PrimeXBT Launches Crypto Copy Trading Powered by Covesting

Cryptocurrency trading firm, PrimeXBT has officially gone live with its copy Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, which was developed in a B2B partnership with European digital asset exchange, Covesting.

The combined offering allows less-versed cryptocurrency users to automatically copy the trades of the experienced traders on the platform, thus creating a P2P asset management solution. In return, the copied trader earns up to 20% of follower equity profit just for automatically replicating the trades. Covesting charges an additional 10% for facilitating the process, which means the investor makes 70 percent of the original profit without getting involved in the actual trading.

In 2019, Covesting joined forces with PrimeXBT to integrate and license its technology and utility token. As part of the deal, Covesting’s COV token was integrated into the PrimeXBT’s crypto trading infrastructure and became an essential part of the copy trading experience.

“The public launch comes nearly four months following the anticipated release of the Covesting beta on PrimeXBT. The platform quickly garnered widespread interest within the trading community and amassed over $1 million in follower equity. As indicated by fully transparent success statistics, following the platform's best traders brought followers earnings of as much as $2,000 and up with very little starting capital,” the company further explains.

Covesting Mimics FX Social Trading

Copy trading has been available on Covesting’s platform for some time, but the deal means PrimeXTB customers are now able to access the branded service. Though founded in 2018, PrimeXBT currently offers leveraged trading, real-time market data, and analysis tools across a wide spectrum of crypto assets.

Covesting allows everyday investors to search and ‎compare the performance of hundreds of proven cryptocurrency traders and mirror their trades automatically. ‎Simultaneously, the Covesting platform helps talented investors bring their results to light by competing with ‎other traders in an equally fair environment.‎

Initially, Covesting was started by Dmitrij Pruglo, as well ‎as several other ex-Saxo Bank managers who collectively ‎boast an extensive background in FX, equity, and ‎derivatives trading. Their platform aims to bring ordinary ‎investors who do not have the time or tech knowledge to ‎invest in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, facilitating the ability to invest ‎intelligently in a booming new market.‎

The new product builds on Covesting’s previous milestones, which included its initial-coin-offering (ICO), the deployment of its Crypto Intelligence Portal, as well as its recruitment strategy that resulted in veteran Saxo Bank executives, Kurt Carlsson and Peter Kristenson, joining its ranks.