We are continuing to take the Covesting Token (COV) further with added utility. Now, for those Followers who are holding COV, they will receive higher profit distribution depending on their COV membership tier rather than initial following equity.
The COV token can thus help boost your copy-trading profits on the Covesting copy-trading module depending on which membership tier you find yourself on. This is another step in our roadmap for the COV token having previously released COV denominated strategies and COV margin trading accounts.
Get Better Results in Copy Trading
Copy trading is a powerful tool that allows newcomers to benefit from the experience of other traders. Through the Covesting Copy Trading module, users can choose highly ranked and successful traders and copy their trading activity automatically and make the same returns as the best traders on the platform.
To further incentivise and motivate traders to perform we have introduced revenue sharing with the standard conditions being that traders get 20% of all profits generated for their followers, while platform charges another 20%, and the follower keeps the remaining 60%.
However, this new update means that followers who have COV tokens on their account will enjoy higher (up to 75%) revenue share from all profitable trades.
In order to apply for this, users have to select a membership plan and lock the required amount of tokens in their account. You can see the membership options below.
This new update significantly boosts profitability in the module, but it also adds a huge amount of usability for the COV token and will also lead to a boost in the demand for it.
With this latest update, strategy managers – or traders – will be able to benefit from their COV membership as well. Elite members will receive 25% instead of a standard 20% revenue share from all profitable trades.
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