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What is Covesting.io?
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Covesting – is a legally compliant cryptocurrency exchange and social trading platform led by industry experts. Created to bring authorized copy trading (social trading), professional asset management, fiat/crypto gateway, security, support, transparency, and to set a new benchmark for the cryptocurrency landscape.
Incorporated in In Gibraltar, Covesting’s team brings over 100 years of combined experience from the world’s leading investment banks – Saxo Bank, JP Morgan, SEB Bank, and more.
The Covesting team has unique knowledge on how to build and operate the ultimate trading solution, as almost all of its key staff members are highly experienced in the investment industry.
Covesting provides new attractive services to both sophisticated investors and traders, covering a wide range of cryptocurrency trading aspects, from education, market analysis and trading ideas to liquidity aggregation, copy trading and algorithmic order execution.
Copy Trading (Social Trading)
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Investors can easily browse through hundreds of trading models (strategies) provided by professional cryptocurrency traders and in effect “follow” ones matching their intended trading goals.
All members can get a clear picture of current and past performances of each trading Model. By following, the platform does not allocate money to anyone but rather implement the person’s own decision whereby the platform automatically replicates all trading activity of a chosen Model directly into investors’ accounts at Covesting, providing a unique peer-2-peer experience along with the safety of funds.
Every verified account has the option to enable their public profile and become a public trader, and every verified user can follow a Model trader.
It is important to note that copy trading is a safer way of investing, and public traders do not have access to their follower’s account information or funds, and investors can unfollow traders at any time they chose.
A trader uses his own funds to trade, and the rest is done automatically by the platform. The technological core of Covesting’s system is a liquidity aggregator that guarantees that the buy and sell orders of the public trader and his followers are executed simultaneously and at the same price.
Liquidity Aggregation
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Liquidity Aggregation entails using combined order books from various other cryptocurrency exchanges and bringing them all into one location. Using back to back API bridging with some of the largest crypto exchanges in the world, buy/sell orders can be directly executed via the Covesting platform at the best possible rates.
Such offerings, previously available only for institutional clients, provides internal liquidity with significantly reduced pricing on all trading activities occurring on the Covesting Platform.
Thanks to the liquidity aggregation from top exchanges combined with the own liquidity and internal liquidity mechanisms, traders will have access to a wide range of digital assets with incredibly high liquidity.
On the first day of the Covesting platform release, users will have access to a deep order book, allowing traders and investors to jump right in without having to wait for their orders to fill.
Benefits that stem from Covesting’s liquidity aggregation are:
• Pricing from major exchanges
• Tight spreads
• Optimal exchange rates
• Instant order execution
• Access to large quantity transactions
• Access to wide range of digital assets and base pairings
Aggregated liquidity offers unlimited opportunities for further expansion:
• Market making and deal matching
• Options/Binary options market making
• Algorithmic trading strategies (arbitrage, HFT trading.)
Legal Compliance
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Covesting is fully compliant with government regulations and has a significant amount of progress on the regulatory front in 2018.
Covesting has received the Financial institution, Cryptocurrency wallet, and Cryptocurrency exchange licenses from the European Union and has received the DLT license from the authorities in Gibraltar.
Covesting’s licensing will allow institutional onboarding.
Covesting proved to the authorities that regulatory requirements in terms of risk management, competency of Covesting’s staff, capital requirements, client asset protection, AML/KYC procedures and IT controls are met.
As a member of the Enterprise Ethereum Alliance (EEA) and the Crypto Valley Association (CVA), Covesting will be collaborating with industry leaders to develop better industry practices, open standards, and open-source reference architectures.
Fiat Gateway
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The cryptocurrency markets move extremely quickly, so being able to deposit and withdraw funds rapidly is critical. Covesting recognizes this and has integrated an efficient monetary system to ensure a smooth deposit/withdraw experience.
Covesting will offer a fiat gateway, by virtue of the DLT license from the authorities in Gibraltar.
The company has already secured partnerships with multiple banks and payment processors in several countries to allow traders to quickly, securely and with reasonable commissions deposit or withdraw fiat funds in several currencies using credit cards, debit cards or wire transfers.
Secure
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The purpose of the Covesting’s Cyber-security framework is to ensure that there are strict measures and practices in place to protect customer assets against any eventualities and threats.
The majority of customer digital assets (e.g., bitcoin) are held in Covesting's offline wallet systems Cold Storage as well as with the industry’s most reputable liquidity providers and crypto custodians.
All of Covesting’s clients’ fiat funds are held separately from company's operating bank accounts. We are conducting periodical stress tests and security audits to ensure compliance with the strictest security standards.
In order to ensure the safety of user’s funds, Covesting has implemented a series of cutting-edge security features including:
• Strict and thorough KYC verification procedures that prohibit scams and money laundering from occurring.
