Covesting, a copy-trading module available from Bitcoin-based trading platform PrimeXBT, has become a popular tool in the growing cryptocurrency trading space thanks to its ease of use, and potential profits.
The crypto trading space is one that has a vast number of experienced traders, but also an influx of new and inexperienced ones. These traders are looking to make their mark in the crypto space, but it is not simple for everyone, even those with previous traditional trading experience.
The benefit of Covesting, and the copy-trading process is that the difficulties of making good crypto trades and the anxiety that comes from it in a highly volatile market is lessened thanks to the major decisions being left to the experts, but to the benefit of the trader.
There are three major ways that Covesting can help improve your crypto investing, starting right at its core, with the simplistic design and structure.
#1 Leave It To The Experts
The manner in which the Covesting module is set up on PrimeXBT allows traders of all levels to pick and choose their preferred trader and then for that professional trader to make the trades for the user. At its core, this simplistic module is highly effective as the professional trader is of course incentivised to perform well as the trades they make are with their own money, plus, and successes they see will also earn them more money.
Furthermore, successful professional traders are on display and can attract users to them. For the users, there is the chance to get behind a trader on a hot streak and to lean in on their successes. For example, one professional trader saw gains of 1,800 percent in four days, earning big gains for those that followed him with very little effort from the users’ side.
#2 Learn The Ropes
Covesting and copy trading has shown to be a great way for new traders to enter the market. And, with the cryptocurrency trading market continually attracting brand new traders, and those from traditional markets, there is an opportunity to ramp up your learnings with Covesting.
The ability to see a professional trader at work, with your own vested interest and money on the line, is a great way to learn how things are done in the cryptocurrency space. Following traders who are experienced, and successful, soon highlights the good practices that lead to further success for new traders to quickly pick up
#3 Hedge Your Bets
Another way in which Covesting can improve your crypto investing is that it can offer you the chance to have multiple, professional, trading strategies on the go at the same time. Everyone has a different approach to trading, especially in the volatile market of cryptocurrency, so it pays to back a few different traders.
You may choose to back a very bold and risky trader in the hopes that they come in with some quick and good gains, but you can also split up your capital and back a trader that has a proven record over longer, more steady, periods of time.
Backing different traders means that if one fails to be a success at your chosen time of backing, you still have other opportunities to cash in with another trader you copy.
Crypto trading is a very new phenomenon, and is continually growing and becoming more popular. This means that there are a lot of new people entering the space, and also a select few who are experienced and very good at what they do.
Putting your trust in these traders through Coversting is a good way to let experts try and make you money and to be more of a success in crypto trading while you learn the ropes. It is also a good way to manage your risk and to keep on top of the trends while you potentially make good profits along the way.