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Covesting Review - is it scam or safe?

Covesting  Review - Is covesting.io scam or good cryptocurrency exchange?

RATING: 2.8 / 1 REVIEWS Covesting

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts and Conditions

 

Account type Leverage Taker fee Maker fee
Standard 1:1 0.02% 0.00%

 

After the conclusion of its ICO in 2017, Covesting has released a first version of their Beta cryptocurrency exchange for community Beta testing. The long-term goal of the company is to link investors with professional traders through their decentralized copy-trading platform using the COV token.

 

As Covesting plans to work with fiat (USD) and once the platform is live, users will have to undergo ID verification.

 

 

Covesting Advantages

 

Lots of altcoins

Covesting offers trading in wide range of digital assets, including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Dash, Monero, Stellar, as well as a number of less popular coins. Trading is done both against BTC and ETH (and USD coming soon).

 

Low fees

Currently, while still in beta, Covesting has very low fees. It charges only Market takers with a fee of 0.02% per trade, while most exchanges’ fees are in the range of 0.15% - 0.25% per trade. Besides, many of them also charge market makers.

 

Good trading platform

The web-based platform provided by Covesting seems really good. Users can keep track of their portfolios in the Dashboard menu, and there is a trading history in the Exchange menu. The charts are powered by TradingView, there are a number of timeframes, technical analysis indicators and other advanced features. Here is a snapshot:

 

 

Fiat to be supported

As we mentioned in the beginning, Covesting plans to work with fiat currencies - US dollars, to be more specific. Fiat deposits and withdrawals are currently not allowed, but the company is in the process of getting the DLT license and signing an agreement with a 3rd party payment processor, so this option will be available. 

 

US citizens will be accepted as clients

The company is currently working on a partnership with a company, which has a “money transmitter license” state-by-state to ensure that US citizens can access and use the Covesting platform.

 

Copy and algo trading features planned

We guess these are the features of Covesting that we’ll make it really stand out among its competitors. Copy trading allows users who don’t have the time or experience to trade themselves to follow other traders, ranked on Covesting by their trading performance. Keep in mind that copy trading service involves additional fees.

 

 

Covesting Disadvantages

 

Still in Beta

Beta testing of Covesting started on May 31st, 2018. As the platform is still in development, there may be bugs and other issues. Besides, as it already became clear, many features are not launched yet.

               

No leverage

Like most exchanges, Covesting does not offer leveraged trading. Those who are interested in this type of trading may sign up with a forex broker that offers CFDs on cryptocurrencies.

 

>> Leveraged BTC trades with a forex broker <<

 

No anonymity

Anonymous trading won’t be available on Covesting and all its clients will have to verify themselves.

 

High copy trading fees

The copy trading service offered by Covesting involves additional fees, which are quite high. These include:

-          2% (entry fee) is deducted from the invested when a user starts following another trader

-          10% (platform fee) is deducted from all profits when a user unfollows the trader

-          18% (Trader success fee) is deducted from all profits a user has earned by following a trader.

 

Conclusion

 

There are a lot of things we like about Covesting, but unfortunately many of them are currently not available (fiat support, copy trading). Nonetheless, its sounds like an interesting and ambitious project, and currently is very low-cost.

 

Covesting is a fintech startup allegedly launched by former Saxo Bank traders. The company has successfully completed its ICO at the end of December raising $18 million. Its token, Covesting (COV) is currently listed on HitBTC, Kucoin, Livecoin, IDEX and Yobit. Before that it launched its Crypto Intelligence Portal, a unique educational and informational resource trading central.

 

The exchange is owned and operated by Covesting International Limited, a company based in Gibraltar. As most other exchanges, it is not regulated. Those of you who would rather trade with a licensed entity, may check out the link below.

 

 >> Our list of regulated bitcoin forex brokers <<

 

 Let’s sum up our review of Covesting:

 

Pros

Cons

Lots of altcoins

Still in beta

Low fees

High copy trading fees

Good trading platform

No margin trading

 Fiat will be supported soon

No anonymity

 US citizens will be accepted as clients

 

Copy and algo trading features planned

 

 

 

 

 

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Traders` reviews for Covesting

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Incorrect information in the review

Covesting has been granted one of the first DLT license in Gibraltar and already secured three licenses in Estonia. So its one of the most promising exchanges. Finance Minister of Gibraltar personally addressed Covesting. Check it out:

https://www.prnewswire.com/news-releases/crypto-gets-regulated-covesting-has-officially-received-their-dlt-license-300734513.html
https://www.investorideas.com/news/2018/blockchain/10192Gibraltar.asp

Its one of very few licensed / regulated exchanges!

Covesting supporter 10/27/2018
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