The cryptocurrency bull market is showing signs of continuation, and slowly but surely, interest has begun to pour back into the crypto industry with asset prices ballooning and services once again filled with eager users looking to make a buck.
Because demand and trading volumes are returning, it also means a return to the higher APY conditions that the DeFi protocols connected to Covesting yield accounts were previously known for. It also means that the rates on Covesting yield accounts themselves are beginning to ramp up, at the exact same time as the recently launched service begins to gain more traction and momentum in the market.
Here is everything you need to know about Covesting yield accounts, the uptick in rates, why this is happening, and what to expect from the latest solution from the innovative development team and their ongoing partnership with the award-winning trading platform PrimeXBT.
What Is Covesting And The Copy Trading Module?
Covesting is the name of the developer behind several of today’s most innovative tools in the crypto market. It is also the name of the COV utility token, which is the native crypto token to the Covesting ecosystem, which was first introduced with the Covesting copy trading module.
The Covesting copy trading module was the first tool launched by the licensed and regulated fintech developer from Europe. The module connects traders of all kinds of skill levels together to become one of two account types: strategy managers, or followers.
Strategy managers must trade their way to the top of the ranks of the global Covesting leaderboards, which transparently track all performance metrics related to success and risk, so that followers have data to go on when selecting which strategy managers to follow.
Followers use the data to pick and choose which strategy managers to follow, then use the info to monitor performance and hold strategy managers accountable. Followers are armed with stop loss tools and the ability to set levels to take profit without losing their spot.
Followers make money off any copied trades that are successful, and strategy managers make a cut from any of the success fees these trades generate, so it’s a win-win situation for both parties, which helps the ecosystem stay active and continue to grow so rapidly. Tales of 100,000% in total profits helps the service also spread through word of mouth.
What Are Covesting Yield Accounts?
Users have also been attracted to the Covesting ecosystem through the new Covesting yield account tool that was recently released on PrimeXBT. The tool offers a direct connection to top DeFi protocols through the PrimeXBT dashboard.
In the world of DeFi, users provide liquidity to platforms for trading, lending, and more, which provides these users with rewards in the form of a variable APY rate. Because the demand for lending, and trading volumes can change on the fly, so can these APY rates. The rates in DeFi are often ten or more times more lucrative than what is found throughout traditional finance, but to access such features, it requires technical expertise and connecting to a blockchain wallet.
But with Covesting yield accounts, the software does the connecting for you from a secure PrimeXBT wallet of ETH, USDT, or USDC. By staking these idle crypto tokens, users can access some of the best variable APY rates in the industry without having to leave PrimeXBT.
Covesting yield accounts debuted with a max APY offering of up to 10%, but those rates are beginning to climb to as much as 13% because market demand for DeFi products are suddenly back. The debut of Covesting yield accounts couldn’t be better, as it allows token holders to get a sizable return on their idle crypto tokens, just as rates are beginning to pick back up.
If cryptocurrencies reach a mania state toward the end of the year, there is a chance these APY rates can go even higher. Be sure to check back Covesting’s APY tool regularly to see estimates of performance and what the current rate offering might be.
Boost APYs By Up To 2X With COV Token Staking
For those looking to get the most out of their Covesting experience, be it through the Covesting copy trading module as a follower or strategy manager, or through Covesting yield accounts, users can also stake COV tokens to unlock exclusive account benefits.
Because COV tokens are the native utility token to the Covesting ecosystem of products and services, they don’t earn an APY, but they do increase the APY by up to 2x for Covesting yield accounts.
Staking COV tokens also unlocks Advanced, Premium, and Elite memberships, which enable several account level enhancements within the Covesting copy trading module. For example, strategy managers get a trading fee discount that increases 10% with each higher level for up to 30% max off trading fees. Followers enjoy an increase in following limits, better profit share splits, and a complete removal of new following entry fees.
Without following entry fees, users can feel free to follow more and more strategies and build a diverse portfolio of strategy managers to spread risk around and discover more opportunities. The more COV tokens that a user stakes, the better the benefits.
Combining Covesting Solutions With COV For An Unmissable Opportunity
All of these factors combined – the return of trading volume in DeFi, the return of interest in crypto, the rise of APY rates, and the release of Covesting yield accounts – are a once in a lifetime opportunity for passive income that users simply do not want to miss.
Adding in copy trading and the award-winning trading tools and CFDs offered by PrimeXBT, and the recipe for success is available for anyone that wants to give it a shot. There are no minimum deposits to sign up for a free margin trading account, using BTC, ETH, USDT, or USDC. Registration takes only a few minutes and very little personal information to begin trading. Don’t let the opportunity slip away before it’s too late.