The COV token is an integral part of the Covesting ecosystem, which includes a massive peer-to-peer trading community and an all-new yield generating tool that offers a direct connection to popular DeFi protocols.

The COV token is the native utility token which unlocks the most important benefits that any type of account holder within the Covesting universe has access to. Because the benefits are so powerful, and so profitable, it warranted a deeper dive into the token’s fundamental facts and a closer look at what the utilities’ use cases are.

This guide is all about the Covesting (COV) token, an ERC-20 token on the Ethereum blockchain.

COV Utility Token Facts And Features

To begin, let’s review some of the most basic facts about the COV utility token:

• The initial coin supply was even tighter than Bitcoin’s 21 million BTC, making COV ultra-scarce.
• The supply is always decreasing due to the developer-implemented tokenomics geared toward greater perceived value for token holders.
• The current supply is just over 19,000,000, with the total number of COV tokens burned nearing 1 million. By the time you read this, the milestone might have been reached.
• Covesting users are actively staking more than 2 million of the coins in the supply, representing more than 10% of the total supply.
• COV token staking is the key to unlocking three account level memberships within Covesting, each with a different set of utilities and benefits for all types of Covesting users.
• The COV token is not available in the United States and other jurisdictions where certain cryptocurrencies are prohibited.
• Token burns are done at regular intervals, which is recorded via the blockchain and is visible within the My COV section of the PrimeXBT dashboard.
• COV tokens can be purchased at Kucoin, Uniswap, or directly from PrimeXBT within the exchange service by swapping BTC or ETH for COV tokens.

What Are The Utilities Unlocked?

With the more formal and factual introduction out of the way, let’s look at each of the membership levels available by staking COV tokens within the My COV section of the dashboard. The three membership tiers above standard accounts include: Advanced, Premium, and Elite.

Advanced accounts are enabled at $3,000 in COV tokens staked, Premium accounts come in once $10,000 in COV tokens staked is reached, and Elite accounts clock in at the most COV tokens, with $50,000 in COV total required in staking.

COV token staking is a temporary thing, for as long as the user desires to enjoy these account-level utilities that are unlocked. Users can start or stop staking at any given time. Users can also upgrade as often as they’d like, however, there is no option to downgrade. Simply stop the staking, and restart at a lower level if interested.

But why would you want to stop getting access to the best benefits the platform offers? Here is a more specific breakdown of each of the three membership levels unlocked through COV token staking:

• Advanced
  • $3,000 in COV required
  • Eliminates the 1% entry fee on new followings
  • Profit share increase of 2% for followers
  • Individual following limits increased by 2x
  • Trading fee discount of 10% for strategy managers
  • Yield rate increase of 1.25x within Covesting yield accounts

• Premium
  • $10,000 in COV required
  • Eliminates the 1% entry fee on new followings
  • Profit share increase of 3% for followers
  • Individual following limits increased by 3x
  • Trading fee discount of 20% for strategy managers
  • Yield rate increase of 1.5x within Covesting yield accounts

• Elite
  • $50,000 in COV required
  • Eliminates the 1% entry fee on new followings
  • Profit share increase of 5% for followers
  • Unlimited individual followings
  • Trading fee discount of 30% for strategy managers
  • Yield rate increase of 2x within Covesting yield accounts

What Do These Features Mean For Traders?

For Covesting strategy managers who are trading on margin, reducing trading fees means more money back in their pockets, and more profits booked overall. Depending on the frequency and size of trades, as much as 30% off trading fees can seriously add up over time.

The next most obvious benefit is the increase to yield rates in the Covesting yield account system. Up to a 2x APY boost is offered at the highest level. When the market is at peak conditions, rates can reach as high as 10% depending on demand, volatility, volume, and more.

Followers get the most benefits, with an increase to following limits and a boost to profit share. Eliminating new following entry fees combined with an increase in individual following limits allows followers to build a diverse portfolio of multiple strategies, so that risk is spread around and there are more overall opportunities for profits unlocked.

With Covesting copy trading, followers copy the trades of strategy managers. Followers know which strategy managers to put their money behind, because of the fully transparent leaderboards. These leaderboards track the performance data of strategies so followers have intel to go on.

Followers must monitor this data to make sure the strategy they’ve chosen stays in the green, and doesn’t take on too much risk. The robust data system offers insights into everything from profitability and margin allocation.

Strategy managers are ranked by total profits, making it easier for followers to find the best of the best. A five-star rating system also helps to pick out shining examples of safe traders out of the pack of elite.

Conclusion: Unlock COV Token Utility With Covesting And PrimeXBT

All of these Covesting tools are available at the award-winning margin trading platform PrimeXBT. Covesting strategy managers can trade forex, crypto, stock indices, commodities and more. The asset list offers popular trading instruments like Bitcoin, Ethereum, gold, oil, natural gas, the S&P 500, and so much more – all from a single account.

PrimeXBT is home to the Covesting ecosystem and My COV section where all the information about the COV token, its tokenomics, and the current utility offering, is located.