Covesting aims to bring a copy-trading platform to cryptocurrency markets. Find out how the platform works today in our review.
Covesting, found online at Covesting.io, allows investors from around the world to compare the performance of hundreds of professional crypto asset managers, then mirror their trades automatically.
Have you ever wondered what kind of trades today’s top crypto traders are making? With Covesting, you can follow these traders, match their trading activity, and earn similar profits yourself.
Overall, Covesting aims to help investors and professional digital asset managers find each other. The goal, according to the official website, is “to help investors from around the world enjoy professional asset management services, by bringing a copy-trading platform to the digital currency markets.”
The Covesting pre-ICO and ICO are taking place throughout October and November. You can buy COV tokens during the crowdsale.
Let’s take a closer look at how Covesting differentiates itself from other copy-trading platforms on the market – because it’s not the only one out there.
About Covesting And How It Works
Covesting allows users to browse through dozens of trading strategies created by professional digital asset managers. Then, they can subscribe to the trading strategy that matches their goals.
Investors can get an overview of each strategy, access real-time and historical trading performance for that strategy, read reviews, and ask questions about the strategy.
You don’t have to lock yourself into one single strategy. Investors can subscribe to up to 20 different trading models. You can also individually manage risk for each allocation.
To track performance, you can access consolidated, real-time reporting to get a full picture of all of your investments at any time.
Meanwhile, asset managers can benefit from the platform by focusing on their trading activities. Instead of worrying about acquiring clients or marketing themselves online, asset managers can focus on what they do best.
Any trader can become an asset manager. To start, setup a trading model, then earn additional income by allowing others to copy your trades. As you become more successful, you’ll naturally rise to the top of the Covesting platform.
Model managers have access to a variety of reports about every aspect of trading, revenue, and subscribers – all in real time.
The end result is a marketplace where individual cryptocurrency traders and professional fund managers are brought together, with all sides enjoying benefits. Investors can choose from a range of strategies, while traders can access new audiences and income sources.
Features And Benefits Of Covesting
- Trade like a professional, and follow the best traders to enjoy similar gains
- Monitor your portfolio, analyze performance, and stop subscribing to a model at any time
- Enjoy safe investing; you retain control of your funds at all time, and there’s no need to transfer funds to model managers
- Traders can setup a trading model and continue trading exactly like they do every day while enjoying additional benefits
- Traders can rise to the top of the Covesting platform by consistently making smart, profitable trades
- Traders can earn 18% success fees from all profits generated by investors
Covesting charges a 10% commission on all profits generated by investors on the platform. Traders, meanwhile, enjoy 100% profit – they don’t need to pay any fees. The investor pays all the fees.
In total, investors will receive 72% of profit generated by the platform. 10% goes to the platform, while 18% goes to the trader as a “success fee”.
There’s also a 2% entry commission, charged every time an investor deposits funds to their account.
The Covesting website doesn’t mention any other non-profit-related fees. So it appears you only pay when your portfolio is gaining money (aside from the 2% deposit fee).
How Does The COV Token Work?
The Covesting token, or COV, is an ERC20 token and smart contract system built on Ethereum. It’s used for transactions on the Covesting platform.
Members buy COV tokens in order to subscribe to one or more trading models offered by model managers (traders) on the platform. As volume grows on the platform, the value of COV tokens is expected to grow.
COV token holders receive commission from the platform. The 2% deposit fee and 10% platform commission mentioned above are deposited into a “Covesting Asset” contract, which is expected to push the value of COV tokens higher.
The Covesting (COV) Token Sale
The COV pre-ICO is scheduled for October 20 to November 19. During the pre-ICO, 1 ETH = 300 COV. There will be a maximum of 1.5 million COV distributed during the token sale. The pre-ICO has a minimum contribution amount of 0.1 ETH.
The main ICO, meanwhile, is scheduled for November 24 and will last for 30 days. Covesting has a hard cap of 100,000 ETH for the token sale.
The ICO rate starts at 1 ETH = 200 COV before dropping to 1 ETH = 130 COV by the end of the token sale.
By the time the platform launches, tokens will be available for purchase at a price of 1 ETH = 100 COV.
Who’s Behind Covesting?
Covesting is led by founder and CEO Dmitrij Pruglo, a finance and investment banking specialist with 12+ years in equity, derivatives, and FX trading.
Other key members of the team include Timofej Voronin (Co-Founder and COO), and Sergey Sevantsyan (CIO and CTO).
The company launched in Q1 2017, then published its whitepaper online in September 2017. By November, they aim to launch a prototype version of their platform, with the first copy-trading services available in December. The beta version of the platform is scheduled to launch in February 2018.
Covesting Review Summary
Covesting is a copy-trading platform where investors can match the trading activity of top cryptocurrency traders in exchange for a fee. Investors pay a 28% fee, with 18% going to the trader and 10% going to the platform as commission. They also pay a 2% fee on deposits into the platform.
Investors only pay a fee on profits generated by their copy-trading activity.
The Covesting ICO is taking place throughout October and November. To learn more about the copy-trading platform and its COV token sale, visit online today at Covesting.io