Bitcoin and cryptocurrencies have only been around for a little more than a decade; thus, blockchain technology is still relatively new to the mainstream by most measures. Few had heard of, and even fewer comprehended the future financial technology.
You can’t have a comprehensive debate about the cryptocurrency sector these days without mentioning DeFi. DeFi refers to the broad area of decentralized finance and can relate to just about anything. This can include permissionless lending and borrowing and staking assets to earn a return in the form of passive income and an APY. However, DeFi isn’t always easy for people new to crypto. Even those who have been around may not want to jump through those extra hoops to gain top market rates when their assets are soaring in value.
However, the Covesting feature on PrimeXBT and the most recent iOS app make DeFi easily accessible to investors. This enables any user to participate in the developing digital finance sector regardless of knowledge or time constraints.
In this article, we focus on PrimeXBT, a cryptocurrency trading platform that allows investors to trade global markets. What features are attracting digital asset enthusiasts?
PrimeXBT Convesting & New IOS App
What is Convesting?
PrimeXBT’s Covesting is a chance for traders of all levels of experience. A significant advantage for both new and experienced traders is that it can be a passive source of income. Skilled traders can set up a Strategy; anytime other traders successfully use it. Thus, the Strategy owner receives a portion of the earnings. Traders who do not have the time to stay on top of the markets and make informed decisions can choose to follow desired Strategies and produce a passive income.
Covesting enables people to create their Strategies or to follow an existing one. The Strategy is a publically accessible pool of a trader’s funds. Traders that build a Strategy (limited to one per trader) will gain a percentage of their followers’ profits. In contrast, followers can generate a passive source of income by automatically reproducing every decision made by an experienced trader. Strategy followers, as opposed to Strategy makers, have no Strategy following limits.
Today’s Profit Percentage is an indicator that shows the profit of a Strategy since 00:00 UTC on the current day. This information is visible to all parties, allowing everyone to make more informed decisions. Profit/loss settlements for Strategies you follow occur only when you cease following them or the Strategy is closed, and the settlements are sent to your wallet. It is crucial to remember, however, that the profit share % is computed independently for each Strategy you follow, which means you cannot enhance your profit share by following many strategies simultaneously.
Thus, when a trader creates a Strategy, all of their data becomes visible to other users. This includes Total/Today’s Profit, Strategy equity, Performance, the number of followers currently following the Strategy, and the number of days the Strategy has been active. This assists users in determining which traders consistently perform well, have the trust of other market participants, and understand their way around the markets.
PrimeXBT iOS Application
Users already familiar with the PrimeXBT desktop or mobile browser experience will feel right at home with the brand-new PrimeXBT iOS application. The app’s design is consistent with PrimeXBT’s signature style and feel – and it maintains the same client-focused approach.
Users can register for a personal account, pass permission, make deposits, withdrawals, account transfers, and much more with PrimeXBT’s all-new iOS application. They also gain complete control over their positions and portfolios, as well as access to price charts.
There are also synthetic contracts on Bitcoin, Ethereum, and other prominent altcoins; major, minor, and exotic FX currency pairings; popular stock indices such as the S&P 500 and DAX 30; and commodities like gold, silver, oil, and natural gas. Traders can use a single account too long or short any of the more than 50 trading instruments.
Most importantly, users can anticipate consistent, dependable service with no system overloads, server downtimes, tight spreads, and industry-leading safety and security. The app also serves as a portal to PrimeXBT’s live customer care and specialized account managers, which are available 24 hours a day, seven days a week.
PrimeXBT Application Integration
The application allows access to PrimeXBT’s Convesting copy trading module. Through the app, strategy managers can trade, and followers can track the performance of their portfolios. There are several reasonable techniques with appealing risk-reward statistics available on the PrimeXBT mobile application.
Trading is integrated into the iOS application. Using the application, traders can monitor their transactions. The intuitive application is user-friendly and safe to use. Traders can open, close, and adjust their positions on the go; without missing a single move. In addition, deposits in BTC, ETH, USDT, and USDC are accepted. Users may begin trading forex, cryptocurrency, stock indices, commodities, and more with as little as $5 and no hidden commissions.
Many of PrimeXBT’s advanced capabilities were previously exclusive to the platform’s browser edition. As the globe continues to shift toward digital assets in general, society is increasingly becoming mobile-first. The iOS application bundles all of PrimeXBT’s full suite of capabilities into a high-end, on-the-go trading experience for users’ convenience worldwide and to make advanced financial trading tools even more accessible than before.
Furthermore, with the technology advancing steadily and PrimeXBT growing rapidly, an Android application is already in the works. Future updates will allow users to manage their Covesting portfolio fully. However, users will not interact with the Covesting module to create new or follow other strategies at launch. Other upcoming developments include the Covesting Yield Account system, which is just the most recent addition to the company’s ever-expanding roadmap.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.