Thread by @Mirc54067223

COVESTING

AN ITRODUCTION GUIDE TO $COV UTILITY TOKEN AND THEIR COPY TRADING MODULE ON @PRIMEXBT

#COVESTING #BITCOIN #ETH #FOREX #COMMODITIES #INVESTING #COPYTRADING

THREAD

1. $COV UTILITY

The COVESTING Token is an ERC20 utility token built on the Ethereum blockchain and designed to be used by members on the COVESTING platform.

Covesting aims to establish partnerships with third-party trading platforms and exchanges like PRIMEXBT.

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Every integration will include core COV token utility.

● Token Burn

● Trading Fee Reduction

● Improving Success Fee %

● Increase Following Limits

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- Increasing Following Limits

It limits the maximum number of unique followers or impose capital limitations. Staking COV tokens will unlock additional followers and raise capital limits.

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- Improving Success Fee %

Followers will be able to increase the % of success fees in their favour by staking COV tokens and taking advantage of its utility.

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Meaning, by staking X number of $cov, the platform success fee will decrease by 10%

Platform fees: 20%,15%,10%,5%

Will Become: 10%,5%,0%,0%

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- Strategy Trading Fee Reduction

$Cov Staking Fee Reduction tiers will range from 10% to 100%.

The Trading Fee Reduction aims to build a bridge for traders on Primexbt to consider permanently trading on Covesting.

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- Cov Token Burn

The burn will occur regularly once per month to quarterly and bought on the open market after calculating and excluding affiliate earnings, fee discounts, and other revenue impacts.

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The core utilities are imo carefully calculated and connected with platform features to bring as much utility and value to the token as possible.

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PRIMEXBT utility integration will include the ability to buy, deposit or withdraw COV.

Utility staking won’t be easily abandoned since you will need to withdraw Cov to a spot exchange to sell it, therefore encouraging holders to keep it on PrimeXBT.

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If I am speculating how the Cov buy function will work on PrimeXBT, I would say it will use third party market buy via Kucoin cov/btc pair.

Exact details on how this will work will be provided by Covesting when utility is implemented.

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2. COVESTING ON PRIMEXBT

Covesting roadmap for the nearest future includes:

● Stop loss for followers

● Updated ratings logic

● Strategy description editing

● Additional risk metrics

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Tips for following strategies

Anyone investing, needs to be critical of the funds they intend to invest into. Be sure to check what margin the fund is using, the lower the number shown, the more risk there is of getting liquidated.

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You can use different strategies to profit from following successful traders.

Scalping has proven to be very effective for some users.

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-Creating a strategy on Covesting

If a successful longevity strategy is maintained on Covesting, it can be extremely profitable for traders.

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Success fee from their follower’s equity is 20%.

This gives traders another incentive to choose Covesting over any other margin trading platform.

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3. IS COVESTING LEGAL?

COVESTING is a fully licensed distributed ledger technology services provider.

In October 2018, COVESTING limited officially received their DLT License from @gibfsc

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Their license status can be checked here:

fsc.gi/regulated-enti…

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4. WHO IS THE TEAM AND WHAT IS THE FUTURE PLAN FOR COVESTING?

"The most efficient, transparent, scalable peer-2-peer solution for traders and investors.
plug-in-play b2b feature, with integrated cov token.''

- CEO Dmitrij Pruglo

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The Founder and Co-founder both come from the banking sector, their bio can be read here:

covesting.io/about

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If you have any additional questions regarding COVESTING module or $COV
You can join our Community telegram :

t.me/joinchat/GjGAa…

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