How to Successfully Copy Trade with PrimeXBT’s Covesting

primexbt covesting review and guide featured image

“MoolahNinjas is an independent review site and is neither licensed nor authorized to make professional advice on any type of investment. The user bears the full responsibility to be aware of any risks associated with trading cryptocurrencies and other similar activities. As with any asset, only invest money you can afford to lose.”

Here is MoolahNinjas’ PrimeXBT review, read this guide and you’ll understand what PrimeXBT is, their platform’s main features, and how you can use their copy trading tool to make profitable trades without ever needing to spend a minute trading.

Specifically, we’ll look at the steps to make your first profit copy-trading, and our secret tips and tricks for successfully using PrimeXBT’s Covesting module over the long run.

All you need to do is choose from a list of strategies, put some money in the ones you like, and stop following to withdraw your profits.

What is PrimeXBT?

PrimeXBT-Logo

A brief Company Overview:

PrimeXBT is a globally-recognised cryptocurrency exchange that offers users the ability to trade on a variety of assets such as Forex, Commodities and of course, cryptocurrencies.

Registered early 2019 in the Seychelles, their holding company goes by the name “Prime XBT Trading Services” with Company number 148707.

What features do I get?

There’s no need to spend years losing money learning how to trade, as you can simply click to copy the exact trades made by someone with a track-record of profitability!

This tool gives you the opportunity to instantly copy hundreds of different strategies created by various traders from around the world!

We’ll look over this feature in more detail further down our review.

You’ll never be short of options when choosing what to trade on PrimeXBT! They offer over 35 assets to trade from. This ranges from Cryptocurrencies (Bitcoin, Ethereum etc.), Forex and Commodities (such as gold and oil).

Leverage trading is where you make trades with borrowed funds to multiply your potential profits. Sounds complicated? Imagine you have $100 to make a trade with, if you use 10x leverage, your trade’s value would then be $1,000.

PrimeXBT offers leveraged trading on many of their available assets. Trade cryptocurrencies with up to 100x leverage, and a selection of their commodity / forex assets with up to 1,000x leverage!

Of course, with numerically increased reward comes numerically increased risk. As with any type of trading, it’s good practice to ONLY trade with capital you can afford to risk losing.

If you’re new to PrimeXBT, this is a great place to start because of its user-friendly design. This is a more basic way of trading. This is short-term trading, which can result in partial or complete loss of your funds. Read more by going to PrimeXBT’s website.

PrimeXBT doesn’t fall short on chart analysis tools, even for the more experienced trader. For example, there are a number of options for changing a chart’s colour, grids and spacing. So even if you’re new to trading, it’s nice to know there are tools you can grow into with practice!

What Is Covesting?

covesting logo

Covesting (A.K.A Copy-Trading) is a revolutionary tool giving anyone the chance to make trades like PrimeXBT’s top traders in just a few clicks.

Put simply; when they trade, you gain.

If you’re new to trading you can greatly benefit from this feature, since you can follow and copy strategies from other expert traders. You can copy hundreds of different strategies using your PrimeXBT Account. 

  1. Just pick the ones with the most success and stability.
  2. Choose your investment value
  3. And with 1-click you’re now copying the strategy of your chosen trader.

Covesting Video Walkthrough

How do I quickly start using Covesting?

how start covesting primexbt

1. Create your PrimeXBT account

To create your free account go to their website, then insert your email and a password. Now check your inbox for their verification email, click confirm and you’re done!

2. Deposit money into your trading account

After creating your account, you’ll need to fund your account so you can get started trading. This takes less than 5 minutes and the minimum starting amount is around $20 (or 0.001 BTC) or 0.002BTC (or $50 ) if you purchase from PrimeXBT.

You can fund your account in two ways:

  1. Credit Card / Debit Card
  2. Bitcoin Transfer

If you’re not sure how to do this or you’ve never bought Bitcoin before, don’t worry! Once you’re logged in, depositing or buying bitcoin can easily be done through PrimeXBT’s platform.

3. Start copying strategies and begin your trading adventure

Go to the Covesting module from your dashboard. From here, pick the strategies you want to follow. In the next section, we’ll share 3 secret tricks on how to pick the best strategies possible.

You can invest in as many strategies as you want using your BTC balance. To copy a trader’s strategy, click ‘FOLLOW’. Then you’ll need to select the amount of BTC you wish to invest with, and that’s it

Top 3 Secret Tips for Successful Covesting

The Covesting feature gives you the ability to select and ‘hire’ traders to work on your behalf.

But as with any ‘hiring’ process, there are characteristics you should look for, and characteristics you should avoid.

Tip #1 Look for Consistent Performance

Preface

Losses are normal in the world of trading, even for the most experienced traders. What’s important is finding traders who manage their losses well. In other words, you need to find a trader whose wins are stable over long periods of time.

Method

You can easily find strategies that have been performing consistently well over time by looking at the performance graphs alongside the number of active days.

Performance Graphs

Better performance graphs are ones with a smoother, upward slope with small-ish dips. This means the trader behind the strategy knows how to steadily grow their portfolio without encountering major losses.

Active Days

A higher number of active days shows the trader’s strategy has been consistently profitable over a longer period of time. The lower the amount of active days, the higher the risk involved in following that strategy.

Tip #2 Look for High Manager Equity and High Historical Margin

Preface

Within a strategy’s breakdown you can see the amount of equity (A.K.A Money or investment) the trader (Manager) has put into the strategy in comparison to the equity the followers have put in. This is important as it shows you how much of their personal funds are at risk in the strategy.

Method

You’d want to find a strategy where the manager’s equity is at least $1000. This is because the manager would typically be more cautious if they also have money at stake in their strategy.

Higher Historical Margin

Look at this to evaluate the risk of following a trader. The higher the number, the lesser the risk. You can view a graph that shows the % amount of margin used.

Tip #3 Secure your Profits Frequently!

Preface

The longer you leave your funds within a strategy, the higher your funds are at risk of being lost. Even seemingly stable strategies can suddenly incur big losses.

Method

Because of this, it’s a good idea to frequently stop following strategies and ‘save’ your profits as you go along. A great benefit to using PrimeXBT’s Covesting feature is that as soon as you stop following a strategy, your funds are immediately placed within your PrimeXBT account.

Are there any Covesting Fees I should be aware of?

Of course, the managers working hard to make their strategies successful aren’t going to work for free! Luckily for us, Managers only make money if you make money.

There are no up-front costs to worry about. When you stop following a strategy, here’s how the profits are shared:

Bonus Tip: Minimize your fees and keep more of your Profits!

Preface

The percentage of profits you keep is not fixed. If you invest more at the start, then you get to keep more when you stop. The Profit share is determined by the amount you start following a strategy with, it is not based on the total amount you have once you stop following one.

Method

Look at the profit share table for reference (above). If you temporarily stop following and then reinvest in a strategy when you grow your balance above 0.3 BTC (65% profits), 0.5 BTC (70% profits), and 1 BTC (75% profits), then you will continually get to keep more of the profits as you go along.

The risk of NOT using this tip

Imagine investing 0.2 BTC into a strategy and growing it to 1.2 BTC over time. If you don’t follow this tip, then you will only take 60% of the Profits. However, if you follow this tip and add an additional 0.1 BTC, so that you have 0.3, then by the time you stop following the strategy you would keep 75% of the profits. A 15% increase!

Pros and Cons of copy-trading with
PrimeXBT’s Covesting

Pros:

Creating an account is incredibly easy to do.

There are many strategies to choose from.

There are many strategies generating large amounts of profit.

Following a strategy takes less than 30 seconds.

There is a great amount of support available on their various Telegram groups.

All depositing, transferring and withdrawing is relatively fast and simple to do.

Cons:

There’s no way to see the trades a given strategy is making… 

However; PrimeXBT says the following features are in their Covesting software development plans:

    1. An optional feature for strategy managers to show all their trading history to their followers
    2. A pie chart that would show the most traded asset within a given strategy.

There have been infrequent cases where top-performing strategies suddenly drop and liquidate all invested funds.

Compared to Copy-Trading alternatives, PrimeXBT’s 40% commission rate for anyone trading with 0.001-0.3 BTC is very high.

“MoolahNinjas is an independent review site and is neither licensed nor authorized to make professional advice on any type of investment. The user bears the full responsibility to be aware of any risks associated with trading cryptocurrencies and other similar activities. As with any asset, only invest money you can afford to lose.”

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Our Final Verdict

After some deep and thorough investigation, we are confident to say that PrimeXBT’s Copy-Trading Covesting feature is legitimate and offers users the opportunity to make some serious gains.

primexbt review verdict

It’s still in question how the various trading strategies make money, however PrimeXBT says they’re working hard to add features that will solve these concerns.

If you’re looking for a quick and simple way to get started copy trading, then you should strongly consider signing up to PrimeXBT and getting started today!

Bonus Information:

Jump forward to today and they have over 40 employees split up between their offices in St Vincent and The Grenadines. PrimeXBT reports they’ve moved their trading systems to Switzerland in an effort to provide a smoother, safer and more bug-free user experience.

At the time of publishing, PrimeXBT boasts a daily volume (the total value of all trades made through their exchange within a given day) of over $540 Million. Why does this number matter? Well, with such a high daily volume, we know there are many users happily trading with them (otherwise, why would so many people continue to trade on their platform?).

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