Cryptocurrency and Blockchain
COVESTING: How Does It Work?
Covesting provides a copy trading platform for investors and managers to follow reputable and expert traders, and gain substantial income from replicating their strategies. The users who are interested in the possibilities of using the Covesting platform should take note of the following points and procedures:
1. Join the platform: The user needs to register at the copy trading platform by filling out a simple form. To fund the account, the investor is able to use currencies like COV, BTC, Fiat Currency or ETH.
2. Search for top traders: Traders can compare and track the performance of numerous Model Managers who have been successful and find a money manager that matches the investor’s goals.
3. Copy or Replicate trades. Once the investor finds the strategy or strategies that he wishes to follow, click on “Subscribe”. Upon clicking, you will be asked to denote the percentage of funds to allocate to the particular model. The sum for the replicated trades will be proportionally calculated.
4. Monitor and control: The investor can now monitor or watch the professional trader’s trade on his behalf. All trades conducted by the model managers will be replicated automatically. Since the investor is in control, you can manage your own portfolio and stop replicating or following a trader at any time (or your can subscribe to new strategies).
Other important things to remember while working on this copy trading platform are as follows:
All users, investors and managers must register themselves on the platform before trading. Registration can be carried out through email, Facebook, Twitter and Google.
Every time a user deposits funds to a trading account, there is an entry fee of 2%. This commission accrues to the Asset Contract (COV) and increases the value of COV tokens.
Another benefit of using the Covesting platform is that users have a choice to publish their real names or to stay anonymous by using an alias. However, providing real names can be beneficial for successful Model Managers.
No personal user data is accessible to other users and moderators using the platform, even if the emails, wallet IDs, or links to accounts in social networks are mentioned in the form. All users of the platform can continue trading while being completely anonymous.
Ultimately, these are trading features that are likely to change the ways investors trade cryptocurrencies in the years ahead. There is little doubt that the digital blockchain is changing the financial markets, and it is critical for investors to identify the best platforms in the markets in order to maximize gains and limit losses over time.