Cryptocurrency exchange and trading platform Covesting announced on Monday that it has launched a copy trading service.
The new solution is being launched in conjunction with PrimeXTB. This is the first business-to-business partnership that Covesting has announced.
Launched last year, PrimeXTB offers leveraged trading, of up to 100:1, in a number of different cryptocurrencies, including bitcoin, ethereum, and litecoin.
Though copy trading has been available on Covesting’s platform for some time, the deal means PrimeXTB customers will also be able to access the service.
In order to properly facilitate copy trading, Covesting has launched its own cryptocurrency, the COV Token.
Anyone using the exchange’s copy trading service will have to use the token to perform those trades.
The value of the tokens is, according to Covesting, determined by trading volumes on the exchange.
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That means demand for, and the value of, the token should increase as the number of traders using Covesting’s services grows.
The cryptocurrency exchange operator says that users can also access algorithmic trading solutions and gain a 50 percent reduction in trading fees by using the tokens.
Four months of integration
In order for the new copy trading solution to properly work, COV Tokens are going to have to be integrated into PrimeXTB’s platform. That’s going to take some time.
Covesting said in a statement on Monday that it expects the integration to take up to four months to complete.
Once it has done, however, novices will be able to imitate the trades of experienced traders using the Covesting platform.
“Copy trading is at the core of Covesting, and we’re proud to offer the state of the art, proprietary technology to integrate with other industry players,” said Dmitrij Pruglo, Covesting’s chief executive officer and founder.
“We firmly believe our copy trading module will be extremely beneficial for PrimeXBT platform, which allows trading with 100x leverage across a variety of digital assets.”