Throughout 2020 and the beginning of 2021, the COV token has grown in prominence as a result of the expansion of covesting throughout the
cryptocurrency market, as well as the introduction of 4 new COV token utilities that allow COV users to gain advantages when using PrimeXBT’s Covesting module.
As the trade of COV has grown throughout the past 12 months, KuCoin has become the most prominent place online to be able to trade COV and for investors to secure COV in the lead up to 2021 is bull run.
This guide takes a look at buying COV on
KuCoin, starting with a look at what COV and Covesting actually are, then moving on to look at where traders can covest and what KuCoin is, then finishing off with how to buy COV on KuCion.
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COV is the native cryptocurrency of the covesting ecosystem and is used on the
Covesting module at PrimeXBT in order to unlock a range of powerful utilities that allow covesting users to reduce their costs and increase their revenue.
Recently there have been a number of new token utilities integrated into PrimeXBT which have dramatically boosted the utility of the token, with this being reflected in its price in the markets, as well as the increase in the popularity of covesting over the past 12 months also being reflected in COV’s price with it growing by more than 1,000% throughout this period.
COV reached an all-time high of $3.28 in 2017 shortly after it was launched and it is predicted that in 2021, COV could reach this all-time high again and also create new all-time highs if there is the formation of a bull run in the cryptocurrency market this year.
What is Covesting?
Covesting is the world's first form of cryptocurrency copy trading that was created by Covesting.io in 2017 when its ICO launched and raised more than $18 million in funding that year with it being one of the most successful ICO throughout the entirety of 2017.
Experienced traders known as “strategy managers” create peer-to-peer investment funds on PrimeXBT’s Covesting module which are tied to specific strategies and which other users, known as “followers”, will invest their capital into, sharing in the same ROI’s as the strategy manager, and often dramatically improving their outcomes in the cryptocurrency market as a result of this.
In 2020, covesting was one of the most popular trends that emerged with it directly leading to a huge increase in the amount of equity that was invested into cryptocurrency through that year and being directly responsible for the reignition of the crypto bull market that we are now in.
The Recent Integration of the COV Token Utilities
The Increase of Success Fee for Followers
The first of the new COV token utilities that have been introduced into PrimeXBT’s Covesting module in order to allow for covesting users to gain greater advantages is the ability for followers to increase the percentage of each success fee that is generated which they are able to retain.
Whenever there is a follower that follows a strategy manager and that manager successfully executes a trade on their behalf, a success fee is created that is split between the follower, the strategy manager, and the platform itself.
However with the use of the COV token, followers are able to now tip the balance in their favour for each success fee that is generated, with this allowing them to retain more of the profit that their capital generates for them, and representing a distinct increase in profitability over the long term.
The removal of the 1 % Entry Fee for Followers
The 1% entry fee that is typically paid by followers whenever they follow a new strategy manager and enter for the first time is now able to be removed with use of the COV token as well, with this being the second COV token utility to be introduced recently.
Recently the platform has introduced a new entry fee which is 1% and it is charged to followers whenever they follow a strategy manager for the first time, with the aim of this 1% fee being to encourage long-term partnerships between strategy managers and followers.
However, now followers are able to remove the need to pay this 1% entry fee with the use of the COV token, with this also representing an increase in their profitability over the long term, especially if they choose to follow a range of different strategy managers.
The Reduction of Trading Fees for Managers
Strategy managers pay trading fees on all of the trades they execute on the Covesting module, with this being charged outside of the amounts that they earn from their followers and from the success fees that are generated.
Now, strategy managers are able to reduce their trading fees by up to 75% with the use of the COV token, with the equivalent of $250, $500, or $750 of COV being able to be used by strategy managers in order to reduce their trading fees by 25%, 50%, or 75% respectively.
This new COV token utility offers strategy managers a distinct advantage to be able to reduce their trading fees and increase the profitability of their activities on the Covesting module.
COV Token Burn Program
The last of the 4 new COV token utilities that has been introduced recently is the COV token burn program which will see up to 50% of all of the trading fees that are generated on the Covesting module used by the covesting team to buy and burn COV from the open market, with this having a dramatic impact on scarcity.
This means that holders of the COV token will now see their tokens increase in utility value as more of the COV is continuously burned through the COV token burn program.
This benefits both strategy managers and followers that are holding COV long-term, and sees this as one of the leading ways that the supply of COV will now be cut using the COV token utilities.
Where Can Traders Covest?
Covesting.io was created in 2017, and from 2017 until 2019 the team behind the project work diligently to create the infrastructure and software that will be required to bring this new form of crypto copy trading to the wider crypto audience for the first time.
In late 2019, it was announced that Covesting.io had partnered with the world's leading multi-asset margin trading platform, PrimeXBT, with this partnership being created in order to build a module that will be integrated into PrimeXBT and that would bring copy trading to the users of that platform for the first time.
In April 2020, PrimeXBT’s Covesting module was completed and released as a beta on PrimeXBT, and over the following 4 months that the beta ran for, more than $1 million worth of equity was provided into different funds on the platform while the top performing strategy managers were able to generate up to 1,800% ROI for their followers.
What is KuCoin?
KuCoin is one of the longest standing and most well-known cryptocurrency trading platforms on the market in 2021 with it being primarily focused on the Asian market, but having global traders and investors using it from around the world as well.
KuCoin was one of the first platforms to list the COV token and quickly that trading platform became the largest platform to list COV, where it has remained ever since.
KuCoin is a professionally-made cryptocurrency trading platform with an attractive UI and a powerful trading engine, and as well as listing COV for trading, there is a wide and diverse range of different cryptocurrency is available on KuCoin that traders can access.
Buying COV on KuCoin
Deposit Funds into Your KuCoin Account
The first step in being able to buy COV on KuCoin is having a KuCoin account, and therefore if you don’t already have an account you should go to KuCoin.com and set an account up on that platform.
The Next step once you have an account is to deposit funds into the account in order to be able to purchase COV, and this can be achieved by going to the wallet section of the KuCoin trading platform and selecting to deposit the funds that you have, whether they are fiat or cryptocurrency.
Once your funds have been deposited into your account you’ll be able to use them to trade for COV, with there being a range of different trading pairs available on the platform for this.
Trade COV for BTC, ETH, USD or EUR
KuCoin provides a number of different trading pairs to purchase COV with in order to allow users to have a variety of different ways of securing COV.
The 4 trading pairs that are commonly available for COV trading are COV/BTC, COV/ETH, COV/USD, and COV/EUR.
Select which of these trading pairs that you would like to use and then deposit the appropriate amount of the opposite trading per into your trading account on KuCoin, where you will then be able to trade that for COV.
Store on KuCoin or Elsewhere
Once you have traded your funds for an amount of COV, you then have the choice of whether you will store that COV on KuCoin or elsewhere.
For small amounts of COV, storing on KuCoin should not be a problem, although it is important to understand that within the past 12 months KuCoin has been hacked and so there is a risk that you need to consider.
For a safer way of storing COV you can use a hardware wallet such as Ledger or Trezor and you can transfer your COV to the hardware wallet and store it there, with that preventing the ability for it to be stolen.
In Conclusion
KuCoin became the leading platform online to trade the COV token when it was created almost 4 years ago, and since then until now it has remained as the largest platform to provide COV trading.
Today in 2021, there are more traders and investors using KuCoin to buy COV than with any other platform, and as such the fluctuation of the price of COV on KuCoin largely dictates the value of COV throughout the market.
If you would like to learn more about buying COV on KuCoin, check out KuCoin, and if you would like to learn more about covesting or COV, check out
PrimeXBT’s Covesting module.