PrimeXBT Adds COV-Denominated Accounts: What Traders Need To Know

Late last year, European fintech developer and PrimeXBT B2B partner Covesting revealed their roadmap for 2022 and, with it, a variety of new updates and utilities that would further improve COV token utility, value, and functionality.

However, this week, one of the most appealing new features planned for COV was officially launched on PrimeXBT. Here is everything you need to know about all-new COV-denominated accounts on PrimeXBT and what they have to offer.

PrimeXBT x Covesting: A Brief Retrospective

Covesting and PrimeXBT‘s ongoing partnership has been a match made in heaven. PrimeXBT offers world-class trading tools, assets, and infrastructure. It is also home to Covesting’s many software innovations, such as the copy trading module. The natural connection between PrimeXBT and Covesting led to the addition of an ERC-20 wallet for COV deposits, which token holders were then able to use to activate Advanced, Premium, or Elite memberships.

These memberships enable account-level utilities that scale with each tier, further improving things like individual following counts, profit share, or trading fee discounts. COV memberships also can increase the APY rate on staking through yield accounts. But more flexibility for the COV token and holders was just added.

COV-Denominated Accounts Debut At PrimeXBT

As of today, COV token holders can deposit and open two types of COV-denominated accounts on PrimeXBT: margin trading accounts and Covesting copy trading module strategy manager accounts.

Utilizing COV as an asset to open a strategy manager account makes sense for the community, considering many users already hold COV tokens to activate memberships. It also enables followers to follow these COV-denominated strategies and earn more COV in the process. Setting up a COV-denominated strategy account is as easy as any other account, except COV is selected as the chosen asset for collateral.

COV can also be used as collateral for COV-denominated margin trading accounts, offering access to a massive slate of trading instruments under one roof. PrimeXBT has a wide range of cryptocurrencies; major, minor, and exotic forex currency pairs; commodities like oil and gas; popular global stock indices, and more.

Roadmap Promises More COV Incentives Coming Up

The Covesting roadmap update that first called attention to the COV-denominated accounts also teased several other significant incentives that have yet to be activated, but traders can still look forward to down the line. By utilizing COV-denominated strategy manager accounts, strategy managers will get a 25% revenue share versus the standard 20% regardless of COV membership tier.

COV-denominated followings will also earn their returns back in COV. Future incentive updates will boost the profit share from 65% to 75% and again is not dependent on any specific membership tier.

By making COV more attractive to use over other assets, it will, in turn, increase demand for the utility token and benefit the entire Covesting ecosystem and community. Covesting and PrimeXBT also plan to enable COV as an asset for staking within the APY-generating yield account tool.

The Full Suite Of PrimeXBT Features

Yield accounts and the Covesting copy trading module are only scratching the surface of what PrimeXBT has to offer above the competition. The main course is margin trading of all of todays most popular trading instruments under one roof, complete with the most advanced trading tools available.

Traders have access to built-in technical analysis tools so they can plan a detailed strategy without ever having to leave the platform. Strategies can even be backtested with no risk within the Contests section of the platform. Users can join a no-stress trading competition using virtual funds, with USDT prizes up to $5,000.

Contests, charting tools, and so much more are among the many ways PrimeXBT caters to novices and professionals alike. There is also an official blog packed with tips and guides, and the social media presence is highly active and regularly engages with users.

The platform itself boasts as much as 99% uptime and some of the strictest security protocols in the crypto industry. Assets like COV, BTC, ETH, USDT, and USDC are protected by cold storage, and accounts feature additional protections like two-factor authentication and address whitelisting.

Conclusion: COV-Denominated Accounts Now Live

COV-denominated accounts are now live at PrimeXBT. COV token holders can immediately take advantage. Other users can purchase COV using the PrimeXBT exchange tool by swapping BTC or ETH for COV.

The PrimeXBT experience is robust all on its own, but with these COV token features added, it is a force to be reckoned with.