PrimeXBT Covesting Review | Fees, Withdrawals, Minimum Deposit
PrimeXBT came into the crypto markets with aggressive adverts and appealing features – it was a platform with a mission to take on the leader among crypto margin exchanges – BitMex. They tried luring new customers with incredibly high leverages (100x) and more recently, by entering a partnership with Covesting, a cryptocurrency social trading platform started back in 2017 that has its own token dubbed COV.
So far, judging by the trading volumes, they did a moderately good job as the platform is not even among the top 20 derivative exchanges according to Coingecko data.
This is a PrimeXBT Covesting review and if you want to read more about the PrimeXBT itself, click here.
Covesting Review: Key Features
PrimeXBT Covesting is guaranteed to peak the interest of both rookie traders and seasoned veterans as both can use it to earn a passive income: an experienced trader can set up a Strategy and earn from it whenever other traders employ it successfully.
On the other hand, traders who lack the time, skills, or even the will to analyze the market and set up trades, can choose to follow desired Strategies and generate a passive income that way.
Other important features include:
- No experience is required to copy other traders’ Strategies
- No limit on the number of Strategies you follow
- No mandatory KYC process
- Easy and simple user interface
- Top-grade security
PrimeXBT charges trading and non-trading fees (overnight financing). Overnight fees will depend on the liquidity of the asset you trade.
The fees are as listed below:
|Symbol||Trading fee||Financing/day – Long||Financing/day – Short|
|BTC/USD||0.05%||0.1389% Daily Funding Rate||0.0417% Daily Funding Rate|
|ETH/USD||0.05%||0.1806% Daily Funding Rate||0.0556% Daily Funding Rate|
|ETH/BTC||0.05%||0.1806% Daily Funding Rate||0.0556% Daily Funding Rate|
|LTC/USD||0.05%||0.2083% Daily Funding Rate||0.0694% Daily Funding Rate|
|LTC/BTC||0.05%||0.2083% Daily Funding Rate||0.0694% Daily Funding Rate|
|XRP/USD||0.05%||0.2778% Daily Funding Rate||0.0833% Daily Funding Rate|
|XRP/BTC||0.05%||0.2778% Daily Funding Rate||0.0833% Daily Funding Rate|
|EOS/USD||0.05%||0.2361% Daily Funding Rate||0.0750% Daily Funding Rate|
|EOS/BTC||0.05%||0.2361% Daily Funding Rate||0.0750% Daily Funding Rate|
Keep in mind that margin and leverage trading options are not equal for regular accounts and Strategy trading accounts—while the former have their own margin trading ranges, Covesting accounts can do a 2% maximum leverage, or 1:50.
Comparatively speaking, PrimeXBT fees are not high and some of the services are completely free: no deposit fees, and 0.0005 BTC for withdrawal fees that covers the Bitcoin transaction cost. As the platform offers integration with instant crypto exchange Changelly, you can buy Bitcoin instantly with your credit card (but this is not really the best way to convert fiat into crypto since Changelly is known to be charging high fees on these transactions).
How does Covesting work on PrimeXBT?
There is no single soul on this planet that does not want to make money; you sure know that is true. However, making money online, especially with cryptocurrency, is a different ball game altogether as there is an information overload and fraudsters and scammers are lurking on every corner.
Prime XBT Covesting tries to help out the newcomers by building a playground where trading rookies can meet and copy top-performing traders in order to take advantage of their skills.
This is one way to automate your investment strategy. It takes the guesswork out of choosing where to invest your money. However, it may work better for some investors than others. Knowing the risks and reward potential can help you decide whether PrimeXBT copy trading is a strategy you should adopt.
A much more known and reliable copy trading platform is eToro – check the review here.
How Much Can I Make with Covesting?
Cut the fluff, can I make money with Covesting – you might be thinking right now.
Yes, you can. But you might also lose it. It is a very risky endeavor. And with such situations, it is best to test it out slowly, with small amounts of money, and see how it goes.
Covesting provides all the data and ranks of top strategy managers so you can see how performed best in the previous period. However, that doesn’t guarantee future success and your chosen manager can fail to earn money in the period you decide to follow him.
But in a hypothetical scenario where the manager gets it right and earns you both a good profit – you split it into three chunks: you get 70% of the proceeds, the manager gets 20% and the platform takes its cut with the remaining 10%.
So summing this up – you can make a lot of money with Covesting but it is borderline gambling, especially if you trade with high leverages and decide to follow managers with high-risk affinities.
How Much Can Strategy Managers and Followers Make?
Strategy managers have usually experienced traders who chart and analyze crypto markets as full-time jobs. By using Covesting, they add another income avenue with no downside for them. Successful trades will yield them a 20% cut out of their followers’ profits.
If you are a follower and invest with a manager that makes a profitable trade, you can get 70% from it. But the best thing here is to tap into the expertise of the pro trader and learn the tricks.
The COV token
Everyone needs a little nudge in the right direction. PrimeXBT Covesting incentivizes your experience on this module by introducing the COV token which comes with benefits of fee discounts, improved success rates, etc. There is also a chance of a buyback and burn program that reduces COV token supply on the market.
The main COV token utility is to help strategy managers slash their trading fees by up to 75%. This is achieved through buying and staking, ranging from $250 to $750 of COV. Followers can remove the new 1% entry fee, and retain more of the success trading fees obtained through successful trades, and the episodic burning of the covering team’s fees.
The pros of copy trading through Covesting on PrimeXBT
Now you understand covesting, but you wonder about the benefits of copy trading through it on PrimeXBT. The advantages of copy trading here include:
- Strategy Diversity
As a trader, you can diversify your strategies with cryptocurrencies and digital assets, commodities, stock indices, and the forex markets. Stock indices are probably the most popular.
- Higher ROI
PrimeXBT covering module opens doors to higher ROI while reducing the risks within the market. Put your capital in the hands of professional traders as they monopolize profitable opportunities on your behalf.
- Tapping into an already existing pool of investments
There are good investment opportunities already lined up for you.
The cons of copy trading through Covesting on PrimeXBT
The downside of copy trading through covering on PrimeXBT is that;
- Not profitable for small investments as the fees will swallow the deposit
- PrimeXBT lists only five coins, meaning your cryptocurrency exposure is very limited
Some of the frequently asked questions include;
If you are a crypto trading expert, you can try covesting on Prime XBT at any time. If you are new, trading strategy managers will help you with the investments, diversity of the same investments, and reaping copy trading benefits. Veteran traders are making a kill out of PrimeXBT’s covesting, and you can do it too, especially if you learn from professionals. Covesting is a social trading platform that incentivizes your crypto trading endeavors. It is the best asset you can have to trade and leverage your cryptocurrency instruments. Start your crypto trading journey now.
- no skills needed to start using it
- easy to use
- high leverage
- low fees
- limited number of coins
- COV token lacks adoption and reputation
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
Unfortunately, I can’t include only positive feedback in this Prime XBT review. Although I consider the broker a good option for trading, that’s against my principles to omit downsides. I don’t like that PrimeXBT doesn’t have staking. That’s the basic need for many crypto traders. That’s it, no further cons so far.
I trust Prime XBT reviews because I know that the majority of them are written by real traders, much of these are posted by me and my friends) the reason is that we really like this forex broker and its extensive selection of financial assets, from different markets, including foreing exchange and crypto.
What I can say for sure in this PrimeXBT review is one of the best I’ve been trading with in terms of the selection of different financial assets. I also appreciate the turbo trade feature, and fast execution of orders is also a top priority for me in any market conditions. I recommend this platform to you if you are reading this testimonial
Ich vertraue Prime XBT Bewertungen, weil ich weiß, dass die Mehrheit von ihnen von echten Händlern geschrieben werden, viel von diesen sind von mir und meinen Freunden gepostet) der Grund ist, dass wir wirklich wie diese Forex-Broker und seine umfangreiche Auswahl an finanziellen Vermögenswerten, aus verschiedenen Märkten, einschließlich Forex Exchange und Krypto.
I was hesitant about the copy trade module that’s why I decided to watch a PrimeXBT copy trading review on YouTube. I don’t remember the name of the blogger but he showed me that it might be effective if used wisely. From the beginning, I couldn’t succeed but then I understood how to filter out unprofitable offerings and it worked! Like this!
Dieser Broker ist gut, ich kann mich nur beschweren, dass er keine Landing Services anbietet. Aber wissen Sie, es ist kein großer Nachteil für ein Forex-Unternehmen, ich kann es weglassen, wenn die Bedingungen gut sind und die Werkzeuge sind fortschrittlich und einfach zu bedienen. Bis jetzt hat Prime xbt es geschafft, mir das zu bieten.
