COV Token Buyer’s Guide (2021)
The COV token is one of the most exciting prospects for cryptocurrency investors in 2021 with it yielding more than 1,000% ROI for investors over the past 12 months, and many protecting that this may indeed continue throughout the coming years bull run as well.
The fundamentals of the COV token and the project behind it, Covesting.io are some of the strongest in the cryptocurrency market and the main considerations for the value of COV relate to the huge impact that it is already having on the cryptocurrency market, but also its place in the greater financial market global financial market in the future.
We are taking a deeper look at the COV token, how to buy this token, and the reason is that it may perform better than other altcoins throughout 2021.
COV Basics
What is the COV Token?
COV is one of the top performing altcoins in the cryptocurrency market over the past 12 months with a growth in its price of more than 1,000% during that period of time, and a significantly outperforming a majority of other cryptocurrencies throughout the last year.
COV was created at the same time as the launch of covesting, the world's first form of cryptocurrency copy trading and in 2021 by far the world's largest form of cryptocurrency copy trading as well.
The COV token is designed to be a mechanism for the creation and transfer of value throughout the covesting ecosystem, with it being used in order to unlock a wide range of different features that can allow covesting users to do various things relating to cutting the costs that they have and increasing the revenue.
What is Covesting.io?
Covesting.io is the parent project of the COV token and it was launched in 2017 via an ICO which was one of the top performing ICO's of that year and raised more than $18 million in funding as a result of this.
Over the past four years, Covesting.io has gone from strength to strength and today has become one of the most widely respected and well-known cryptocurrency trading platforms in the world, and throughout this period of time the project has forged a number of powerful partnerships as well as gained a range of accolades.
Covesting.io is domiciled in the world's leading fintech jurisdiction, Gibraltar, and was in fact the first project ever to receive the DLT (distributed ledger technology) license from the Gibraltar regulators.
What is the COV Token Used for?
The COV token is one of the world's leading cryptocurrencies and one of the most innovative of the entire cryptocurrency market, and as well as bringing a range of new opportunities for cryptocurrency traders to the market, the COV token is easily one of the most innovative cryptocurrencies as well.
There have been a number of new token utilities that have been developed and integrated into PrimeXBT's Covesting module, the home of covesting online, and these token utilities allow users to be able to generate greater levels of revenue and reduce their costs.
There are four new COV token utilities that have been introduced into the Covesting module, with each one of these acting as either a mechanism for the increase in demand for COV or reducing supply.
Covesting Basics
What is Covesting?
Covesting is the world's first form of cryptocurrency copy trading and it was released to the cryptocurrency market in 2017 with the launch of Covesting.io, and since then until now covesting has grown exponentially to become one of the most popular ways to trade cryptocurrencies online.
Covesting opens up a range of different unique opportunities that are unavailable elsewhere and this has been the motivating factor behind its growth over the past four years, as more traders and investors have realised the potential for transitioning across to using covesting.
There are many similarities between standard copy trading and covesting, however there are a number of unique optimisations that are built into the way that covesting works which make it different from normal copy trading and even more potent.
What is the Structure of Covesting?
Covesting has an innovative structure where experience trade is known as strategy managers will create peer-to-peer investment funds, and then in order to interact with potential investors they will describe the strategies that they will be using and each investment fund is tied specifically to those strategies.
Then other users who are known as followers will come to the Covesting module on PrimeXBT looking for investment opportunities, and they will be able to look through a table of all of the potential strategies that they can invest into, with the process being data driven and there being a wide and trialled transparent amount of data that is available to them in order to make this decision.
Then the follow-up will select the strategy managers they would like to invest into, the capital that they designate will be invested into the peer-to-peer investment funds of those strategy managers, and then for every trade that the strategy manager makes the capital deposited by the followers will also copy those strategies and make the same trades, sharing in the same ROI’s.
Why is Covesting Beneficial?
Covesting has grown as quickly as it has because of the huge number of significant benefits that it provides for its uses which are unavailable anywhere else in the cryptocurrency market, and these benefits appeal not only to experience traders, but also to traders that may be new to the cryptocurrency market as well.
