Covey Review

Covey.io Ratings at a Glance

"As of March 13th, Covey.io will be closed. Covey’s goal was to find the best and invest in them. We took a big bet on creating a platform that would allow anyone to invest alongside the top 1% of analysts on Covey Training Club. Our thesis that “the great stay great”, is abundantly evident in the data: since Jan 1, 2022, the top 1% on Covey beat the S&P by more than 30% running long only. The ledger of all trade data that went into building this strategy will exist here forever."

Covey offers a blockchain platform enabling seasoned investors and hobbyists to connect and profit from each other. The platform is free and enables investors of all backgrounds to create a virtual portfolio. Since all investing ideas are recorded on the blockchain, Covey is transparent, allowing investors to track the trading strategies of the best investment managers. That also means users own their track record. 

Considering the platform’s transparency, top performers can use their portfolios as a marketable tool to attract more followers and obtain clients. Their track record is similar to a resume that provides investors with credibility. Covey enables investors to track their crypto strategies, as well as other assets such as securities and ETFs.

The ecosystem intends to reward the best-performing analysts. The top analysts will receive the Covey native token $CVY in rewards. The Covey Alpha Algorithm ranks investors on the leaderboard and distributes earnings according to their rankings. Investors can also earn their share of the 10% of tokens allocated to grants for developing and marketing the community.

In January 2023, investors can increase their earnings by staking their tokens. That requires investors to lock their tokens for at least a month to receive rewards for contributing to the maintenance of the ecosystem.

Another way top-performing investors can earn is by joining Covey’s copy trading app as an investment manager. In Summer 2023, investors wishing to mimic the trades of professionals will be able to use Covey’s copy trading app to receive ideas curated by the proven best investors. 

One of the setbacks of Covey’s platform is that it has yet to unveil all of its features. As an example, its copy trading app will only be available in 2023. The platform plans to reward top-performing analysts with its native token, which has an uncertain current value.   

The decentralized aspect of blockchain projects usually means that a support center is unavailable. That applies to Covey. However, Covey does have a LinkedIn and Twitter page as well as a Discord channel for discussions. Users wanting to find out more information about the platform and its benefits are likely to find it on Covey’s Discord channel. 

Belcourt shares posts on Medium, providing information about the platform. But trading is in real-time, and Covey would earn a higher rating if it provided a prompt support service once it launches its copy trading app.

Hosting a platform on blockchain makes it transparent and prevents third parties from interfering. Covey follows standard industry protocols to protect the information users share, including processes, equipment and software to avoid unauthorized access or disclosure of

Information. 

Covey doesn’t sell or sublicense any right to your data without your prior written consent. Analysts can share details about all their positions and hedge-fund level performance metrics or can lock their portfolio to only share with people they want. 

Information transferred from the EU will be subject to the appropriate safeguards pursuant to GDPR and other applicable laws. Besides legal obligations, Covey shares your information with its family companies and service providers hired to operate its platform. 

The best aspect of Covey’s platform is that it’s free and you can earn rewards. Covey developed its business model to enable investors of all skill levels and budgets to benefit from the best-performing portfolios.

When Covey launches its copy trading app, it’s likely that investors wanting to receive alerts of trade setups will have to pay for that service. 

Mobile App 

Benzinga is unable to rate Covey’s app because it will be launched in 2023.

Getting started on this platform is simple. All you need is to input an email address and password to enter the dashboard. The platform’s portfolio tracking layout is conveniently designed for beginner traders and offers basic features. 

The dashboard also offers a guide about how to use the platform and enables investors to connect their MetaMask wallets to ensure they receive token rewards and own their track record 

Covey vs. Competitors 

Covey’s platform to build an online community of investors sharing trading ideas for free makes it unique in several ways. Its blockchain hosting provides transparency and a marketing tool for professional investors seeking to share their expertise to attract clients.

Benzinga has compiled a list of Covey’s competitors that provide platforms with similar features to enable you to compare the offerings 

Covey’s concept is in a unique niche that lowers the barriers of entry to investing for all traders and enables them to benefit from strategies used in hedge fund trading. Its free platform is convenient to use and will soon enable top-performing investors to receive remuneration for sharing their strategies.

Upcoming product launches such as the copy trading app will provide further access to investors wanting to emulate the trades of professionals. 

Covey’s features are limited at present, and a support center isn’t available via phone or email. The platform rewards analysts with its native token, which has an uncertain current value.

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