Yo tenía dudas sobre el módulo de comercio de copia que es por eso que decidí ver una revisión de comercio de copia PrimeXBT en YouTube. No recuerdo el nombre del bloguero pero me mostró que podría ser eficaz si se utiliza sabiamente. Desde el principio, no pude tener éxito pero luego entendí cómo filtrar las ofertas no rentables y ¡funcionó! Así. Y no me arrepiento de haber hecho esa elección en este módulo de copia. Funciona y funciona bastante bien si se utilizan todas sus capacidades.
Believe my experience of working with this broker, reading all the Prime XBT reviews is almost useless until you start trading on your own, the same way did I. And you know, I don’t regret making that choice on this copy module. It works and it works quite well if you use all its capabilities.
El módulo Covesting de PrimeXBT para principiantes. Yo era un novato y ni siquiera entendía cómo funcionaba el copy trading, pero después de usar esta sencilla herramienta durante un tiempo, entendí cómo construir mis propias estrategias. Covesting es algo muy bueno tanto para ganar dinero como para adquirir nueva experiencia en el trading online. Crean mi experiencia de trabajar con este broker, leer todas las reseñas de Prime XBT es casi inútil hasta que comiences a operar por tu cuenta, de la misma manera que lo hice yo.
Confío en Prime XBT opiniones porque sé que la mayoría de ellos están escritos por los comerciantes reales, gran parte de estos son publicados por mí y mis amigos) la razón es que realmente nos gusta este corredor de la divisa y su amplia selección de activos financieros, de diferentes mercados, incluyendo el cambio de divisas y cripto.
It is worth trying trading with PrimeXBT. You can have no doubts that this is a crypto trading platform. Of course, don’t expect huge leverage if you want to work with a licensed broker. But on the other hand, it doesn’t impose strict client verification. PrimeXBT provides market quotes from major liquidity providers, so the charts are real, without manipulation.
I’m writing this PrimeXBT Covesting review because I am really impressed with this platform. I tried other solutions. eToro has a very similar one but its listings and filtering system aren’t as advanced as the ones offered by Covesting. This is what I fall for.
I used to trade with PrimeXBT last year. Then everything was great, but eventually, all the good qualities of the company went to worse. The withdrawal began to be delayed, although at first there was no such thing at all, everything almost came instantly. It got to the point where I waited 3 weeks for withdrawal and barely got it out. Luckily, all these technical issues were resolved after a conversation with a guy from the support team. Support is the best feature of PrimeXBT for real.
Was ich in diesem PrimeXBT Testbericht mit Sicherheit sagen kann, ist, dass es eines der besten ist, mit denen ich je gehandelt habe, was die Auswahl der verschiedenen Finanzanlagen angeht. Ich schätze auch die Turbo-Trading-Funktion, und die schnelle Ausführung von Aufträgen hat für mich in jeder Marktsituation Priorität. Wenn Sie diesen Erfahrungsbericht lesen, kann ich diese Plattform nur empfehlen.
Leider kann ich in diesem Prime XBT Testbericht nicht nur positive Kommentare abgeben. Obwohl ich den Broker für eine gute Wahl für den Handel halte, ist es gegen meine Prinzipien, die negativen Aspekte auszulassen. Mir gefällt nicht, dass PrimeXBT keine Einsätze hat. Das ist das Grundbedürfnis vieler Krypto-Händler. Das war’s, bis jetzt keine weiteren Nachteile.
In general, I am satisfied with the platform, I have been trading for six months, but sometimes the terminal can glitch. Not very critical, but it happens. I don’t know, maybe the platform has problems with the servers, or maybe I have something with the Internet? Luckily, despite the reasons, the issue is almost always resolved by the technical support team. So I will not accuse anyone of working badly, I just expressed my comments.
Many thanks to PrimeXBT’s support for staying connected. All technical and financial issues are resolved promptly (technical support service works 24/7). I had no doubts about the honesty of the company even at first. But I became assured that it’s cool after trying PrimeXBT Covesting copy trading. What I liked the most is that everything is executed automatically, which requires my minimum involvement (only at the beginning stage) and can be a good extra source of passive income.
With PrimeXBT, I feel that I can receive support whenever I need it. There are many channels for communication and support 24/7. Considering that there is a wide variety of assets and you need to create a separate account for each category, I had a lot of questions. It’s good that responsive guys work in technical support who are ready to help. Got it all figured out without any problems.