How To Become A Copy Trader: A Step-By-Step Guide
Recently, a story about a Covesting strategy manager made headlines all across finance for reaching a milestone 100,000% in total profits. They also made their followers more than $3 million dollars on their initial capital.
What has followed has been a mad dash to sign up to become a copy trader – either as a strategy manager or as a follower on the Covesting copy trading module. The demand has been enormous, but has led to the proliferation of even more strategy managers to follow who can potentially lead followers to success.
With the legendary trader now retired from the Covesting ranks, there is now even more demand for a copy trader to rise those ranks and create another story worth telling for generations to come.
Because we know you’re interested if you’ve read this far, here is how to become a copy trader using the Covesting copy trading module at the award-winning trading platform PrimeXBT.
What Is Covesting And Why Does Copy Trading Matter?
Covesting is the name of a world-class, regulated and licensed, highly reputable European fintech developer, responsible for some of the most interesting innovations in finance. They give their name to each of their products, representing a larger piece in the greater ecosystem the developers are envisioning.
The developers focus heavily not only on letting users make as much money as possible, but on protecting the capital of those users. Therefore, the fully transparent leaderboards within the Covesting copy trading module, provide granular details on performance on each strategy manager that followers can use to make informed decisions on how to choose.
Data includes insight on margin allocation, win to loss ratios, equity, and more. Followers can also set a stop loss or take profit on followings, and can follow several different strategy managers to build a risk averse and profitable trading portfolio. There is also a five-star rating system that puts extra emphasis on safety over ROI.
How To Become A Covesting Strategy Manager
It doesn’t take much to be a Covesting strategy manager, because the crypto market is about accessibility and acceptance. There are some requirements, however, to ensure that anyone signing up takes trading seriously and will be responsible with follower’s capital.
For example, strategy managers are required to deposit a minimum of 0.05 BTC to start an account, so that each user has enough skin in the game to keep them active and at the top of their games. Strategy managers will earn a cut of any success fees generated by successfully copied follower trades.
Strategy managers can bolster earnings by keeping more profit in their pockets, by staking COV tokens and activating up to a 30% trading discount no matter the trading pair – forex, crypto, commodities, stock indices, or otherwise. Strategy managers also get to gain significant fame, as other traders have come to find out when news breaks about their success. And with more fame, comes more followers and more compounding profits.
How To Become A Covesting Follower
Becoming a follower is even easier, requiring only a 0.001 BTC deposit. Of course, the more money deposited, the higher the potential earnings from successfully copied trades. Followers don’t have to do any of the technical analysis or managing of positions, but they do have some responsibilities to look out for.
For example, it is up to the follower to actively monitor the performance of their followings, much like they would manage their assets in a portfolio. If one strategy is significantly underperforming, it might be time to stop following. It is also wise to reallocate capital from winners much like you would with an asset portfolio to spread around risk and find more opportunities overall.
Followers have a near endless list of strategy managers to choose from, each with substantial total profits and a track record of success to look back at and confirm if it was just a winning streak or if the trader has serious skills.
Covesting Launches New Copy Trading Alternative
Although Covesting earned its reputation for excellence due to the Covesting copy trading module we’ve extensively covered here, the developers have also released a new way for users to access passive income. Users can stake idly crypto assets like ETH, USDT, and USDC for a return.
DeFi protocols like Uniswap and others require liquidity from users, and in return those users are issued rewards back in crypto as a variable APY. APY stands for annual percentage yield, and Covesting has developed a way to simplify accessing these popular DeFi protocols to access some of the best rates in the industry.
Variable rates reach as high as 10% and can be bolstered by as much as 2x by staking COV tokens. COV token staking also unlocks benefits for copy traders, so there is a ton of value to consider through COV token staking. COV tokens are more scarce than BTC, and the tokenmonincs offer token holders an unmatched value proposition and some of the best utility across the crypto market today.
Find Covesting Innovations At The Award-Winning PrimeXBT
All of these tools and features are available at PrimeXBT, an award-winning trading platform where users can trade crude oil, gold, silver, Bitcoin, the S&P 500, forex, and much more all from a single, secure account protected by bank grade security infrastructure.
PrimeXBT recently launched several new altcoins to their extensive lineup, including Dogecoin, Chainlink, Cardano, Uniswap, XRP, Polkadot, and Solana. These popular new assets join traditional assets like stock indices and commodities all on the same platform as the Covesting innovations outlined above.
With so much under one roof, users have a way to profit at every turn. The platform also regularly provides education on how to take advantage of such tools, do giveaways and other promotions on social media, and offer 24/7 customer support. A dedicated account manager offers a fully personalized experience, and the UI can be customized to your liking with widgets and more.