For experienced traders that become strategy managers, they are able to increase the revenue that they generate from their trades without having to increase their capital exposure, being that they use the capital of their followers in order to generate a 20% success fee from all successful trades, and this often dramatically boosts the revenue that they generate from their activities.
For inexperienced traders, there are significant opportunities to reduce risk by partnering with some of the top performing traders in the cryptocurrency market, with this obviously not being something that is usually available, but by doing so they are able to cut the risk that they have by putting the capital investments in the hands of seasoned veterans.
Buying COV on KuCoin
Deposit your Funds onto the KuCoin Platform
The first step in the process of using KuCoin in order to secure COV is to deposit funds onto the platform which is a simple process that takes less than one hour.
Start out by going to KuCoin.com, then go to the registration page in order to set an account up if you don't already have one, however if you already have a KuCoin account then you can skip this step and simply log into your account.
Then once you're inside your account go to the wallet page in the account section and look for the options for funding your KuCoin account in order to be able to trade with it, and once you have funded your account with either cryptocurrencies or fiat assets you will be ready for the next step.
Select a COV Trading Pair and Trade for COV
The next step in the process is to look at the different trading options that are available for the COV token on KuCoin, and then select which trading pet that you will use in order to buy COV.
There are a number of trading pairs available on KuCoin including COV/BTC, COV/ETH, COV/USD, and COV/EUR.
Select which of the trading pairs that you would like to use in order to buy COV, then select how much of your funds you would like to trade for COV, execute the trade, and once you have secured COV you can move onto the next step.
Securely Storing your COV
The final step in the process that is important when using KuCoin is to make sure that you securely store your COV instead of simply just leaving it on the platform.
Centralised trading platforms can be safe to store funds on long-term, however the security profile of the platform is important.
KuCoin was hacked last year to the tune of $150 million, and while users got their funds back it is better not to leave your phones on KuCoin but instead to store them somewhere else.
Examples of good places to store your COV are either using a hardware wallet such as Trezor or Ledger, or using a wallet such as Metamask which is more secure than leaving assets on a centralised exchange.
Buying COV on Uniswap
Metamask Connection
The first step of using Uniswap in order to secure a COV is to connect your Metamask wallet which will have COV which will have ERC-20 assets already stored on it and ready to trade.
Metamask is a wallet system where it connects into different platforms but does not provide them with direct custody of the assets, with this typically being more secure than the way that centralised exchanges require assets to be deposited.
Simply get the Metamask extension from the chrome extension store, and from the send funds to your Metamask wallet preparation for using them on Uniswap.
Deposit your funds in to your Metamask wallet
After you have connected your Metamask to Uniswap you need to deposit funds into the wallet in order to be able to use them to trade for COV.
The way to do this is to get in your seat your ERC-20 tokens or Ethereum and to send it to your Metamask wallet.
The deposit address for your Metamask wallet can be found at the top of the browser extension and will act as the destination that you can send ETH to in order to be able to use it to buy COV on Uniswap.
Trading for WETH
The asset trading pair that is used on Uniswap for a trading COV against is Wrapped Ethereum, or WETH as it is also known.
In order to be able to secure COV you have to trade it against Wrapped ETH, which means that if you have already in your Metamask wallet it can be automatically transferred from ETH into WETH, and then be used for trading against COV.
Simply go to the Covesting trading page and connect to Metamask and then execute the trade in order to secure COV.
In Conclusion
The COV token can be purchased on a range of different platforms online in 2021, but KuCoin and Uniswap are the two largest platforms and best places to invest into COV.
Both platforms present their own unique benefits and advantages as well as reasons why one would be better for some investors and the other platform better for other investors, however both are leading trading platforms in the cryptocurrency market.
If you would like to learn more about the COV token and covesting general, check out PrimeXBT’s Covesting module, and if you would like to learn more about Uniswap and KuCoin check out their platforms respectively.