Stuart Gentle Publisher at Onrec

Side Income 101: Generate Passive Income With Covesting Solutions

Since the start of the pandemic and remote work becoming a lot more common, the side gig economy has absolutely exploded.

Everyone who works from home has been actively seeking more ways to make some extra income with all the added time they gained back by not commuting, not taking lunch hours, and bypassing all the watercooler talk that can go on during the work day.

It has made some individuals seek out savvy ways to make extra money while this once in a lifetime opportunity is here. It has led to a variety of content creators, influencers, and online traders, who are all looking to monetize their time and effort, in some way.

Using Covesting solutions through the award-winning PrimeXBT trading platform, those same influential figures, creators, and skilled traders can make more side income than they ever dreamed of. Moreover, even those that don’t quite qualify as the categories above can still make a fortune using the same world-class set of advanced, income-generating tools.

Here is all you need to know about how to generate income passively with the several Covesting solutions available today.

Covesting Copy Trading Module: Partially Passive, Or Highly Active

As we move down the path toward fully passive income opportunities featured on the award-winning trading platform PrimeXBT, we’ll first start with the Covesting copy trading module – a peer-to-peer community that brings strategy managers and followers together under the same roof.

Unlike social trading which requires users to blindly trust influencers they find on social media or paid groups, with copy trading, all strategy managers' performance is recorded within the Covesting global leaderboards. This fully transparent performance data can be used by followers from across the globe to select which strategy managers to follow.

Strategy managers are only one half of the equation, and must stay highly active to maintain a high level of total profits, keep any of the five-stars they have earned from the rating system, and stay visible within the leaderboards. Followers can earn partially passive income by copying the trades of these more experienced strategy managers who regularly show success.

These traders know well how to trade CFDs on gold, stock indices, forex, and more. And they can do the heavy lifting for followers who are willing to risk their capital by following. Followers are responsible for managing their followings like they would any position, with stop loss and take profit tools to take advantage of. Followers do, however, get to bypass things like technical analysis, and all the stress of entering and exiting positions in a live market during trading hours.

Followers earn money when copied trades are successful, and strategy managers earn a cut of the action to keep all parties incentivized so the entire system stays churning. This setup also encourages viral growth of the ecosystem, as more traders begin to share screenshots of their prowess, and followers tell others about the money they’ve made by copying others. Stories of strategy managers' total profits reach as high as 100,000% profits according to several media outlets who managed to grab screenshots of the leaderboards at the time.

Covesting Yield Accounts: Passive Profits From DeFi Protocols

DeFi has made passive income all the rage, as users who provide their tokens and coins to protocols are often rewarded with an APY return adding liquidity to these services. By locking up tokens and staking idle crypto assets, users can access up to a 10% variable APY.

Rather than having to access DeFi protocols through a third-party blockchain wallet like Meta Mask or otherwise, users can instead connect directly to these protocols from within the PrimeXBT account dashboard for a much more streamlined and usable experience. Taking away the technical requirements means that more people can access DeFi applications without all the stress.

Rewards are paid based on a variety of factors, such as market volatility, volume, demand, and more. These rewards are paid to a secure crypto wallet within the PrimeXBT platform compounding profits until the staking has been stopped. At that point, all staked coins and rewards will be returned to the primary account wallet, which can then be used for Covesting copy trading, margin trading accounts, and more.

Staking coins using PrimeXBT takes only a few clicks to create an ongoing connection to DeFi protocols like Yearn.Finance, Curve, Uniswap, and more. Covesting also plans to add more DeFi platforms and CeFi services in the future.

Wrapping It All Up With The PrimeXBT Referral Program

All of Covesting's innovative products and solutions are available exclusively at PrimeXBT as part of an ongoing B2B agreement. Because Covesting is at PrimeXBT, it means that Covesting users can also take advantage of the PrimeXBT four-level referral program to drive even more passive income.

Located within the PrimeXBT dashboard is a custom, personalized referral URL that can be shared with friends, family, and followers online. Influencers with large followings, or traders turned strategy managers can make money off any users that they bring to the platform.

For example, if a trader brings in a new user, they’ll get a 20% commission. But if that new user also starts to attract new users with their own referral code, the first user still gets a cut, up to four levels of referrals and one of the most lucrative referral programs in the finance industry.

Most of what PrimeXBT offers is the best in the realm of finance, having received several prestigious industry awards. Personalized services are offered via a dedicated account manager, and customer service is available 24/7. But, perhaps the biggest selling point that users can promote the platform with, is the massive list of assets.

PrimeXBT gives any user access to a wide range of digital and traditional assets, ranging from forex currencies, major stock indices, oil, natural gas, gold, silver, and of course, cryptocurrencies of all kinds. The crypto-centric platform also creates new opportunities for income that are only possible in the crypto market.