New Covesting Yield Accounts And How To Access Easy DeFi Tools
Let’s face it, not everyone knows how to trade Crude oil, the S&P 500, Bitcoin or any other currently trending asset, and must consider what other alternatives are available to them to make income.
Passive income is often the answer, available as a variable APY for certain types of savings or deposit accounts, as we’ll go over in this guide. We are also introducing the all new Covesting yield account system, along with a walkthrough of how to access the tool and get the most out of the service.
What Is DeFi And How Is It Changing The Face Of Finance?
DeFi is short for decentralized finance. Like how Bitcoin is a decentralized cryptocurrency that no third-party controls, DeFi applications are all about offering products and services that mimic what is offered at traditional banks, but do so with a crypto flair.
For example, no credit checks are needed for a loan, as DeFi enables permissionless borrowing and lending, with the benefit of lenders earning an APY for offering their coins. No credit checks are necessary, because to access these services tokens are needed to be used as collateral.
Other ways DeFi users make money passively, is by accessing a new breed of decentralized crypto exchanges, called automated market making platforms. Uniswap is the most prominent of this kind, allowing users to trade the liquidity offered there. Liquidity is provided by users, who then receive a variable APY paid in crypto reward, generated by the fees from trading services.
APY rates reach as high as 10%, which is hundreds of times better than the 0.05% savings accounts are offering globally at the moment. At the current inflation rate in the US of around 2%, keeping money in a savings account can actually cost you value in the long term. This alone has made DeFi more attractive, as smart investors are looking for places to park their capital where it performs the best.
Putting capital in crypto carries risk, as does trading. DeFi, of course, carries risk, but compared to other ways to make money around crypto, passive income through a yield account is among the least risky ways to do so.
What Are Covesting Yield Accounts?
The hunt for the best rates is on, and the cat is also out of the bag on DeFi. Rates aren’t quite as high as they once were, because demand has slightly diminished and the variable APYs replace this shift in volume and volatility. However, the crypto market is still very young, and DeFi even younger.
There are still so many barriers for long term DeFi adoption, most significantly being simple to use DeFi tools. Navigating Uniswap can be confusing, especially if trading and passive income are to be considered. Connecting to the blockchain via a dapp browser might sound as simple as connecting to a website online, but it still isn’t anywhere near as user friendly.
The only things holding DeFi back are the applications themselves. But that’s all changing now with the debut of Covesting yield accounts – an all-new yield generating tool from the award-winning PrimeXBT.
Covesting yield accounts offer up to a 10% APY on idle crypto assets, including ETH, USDT, and USDC. It does so by connecting to the top DeFi platforms we’ve referenced earlier, such as Yearn.Finance, Curve, Uniswap, and more, right from within the PrimeXBT account dashboard.
Users can start or stop staking assets at any given time, and before staking begins the platform will calculate estimated performance. It is then up to the user to monitor performance and any changes in the rates due to ongoing market conditions.
How Covesting Yield Accounts Beat What DeFi Currently Offers
We’ve already highlighted how much easier Covesting yield accounts are for users, which is the primary way that the experience beats what DeFi has to offer. Unlike other APY-generating tools or services like what have been listed thus far, none of them also utilize the COV utility token like Covesting yield accounts do.
By staking COV tokens, users can get up to a 2x APY boost, bringing rates even higher. Staking COV tokens also has a number of other benefits unlocked by the utility token for Covesting copy traders. Strategy managers can get up to a 30% trading fee discount, while followers can boost following limits, improve success fees, and much more.
Copy trading on the same platform is yet another reason why Covesting yield accounts are different from what is already out there in DeFi. Regular DeFi products like Uniswap don’t offer an APY, copy trading, and margin trading under the same roof.
Copy trading lets followers copy the trades of strategy managers who lure in followers with nothing but fully transparent total profits and related metrics on how they made their money. The Covesting module leaderboards ranks all strategy managers by ROI, making it clear which should be followed. Top ranked strategy managers have reached 100,000% and are still breaking records left and right.
All About Covesting And The Award-Winning PrimeXBT
The Coveting ecosystem exists exclusively on the award-winning trading platform PrimeXBT. PrimeXBT offers a one-stop-shop with everything outlined above, plus long and short positions on forex, crypto, commodities, stock indices, and more.
All user accounts are provided with a dedicated account manager for a fully personalized service. 24/7 customer service is also available via a support chat system, and a help center can preemptively answer many of the most commonly asked questions ahead of time. Finally, the platform regularly engages with users via social media, hosting giveaways, offering trading tips, and more.
The full suite of tools and features is always available either from a desktop or from your fingertips via a mobile device, giving traders complete control over global markets, no matter where they are in the world. The company is always innovating, so be certain to also check out their official blog for the latest on what they’re planning next.
