limitations must be imposed or the maximum number of unique followers will need to be capped in order to keep token utility high. Capital limits may be raised and extra followers unlocked by staking COV tokens.
Improving Success Fee Percentage
Staking COV tokens and taking advantage of utility will allow followers to improve the percentage of success fees in their favor. To explain further, right now Covesting takes a percentage of success fees from all closed profitable trades. The remainder is then split between the strategy manager and the follower. The corresponding offer determines the exact split between the platform, the strategy manager and the fo
llower.
According to market conditions, the company might change the current offer at any time. Covesting’s percentage can be reduced, with a bigger share going to the follower on strategy manager-generated profits, by staking a specific number of COV tokens.
Token Burns

One of the aims of Covesting is to burn some of the fees which the Covesting module generates. This will happen at regular intervals between once monthly to quarterly. After excluding fee discounts, affiliate earnings and other revenue impacts, the fees can be calculated.
Based on all of this, it is fair to say that the COV token has great potential in the medium-time perspective. The Covesting community is a strong and supportive network.
COV tokens have been traded, inter alia, on KuCoin, and the price reaction was very positive after Covesting’s module launch on PrimeXBT.
Future plans for the platform include a stop-loss function so followers can limited unwanted drawdown, more risk management features, strategy description editing, integration of the COV token, and fine-tuning of the rating system weighting logic.

In Conclusion
It is advisable to take a look at the Covesting site yourself and research the token. Another possibility is to try trading crypto on PrimeXBT on margin. You can use this link to get a new client’s welcome bonus.
Although a trader’s past performance doesn’t guarantee future results, you might also want to try following some traders.
Consider the length of time the published strategy has been actively used on the platform. Established strategies tend to be lower risk than newer ones.
Benefits to Holding COV
The main advantages to the COV token are as follows:
- Trusted team
- Licensed company
- Limited supply of tokens
- Currently the token is under the radar
- Strong community
- Top TradingView analyst recommendations
- Future token and utility burns
- Partnership with a solid, multi-user trading platform