Covesting Strategies and Followings Frequently Asked Questions (F.A.Q.)
What is Covesting Copy-Trading?
The Covesting module allows traders to set up and manage a Strategy and/or Follow another trader's Strategy. A Strategy is a pool of a trader's personal funds which is visible to the public and can be Followed by others. This provides an excellent opportunity for both experienced successful Traders and Followers to greatly boost each other’s profit potential.
Who is Covesting Copy-Trading suited for?
Covesting is an excellent opportunity to earn profit for both active traders who wish to manage a Strategy as well as for anybody who wishes to earn a passive profit by following successful Strategies of other traders.
I am an experienced trader, how can I earn using Covesting?
As a trader, you can create and manage your Strategy. Others can Follow your Strategy and automatically replicate your trades on the market. You will then receive a percentage of all profits made by your followers, thus maximizing your profit potential.
I do not have the time/ experience/ desire/ patience/ opportunity to trade personally. How can I earn with Covesting?
Covesting is an excellent opportunity to make passive profit for those who are not able to or do not want to trade personally. By following desired Strategies, you automatically replicate their trades on the market, thus following the trading decisions of experienced and successful traders.
Does leverage apply when trading with a Strategy?
Yes, while managing a Strategy leverage is applied to all trading activity.
Do margin requirements and leverage differ between a Strategy trading account and Regular trading account?
Yes, leverage and margin requirements differ between a Strategy trading account and Regular trading account. Detailed information regarding Covesting Strategy leverage and margin requirements can be found here: https://primexbt.com/fees
What is the minimum amount of personal assets (BTC) required to create a Strategy
The minimum amount of personal funds required to create a Strategy:
BTC denominated Strategy: 0.01 BTC
ETH denominated Strategy: 0.25 ETH
USDT(erc20) denominated Strategy: 500 USDT
USDC(erc20) denominated Strategy: 500 USDC
Are my Strategy trading account statistics visible to others? Which of my Strategy trading account statistics are public?
Yes, as a Strategy manager, your Strategy's trading account core statistics become visible to other traders and followers, including Total/Today's profit, Strategy equity, Performance, the amount of followers currently following your Strategy as well as the amount of days your Strategy has been active.
By default a Strategy's trading history is hidden, however Managers can choose to hide/show details of their last 50 closed trades.
How do I perform trades while managing a Strategy?
Upon Strategy creation, a Strategy trading account is created. All Strategy trading activity is performed exclusively on the Covesting module 'Trade' page.
How many Strategies can I create and manage at once?
A Strategy manager can create and manage Multiple strategies at once, denominated in different currencies.
Can I create another Strategy after closing my current Strategy?
Yes. There is no limit to the amount of consecutive Strategies that can be created.
Can I also trade privately on my regular trading account while managing a Strategy trading account?
Yes. When creating a Strategy, a separate Strategy trading account is also created. This means that a trader can manage a Strategy while simultaneously privately trading with his personal trading account.
Do profit share success fees apply to my personal Equity invested in my Strategy?
No. Profit share success fees apply only to Equity from Strategy Followings.
If a follower cancels their Following, will my Strategy's margin be affected?
No. Your Strategy's margin is not affected by Followings.
How is a Strategy's 'Today's Profit%' calculated?
The 'Today's Profit %' indicator reflects the profit of a Strategy since 00:00 UTC of the current day.
My Strategy's P/L is positive (in profit) but my Profit % is negative - or vice versa. How can this be?
This can occur if deposits/withdrawals were made to/from the Strategy. For detailed explanations and examples of how P/L is calculated and what can lead to differences between P/L and Profit % indicators see our 'Strategy Profit indicators and how they're calculated' comprehensive guide.
Are the trade fees for a Strategy different/What are the trade fee rates for my Strategy?
A Manager's effective trade fee in a Strategy will depend on the current Followers' Equity of the Strategy only. The trade fee in a Strategy will increase as the Followers' Equity grows. For a full breakdown see 'Progressive trade fees' guide.
How can I reduce Trade fees on a Strategy account?
What is the minimum amount of personal assets required to Follow a Strategy?
The minimum amount of personal funds required to Follow a Strategy:
BTC denominated Strategies: 0.001 BTC.
ETH denominated Strategies: 0.025 ETH
USDT denominated Strategies: 50 USDT
USDC denominated Strategies: 50 USDC
Can I have multiple Followings?
Yes. Followers can have multiple Followings in multiple Strategies at once.
Where does profit from my closed Followings go?
Profit/loss settlements for Followings occur ONLY once the Following is stopped or the followed Strategy is closed and are transferred to your account Wallet.
My Following and the corresponding Strategy are showing a different 'Today's Profit %'. How can this be?
If a Following was initiated AFTER the beginning of the current day, the 'Today's Profit %' indicator of a Following may differ. This is due to the fact that a Following is not affected by Strategy trading activity prior to the Following's creation.
Do multiple Followings in one Strategy increase my profit share % (offer)?
No. Equity of each Following is separate from other Followings. This means that profit share % will be calculated separately for each Following.
Can I allocate more funds into my active Following(s)?
No. However you can simply create another Following in the desired Strategy from that Strategy's main page.
How can I reduce success fees and entry fees?
Success fees and entry fees for Followings can be reduced by activating a membership plan via COV Token staking.
I don't see any Strategies in the Rating list/I can't find any Strategies in the Rating list. Why?
If the Rating list is empty this may be due to the Filter settings selected. Filter parameters can be reset by clicking the 'Reset' button in the top-right corner of the Filter bar.
Questions about conditional bonuses and discounts
When creating a Strategy, do I retain any bonuses/rewards/discounts on my regular trading account?
Yes. Creating a Strategy also creates a separate Strategy trading account, thus regular trading accounts are not affected.
Do bonuses/rewards/discounts on my regular trading account also apply to my Strategy
No. Any bonuses/rewards/discounts active on your personal trading account will not be applied to a Strategy.
Can I apply promo codes to my Strategy?
Promo codes cannot be applied to a Strategy trading account
Will my account status fee discount (based on turnover) be applied to my Strategy trading account?
Account status turnover-based fee discounts do not apply to a Strategy trading account.
How can I reduce Trade fees on a Strategy account?