Crypto traders got wrecked recently as Bitcoin, Ethereum, and countless other coins all shed 50% from valuations in a flash. The selloff was the worst in recent memory and the most severe since Black Thursday in 2020 at the onset of the pandemic, and it left the market reeling and in extreme fear.
When the dust finally had settled, there was carnage everywhere except on the Covesting global leaderboards, highlighting the worthiness of the top strategy managers there who are somehow still in the green. Here’s a closer look at post-selloff Covesting statistics and how these stars keep on rising no matter what challenges they face.
The Covesting Copy Trading Module Explained
Covesting copy trading connects followers with strategy managers from all over the globe. Followers can copy the trades of more experienced strategy managers and make a cut from their winning trades. At the same time, strategy managers are incentivized to build their following by also earning a share of the follower’s profits. The more followers, the higher the earnings potential.
The two different types of traders can make money together, each bringing the other more money than otherwise possible. Profitability can be enhanced by staking the COV utility token or by being careful with which strategy managers you select to follow.
A Look At The Current Covesting Leaderboard
Covesting global leaderboards are completely transparent and updated at regular intervals for the most up to date data. During the recent volatility, stats were changing dramatically intraday, but Covesting’s highest-ranked strategy managers all seemed to come out on top even during the recent selloff.
The peer-to-peer trading community lives exclusively at PrimeXBT through a white label licensing agreement. There, the platform offers advanced trading tools, technical analysis software, and much more. There are also both long and short orders, so these traders were far more prepared for unexpected volatility – others were able to plan ahead and profit from the madness.
How To Read Risk And Success Metrics
Within each strategy manager’s profile on the Covesting module, there are a plethora of metrics followers can use to make informed decisions about who to put their capital behind. Reading these very clear success and risk metrics can be a lot easier and more predictable than performing technical analysis.
Each profile shows total profit, margin allocation, total equity, follower equity, days active, and so much more. Different timeframes can also be viewed separately to sort out if a strategy is simply having a bad day or if it is time to find another strategy to follow.
Even the best traders have bad days, so be certain to review the related risk and success metrics regularly to make sure your money is being put to the best use at all times. It is also wise to stick with ID verified users whenever possible, and to never chase gains if there’s a trader that’s suddenly hot.
Find The Five Star Traders
Finding the right strategy manager doesn’t have to be as challenging as discovering the best cryptocurrency to invest in. In addition to being ranked by total profits, there’s also a five-star rating system in the Covesting global leaderboards, offering an easy way to figure out who the safest traders are.
Each star is more challenging to achieve than the next and involves maintaining certain margin allocation levels or win to loss ratios to keep all five stars. Very few reach such heights, but it can help traders rise to the top of the ranks even more quickly when they do.
Wouldn’t it be helpful if cryptocurrencies also were rated by a five-star system based on safety and success?
Supercharge Covesting With COV
Followers and strategy managers can both unlock even more profitability through the COV utility token. The ERC-20 token was designed from the ground up for the Covesting ecosystem of innovative products and services and lets users get the most out of the platform.
COV token staking unlocks three new account levels in addition to standard accounts, including Advanced, Premium, and Elite. Each level further improves the profit share for followers, reduces trading fees, and much more.
Try Covesting Copy Trading Today
Covesting copy trading is available at PrimeXBT, an award-winning crypto margin trading platform. Users of the platform can access Covesting for free. Later this year, the two partners will also introduce new Covesting Yield Accounts to bring DeFi features to the advanced trading platform and unlock even more value within the COV token.