The COV token. You might have heard of it in the past as being a true utility token, where the cryptocurrency is used only natively within an ecosystem of products that also bear the Covesting name. The COV token is also much more than that, as it is the key to unlocking extra wealth that other users of the platform cannot fully access.
Here is an in-depth guide on the COV token, what it does, what it offers to token holders, and the various utilities it unlocks.
What Is A Utility Token?
Utility tokens are a cryptocurrency that is designed to be used or spent to provide access to or certain benefits within various products, programs, or services. Utility tokens aren’t designed for use as a global payment currency or as an investment vehicle, but instead immediately unlocks additional value for token holders within the products and services it is native to.
What Is The COV Token?
The Covesting (COV) token is an ERC-20 token that was created from day one for use within the Covesting ecosystem of products and services. The token, and the tools within this ecosystem all bear the name of the licensed and regulated fintech software developer Covesting. The name on their products is essentially a seal of quality or a stamp of approval that the tool being used is worth the trading community’s time and capital, and utilizes the COV utility token.
What Are The Covesting Products?
Covesting is known best for its copy trading module, but more recently launched a yield generating tool that we will also review in this guide. Here is a closer look at the two tools:
Covesting Copy Trading
- The Covesting copy trading module was the original idea that the COV token was created for, and the first major development to be launched by Covesting.
- Covesting chose to launch the copy trading module on PrimeXBT as part of an ongoing B2B partnership, because PrimeXBT offered the trading tools that made copy trading possible, such as long and short positions.
- The copy trading module was launched initially without COV token integration to focus on the experience itself, but was later introduced and integrated throughout.
- Covesting copy trading offers two types of accounts: strategy managers and followers. Strategy managers need to start with at least 0.05 BTC to begin. After that, it is on them to become profitable through trading and attract followers to their strategy.
- The more a strategy manager rises the ranks via total profits, the more followers they will attract. Strategy managers can also share their accounts with friends and family to get started.
- Followers must sort through hundreds of strategy managers who regularly show their skills through total profits and their ranks within the fully transparent global leaderboards.
- Followers can view success and risk metrics that allow them to make informed decisions on who to follow.
- Followers can also follow multiple strategies to build a risk averse trading portfolio that is geared for success.
Covesting Yield Accounts
- Covesting yield accounts lets PrimeXBT users stake idle crypto assets right from within their secure wallet account and access up to 10% APYs.
- Covesting yield accounts generate a variable APY, called an annual percentage yield. This rate varies based on market conditions such as volume and demand.
- The tool connects users directly to top DeFi protocols such as Uniswap, Compound, Curve, Yearn.Finance, and others.
- Covesting and PrimeXBT promise more DeFi protocols are on the way and so are CeFi platforms to provide users with more variety and access to the best rates possible.
- Crypto assets ETH, USDT, and USDC can be staked within just a few clicks, and can be stopped at any time.
- APYs are paid out as crypto rewards back into the staking account for compounding returns. When the staking is stopped, funds are returned to the PrimeXBT wallet.
- Covesting yield accounts make DeFi accessible for the first time by removing all the technical requirements that normally come with connecting blockchain wallets to dapps.
What The COV Token Unlocks
The COV token is integrated into both of the above tools. COV token utilities can be unlocked by staking COV tokens, which can be purchased by exchanging BTC or ETH for COV within the PrimeXBT wallet exchange tool. COV utility tokens can also be found on Uniswap or Kucoin.
The more COV tokens that are staked, the better the benefits for users. Benefits are unlocked according to Advanced, Premium, and Elite membership levels.
- Advanced accounts are unlocked at $3,000 worth of COV tokens, and provide users with a 2% profit share increase, a 2x increase on following limits, a 1.25x increase on yields, and a 10% discount on trading fees. New following entry fees are also eliminated.
- Premium accounts are unlocked at $10,000 worth of COV tokens, and provide users with a 3% profit share increase, a 3x increase on following limits, a 1.5x increase on yields, and a 20% discount on trading fees. New following entry fees are also eliminated.
- Elite accounts are unlocked at $50,000 worth of COV tokens, and provide users with a 5% profit share increase, no following limits, a 2x increase on yields, and a 30% discount on trading fees. New following entry fees are also eliminated.
COV token staking is optional, but clearly provides the most benefits for users of the platform.
How COV Token Can Make You More Money Faster
At any level, the COV token boosts profitability across the two primary Covesting products and services available today at the award-winning PrimeXBT. It is the key to unlocking the most wealth whether or not you know how to trade oil, forex, crypto, gold, or any of the other assets that Covesting traders have at their disposal.
Covesting copy trading and yield accounts give traders the alternatives they need to become profitable, and the COV token lets those very same users make money much faster when combined with the two tools.