Use in-house tokens to save big on trading fee
Crypto trading has been quite the the buzzword lately. Especially after the exponential rise in the popularity and price of cryptocurrencies, crypto trading has been seen as a way of making some extra cash. The best way to make money in the crypto market is to hold your coins for a longer duration, especially in the current bearish market. This is very rewarding in the long run.
But if you want to profit on a daily basis, day trading is the only option. You do however, need to be extremely careful while day trading and must make sure that it is profitable, or it just does not make any sense. Calculated risks are okay, but you must know when you to cut your losses short.
When you start trading on a regular basis, another headache is that of the trading fee. It might even amuse you if you went back and checked the amount of crypto you spent just on the trading fee itself. While there might be no way around paying the trading fee, thanks to CoVEX, you can now reduce the amount you end up paying.
The money saver-CoVEX token:
CoVEX, the revolutionary crypto exchange has the perfect solution for saving your money while paying a trading fee. No one likes to pay the trading fees. However, we all need to pay for the convenience that a crypto exchange offers when we start trading. CoVEX has an in-house token called the CoVEX coin which helps all users save trading fees.
The CoVEX token is an ERC223 token that is used to access various services on the CoVEX platform. The coin also serves another purpose i.e it also acts as a discount coupon for paying a trading fee on the CoVEX exchange.
Whenever you trade on the CoVEX exchange platform, their transaction fee estimation tool. This gives the user an accurate estimation of the trading fee based on the volume of trade.
The user can use Bitcoin to cover up this fee. However, he can instead use the in-house CoVEX tokens to pay this fee and end up saving 50% of the total fee. The trading fee that one has pay might not be very much. But for a more regular trader, this might end up saving them enough to buy an entire portfolio, over time and is extremely relevant in the case of day traders.
Saving a ton of money by just using a token to pay a fee does not hurt anyone now, does it? Additionally, there are there are trading pairs for the token itself. So, the token’s only use case is not just to reduce the trading fee, but it can also be used to exchange other crypto assets as well including all the major cryptocurrencies such as Bitcoin, Etheremum and so on.
Conclusion:
The main reason for trading cryptocurrencies is to make money. Saving money is also a way of making money. CoVEX, thus, takes its user’s interests into consideration and has provided an incredible way for everyone to save money.
