DISCLAIMER: PrimeXBT reserves the right to deny COV Token staking, utilities and change utility duration, fee rates or any other conditions.
The COV Token
PrimeXBT has partnered with a software development company Copy Trading to offer its users Copy-trading module accounts. COV token offers a user-centric model that provides unique incentive schemes for all the members of the Copy Trading ecosystem.
COV Staking on PrimeXBT offers major benefits for users of CopyTrading module: Followers of Copy Trading Strategies and Strategy managers. Activating a membership plan by depositing and staking COV tokens will unlock various levels of utility benefits, based on the amount of personal tokens staked.
COV tokens can also be used on PrimeXBT as collateral for leveraged trading on a Margin account or a copy-trading Strategy account denominated in COV.
Available Utility Options
Staking activates all of the following 4 utilities of the COV token. The offered level of benefits provided by each utility will depend on the obtained membership – Advanced, Premium or Elite:
1. Reduce or Remove Entry Fee for Followings
This utility allows Followers to receive a 50% or a 100% discount on entry fees for all Followings.
Any Followings that are started while Premium or Elite COV membership is active will not be charged an entry fee. Followings that are started while Advanced COV membership is active will be charged a 0.5% entry fee instead of 1%.
2. Increase Followings' Profit Share
This utility increases all Followings' profit share (by 5%, 10%, or 15%) in favor of the Follower by decreasing the platform's profit distribution share.
3. Extend or Lift Individual Following Limit
This utility increases a Follower's maximum Following limit (x2, x3, or unlimited) per each separate Strategy.
4. Reduce Trade Fees for Strategy Managers
This utility reduces trade fees for all trades within a Strategy (provides a discount of 10%, 20%, or 30%).
To deactivate a membership plan and unlock COV tokens a Follower must first close all active Followings.
Additionally COV Staking allows you to reduce trade fees on COV-denominated Margin accounts.
This utility automatically provides an unconditional 25% discount on trade fees on COV-denominated Margin trading accounts, and does not require activation of COV Membership.
COV Staking
Staking COVon PrimeXBT allows users of Copy Trading module - Copy-trading, to gain access to exclusive benefits and utilities within the Copy Trading ecosystem by locking (staking) a set amount of COV tokens.
Based on the membership plan chosen – Advanced, Premium or Elite – a set amount of tokens are locked in the Wallet and the corresponding utilities are unlocked:
A membership plan and the associated utilities will remain active until the membership is deactivated by the Copy Trading user.
How to Activate a COV membership
To activate a COV membership plan, navigate to the 'My COV' page:
1️⃣ Choose your membership and click 'Activate' under the desired plan;
2️⃣ In the pop-up window, check the parameters of the selected membership plan – tokens to be locked and the utilities granted upon activation.
3️⃣ Click the blue Active to lock in the required COV tokens and activate your Copy Trading utilities.
How to Upgrade a staking membership plan
If you already have an active membership and wish to upgrade to a more advanced plan – simply click the 'Activate' button under the new membership plan to lock the remaining amount of tokens required for the new membership plan.
The upgrade is made at the current COV exchange rate: if your locked COV tokens have appreciated in value – the upgrade will be cheaper due to the increase in COV value (or even free in the case of significant increase of the token's price)
Downgrading a membership plan is not possible currently. To select a lesser membership plan, the currently active membership plan must first be deactivated.
How to Deactivate a staking membership to unlock COV tokens
To deactivate a membership plan and unlock your COV tokens:
1️⃣ Click the 'Deactivate' button:
2️⃣ In the pop-up window, click 'Deactivate' to confirm that you wish to deactivate your membership and disable all active utilities:
To deactivate a membership and unlock COV tokens a Copy Trading user must first close all of their active Followings in Strategies:
Once you've deactivated your membership, the locked COV tokens will be unlocked and all active utilities will be disabled.
Where to obtain COV Tokens
At the moment COV tokens can be purchased through the Pancake Swap third party service provider.
Pancake Swap provides access to a decentralized protocol on various public blockchains that allow users to trade compatible digital assets. Please check Pancake Swap's T&C before opening an account and/or swapping COV.
Available trading pairs include COV/ETH, COV/USDT and COV/USDC.
Currently COV token exchange to BTC, ETH, USDT or USDC for COV directly on your PrimeXBT account is unavailable.
Should the exchange of COV tokens become available again in the future, a separate announcement will be made.
Token Burn
Copy Trading aims to burn up to 50% of the fees generated by Copy-trading at random intervals.
Token burn statistics, as well as the associated burn transaction IDs on the blockchain are reflected on the COV Token page as well:
DISCLAIMER: PrimeXBT reserves the right to deny COV Token staking, utility, and change utility duration, fee rates or any other conditions.