How Covesting’s Rating System Levels Up Cryptocurrency Competition
Take just a minute or two to browse through crypto Twitter or any of the cryptocurrency trading related sub-Reddits, and you’ll no doubt notice that traders can be braggarts. The cryptocurrency market is speculative, so being correct about Bitcoin or Ethereum price predictions can feel particularly rewarding – enough to go online and tell the world about your success.
However, the problem with this is that you rarely see when predictions went wrong, and traders end up with losses. Still, this sort of screenshot sharing of realized PnL taking place across social media is commonplace, and most of the time in good spirit. It has bred friendly competition amongst crypto traders, which will soon be taken to the next level thanks to the Covesting copy trading platform, now available on PrimeXBT. Here’s how this trend is unfolding.
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Peer-To-Peer Platforms Grow Exponentially Through Word Of Mouth
Covesting is a peer-to-peer platform designed to connect new traders or those without the time for technical analysis and watching news tickers closely, with skilled and experienced traders. Together, these two vastly different types of traders profit alongside one another.
This relationship and the platform’s core design helps the community grow exponentially and is how it takes friendly competition to the next level. Now-thriving peer-to-peer networks such as Uber and Tinder serve as ideal examples for how these networks can grow over time by word of mouth and visibility – two critical factors in fueling Covesting’s role in friendly competition across the crypto space.
Profit Appeal Attracts An Audience To Follow Strategies
The platform’s top traders want to market their successful Bitcoin trading strategies backed up by fully transparent metrics to others to attract followers and, therefore, equity into their strategy. The more followers and equity they attract, the more money they can make.
In order to lure potential followers to take an interest in their strategies, these experienced traders – often with large built-in audiences already – share screenshots of their success rates and PnLs on social media. The massive ROI, daily profit, and consistent win metrics first pique novice traders’ curiosity, encouraging them to investigate the platform to see for themselves if the profits mentioned are accurate and achievable.
Covesting’s public rating system, complete with a five-star system and various filters to narrow down metrics, helps traders find the right strategy for anyone’s risk appetite or profit goals. Stars are awarded for maintaining critical measurements of vital requirements, such as keeping a total turnover of 50 BTC, trading 30 out of 60 days, or when any strategy manager makes a deposit of – or their trading earns – equity worth over 0.5 BTC.
These stars make certain that any traders earning their stars are deserving, and demonstrate regular trading activity. No one wants to follow a trading strategy that never makes a trade. Other stars are focused on maintaining an average margin allocation of 60% or higher, or a win:loss ratio of 70:30 or above. These two factors ensure any traders that achieve the full five stars regularly show proper risk management and consistent returns.
Any trader new to markets and overwhelmed by all there is to pay attention to can make it a little bit easier by instead focusing on the five-star rating system, updated dynamically every ten minutes with the most up-to-date data.
Competition Breeds More Competition In The Speculative Crypto Asset Class
However, it is not just potential followers who are taking note of the data. Other top traders on the Covesting platform or even passersby feeling challenged by the substantial ROI PrimeXBT traders are sharing thanks to the copy trading tool, become interested also.
Experienced traders can regularly make money trading in any market, with a mix of the right skill set, risk management approach, and natural talent. When they realize they can make even more money by attracting followers to their strategy by simply sharing screenshots and bragging online – additional tasks they’re already doing – then getting registered and joining the ranks becomes a no brainer.
How Covesting Levels Up The Trading Community Competiton Through Copy Trading On PrimeXBT
If it is an easy decision for experienced traders to earn even more income by getting set up with a strategy on Covesting through PrimeXBT, and an even easier one for novices who can profit without the time and effort commitment, exponential growth in the peer-to-peer platform much like Uber and Tinder have seen is just around the corner.
And as the user base grows, and so does the number of successful strategies available on Covesting, the friendly competition will only become even more visible, taking the entire trading community movement to the next level and beyond.