CRYPTO CORNER #154
In today’s episode we review yet another great crypto service that could be very helpful to those who are not too experienced in trading.
I’m talking about Copy Trading – if you remember this was a topic of a few previous episodes of this video podcast and I keep finding more services that offer this, like the featured project today, so take a look:
The service is provided by an exchange called Prime XBT and there’s a very inspiring story that was published in NewsBTC this week, which I find very interesting.
A trader, on PrimeXBT, recently had a successful run that netted him a total return of over 1,800%. This is impressive indeed, but even more interesting is that through the copy-trading feature of Prime XBT, followers of this trader managed to profit from his successful run by turning a cumulative $400,000 into $8.5 million in a matter of just 4 days.
So, for those who aren’t clear what this means:
Copy-trading is basically choosing a person who trades on the exchange and who has good stats on his performance and following their strategy, or in other words copying what he does – whatever positions he opens and closes, and this is done on autopilot, not manually, you don’t have to stay glued to the screen waiting for the person to open or close a position, which allows less-experienced or completely novice traders to potentially profit from the success of those who have already proved their trading skills.
For the experienced traders PrimeXBT offers an attractive win-win solution and is very appealing due to the fact that 20% of all profits generated for the followers are paid as Success Fees to the strategy manager.
This copy traing feature at PrimeXBT is known as Covesting Module which they launched in partnership with a Europe-based, licensed DLT services provider and Business2Business software developer Covesting and now offers a few hundred trading strategies available for following. The total performance of the top ten strategies varies between 280% up to 5300% percent and this article from NewsBTC is showing us one prime example of such success in the face of a trader account going by the name Satoshi Bets who created a strategy that was copied by 37 lucky followers who joined from the start.
As we can see, he has achieved insane results and made a total return of over 1800% for himself and his followers, turning $400k into over $8 million definitely a life changing kind of money.
In this case PrimeXBT’s Covesting Module allowed not only those followers of Satoshi Bets to profit from his incredible run, but the trader himself managed to pull $1.7 million just in Success Fees.
Covesting community is buzzing as a result of this! Check it out for yourself.
There are plenty of gratitude comments by people who have never had successful trades before, makes me envy that didn’t know about this earlier to make such a good catch. I will try for sure.
The success for the followers of Satoshi Bets, and the trader himself, is evidence of the potential rewards that come from copy-trading and the use of a powerful platform, or module.
There is no need for financial or trading qualifications, as all the hard work and trading decisions are done by people who have made it their full time jobs. These types of modules have formed strong community trading environments as the traders themselves are also rewarded for their good work.
Following strategies on Covesting copy trading module of course involves a risk, please make your own research before following. The good news is that there are plenty of tools that will allow you to choose a strategy to follow based on your risk appetite and, There are also plenty more success stories like Satoshi Bets and his followers being shared by users in the PrimeXBT Covesting Module Telegram group.
Most of the successful strategy manager are active community members and the Covesting community is very supportive and engaged. There is no question that cannot be answered in their chat, so you should join the telegram group if you choose to test this feature for sure.
Now, a few more details about PrimeXBT – because they offer much more than just the copy trading feature. This is a Bitcoin-based margin trading platform, offering leverage trading with instruments from several markets. They offer up to x1000 leverage which allows to maximize profit potential and profit from both rising and falling markets – in other words longing and shorting assets, through CFD contracts (Contract-for-difference).
A contract for differences (CFD) is a financial contract that pays the differences in the settlement price between the open and closing trades.
CFDs essentially allow investors to trade the direction of securities over the very short-term and are especially popular in FX and commodities products.
CFDs are cash-settled but usually allow ample margin trading so that investors need only put up a small amount of the contract’s notional payoff.
Contracts for differences is an advanced trading strategy that is used by experienced traders and is not allowed in the United States and PrimeXBT is also not available to US customers.
You can set up a Trading account with a minimum deposit of 0.001 BTC to try out the platform, which will allow you to trade with up to 0.1 BTC worth of assets at once and their fees are some of the lowest in comparison to other exchanges:
- 0.05% for Cryptocurrencies
- 0.01% for Indices and Commodities
- 0.001% for Forex majors
One of the things I really like about them is that they do not require any KYC procedures that are exposing personal information. You only sign up with your email and if you want, phone number which is optional. As your email is the only form of ID at PrimeXBT, it is not possible to change account email so make sure you use the correct email from the start.
There’s a live chat support, which is also important as not all exchanges have such a quick response team.
They are a Bitcoin-based platform, this is the base currency, meaning that your account balance is held in bitcoin. Deposits require the standard 3 block confirmations, which is also good as it makes it faster than other exchanges where you have to wait for 6 or more confirmations. And there’s a welcome bonus available to new customers which is valid for the first 24 hours – if you deposit and start trading with at least 0.017 you can qualify for this offer which gives you a bonus of $200 to use in your trades.
There is no minimum or maximum required withdrawal amount and the withdrawal fee is 0.0005 BTC
They also have a 4-level affiliate program will allow you to invite friends, family and others to try out the platform. Affiliate partners receive payouts of up to 50% of trading fees paid by their referrals.
Currently, PrimeXBT offers leveraged trading of:
- Cryptocurrencies with up to x100 leverage on 7 pairs which you see here on the screen
- Indices and commodities with up to x100 leverage
- Spot Gold and Spot Silver with up to x500 leverage
- Loads of Forex pairs with up to x1000 leverage
So they cover a great variety of markets.
Other features on PrimeXBT include cross margin, customizable layout, professional charting package, advanced order types, secure address whitelisting and more, so these are the main features of the exchange but of course, the one that I am most interested in, is the Covesting Module – as you know, copy trading is on top of my list for passive income from crypto – I try to automate as much as I can to free more of my time instead of spending long hours in front of the screen, my time is limited and I have to automate as much as I can if I want to be able to run my other businesses and keep producing great content for you guys.
So, Covesting is one of these great tools for automation for both experienced traders and newbies. It involves significant risk, however. Do your own research and join the Covesting community, as they are very friendly and supportive. Choose among best performing traders and automatically copy their trading activity. Earn second income by allowing others to follow your trades.
You can use my promo code to get 50% welcome bonus on PrimeXBT with this link.
Please trade responsibly.
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🛒Where I buy crypto
- Bitpanda (bank cards & transfers accepted)
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The information contained in this article is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this video reflect solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
All information is meant for public awareness and contains what is already in the public domain. Please take this information and do your own research.
Crypto Jargon A-Z is the most comprehensive crypto dictionary (glossary) of all the terms, acronyms and slang that you will find in crypto guides, videos, articles and social media posts. Get more than 1000 terms compiled and defined in a simple way, and enhance your knowledge and understanding of the jargon you see every day. Available on Amazon (Kindle format): https://www.amazon.com/dp/B07Y9DT3H