Announcements

Covesting Module Updates on February 18th, 2021

Based on the feedback we received from Covesting users and community, and in order to improve clients' experience while keeping in mind risk management considerations, we are introducing the following adjustments to the Covesting module:

1. Increased Initial Followers’ Equity Cap

Due to the influx of new users and growing popularity of the Covesting module, we are increasing Initial Followers’ Equity caps across all Strategy grades above Grade 1: a change that is beneficial both for Managers and Followers.

Please, read this Help article to learn about new Initial Followers’ Equity caps.

2. Progressive Trade Fees

In order to enable higher Followers’ Equity caps and reflect the price slippage resulting from execution of large orders at our liquidity-providing counter-parties, progressive trade fees have been introduced for Covesting Strategy accounts.

For detailed information about progressive trade fees on Covesting, please refer to this Help article.

3. Individual Limits on a Strategy Followings

The Individual Limit is intended to reduce exposure of Covesting users to specific Strategies, thus minimizing overall risks by diversifying their Portfolio. At the same time, it opens an opportunity for more Followers to join successful Strategies and benefit from their performance, by preventing such Strategies from being completely occupied by a few large Followers leaving no room for other Covesting users to join.

Please read this Help article to learn more about individual limit on followings.

4. Restriction on Margin Withdrawing

A Manager may withdraw extra Equity from their Strategy account and use it at their discretion. However, if there were open positions in the Strategy, such a withdrawal would decrease available margin and increase positions’ leverage. To protect Followers from the risks of leverage increasing in the absence of a Manager's trading activity, all positions must be closed before withdrawing Equity.

To learn more about withdrawing of funds from a Strategy and the restrictions, please read this Help article.

We thank you for your interest in PrimeXBT Covesting module. We hope that the changes that we introduced will make it even more attractive to both Followers and Managers alike.

Margin Requirements for Covesting Strategy Accounts to be updated on February 24th, 2021

In order to reduce elevated risk of loss of Followers’ Equity associated with high leverage available to Strategy Managers during periods of extreme volatility on crypto markets and protect Followers, PrimeXBT will be adjusting margin requirements for the following instruments on Covesting: BTC/USD, ETH/USD, ETH/BTC, LTC/USD, LTC/BTC, EOS/USD, EOS/BTC.

The new requirements will come into effect on Wednesday, February 24th, 2021 at 15:00 UTC.

For the updated margin requirements for Crypto instruments on Covesting Strategy accounts please refer to the table below.

Please note that if you have open positions when the new requirements take effect and the margin becomes insufficient according to them, the positions may be liquidated

Take this into account and ensure your Covesting Strategy account has sufficient margin when the new requirements take effect: deposit more funds to the account or reduce market exposure by partially closing positions to avoid position liquidation due to insufficient margin.

For more information about current margin requirements please visit Fees and Conditions schedule.

New margin requirements for Covesting Strategy accounts:

BTC/USD:

From

To

Margin required

Leverage

0

5

2%

1:50

5

20

5%

1:20

20

30

10%

1:10

30

>

50%

1:2

ETH/USD, ETH/BTC:

From

To

Margin required

Leverage

0

20

2%

1:50

20

50

5%

1:20

50

100

10%

1:10

100

>

20%

1:5

LTC/USD, LTC/BTC:

From

To

Margin required

Leverage

0

50

2%

1:50

50

100

25%

1:4

100

>

50%

1:2

EOS/USD, EOS/BTC:

From

To

Margin required

Leverage

0

200

2%

1:50

200

1,000

25%

1:4

1,000

>

50%

1:2