There is not a soul on the face of this planet that doesn’t want to make money.
Isn’t that right?
But making money online is a different ball game, and when you talk about earning money from cryptocurrencies, it is even more challenging.
Well, challenging because you need the right set of tools and the mindset to trade in cryptocurrencies.
That’s why here at CoinSutra we keep recommending you some of the best tools that you need to trade cryptocurrencies.
And to do that, cryptocurrency exchanges are very integral, plus, there is a unique trend of social trading.
Social trading makes it possible for crypto investors, who don’t understand the charts and other things, to invest successfully in cryptocurrencies. That is because not everyone is good at using these tools. Therefore, you need a collaboration of investors and traders to make the most out of it.
Covesting is one such product. It does these two jobs by providing a highly competitive exchange for traders as well as the social trading environment for investors.
Note: Covesting feature is now available via PrimeXBT. You can create a free account here.
In this fundamental analysis of Covesting, we will discuss:
- What Is Covesting?
- How Covesting Works
- COV Token Utility
- Covesting Team
- COV Token Supply & ZRX Market Cap
- Where To Buy COV Token
- COV Token Wallets
- COV Usecase & Conclusion
- Official COV Resources
What Is Covesting?
Covesting is a secure and intuitive trading platform which makes it possible for both beginners and professionals to trade cryptocurrencies smartly.
It is a mutually convenient platform for both traders and investors where traders support investors and investors reward professional traders for their support.
In a way, it is a win-win situation for both. Every investor cannot be a full-time trader and vice-versa.
How Covesting Works
Covesting is not merely an exchange but a complete trading platform which gives its users access to high liquidity for selected cryptocurrency pairs, advanced tools, and social signals mechanisms to maximize their profits.
According to the whitepaper, Covesting is a platform for investors and cryptocurrency traders who are looking to utilize the most advanced trading tools and technology, as well as the combined wisdom of the community in order achieve maximum returns in cryptocurrency markets.
The Covesting platform is the ultimate venue where successful digital asset traders meet new investors, in a transparent, safe and efficient peer-to-peer investment environment. Investors from around the world can compare the performance of hundreds of successful cryptocurrency traders and mirror their trades automatically to their account.
While traders benefit from success fees generated by profitable trading – investors enjoy peace of mind knowing that their funds are following a model of an industry professional in the comfort of their own account.
It’s like a thousand of traders all working for you!
For this, Covesting has raised its ICO and distributed its COV tokens to make a state-of-the-art trading infrastructure for its users. There are many other benefits of the same that we will discuss later in the article.
COV Token Utility
COV token is an integral part of the Covesting platform.
COV unlocks many trading and investment opportunities for token holders. Some of these utilities and features are:
- COV holders will be able to follow professional crypto traders on the Covesting platform.
- One can get a 50% trading fee discount by paying in COV.
- Also, COV holders will be able to unlock algorithmic trading and abitrage bot features on Covesting.
Also, the COV tokens, which are ERC20 tokens, will be repurchased for 50% of all platform earnings and burnt regularly to increase the value for its token holders.
This is a simple demand and supply rule which Binance has also applied and has been very successful so far.
Covesting team has some real members, and their team comprises of more than 25 people including software developers, IT security specialists, designers, analysts, traders, support professionals, and blockchain experts who want to raise the standards of cryptocurrency trading.
Here is a sneak peek into some of its team members:
COV Token Supply & COV Market Cap
Covesting had its ICO in December 2017 where it sold 20 million COV tokens for approximately $33 million.
According to CoinMarketCap, the current supply is 17,500,000 COV, and the current price of each unit is $0.78 that values it at approximately $13.8 million (at the time of writing this article).
Where To Buy COV Token
Buying such ERC20 tokens is not a problem because the concept is quite well understood and received in the industry. That’s why you will find this token on a lot of big exchanges like:
COV Token Wallets
- Mobile Wallets: Coinomi (Android), Jaxx (Android, iOS)
- Browser/Web Wallets: Jaxx (Chrome Extension)
- Desktop Wallets: Jaxx (Windows, Linux, Mac), MyEtherWallet
- Hardware Wallet: Ledger Nano X, Trezor
Covesting Usecase & Conclusion
Covesting platform can have multiple use cases with time as cryptocurrency trading space is just starting off.
Even today, some of Covesting’s features are rather outstanding. When they launch in a full-fledged manner, you should see a lot of traction coming here.
They have also launched their exchange platform and plan to complement it with mobile apps soon.
Our new piece of art is coming very soon! check out #covesting mobile app design. Trade #cryptocurrencies anytime, anywhere. $BTC $ETH $LTC and 90+ digital assets in your pocket!https://t.co/njL0IJU0OV
— COVESTING (@covesting) June 19, 2018
Moreover, they have the algorithm trading and arbitrage bot on their roadmap which is very exciting indeed.
I feel the market needs more solutions like Covesting where traders and investors can collaborate and take the cryptocurrency trading/investing to the next level.
Plus, Covesting is also rolling out Covesting Community Contests which should help in spreading the word about it. At the same time, I will be happy to see a comprehensive roadmap of their plans, which I couldn’t really find anywhere.
Well, that is all from my side in the introduction of the Covesting project. I will be back soon with something more interesting.
But if you are super excited to use Covesting right now, go ahead and try out their beta trading and social trading.
As of now, you will find the following currencies trading on Covesting, which is enough for a new trading platform to start with:
- DASH/ BTC XRP/BTC
I hope this detailed analysis helps you in making a right decision. Share your take with us in the comments below!
Official COV Resources
Below are some links that will keep you updated about Covesting:
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Here are a few more crypto-trading services that you should know about:
Harsh Agrawal is the Crypto exchanges contributor for CoinSutra.
He has a background in both finance and technology and holds professional qualifications in Information technology.
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