November in Review
November has been a challenging month for all market participants. As many fear the demise of digital assets and the companies that support them, Covesting is more confident than ever that the cryptocurrency industry is here to stay and will rebound stronger than before. We have continued to remain steadfast in our approach, hitting each major milestone after the next.
November was also a month of transition and improvements as our Soft Launch is now complete, and all of the extensive testing performed during live trading sessions with real clients will go toward ensuring the upcoming Full Launch is a resounding success.
The primary phase of testing was completed ahead of the Soft Launch, to ensure the platform was running as smooth as possible. The second phase of testing is ongoing, using active traders to really stress test our capabilities. This advanced process uses a combination of manual and automated testing to check everything from deposits and withdrawals, to trading features, and our performance dashboard. We continue to encourage users to report any bugs discovered during your regular trading activity to our 24/7 live, multilingual support team.
The Soft Launch provided the community with the opportunity to get a jump start on passing the KYC process and begin creating their trader profiles ahead of the Full Launch, when our unique and exciting copy trading feature is enabled. Copy trading offers traders a competitive edge by mimicking the trades of top traders from around the cryptocurrency space. In addition, all trading statistics were reset during the Soft Launch to give all traders a fair playing field.
Trading Competition V2
Our second-ever Trading Competition is now in full swing, and there are already many profitable traders leading the charge. To assist traders with understanding portfolio profit and losses, we have prepared some helpful articles in the Trading section of our help center. To read the articles, click here.
This Trading Competition was designed as a way to give back to the community, but also gives us a chance to field test and perfect our portfolio performance formula that will fuel the copy-trading platform. However, it was discovered during the first week of the trading competition that a small subset of traders were able to exploit this formula in a scheme to artificially inflate their Relative Portfolio Profitability numbers. As a fully-compliant and licensed cryptocurrency exchange, Covesting regularly monitors for suspicious activity. While the actions were not restricted on the platform, the artificially high numbers weren’t fair to other traders who didn’t use the exploit and therefore the information followers gleaned from these user’s trading activity is not accurate.
To rectify the issue and ensure the Trading Competition is fair, the following steps were taken:
• Traders discovered using the exploit have been excluded from the Relative Profitability aspect of the competition. However, they are still allowed to participate in the Absolute Profitability portion of the competition, and are still eligible to win prizing.
• Our teams are updating the Profitability formula to be more stringent in detecting unusual asset movements.
• Covesting reserves the right to recalculate Relative Portfolio performance retrospectively ahead of the copy trading feature’s full release.
Thank you to all participants for helping us improve the Covesting platform ahead of the Full Launch. We wish you the best of luck in your trading!
Covesting is making holding COV tokens even more exciting, by airdropping hundreds of various altcoins to loyal COV holders! All COV holders are offered this incredible opportunity.
As new ICO organizers and token projects seek to list their coin on Covesting’s exchange, our team will carefully vet all projects, only selecting the projects with the most potential and reliability. Getting listed on Covesting is absolutely free for projects to encourage the growth of the ecosystem. Once the token is listed, COV holders will get a portion of the newly listed tokens airdropped into their wallets, for free!
Loyal COV holders will be regularly rewarded, so long as a minimum amount of COV is held. The airdrop mechanism is still being developed, so we’ll provide an update in the future on final rules and requirements, as they may change throughout development.
Stay tuned for more details on airdrop campaigns in the coming months. To learn more about Airdrop Campaigns, click here.
Building a reliable fiat gateway became our highest short-term priority due to the demands of the current declining market and will allow Covesting to remain competitive in the mid-term. Private discussions our CEO Dmitrij Pruglo had with several major exchanges and investors at the Finance Magnates London Summit confirmed that focusing on a fiat gateway was the right move. The necessity of fiat gateway is supported by other industry leaders and the leadership of top exchanges across the globe.
Knowing fully that the upcoming Copy Trading feature is our most-anticipated, exclusive feature, more time is required to ensure the Copy Trading module is functioning properly, and new features can be added. Stop-loss orders and other tools also will be implemented to ensure trader’s assets — and those of their followers — can be properly managed for risk aversion. Both features require approvals by the GFSC. Copy Trading is set to begin in 2019, and we’re excited to be able to share with you our most exciting feature yet.
Covesting moves full steam ahead towards its Full Launch and becoming the most-advanced cryptocurrency exchange on the market, setting a new standard for all market participants!
Thank you for your continued support in helping Covesting improve it’s product! Be sure to follow us on Facebook, Twitter, Telegram, Medium, and more for regular updates. As always, if you ever have any questions or concerns, please feel free to contact our 24/7 support team.