Leading cryptocurrency margin trading platform, PrimeXBT, has entered the social trading market with the launch of its new Covesting Module Beta.
This development represents a continuation of the innovation that PrimeXBT has brought to the market, and is undoubtedly one of the most significant developments for the social trading sector over the past few years.
Covesting Module Beta: Functionality and Legacy
In partnership with leading cryptocurrency exchange, Covesting, PrimeXBT has launched the Covesting Module Beta which allows experienced traders and new traders to work together to share knowledge and profits.
While many traders have the knowledge to develop reliably profitable trading strategies, there can be inefficiencies in the amount of profit that they generate, where higher profits could be generated, but are not.
As well as this, one of the great pitfalls for new traders is bringing their investment to market only to have their inexperience lead to losses.
PrimeXBT’s Covesting Module Beta solves both of these problems simultaneously by allowing for investment funds to be created by experienced traders, which can then be invested into by other traders in order to secure reliable profits, while boosting the revenues of those traders that launch the funds.
Covesting Module Beta: Advantages and Connection
By connecting these two groups of traders together, the PrimeXBT’s Covesting Module Beta allows for a wide range of advantages that would typically not be possible.
This includes the maximization of the profit that is able to be generated with successful trading strategies.
Simultaneously this also includes the advantage to new traders that risk can largely be mitigated, and even to the point of reducing it almost all together.
Furthermore, traders that use the Covesting Module BetA also enjoy the wide range of advantages of using the PrimeXBT platform as a whole, that includes low fees, bank-grade security, and a KYC-free environment for all.
Covesting Module Beta: Milestones and Developments
The release of the beta version of PrimeXBT Covesting Module is intended to allow traders to get used to the system, and to build a reputation and statistics prior to full launch in the future.
Initially funds are able to be created in the beta version, and the trades that are made by the fund owners are recorded and publicly displayed for potential investors to see. However in the beta version, investment into funds is not yet possible and this will be added in a future version.
As well as this, PrimeXBT have mentioned that Covesting’s COV token will be integrated into the system, further enhancing and incentivizing greater rewards and value sharing on the platform.
In Conclusion
PrimeXBT is an innovation leader within the cryptocurrency market, and have released a string of unique and powerful tools for the cryptocurrency market as a whole to use to generate profit.
The release of PrimeXBT’s Covesting Module Beta represents a continuation of this trend, and while at this phase investors are not able to invest into the funds that are created with the module, the statistics that will be used for them to make their decisions are being created by fund managers currently.
As time progresses, more features will be rolled out into the Covesting Module, with this new facet of the PrimeXBT platform being the most exciting new development in the social trading sector of the cryptocurrency market for many years.