Disclaimer: The following article is part of Cryptonews Deals Series and was written as a promotional article in collaboration with the sponsor of this offer. If your company has an exclusive promotion that you would like to share with our readers, we invite you to reach out to us. Let’s build together.
Multi-currency trading platform PrimeXBT has just added another way for users to generate passive income: on their already popular copy trading platform Covesting, users will be able to stake their funds and get the easiest DeFi experience around. The so-called Covesting Yield feature will launch in the third quarter of this year, with USDC and USDT staking available on rollout and other large coins to follow.
Removing the usual technological aspect of staking required in DeFi, Covesting Yield lets users connect to several DeFi yield generating applications in order to get the best returns. And while traditional banking products yield a fixed annual percentage yield (APY), this is not the case with cryptocurrencies: these rates can fluctuate on a daily basis. In a time of blockchain and DeFi optimism, this is a good thing—as the market is in a near-constant upswing, customers will be able to take advantage of this.
For all users who want to take their staking experience to the next level, using the platform’s native COV utility token will unlock additional benefits. Locking up their COV holdings will grant users one of three tiers of account membership:
- Advanced: starts at USD 3,000 in staked COV and offers +2% of profit share increase, doubled individual following limit, and a 10% trading fee discount;
- Premium: starts at USD 10,000 in staked COV and offers +3% of profit share increase, tripled individual following limit, and a 20% trading fee discount;
- Elite: starts at USD 50,000 in staked COV and offers +5% of profit share increase, no individual following limit, and a 30% trading fee discount.
As you can see, not only do you get incredible discounts, but you also get a bigger APY share depending on how much COV you’ve staked. An additional possibility of boosting your APY is by joining the waitlist ahead of the feature’s launch, which will give you an extra 1% boost. Perhaps best of all, regardless of how much you stake (or in which cryptocurrency), interest is paid daily.
How to Get Started
Luckily, staking does not have to be very complicated—especially coming from the team that gave us a hassle-free copy trading experience. All you need is a PrimeXBT account. Through the Covesting page, you will need to access Yield Accounts on the left-hand side of the screen.
This will bring you to a dashboard with all the information you need in one place. You will be able to see your current APY rates, historical APY rates with a handy chart to show you the changes, and your current and previous staking information.
One of the best features, however, is a calculator to calculate estimated yield. It takes into account factors such as staking term, asset of choice, and the amount. Although this amount is only an estimate and varies from day to day due to the market changes, it is still a good way to get a general idea of how you can benefit from the platform in a passive manner. It can also help you decide which assets to stake if you have more than one option: by weighing the pros and cons of using each with concrete numbers, you can rest assured you’re making an informed choice.
For those of you wondering when you can jump on the Covesting Yield wagon, the PrimeXBT team announced they’re rolling out in two phases:
Phase 1 starting May 2021 introduces staking, where COV token holders earn based on the aforementioned membership status.
Phase 2 is in Q3 2021, and includes competitive APYs with Covesting Yield Accounts, and COV tokens will get boosts that will see the best of them as much as double the standard variable rates.
While you’re waiting for the launch, why not try your hand at copy trading at Covesting? If you still haven’t tried it but would like to learn more, check out this copy trading guide.
PrimeXBT has prepared a special offer for their new customers: they will get 50% of their first deposit credited to their account as a bonus that can be used as additional collateral to open positions!
Don’t forget to join PrimeXBT / Covesting telegram community to find more information about the Trading terminal, Copy trading module and how to save up to 25% of your commission with COV token and other token utilities!