In the tech world, platforms are always looking for a “killer app” that delivers the actual value proposition the platform claims to be all about in its sales pitch. In trading, such a situation has just unfolded, where a top-ranked strategy manager did precisely what the platform was pitched from the beginning to do: make followers rich.
The platform is the Covesting copy trading module, and the story focuses on a strategy manager going by the name of ChamelX, who has amassed a staggering 100,000% profits. Of course, that alone is the type of thing legends are made of, but what they’ve been able to do for their followers is ultimately the actual value of the Covesting copy trading module.
Let other traders do the work for you. Novices and newcomers can sometimes bypass the early losses markets can bring by copying the trades of strategy managers who show success in the leaderboards.
These are the types of statements the Covesting developers and PrimeXBT would convey in their marketing or social media messaging. As an outsider looking in, it is easy to see the appeal and buy into the idea. However, following a trader that you can see the performance of and make money by copying them rather than doing technical analysis and the heavy lifting yourself is an excellent sell in this day and age.
ChamelX, the trader who has now earned more than 100,000% ROI in just over three months, has also made their followers more than 53 BTC in that same timeframe.
Considering the initial follower’s equity of only 14K BTC or about $867K currently and the total follower’s equity now of 67BTC and $3.9M, this means the 53BTC gain is roughly worth $3,058,000!
Fully transparent performance metrics are always available for followers to find top-ranked traders, traders with high ROI, or traders with a commitment to safety which is highlighted by the five-star rating system. The five-star system focuses on win-to-loss ratio, trading turnover, margin allocation, and more to ensure only the strictest trading systems are awarded the honour.
Other top followers have four and five digits in total profits, and the peer-to-peer trading community is continually growing. The Covesting ecosystem is also constantly evolving, with the developers and PrimeXBT having also recently released Covesting yield accounts.
Yield accounts offer a variable APY on idle crypto assets stored on PrimeXBT and is another way users can try to earn income passively in addition to copy trading. In addition, both Covesting yield accounts and copy traders can benefit from COV token staking, which boosts APY rates by as much as 2x, and enables exclusive utilities for followers and strategy managers.
Staking COV tokens can improve profitability overall by reducing trading fees for strategy managers, and bolstering followers’ earnings by improving profit share, following limits, and eliminating new following fees.
Currently, ChamelX has reached the max initial following equity limit. Still, the trader claims to be opening up an ETH and USDT version of their strategy on Covesting, and the leaderboards are filled with hundreds of other traders waiting to take the top spot from ChamelX eventually.
This is an advertorial post, and the InvestingCube editorial team did not write it. Make sure you do your own research before you invest. Losses can exceed deposits.
This post was last modified on Oct 25, 2021, 15:56 BST 15:56