• Institutional grade security standards, and features that include IT controls such as 2-factor authentication, cold storage and compulsory withdrawal address whitelisting.
• SQL injection filters are implemented to verify the authenticity of requests to prevent CSRF attacks.
• All passwords are cryptographically hashed (using bcrypt with a cost factor of 12) while all other sensitive data is encrypted.
• All systems used will ensure the right level of access to authorized personnel with up to date monitoring systems. On-going and proactive security assessments are conducted to keep up to date with new threats and potential vulnerabilities.
Covesting is also working with independent security audit companies and white hat hackers to eliminate any risks of being hacked.
• Covesting is working only with tier 1 service providers and counterparties (cryptocurrency exchanges, banks and payment processing companies).
• End to end encrypted messaging system.
24/7 Livechat support
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Covesting already has a full scale staff providing 24/7 multilingual support services.
The platform’s live chat feature is always available, and clients’ will have a response from someone on our multi-lingual support staff within seconds.
Advanced Trading Terminal and reporting software
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Covesting’s trading platform is unique in that it offers all users a significant number of features never seen before on a cryptocurrency exchange. The infrastructure of the exchange is highly advanced, yet it is simple and easy to use and will not intimidate the average trader.
Covesting will feature advanced charting software, a customizable trading terminal, advanced portfolio tracking software, and a variety of order types that will meet the needs of sophisticated investors.
Covesting offers the users comprehensive tools that allow them to understand every trade and the result of those trades. Users can download a report from chosen time periods that inform them of all their trading data.
This data can in turn be used to either better understand their own performance, or to provide their trading data to officials and institutions.
Mobile Application
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With Covesting mobile application you will have access to all features of Covesting in your mobile phone to make the right trading decisions whenever and wherever you are.
Algorithmic Trading
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Covesting has developed advanced algorithmic trading tools making trading on the platform as profitable as possible.
Through the use of complex mathematical models, integrations with top exchanges and fast IT infrastructure, traders will be able to benefit from the high-speed transaction times.
Algorithmic trading features will enhance the trading experience and allow the clients of Covesting to use highly advanced trading strategies that require high speed transactions, such as scalping and inter-exchange arbitrage.
Crypto Intelligence Portal
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The Crypto Intelligence Portal acts as an entire standalone education/news system for all things related to blockchain, cryptocurrencies and trading.
• Latest crypto news
• Trade ideas/videos
• Free extensive learning materials related to blockchain
• Academy with free courses, basics, lessons and tutorials
• Market data, charts and prices
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The Covesting Token (COV)
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The Covesting token (COV) is an ERC20 utility token built on the Ethereum blockchain designed to be used within the Covesting trading platform.
Using COV will grant traders access to a significant amount of benefits, including:
• Copy trading. The Covesting Token (COV) is the only way for users to gain access to Covesting’s copy trading features, which allow investors to copy the trades of the highest performing traders.
• Discount’s on exchange commissions. Users can get a 50% discount on trading/exchange fees by paying with COV tokens.
• Unique upcoming features. COV users will have access to a plethora of advanced features including algorithmic trading and arbitrage bots.
50% of all the Covesting platform’s earnings will be allocated to systematic token buyback and burn program. The burning process is continuous and endless.
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Core Team
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Covesting is led by a world-class team with backgrounds in trading, investment banking, blockchain, AI, data, and fintech (Saxo Bank, SEB Bank, JP Morgan, Zurich Insurance and others) with accumulated trading experience of over 100 years.
The Covesting team is growing rapidly and as of today it has over 40 employees.
Dmitrij Pruglo
CEO & Founder
Over 12 years of experience dealing in various asset classes: FX, options, futures, equity, commodities, complex OTC structured products and bonds. With in-depth knowledge of most trading platforms available on the market today and involved in the development of several algorithmic trading strategies. After gaining the necessary experience from Saxo Bank, as well as constantly adapting to the latest developments in the fintech and blockchain industries, Dmitrij became the Founder and driving force of the COVESTING project.
Tim Voronin
COO & Co-Founder
An experienced equity and derivatives trader, entrepreneur and early adopter of cryptocurrency. First engagement with Bitcoin began in 2012 when he first included cryptocurrency in his private portfolio. Began his trading career in 2008 as a prop trader at Argo Traders where he was constantly implementing new trading techniques and grew as a professional, trading on LSE and XETRA during one of the most turbulent times in market history.
Kurt Carlsson
Chief Commercial Officer
Started in 1992 in the Danish Midas Fondsmæglerselskab A/S, which later became Saxo Bank. Financial director, technologist and business leader with a tremendous experience working between countries and one of the first forex trading professionals when the industry started in the 90s. One of the founding pillars of Saxo Bank A/S success in Copenhagen. Worked in the company for almost 20 years, and as Executive Director responsible for establishing Saxo Bank A/S Sucursal en Espana, Spain.
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