The innovative and pioneering platform which offers copy trading among other features for cryptocurrency traders, Covesting, has announced their pre-ICO sale on their website, www.covesting.io. The pre-sale starts on 20th October which will go on for 30 days till 19th of November. The company is expecting to draw experienced traders and follower traders to their platform which offers some unique benefits.
The CEO of Covesting, Mr Dmitrij Pruglo, said, “we are excited to finally offer the pre-ICO coin sale to the public. We feel it is time to take the profit making strategies of the experienced traders to the common investors and allow them to reap the benefit in exchange of a small share of their total profit. We have also sweetened the deal for those who show early support to our platform during the pre-ICO sale and we are confident of an overwhelming response from the market.”
It should be noted that, for the early adopters of the exchange who are experienced crypto traders, Covesting has increased the profit sharing and 25% of the profits generated by his/her follower investors will be awarded to them.
Pre-ICO and ICO
The pre-sale of COV Tokens, the native currency of the ecosystem, starts on 20th October and will run for a month before ending on 19th November. During this period, the COV tokens will be available at the heavily discounted rate of 300 COV per ETH. The company has allocated a total of 1,500,000 COV for this purpose and aiming to collect 5000 ETH by selling the coins.
The ICO of Covesting is slated for a release immediately after the pre-sale on November 24th and will last for 30 days till 23rd December. The hard cap for the ICO sale has been set at 100,000 ETH and the coin sale will automatically stop when the cap is reached.
It would be a good idea to invest in COV coins, especially during the discounted coin sale – pre-ICO. The price of the COV coins is expected to go up as the platform grows bigger and more traders, experts and followers, join the bandwagon, thus, creating a higher demand for these coins. The demand-supply equilibrium of economics will pull the prices up for these coins.
— Covesting (@covesting) October 18, 2017
The First Platform with Copy-trading
Covesting is the first decentralised exchange to come up with the concept of copy-trading. According to Wikipedia, copy trading is automatically replicating another investor’s or trader’s deal by a “follower investor” under the trust that the trader is an expert and his deals are supposed to be profitable. Copy trading on Covesting is a win-win situation for the expert trader and the follower investors because while the follower is expected to make profitable deals without getting at all involved, the expert trader gets a commission of 18% on the profits made by all his followers.
Covesting charges are bearable for the follower investors as the platform takes a 10% flat commission for the trades. Furthermore, the platform also charges 2% on the deposited amount from the investor.
Combining the expert trader’s profit with these charges, a follower investor can take home more than 70% of his investment without taking part in active trading.
Covesting converts every investment amount into COV tokens to maintain a uniform system across the platform. Absence of a multi-currency system keeps the system simple and easily calculable. However, the users can withdraw COV coins into multiple leading cryptocurrencies and fiat currencies, if they wish so.
Covesting is headed by Dmitrij Pruglo who himself has an enviable track record of equity, derivatives and FX trading and works of worked for reputed financial institutes like SEB Bank, Saxo Bank, Wisdom Bay Holding in different capacities. With him at the helm, Covesting is destined towards a great success.