The blockchain revolution is bringing new perspectives into modern commerce. It is a common saying that wisdom can only be gained through experience and the same goes with investment too.
It is commonly accepted that the art of making the right investment at the right time can only be learned by prolonged experience in the market and with some necessary hiccups.
This is true for every investment-based market, like stock exchanges, the forex market and even cryptocurrencies. Covesting, a new cryptocurrency copy-trading platform, aims to challenge this paradigm.
Cryptocurrency trading is something different entirely. The market is so complex and volatile that one person or approach can never claim that they are experts. Continuous learning and realigning is much needed to make it in the crypto world. This is where Covesting comes in.
Covesting is a new copy-trading platform based on the Ethereum blockchain’s smart contracts feature. It envisions a ground-breaking portal in which investors from around the world can see different cryptocurrency trading strategies at work live and mirror their trades automatically without having to concoct a personal strategy from scratch.
“Covesting is bringing a time-tested solution of peer-to-peer asset management to the cryptocurrency markets,” said Dmitrij Pruglo, CEO and ideologist of Covesting project. “Social trading model works really well in traditional markets, so we are confident that copy-trading platform for crypto will also become a widely used solution among traders and investors.”
Why Was Covesting Started?
Because people are always unsure about where to start investing and how to set it up. Covesting is fast-track and innovative approach to all those who want to invest in cryptocurrencies.
Users can take advantage of the following functions on the new platform:
- Browse through a dedicated list of all cryptocurrency trading strategies in place by successful traders and subscribe to one of them. Users can mirror their portfolios automatically at the press of a button instead of doing all the painstaking research behind each approach;
- Users can access the performance of these strategies live and see how they are doing on the market. Users can learn the art of devising an even better strategy just by looking at the previous ones;
- Each investor can subscribe to a maximum of 20 different models at one time allowing users to switch to the one showing more promise at a certain period. There is individual risk management for each of these models;
- Users can see a full picture of all the investment market through these channels. They can even start their own strategy to attract followers and learn from others in a continuous loop.
So, the new platform is not just useful for newcomers in the crypto trading universe. It is equally beneficial for seasoned traders because the market is ever-evolving, and the benefits for sharing knowledge have the potential to be exponential. You cannot expect to survive without learning continuously.
In order to develop the platform within the shortest period of time, Covesting team has decided to go for Initial Coin Offering (ICO). Covesting token is an ERC20 token and a smart contract system built on the Ethereum blockchain, and designed to be used by members within Covesting platform.
Members can buy COV tokens in order to follow one or several trading strategies, provided by the traders on the platform. Thus, demand for COV correlates with the copy-trading volume on the Covesting platform.
As the platform develops over time, more and more investors and professional traders will join the community, automatically creating strong demand for COV tokens and positioning it for multiple digit price increase.
The company is undergoing an ICO in the coming month of November and it will officially take off from on November 24th, 2017, lasting 30 days. You can read the whitepaper here.
There is also a pre-ICO that is taking place right now and it will last till November 19, 2017. There is a hard cap of 1,500,000 COV at the Pre-ICO level and 1 ETH will give you 300 COV tokens. In the ICO, the hard cap will be at 15,000,000 and the coin price ranges from 200-130 COV.