Though ICOs have flooded the cryptocurrency market with unoriginal or useless ideas, Covesting has emerged as a unique, valuable proposition to investors and traders of cryptocurrencies: the platform provides the ability to copy the trades of professionals and share in their profits. The team behind Covesting has many years of financial and software experience, and the team is poised to complete a successful ICO with substantial funding and the drive to execute their novel ideas.
In a nutshell, Covesting allows traders and investors to copy the trades of professionals, also called models, by giving them 18 percent of their profits. Covesting will keep 10 percent of the profits as commission, and the remaining 72 percent will go to those using these models. Users of the platform can copy up to 20 models at a time, and the platform will allow for frictionless conversion of investments in real-time. This system has the effect of incentivizing all parties, creating a positive feedback loop that will ensure a growing ecosystem within the platform. The more successful the models are, the more users are going to copy their trades, thus allowing the models to generate significant revenues based on their success. Conversely, ordinary traders lacking the proficiency of the professionals can take advantage of their skills to enjoy a large percentage of their gains.
The CEO and founder of Covesting, Djmitrij Pruglo, has 12 years of experience in Forex, options, futures, commodities, and bonds. Previously, he was among the top performers at the SEB Bank Investments department. He also performed well as a trader for Saxo Bankin Denmark. The Covesting team is also stacked with experts in financial markets, blockchain, and software development to bring the goals of the platform to fruition.
The primary token used within the ecosystem is the COV token, which is ERC20 compatible and runs on top of the Ethereum protocol. Covesting will use at least 50 percent of the profits from transactional fees to buy back COV tokens and burn them, thus shrinking the supply of COV tokens over time. A reduced supply of COV will benefit long-term investors by increasing their value. The COV token will be available to investors at a discount until the ICO ends on January 15, 2018.
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