DeFi and copy-trading: PrimeXBT exchange bolsters utility of COV token

The platform continues to follow the roadmap announced for the year 2022. Anxious to always develop its offer, PrimeXBT is now offering new functionalities to the COV token backed by the Covesting module. It is now possible to accumulate COVs by participating in the copy-trading program, or to use them as collateral when trading on margin.

The local newspaper offers you this promotional article in collaboration with PrimeXBT. It contains affiliate links allowing you to support the daily work of the Journal Du Coin teams.

PrimeXBT and its COV token

Founded in 2018, PrimeXBT has quickly carved out a place for itself among the largest cryptocurrency exchange platforms. Indeed, daily volumes often exceed $700 million! Available in 150 countries, the exchange wants to offer an ideal technical environment to its users. The objective is simple: allow everyone to try their hand at trading on all types of assets and gain their own experience. Cryptocurrencies, Forex, stock market indices or commodities (gold for example), there is something for everyone!

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One of the specificities of the platform is to offer the possibility of creating strategies to copy. The results are published and updated in a ranking accessible to all users. The latter can then subscribe to it, and allocate capital to it. From there, buy and sell orders placed by the strategy creator are automatically replicated. This feature is called co-vesting or copy-trading.

PrimeXBT also offers trading in precious metals

The COV is the native token of the module that allows this tracking. Owning one already offered a wide range of benefits to platform users, including:

Benefits vary based on the amount of VOCs owned, based on Advanced, Premium, and Elite membership plans.

Copy top traders with your COV tokens

So, in line with the latest announcements, PrimeXBT boosts the usefulness of COV. If since the last update owning them still provides the benefits listed above, they can now be used as a trading asset for shared strategies or as collateral for margin trading.

COV thus joins BTC, ETH, USDT and USDC, as an asset available for co-vesting. Importantly, the COV offers better returns than other cryptocurrencies:

Co-vesting on PrimeXBT makes it possible to copy the best traders by automatically replicating their orders on the Bitcoin markets, for example.
COV joins illustrious tokens as a covesting asset.
  • Strategy creators will receive 25% on all profits generated by followers, compared to the usual 20%.
  • followers will receive 75% of the profits, instead of the usual 65%.

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A real opportunity to maximize your income if you are a beginner. And if you are already a successful crypto-trader, to improve the profitability of your positions as well as your shared strategies.

Using COV as Collateral for Margin Trading

Good news never comes alone. Indeed, the VOC can now also be used as collateral for margin trading. As a reminder, this practice consists of taking a position larger than your real funds thanks to a “leverage effect”. For example, by using a leverage of 2 on a capital of $500, you can take a position equivalent to $1000. If the asset experiences a 50% increase in value, your position will increase by 100%. On the other hand, if the asset drops by 50%, your position will be liquidated and you will have lost all your funds.

DeFi on PrimeXBT is lending, staking, but also margin trading on many assets including bitcoin and many altcoins
PrimeXBT promotes COV in DeFi

The COV thus joins BTC, ETH, USDT, and USDC. COV-denominated margin accounts can therefore be used to trade cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Solana. In addition, they allow you to take full advantage of one of PrimeXBT’s strengths: traditional assets. Thus, forex currencies, commodities such as oil and gas, stock market indices, precious metals such as gold or silver are also available on the platform.

The team continues to improve investor opportunities on the platform. The arrival of covesting had already produced its small announcement effect. It was time to change the formula, and it is now done. Thanks to PrimeXBT, the COV token is now enjoying a nice boost. There is no doubt that many investors will be able to seize the ball on the leap.

Even if it is logical to believe that an investment will always be better managed by expert hands, trading involves serious risks that even the best cannot master 100%. It is simply vital to understand that there is no certainty of winning, nor any guarantee of security when it comes to your invested capital, so only bet what you can afford to lose! But if you decide to start, do not hesitate to choose the PrimeXBT platform (affiliate link)

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