NFTs have been the talk of the crypto industry lately, but they still don't even come close to DeFi in terms of total value created or the amount of capital involved. These non-fungible tokens certainly offer an interesting digital ownership, but the coin stops there.
DeFi, on the other hand, allows a permissionless alternative to the traditional financial world. You no longer need to go to the bank for a loan, have a lengthy and confusing credit check, or be stuck with a 0.04% savings interest rate. Traditional finance is dying, but DeFi has been accelerating it.
The newest brand to enter the DeFi space is PrimeXBT, an award-winning trading platform that offers long and short positions on all types of CFDs, from cryptocurrencies to stock indices, commodities and Forex. With so much going on under one roof, PrimeXBT is fast becoming a place to look forward to.
Here's how the latest entry into the DeFi space could be the company's most significant move yet.
PrimeXBT Trade first exploded onto the exchange market in 2018 during the crypto bear market. While other businesses suffered, the trading platform's short positions kept traders coming back for more while others lost money during the cryptocurrency downtrend.
Profits there first started to blow in the trading community and quickly became a whirlwind of buzz about what a reliable trading infrastructure has to offer. Before long, influencers were raving about PrimeXBT and the industry awards began to pile up.
What really sealed the long-term deal for the platform was the introduction of the Covest copy-trading module last year. By partnering with European DLT developer Covest, the duo introduced the copy-trading module to the world ahead of time and has been growing ever since.
Investment copy trading connects strategy managers ranked in the global leaderboard system with profit-hungry followers. These followers pick and choose from a growing list of traders and copy their trades for profit. Some of the platform's most successful traders have brought in millions – earning millions more for their followers during that time.
While this is set very high for what PrimeXBT and Invest could do next, the upcoming Investment Return Account and the inclusion of new COV token utilities take that even higher. .
Profit Account Investment marks DeFi's first attempt at PrimeXBT. Just like how Apple often comes late with features that Samsung introduces first – Apple makes things much easier to use, and that's where adoption really hits.
PrimeXBT and Covest aim to break down the barriers that prevent DeFi from reaching mass – and that barrier is simplicity. There is no winky wallet system to connect to, and there is no “if I mess this up, my money is gone” feeling. Instead, users can feel comfortable that with PrimeXBT trading, the user experience is transparent, concise and streamlined.
In just a few clicks, users can access the world's most active and popular DeFi protocols without having to spend a lot of time or dig into the details of liquidity provision. Just like the early winners of the internet technology arms race, the first ones aren't always the best, and oftentimes when those with a proven track record get in, it works wonders. started happening and adoption happened at an unprecedented rate.
Staking COV tokens rounded off the total package is Investment Profit Account. By locking up COV tokens, users will be able to access twice the already competitive, industry-high APY rates. These rates are subject to change; However, they are the best that DeFi has to offer. Users should always check the current APY rates on all staking assets to determine which is the most profitable solution for their unique needs.
The COV token also unlocks three new account levels, from Advanced to Premium and Elite. Each level offers even more benefits to COV token holders, such as improved fee conditions or allowing more followers for strategic managers with COV stakes.
The COV token is the native token of the Covest ecosystem and is always included in whatever Covest names it. As a name synonymous with value and quality, Covest also regularly burns tokens, removing them from the circulating supply and fortifying COV tokens for holders.
Check out PrimeXBT today to learn more about upcoming Investment Profit Accounts and visit the account dashboard to join the waitlist. Anyone on the waitlist will get a 1% increase in APY for the first month after the tool launches in Q3 2021.
MULTIPLE ORDER TYPES
Execute a variety of advanced order types such as market, limit, and stop orders, as well as take profit, stop loss, and OCO orders (one cancels the other).
EASY TO USE
The user-friendly graphical interface and tutorials makes PrimeXBT easy to use for anyone, new or experienced.
LIVE TRANSPARENT PORTFOLIO REPORTING
Access real-time portfolio metrics and position performance data right at your fingertips, from anywhere in the world.