The Dos & Don’ts of Staking & Leveraging Your COV Tokens
The Dos & Don’ts of Staking & Leveraging Your COV Tokens
The PrimeXBT COV token can be used in both staking, as well as leveraged trading activities. Learn about the benefits associated with both!
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How to Stake COV Tokens?
How can one participate in the Covesting Yield accounts? If you’re a user of the Covesting module, you can find the “Yield” tab from your account dashboard. If you click on “Yield Rates” on the left, you can see the current annual percentage yield rates and the historical APY rates, and estimate your returns.
In the “My Accounts” tab on the left, you can see your current stakings, as well as the staking history.
If you stake your COV tokens, which you can do from the “My COV” tab, you can benefit from an up to 100% yield increase. It depends on the membership plan you choose. The minimum staking account is $100 in crypto. The interest is counted and paid daily, with no locking period, which is good news for those who like maximum flexibility with their crypto trades.
To start staking, click on “Stake Now” in the “Yield Rates” tab, the “Current APY Rates” space for the chosen crypto. You’ll see a table for the terms of staking. If you check the box and accept them, your account will immediately start earning passive income for as long as you want.
Keep in mind that a staking request placed before 23:00 UTC is valid only the following day, and the request after 23:00 UTC goes live two days after.
When the staking is live, observe your yield in the “My Account” tab, or on the main dashboard under “Yield accounts”.
How to Use COV Tokens for Leveraged Trading?
Finally, the COV tokens can also be used as collateral for leveraged trading on a Margin account, or for copy-trading. Crypto leverage lets people trade more money than they actually have.
This means a possibility to make bigger profits if the market conditions, as well as and the individual risk and reward appetite are evaluated well. This is a more experienced trading strategy which you can learn about more in Prime XBT’s “Trading Academy” channel on Youtube.
That is all about PrimeXBT - the platform of choice for many beginner crypto traders who want to conveniently earn on their tokens by employing different Covesting strategies or staking their crypto tokens at hand.
