PrimeXBT is an award-winning trading platform for novices and professional traders alike, with options for investors, as well. There has also long been a four-level referral program which is among the most lucrative in the crypto industry.
However, a new tool has launched only recently that passes completely on any active features like investing and trading, and even produces an experience more passive than the effort required to promote a referral link to generate income through the program.
That new tool is called Covesting yield accounts, and we are going to explain why it might be the most interesting and innovative tool to come out of the partnership between PrimeXBT and Covesting yet!
PrimeXBT: All About The Advanced Trading Platform
PrimeXBT is an advanced trading platform offering a sophisticated experience from start to finish. The bold look is inviting, and is easy to use for even traders new to market completely, yet powerful enough for professionals.
Users of the platform have become accustomed to some of the best customer service possible, with 24/7 access and a dedicated account manager for personalized services. The world-class trading tools let users have complete control over markets with long and short positions, stop loss orders, and orders that take profit when certain targets are hit.
Built-in technical analysis tools can help traders know how to trade oil, gold, crypto, or other assets properly, by finding support and resistance, spotting the direction of the trend, and much more.
Covesting: The Innovative Alternatives To Traditional Trading
But for those that simply cannot get the hang of markets themselves, PrimeXBT has partnered with Covesting, a European fintech developer that is licensed and fully regulated. Covesting has created an innovative peer-to-peer copy trading community where strategy managers battle it out competitively for the most profits possible, which helps them rise the ranks of the Covesting leaderboards.
Strategy managers with the highest ranks get the most attention and followers. The more followers, the more capital is possible to trade with, which can make performance even stronger. Followers who select the right strategy manager can make themselves a fortune without having to do any of the heavy lifting themselves, aside from watching the fully transparent performance metrics the platform provides.
Top-ranked strategy managers have achieved an incredible 100,000% in total ROI, which has in turn made over $3 million for followers who had found the trader before the hot streak started. This trader also achieved four out of five stars for safety, making them a no brainer for many Covesting followers to get behind.
APY: A New Way To Make Money Passively With PrimeXBT
But trading isn’t for everyone, nor is watching stats related to the performance of other traders. That’s why PrimeXBT and Covesting have partnered to launch a new variable APY generating tool called Covesting yield accounts, which has launched on PrimeXBT as a companion to the copy trading module and the newest edition to the Covesting ecosystem and family of products and services.
If you aren’t sure what an APY is, that’s because banks rarely give out an APY that’s noticeable, so the term has all but fallen off the face of the planet until DeFi came along. A traditional savings account might give 0.04% in returns via an APY, for example, while DeFi rates reach as high as 10% under the right market conditions.
Market conditions like volume and volatility varying so greatly is why the rates do also, but making a return on any idle crypto assets so easily is worth the consideration. The one catch is that DeFi isn’t easy to access, which is why Covesting yield accounts have come to the rescue.
DeFi: The Trend That Started It All And How
Top automated market making platforms like Uniswap rely on users to provide liquidity to trading pairs, and to incentivize this and ensure enough trading volume, the protocol pays rewards via a variable APY to users to provide that liquidity. This way, traders who want to do so have the liquidity, and those who aren’t interested in being so active can passively make income off those traders.
It is yet another way that crypto assets let users become their own bank. And that’s also the magic of DeFi. With banks, third parties suck up all the fees and earnings, passing very little to the investor. With crypto, DeFi, and Covesting yield accounts, there is no middle man and the rewards go right to the token holder.
Rewards are paid to the yield account, so gains continue to compound until profits are taken on the account and stakings are closed out. Other options include staking COV tokens which can unlock a special account utility of up to a 2x APY boost when using the yield account system.
Unlocking Industry Best Yields With Covesting, COV Token, And PrimeXBT
Staking is available using ETH, USDT, and USDC, the three latest assets to be added alongside BTC for margin accounts on PrimeXBT. Staking COV tokens is also an option, but an APY is not provided. Instead, staking the utility token unlocks various benefits within the Covesting ecosystem. In addition to the 2x boost we discussed, strategy managers get up to a 30% trading fee discount, and followers get an increase in profit share and following limits, and much more.
COV tokens can be purchased using the PrimeXBT exchange tool located within the PrimeXBT wallet system. It is the same area where withdrawals and deposits can be made with as little as $5 to start. COV tokens allow users to get the most out of Covesting, but it isn’t necessary to access any of the features offered at PrimeXBT.
PrimeXBT offers all of these tools, features, and more, all from a single account and under just one roof. A mobile app is available so traders always have access even while on the go, and accounts are protected by bank grade security infrastructure, two-factor authentication, address whitelisting, and much more.