Earlier in the month of April, we revealed a new partnership with established trading platform Covesting. The landmark partnership would see Covesting’s proprietary technology implemented on the PrimeXBT platform, allowing our clients to take full advantage of the powerful profitability tool in addition to the many advanced features already we offer, such as multiple order types, charting tools, a highly-customizable user interface, 100x leverage, and much more.
Following the announcement, we revealed that the Covesting module will also work on our newly launched traditional trading assets: forex, stock indices, and commodities. Now, we’re ready to show off the first sneak peek of the Covesting module ahead of the much anticipated launch of the cutting edge feature. The implementation of the COV utility token is currently under development and the integration process will commence once phase 1 is successfully tested and launched to the public.
The power of the Covesting module lies in its ability to help connect traders and investors together, enabling both to synergistically profit off one another, and alongside one another.
Covesting for Investors
By utilizing the Covesting module, novice investors can take the guess work out of their exposure to investing, instead relying on the years of experience other professional career traders bring to the table. Rather than putting substantial capital at risk while learning to trade, investors will be able to make an investment into a fund created by a top trader, allowing them to apply their capital to the trading strategies used by some of the best traders across the globe.
Therefore it is important that investors do their own research on the various traders and funds, to find out which trading strategies they are most comfortable with. The module will rate each fund by important metrics such as total capital, daily ROI, total all-time ROI, and much more.
Investors can remain confident in the safety of their invested capital due to the segregated structure of funds. Each investor’s allocation is separated from one another, and kept separate from the manager’s equity — only the original investor can withdraw their investment from a fund.
New investors won’t have to sit back and watch more experienced traders rake in profits while they’re stuck getting liquidated or stopped out. Alternatively, traders with more experience who don’t want to be glued to a computer watching markets all day may opt to follow another trader and let them bring in the profits instead.
Regardless of the reason, investors who select the right fund to invest in using the Covesting module can open up significant opportunity for profit.
Covesting for Traders
Traders are incentivized to create and manage funds for investors to join in a number of ways. Not only will these traders be working with additional equity thanks to other investors joining the funds, the trader will also receive a portion of the profits generated by the investment made by each individual investor, further compounding the profitability of their positions.
Utilizing PrimeXBT and the Covesting module, these top traders can gain further notoriety for themselves across the trading community and earn even more profit doing what they are already doing on a daily basis. The Covesting module is extremely attractive for the upper echelon of traders, who can demonstrate a winning trading strategy that investors are eager to align with and invest in.
Covesting User Interface
When the Covesting module goes live on PrimeXBT, a new tab will be added to the platform’s dashboard. Alongside Account, Trade, and Information will be the Covesting tab. This tab will serve as the portal for investors to research funds, their ratings, positions and more, as well as the entry point for investors to join funds and latch onto the profits of professional traders.
The Rating section offers a helpful five-star ranking system, but also supplies granular details on important trading metrics such as total profit, daily profit, time active, performance, equity, and more.
Clicking on an individual fund will open up additional data as well as a performance chart. The ratings page also clearly outlines the profit-sharing breakdown, so both traders and investors can understand how their investment is allocated and can plan take profit and stop losses accordingly.
The Portfolio section is a window into the current positions and investment history of each fund. Pending exits are also located in this section, indicating the time remaining before the exit.
Additional performance data is available in the Portfolio section by clicking Manage next to each individual fund. In the screen that follows, detailed statistics are displayed, along with charts indicating profit performance and equity invested over time. This valuable performance snapshot is also where investors can add equity to the fund they’ve invested in, or close out their investment. Profit distribution is also clearly displayed, as well as the profit share allocations and anticipated profit.
The Create Fund section is where traders and fund managers can create a fund for investors to join. Anyone considering creating a fund will be required to close all open positions on their trading accounts, as well as any open orders, and that the trading account contains a minimum of 0.2 BTC.
From there, the fund can be given a name, and the initial investment allocation can also be made from the Create Fund section. After the fund has been created, the Create Fund tab will become the Manage Fund tab, which will now provide enhanced data on the fund’s performance, and provide the fund manager with a bird’s eye view of all assets under management. The fund manager, however, cannot access individual investors funds and are segregated from the fund manager’s equity.
Traders are also encouraged to input details regarding their trading strategies in order to entice investors to join the fund and contribute equity.
All of the module’s features will also be available at your fingertips through the mobile version of the website.
Follow PrimeXBT’s official channels to receive updates and be the first to test the Covesting module.