I’m sure you must have heard about many copy trading platforms and how they help place successful trades and increase the quantum of profits. 

In today’s blog, we will discuss one of them, PrimeXBT’s Covesting, a little different platform compared to the rest that offers a stress-free trading environment and a higher success rate. 

So, let’s understand in detail what a Covesting platform is and how it functions. 

PrimeXBT’s Covesting Review

The Covesting platform is an innovative copy trading platform that connects traders with followers and allows them to copy traders’ successful trading strategies and profit alongside one another for mutual gain. 

In the above setup, the traders earn a part of the profit (success fees) from the follower’s equity, thus making the whole system rewarding for all the participants.


How is Covesting different from other platforms?

Compared to other platforms, Covesting has a very transparent operating structure. It allows traders to showcase their trading strategies’ results and efficacy in front of the public, enabling fair competition with other traders. 

Based on the results, a follower can follow or unfollow the trader to enable or disable the copy trading feature. 

For traders, every increase in the follower’s count helps them make more money in the form of success fees from profitable trades. 

Other features include:

  • Can trade over 50 instruments, including Cryptocurrencies, FX, commodities, CFD, indices, and many more
  • No limit on the number of trading strategies you can use
  • Ease of use- no prior experience need to copy trading strategies
  • Secure and reliable platform 

Recommended Read: PrimeXBT tutorial for beginners

How to Start Using PrimeXBT’s Covesting Platform?

  • First Step

Create a free account with PrimeXBT exchange by inserting your email id, password, and mobile number. Verify the account by confirming the link sent to your mail-id, and now you can access the account. Additionally, you can use PrimeXBT coupon code to get welcome bonus. 

  • Second Step

Now, fund your PrimeXBT trading account to start the trading activity. You can fund your account in two ways, either through credit/debit cards or Bitcoin transfers. 

The whole transfer process takes less than 5 minutes. The minimum deposit amount on the PrimeXBT exchange is 0.001BTC. If you are using a credit/debit card, the transaction processing fee would be around 10% of the deposit amount. 

  • Third Step

Go to the Covesting Module from the dashboard. From here, you can follow the traders based on the performance of the trading strategies. To copy a trading strategy, you need to click “FOLLOW” to start trading. Now, you need to fix the BTC investment amount you want to invest in a particular strategy. 

One of the great benefits of using the Covesting platform is that it doesn’t block away from your funds. As soon as you stop following a trading strategy, the funds automatically get reflected in PrimeXBT’s trading account, which increases its reliability as a platform. 

To know further, you can go through this guide on how to make money with PrimeXBT’s covesting.

Do Covesting charges any fees for executing trades or following trading strategies?

Yes, there are fees associated with new followings on the Covesting module. The trading fees are collected as per the rates of the PrimeXBT platform.


The Covesting module has introduced a 1% entry fee for all new followings, but you can waive the entire fee by activating the COV utility token. COV is the native token of the Covesting platform. You need to pay 88 COV; you can get a 100% discount on the entry fee for a period of 30 days.

Strategy managers can also get a discount of 25%, 50%, and 75% on trading fees by paying a fixed amount of COV tokens. 

We will discuss more on the utility of COV tokens in the latter part of this article.

Recommended Read: Which crypto exchanges are registered with SEC?

What is the success fee rate on the platform?

The success fee rate is split between the follower, the strategy manager, and the platform. 

The profit share amount does not depend on the final amount (amount invested + profits) but only on the initial invested amount. This is because the final amount is more than the initial investment, and sometimes it can jump to a higher level and reduce the profit-sharing percentage. 

For example, you’ve invested 0.5BTC, but the final amount is 0.55BTC. In this case, the final amount is falling in the higher range, where the follower gets to keep a higher share of profit. 

How to Filter Successful Trading Strategies on Covesting Module?

Covesting has made copy trading very transparent and easier for users to select the winning trading strategy and lower costs.

The following are the Covesting features that help you to filter and pick the winning strategies:

  • The first thing is to look for traders (strategy managers) with higher ratings. It helps to filter the traders from the long list initially. 
  • Now, look for traders that are generating consistent profits and have a higher number of active days. You can easily find all the traders’ performance graph and the number of active days from the list. A higher number of active days reflects the trader’s consistency and generates consistent profits for a longer period. 
  • Third, look for strategy managers with high equity, meaning the trader himself has made a higher fund allocation to his trading strategy. This indicates the trader’s confidence in the trading strategy and will also evaluate the associated risks. 

Rather than depending on the follower’s count and their equity base, always focus on the strategy manager’s performance to increase profitability and lessen the risks. 


COV Utility Token

COV is an ERC-20 utility token of the Covesting platform designed especially for the copy trading platform. It offers many benefits to the token holders in the Covesting platform like:

  • Improving the profit split percentage in favor of follower
  • No entry fee for follower
  • Trading fee discount for strategy managers

Economics of COV Token

  • The limited supply of 18 million coins in circulation
  • The Covesting platform holds 50% of the coin.
  • Over a period of time, the Covesting team will burn a portion of the fee generated by the Covesting copy trading module, thus reducing the COV token supply.


Following the review, it can be said, Covesting has simplified copy trading to a great extent and has made it accessible to every category of traders, including beginners. And, coupled with its attractive incentive structure, Covesting definitely stands apart from the rest.

Some of the strong points of the platform:

  • Easy sign-up
  • Wide range of trading strategies to select from
  • Can easily follow a trading strategy and fix the initial investment amount
  • Faster deposits, transfer, and withdrawals
  • Attractive incentive structure
  • Support

In short, through the Covesting platform, you can trade like a Pro and make some serious gains while managing the risks effectively. Also, you can participate in different contests via PrimeXBT contest module to earn extra rewards.

Sudhir Khatwani