PrimeXBT is an award-winning margin trading platform offering a wide range of CFDs on today’s hottest markets, ranging from forex to gold, oil, stock indices, and of course, crypto. Using long and short positions, traders can make money in any direction the market heads, and build a diverse investment portfolio.
After its launch in 2018, the advanced trading platform has gone through a series of natural evolutions. It has added new trading instruments, new features, and even an innovative copy trading module called Covesting.
The next stop for PrimeXBT will be the DeFi space with further assistance from business partner Covesting, with the introduction of all-new Covesting Yield Accounts.
Here’s more about how the new Covesting Yield Account module works and how it will unlock some of the highest APY rates around and make DeFi easy all at once.
What Is PrimeXBT?
PrimeXBT is best known for Bitcoin-based margin trading; however, the platform recently turned into a multi-currency platform with the addition of Ethereum and stablecoins USDT and USDC in the recent PrimeXBT V2.0 upgrade. By enabling stable coins for margin accounts, the PrimeXBT experience has become even more profitable for platform users.
The platform is world-renowned for its advanced trading tools, reliable trading infrastructure, and order-matching engine. All orders are executed in an instant with little to no slippage, thanks to some of the best liquidity and trading volume in the industry. The platform has also never experienced any significant downtime or hacks.
Top-notch tools, the breadth of features, and more than 50 assets all under one roof, accessible from anywhere in the world from a smartphone app, make PrimeXBT a top competitor in the world of finance.
PrimeXBT’s reputation really took off even more when the Covesting copy trading module was launched, connecting strategy managers who regularly show success with followers who’d rather piggyback onto the success of others.
Now, with the introduction of Covesting Yield Accounts, PrimeXBT will tackle making DeFi better for those interested in taking advantage.
What Is DeFi?
DeFi is a revolution in the blockchain industry, disrupting traditional finance at every turn. Decentralized finance, as it is called, enables permissionless lending, borrowing, yields, and more. All things that you’d find in traditional finance, but at much higher rates due to the incredible demand and technology combined.
The DeFi industry is still young and blossoming but is already worth billions of dollars and has billions more locked up in applications through lending or borrowing protocols. Furthermore, investors in the DeFi arena can provide liquidity to a new breed of trading platform called automated market-making platforms or swapping apps.
For example, users of Uniswap can earn rewards in the form of a variable APY by provisioning crypto assets into liquidity pools to provide liquidity.
What Are Covesting Yield Accounts?
Covesting Yield Accounts are essentially a shortcut or back door into the world of DeFi, allowing users to skip the advanced technical details and access profit-generating apps with only a few clicks.
Covesting Yield Accounts on PrimeXBT let users lock up idle crypto assets held within the secure PrimeXBT wallet system and earn an APY on assets like BTC, ETH, COV, and stablecoins.
Because the COV token is central to all things across the Covesting universe, it should come as no surprise to see that the COV token also enables unique benefits within Covesting Yield Accounts on PrimeXBT. COV token holders will be able to add an additional 2x to already high APY rates from top DEX platforms like Uniswap and PancakeSwap.
Find Out How Covesting Yield Accounts Make DeFi Easy
The problem with automated market-making platforms like Uniswap and PancakeSwap isn’t the lack of profitability, but instead, it lacks accessibility. These young projects are still a work in progress and make accessing them at times complicated.
The Covesting Yield Account module taps into such platforms but makes the user interface layer as stylish and straightforward to use as the rest of PrimeXBT’s account dashboard. This makes accessing DeFidApps that much easier without jumping through hoops.
Covesting Yield Accounts will offer the crypto community access to unprecedented yields when it launches later this year. To learn more about the Q3 2021 launch or join the waitlist, visit PrimeXBT today.
Author Bio: Arslan Haider is the author of the above blog. He is a Senior SEO Expert at MediaHicon (deals in SEO services). Apart from that, he loves to post blogs with valuable content.