KuCoin is one of the longest standing cryptocurrency exchanges in the market in 2021, and since the launch of the COV token from covesting, KuCoin has been the major market place online to be able to buy it.
There are a number of factors taken into account when looking at where the best place to secure COV is, and with many of these metrics taken into account KuCoin often comes to the top of the list as the best place to buy and sell COV online.
To answer this question, we’re taking a deeper look at what the COV token and KuCoin actually are, breaking down the advantages of using KuCoin to buy COV, and looking at both
COV and KuCoin in greater detail.
What is KuCoin?
KuCoin is a cryptocurrency
trading platform that has been in the market for many years and is one of the most established and largest cryptocurrency trading platforms still on the market in 2021.
KuCoin has spent many years building its reputation within the cryptocurrency space and growing its following, with the Asian market in particular being well represented in the user base of KuCoin.
KuCoin is a centralised trading platform, which means that it uses orderbooks in order to decide what the exchange rate of each trade will be, and the platform takes the custody of assets that are traded on it, as opposed to decentralised exchanges where this isn't the case.
What is the COV Token?
COV is a cryptocurrency that was created by
Covesting.io in 2017 when that platform launched and ran a successful ICO which generated more than $18 million in funding that year for the project, and was a clear indictment of the cryptocurrency market and its lack of copy trading up until that point.
Such was the huge unmet demand for copy trading in the cryptocurrency market prior to the launch of covesting that the growth of the platform has been nothing short of exponential since 2017 until now, with this being fuelled by a range of partnerships and other achievements.
The COV token is designed to allow users of covesting to be able to access unique and powerful benefits, and over the past 12 months the value of the COV token has increased by more than 1,000%, with this representing one of the strongest price growth of any altcoin in the cryptocurrency space throughout that period.
What is Covesting and the Covesting module?
Covesting is the world's first form of cryptocurrency copy trading and presents a range of opportunities for cryptocurrency traders and investors to be able to seamlessly and effectively collaborate together in order to achieve dramatically optimised outcomes in the cryptocurrency market.
Experienced traders known as "strategy managers" and other users known as "followers" work together in collaboration in order for the strategy manager to allow others to copy the trades that they execute, and in return for providing the service managers receive a 20% success fee on all profits that they generate.
Covesting has grown rapidly over the past few years, and one reason for this has been the partnership between Covesting.io and the world's leading multi-asset margin trading platform, PrimeXBT, in order to develop the covesting module and integrated into PrimeXBT.
Following the 4-month beta phase of
PrimeXBT's Covesting module which ran from April until August 2020, the live version of PrimeXBT's Covesting module has now been launched, with this being a result of more than $1 million in equity being provided by different followers into strategies throughout the beta phase.
What are the Advantages of Using KuCoin?
More Liquidity
Liquidity is one of the most important considerations for traders and investors when selecting where to trade, being that if a platform has high liquidity and trade volume it means that traders are able to enter the market with optimal entry points and minimal slippage.
KuCoin has the highest liquidity for the COV token of any platform online, and this makes it one of the best places to be able to buy large amounts of COV in particular, being that there will be less slippage then will be found on other platforms.
Since the launch of the COV token, KuCoin has been the largest COV trading pool online and has been the most commonly used place for COV traders and investors to be able to secure COV.
Uses Orderbooks
Another important factor of using a KuCoin in comparison to other trading platforms is that KuCoin uses orderbooks as it is a centralized platform, and does not use bonding curves.
While bonding curves are an interesting way to trade cryptocurrencies, if the liquidity within a pool is insufficient then a bonding curve will lead to there being high levels of slippage for the trader.
However more often, using an orderbook at a centralised exchange in order to secure COV can provide less slippage and better entry points.
How to Buy COV with KuCoin
Make a deposit of funds into your KuCoin account Because KuCoin is a centralised exchange, the custody of the assets traded there is with the platform, and therefore the first step in the process of buying COV on KuCoin is to deposit other assets that you would like to trade.
The way to the deposit funds into KuCoin is to go to the wallet section of your KuCoin account, and look at the options for making either a fiat or cryptocurrency deposit, which can be quickly and easily executed by following the instructions.
Once you have your funds deposited into your KuCoin account you are ready to proceed to the next step in the process which is trading your assets for COV.
Trade COV for BTC or ETH
While there are fiat and non-fiat trading pairs for COV, we're going to focus on crypto-to-crypto trades of either BTC or ETH for COV.
Depending on which assets you have, you can select which one of these two trading pairs you would like to use in order to be able to secure COV on KUCoin.
If you already have BTC or ETH, you can directly trade those against COV, however if you have a different cryptocurrency, you can trade that for either BTC or ETH and then make the same trade.
Store Your COV on KuCoin or Elsewhere.
While KuCoin is one of the largest cryptocurrency trading platforms on the market, it did suffer a large hike in 2020 of more than $150 million and therefore it is prudent to store your COV elsewhere apart from KUCOIN itself.
This is particularly important if you have bought a large amount of COV, with there always being a risk of storing your cryptocurrencIES on previously hacked centralised exchanges..
A better way of storing COV is to either send it to Metamask, which is a secure platform to store ERC-20 cryptocurrency such as COV, or even better would be to send your COV to a professional hardware wallet, such as Trezor, and to store it there long term safely.
In Conclusion: Is KuCoin the Best Place to Buy COV?
Based on the metrics that we have covered here, KuCoin is the best place online to be able to invest into COV cost effectively and quickly.
KuCoin is a powerful trading platform that provides access to a wide range of altcoins, and with COV specifically taken into account, it provides the highest levels of trading volume found anywhere online.
To find out more about what COV and covesting are, check out
PrimeXBT’s Covesting module.