21 Oct 2021 · 3 min read

Copy Trading Strategy With 98,911% Return: Possible with Covesting

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Bull runs are always a happy time for traders and investors alike, especially if both prefer long positions. Still, there are profits, and then there are real profits, like the ones that quickly attain a legendary status. After a short while, those who did not see the latter happen in real time start to doubt the existence of this sort of potential. Alternatively, it becomes every trader’s white whale, almost within reach but almost certainly unattainable. That is, until the birth of copy trading. 

Derivatives exchange PrimeXBT offers Covesting, a copy trading module that lets users find and follow trading strategies of the best traders out there. On the other hand, traders who believe they have a few tricks up their sleeve and want to share them with the world can do so and receive rewards for it. One such trader is ChamelX, whose trading profits went up an incredible 98,811% in three months and amassed more than a thousand followers before closing his account. However, before that, his followers made more than USD 1m thanks to his savvy investments—and being able to tell that he was the strategist they wanted to follow. 

Covesting relies on a community-driven approach, where all participants are incentivized to use the platform for the best: strategists receive extra profits off the traders that choose to follow them as a reward for sharing their skill and expertise, while less experienced traders can learn from experts on a practical basis. This way, there is no need for external matchmakers or centralized institutions of power that would otherwise be needed to mediate. Not only does this improve the overall performance by speeding up processes, but it also brings security to a whole new level by removing unnecessary third parties. 

How to tell which trader you should follow? It’s actually quite easy—you can simply see every trader’s performance on Covesting, as well as any other relevant data: active time, number of followers, and their plus their followers’ equity, which means you can tell how much each participant has at stake. 

At the time of writing, the best performing trader on Covesting was RideTheWaves, who had a total profit of 1,184% within 26 active days, and 613 followers following him with almost 7 BTC among them. While this may not sound like much, at a price of 62.5k per BTC, this is close to half a million US dollars between them. 

On the other hand, you may prefer someone who has been around for longer and going steady within that time. BitcosaurusApp is one such trader, active for almost a full year and doing consistently well, with more than 500% in profits and 21 BTC between 1378 followers. They also state their strategy, which is “based on sentiment [and] long/short squeeze indicators.” 

Finally, if you’re unsure who to lay your bets with, you can always open several positions. If you’d rather play it even safer, you can take a few days to monitor the performance of the traders you’re interested in before making a decision—in fact, doing your own research is always strongly encouraged within the crypto sphere. Happy trading!

PrimeXBT has prepared a special offer for their new customers: they will get 50% of their first deposit credited to their account as a bonus that can be used as additional collateral to open positions!

Don’t forget to join PrimeXBT / Covesting telegram community to find more information about the Trading terminal, Copy trading module and how to save up to 25% of your commission with COV token and other token utilities!