Covesting, a revolutionary new approach to crypto-trading has come out of stealth mode to present a sneak peek at its trading platform.
Covesting – the revolutionary copy-trading platform for cryptocurrency, has just unveiled an early beta of its new trading platform. This comes hot on the heels of the launch of their innovative intelligence portal.
Just 6 weeks after its ICO closed, the company is on schedule and delivering new functionality in line with its roadmap.
Not only is the team proud of their product, but they are also chuffed about being able to point to reliable delivery and on time. Over 60% of all ICO’s still fail to deliver the goods after collecting funds from investors.
And the Covesting team should be proud. Their demo backend is understandable, easy to use, and absolutely has addictive qualities already.
Think about it this way. It’s like Facebook, only you get to choose your “friends” on the basis of their successful trading strategy (or yours). Plus you get to make money doing it, while also learning about the dynamics of a broad and expanding world of a new kind of currency.
Want to check it out? The company is already accepting applications for traders who they will contact before the actual rollout of the platform. Sign up here.
To test out the interface for yourself, just go to the demo account the team has already set up. Trust us! You will want Covesting to hurry up and deliver the working version beyond the prototype. Just so you can test it.
The trading backend is set up much like other online trading platforms – but this one is easy to navigate and understand. On the left of the screen are options that include everything from the dashboard overview to the settings panel.
The Dashboard – This convenient overview contains a lot of valuable information. Here users see graphical summaries about portfolio results over a period of time (which can be selected via a drop-down from one week to all time). Portfolio allocation balances and total profit are also displayed at the top of the screen. Here users can also select the traders they wish to follow or unfollow.
Search Traders – This is the place to find traders to follow. Ratings, return for the year, followers and overall returns at the present time, are all listed, along with an easy “add” button. Clicking on each trader profile will reveal a more detailed listing of their detailed, month-by-month performance as well as their returns.
Messages – The messaging section is where users can send and receive new messages to their followers either en-masse or to individual requests.
News – Given the fact that this will also feed (presumably) from the trading intelligence portal, this might be the best place to start your day as a Covesting trader.
Wallet – While the current demo only shows three wallets, users will have wallets for between the top 10 and 20 most liquid cryptocurrencies for the beta. The wallet is where users can withdraw and deposit funds to begin trading. Per the video demonstration, users will have the opportunity to trade a much larger variety of coins as the system rolls out.
Reports – While this is still in absolute “coming soon” mode, users will clearly have access to aggregated financial reports about trading activity.
Markets – This is potentially one of the most powerful screens of the entire demo. Not only can users see trading volume and pricing of the most liquid and traded coin pairings, but they can also start to create their own charting tools.
Settings – Here users set their public profile, invite others (for referral awards), password settings and set other security features.
So what should a user expect from the platform? Innovation for one thing and an interesting perspective if not an opportunity to both learn and profit from the crypto boom.
Covesting is using a single token (COV) to integrate not only payments but underwrites the liquidity of a trader’s portfolio while users are also using the platform as a simple exchange just because it will also offer lower fees. This is also one way to ensure that the COV has high volume, not to mention ongoing fees for services and, as a result, liquidity. For that reason, the team is taking the time to integrate the token into each part of the platform, in a step-by-step way.
Users can expect to be able to have access (at least at first) to the top 10-20 most liquid tokens and currencies available and when rolling out less liquid coins, the platform will also impose restrictions on each trader. The idea here is to prevent market manipulation, not encourage it. Covesting will also have 24/7 monitoring of the trading environment and have built-in automatic triggers for suspicious events.
Other security features have been added to protect users and to stay in compliance with emerging regulations. This includes age restrictions (you have to be over 18), you will not be able to use SMS messaging, and initial transfers of fiat currency will be available via credit cards and wire transfers only. There will be limits to how many people can follow one trader, and there will also be options for users to customize their positions.
The user journey is set up to be smooth, easy-to-use and understand and the beta will have quite a lot of functionality. After setting up your 2FA secured account you can:
Submit Funds To Your Wallet: The transfer function is easy to use. Deposit (or withdraw) features will display your wallet address with a click of a button (and a copy-paste of the wallet address). Transaction history will show up, confirmed at the bottom of the page.
Transfer Into And Out of The Trading Portfolio: To begin trading, users must transfer funds into system wallets. Once that occurs, they must then move funds from their wallet of choice (BTC, Ethereum, Litecoin, or etc), into the Portfolio. This is achieved via an easy drop-down selector at the top of the screen. Once bought, users can see the performance of their assets from the moment of purchase.
To transfer funds out of the Covesting system, coins must be transferred back out of the portfolio, into the wallet. This is very easy to do. Just paste the wallet address, perform a Google authentication, and submit. The order shows up instantly on the blockchain.
Exchange: The Exchange is where users can buy or sell cryptocurrency, based on available pairs. The interchange allows you to select how much you want to sell, set limits, check the order book for current pricing and check the market for how your pricing lines up with the real-time market results.
Once the order is placed, it appears on the interface, along with profit and loss from the trade. It is a powerful way to understand how to make successful trades and how to arbitrage in a never-closing, highly volatile market.
Follow traders: One of the more intriguing aspects of the platform is how it creates opportunities for all users to benefit two ways. One is obviously developing and following a profitable trading strategy. The other is to be a trader who shares information about their trades with the community and for a commission if the trade is successful. Users can select traders to follow via the Trader interface. Before selecting a trader to follow, users can also see the trader’s dashboard, performance, and portfolio as well as communicate with them directly.
Both live and email support are available to answer any questions.
As Covesting CEO Dmitrij Pruglo. explains on the accompanying video about the launch of the trading platform demo, this is not the only thing the team at Covesting is now executing.
These include steps to stay compliant with impending regulations, security and safety, and recovery options.
The team is also starting to address an oft-overlooked but highly necessary support function: Customer support. This will include an around-the-clock service team and even personal advisors for the most active clients.
The launch of the platform in March will also be supported by a strong marketing and branding team, which can tell the story of what happens to all kinds of users in the most effective and unified way. People will either begin to make money by following successful traders or they won’t.
Given what the team has already released so far, it appears it would be almost impossible to lose money (failing complete market meltdown). All you have to do is point and click, to copy the portfolio positions of people who are already executing successful, and money-making trades.
As cryptocurrency mainstreams, more and more people will begin to move into the market – most of them with almost zero knowledge about cryptocurrencies not to mention trading (of any kind).
The Covesting platform gives these newbies a way to dip their toes into the entire conversation in the most non-threatening way possible – via other traders in a social setting where metrics and results are easy to see. And better yet, create for oneself with just the click of a button. For everyone else, the platform creates a way to begin to be successful at the cryptocurrency game even if not spending your life as a trader.
For professional traders, this also creates a win-win – a financial incentive to share results with a community of followers as well as build a “client-base” of peer-to-peer connections.
While every market is caveat emptor, it is hard to see, failing the collapse of the entire vertical, how anyone could go wrong with this kind of strategy – much less the Covesting platform and their solution to entering if not profiting from the booming crypto mark