In just the first half of 2017 transactions in the cryptocurrency markets hit $32 billion. This transaction volume was primary due to Bitcoin and Ethereum.
More than anything this large number of transactions were due to people speculating, trading and investing with cryptocurrencies.
When new traders and investors enter the cryptocurrency markets they are confronted by several challenges. First is that there are multiple different cryptocurrency exchanges. Some cryptocurrencies trade on certain exchanges but not on others. Furthermore, each of these different exchanges have verification and regulatory procedures. Even the user interface can very between different exchanges make it easy to make trading errors.
This is not the only issue facing traders. Cryptocurrency markets are highly volatile. The markets are extremely competitive with a large learning curve for newer investors. Experienced investors and traders are able to position themselves to best benefit from the opportunities that arise in the market .
That is where the COVESTING platform (https://covesting.io) enters the picture.
What Is COVESTING?
COVESTING aim is to solve many of the challenges that currently face new investors and traders in the market. It is a peer-to-peer digital asset platform where new traders are able to mirror the trades for experienced traders.
Using COVESTING traders able to compare the trading record of a wide range of successful cryptocurrency traders. They can then setup their own trading account to mirror the trades of these successful traders.
Experienced cryptocurrency traders are incentivised to participate in COVESTING. These experienced traders are rewarded with success fees when they make successful trades.
The more successful that traders are on COVESTING the more followers that they will attract and the more success fees that they will earn.
From the traders perspective integrating with COVESTING is straight forward. Traders can take their existing trading accounts at cryptocurrency exchanges and integrate them with COVESTING using an API. Once integrated all of the trading activity will be recorded in the COVESTING trade model. After this the trader is not required to do anything else, just to continue trading.
Traders have two options when integrating their trading account into a COVESTING model. They can choose to make their trading record public immediately. Alternatively they can choose to keep it private. If successful in their trading they can then publish it once they have a good track record.
Traders will be able to see the number of people who are following their trading but not the amount of capital. Traders can also choose either to share their real name or to be anonymous by using an alias.
How Success Fees Work
Model traders will be able to earn success fees of 18% of all of the profits which are earned by their followers. The greater the number of followers obviously the more that the model trader will earn.
The platform will also charge a commission of 10%. For investors they will receive 72% of the funds which are available for immediate withdrawal. The platform commission is then used to buyback tokens and to initiate burn programs.
Used on the platform will be the COVESTING token. This a standard ERC20 Token built on the Ethereum blockchain. These COVESTING tokens will be distributed as part of an ICO. There will be a maximum of 20 million COVESTING tokens created. This will 1.5 million for the Pre-ICO and 15 million for the main ICO. You can learn more about the COVESTING Token ICO here: