PrimeXBT offers an interesting opportunity to copy the trades of other traders. Everything is relatively simple and with a few clicks. Even PrimeXBT does not require KYC authentication after anyone so everything is anonymous. In this tutorial we will look at how to work with PrimeXBT covesting.
Once we have the deposit made, we can go to the section itself Covesting which can be found in the menu.
Now in the window we will find several strategies that we can connect to. Before we begin, let’s explain what we find in the left menu and how to handle this product.
How to work with PrimeXBT Covesting?
It should be noted that trading is very risky, not to mention if someone else trades in your capital. Yes, it is true that not everyone has time to trade and does not have such good stock trading. But that’s why we have funds or ways to copy other traders. However, it is necessary to do a proper analysis of the strategy in advance and, preferably, to monitor performance for some time and only then invest. Let’s not forget that no one wants to lose hard-earned money.
But back to the guide. So what can we find in the left menu and how to know it here:
Rating: a list of all the strategies we can copy. The rating assesses various factors. We can even choose ourselves according to which we want to organize the given strategies. We can organize strategies by profit, volume, or rating. The latter rating takes into account several factors and helps us determine whether the strategy is good or whether the trader was just lucky and not really profitable.
Portfolio: Here we find all our open and closed strategies; where we have or have had money. Here we can even manage our money in given strategies.
My strategies: Here we can create our own strategies. Of course, we only recommend experienced traders who have a capital of several thousand euros and know how to trade well. Otherwise, I don’t see any point in that.
Yield account and My COV: These are two new sections that are practically still being created. Related to PrimeXBT coin COV. It will probably be about staking this coin, which will be launched soon. Our team applied for staking earlier this year. But no one has contacted us yet, so we are waiting for this service so that we can evaluate.
How to join?
We have to go back to the section again rating, where with each strategy we have the opportunity to follow. Of course, before copying a trade, we have to have some capital on the PrimeXBT exchange.
We will now choose how much we want to put into the strategy and look at the fees we have. We will accept the conditions and invest capital in the strategy. Then we can watch her do in the section my portfolio.
We have different fees for copying traders. It is a share in the profit, which or the stock exchange, respectively. the strategy creator himself. The investor needs about 65 to 75% of the profit. It depends on the amount of the deposit. The rest is shared between the exchange and the strategy provider.
Copy trading is a relatively high-risk instrument. We need to consider carefully what strategy we will put the money into. Otherwise, we can lose them very easily.