Since the start of the pandemic, the online landscape especially around financial markets has forever been changed. What started as a trend of sports gamblers looking for an outlet, combined with the WallStreetBets sub-Reddit culture brewing, has turned into an explosion of mainstream investors and traders entering markets.
With newcomers from all walks of life diving into financial markets like never before, whether it is through Bitcoin and other cryptocurrencies, meme stocks, metals, or otherwise, the masses have been seeking out new experiences and alternatives to traditional trading venues.
With the innovation surrounding the crypto market and easy-to-access platforms through mobile apps, more and more users will be pulled in until the market has forever changed. Here is how to stay ahead of the trend with a closer look at traditional trading alternatives such as copy trading or yield accounts.
Explaining The Boom In Online Trading During The Pandemic
Online trading isn’t a new revolution, but how it has suddenly taken hold of the mainstream public is certainly revolutionary for the market itself. Because of how easy it is for traders these days to pick up their phones, load up an app like Robinhood, and begin trading stocks, there are fewer barriers overall to get started.
The emergence of cryptocurrencies like Bitcoin and the lack of regulation around the crypto market has made for an even more accessible market for traders to get involved in. When traders get started with crypto, their learnings about technical analysis and other markets tend to spill out into other areas.
For example, the award-winning Bitcoin margin trading platform PrimeXBT offers CFDs on digital assets like crypto alongside traditional assets like stock indices, forex, commodities, metals, and more.
Non-Traditional Revenue Streams Outside Of Trading
But what about traders who are seeking even more nontraditional experiences than crypto itself offers? Fortunately, PrimeXBT also offers plenty of unusual and exciting ways to earn money beyond trading or investing alone.
The world is a social place in the digital age, and while everyone was quarantined and social distancing, social media took on an entirely new life. Everyone seeks to follow influencers and learn from the best.
Covesting takes this one step further on PrimeXBT with the Covesting copy trading module, which allows followers to follow strategy managers who must prove their skills by rising the ranks of a fully transparent global leaderboard.
Followers make money by copying the trades of these more experienced traders turned strategy managers, and strategy managers can boost revenue unlike previously possible by earning a cut of the profit share from success fees generated from successfully copied trades.
Both followers and strategy managers can increase profits further by staking COV tokens with the My COV section of the PrimeXBT account dashboard. COV token staking increases the profit share and follower limits for followers while offering trading fee discounts to strategy managers. Both sides of the situation can make a lot more money with all COV token utilities activated.
The Future Of Finance And More New Ways To Earn Income
In the future, COV token staking will also amplify the results possible from the APY-generating Covesting Yield Account system due later this year in Q3 2021. When the third quarter of the year rolls around, the tool should be due for launch and users of PrimeXBT will be able to take advantage of top DeFi protocols from right within their account dashboard.
Rather than connecting blockchain wallets and potentially risking a loss of assets, the Covesting Yield Account interface will connect to DeFi protocols for you and eliminate the technical requirements and associated technical risk.
Like any market, there are still risks associated with DeFi, such as the assets having less value when unlocked than at the time they are locked up. However, when tokens are locked, up to 35% APY is possible to earn back in crypto rewards on idle crypto assets.
Staking COV tokens amplifies the APY users can earn by up to 2x, and an up to 1% boost is offered to those who join a waitlist in the PrimeXBT dashboard.
Constantly Evolving Crypto Economy Means More Innovation On The Way
In today’s crypto economy, there are so many ways anyone can build new and previously untapped revenue streams. The market is also always evolving, with Ethereum recently introducing staking and a new token turn system. Becoming a node validator and staking this way is yet another way to earn revenue outside of trading. Mining for Bitcoin is also another alternative.
Investors can also earn cryptocurrencies via crypto-back rewards programs, by performing services or selling goods online in exchange for crypto assets like Bitcoin and Ethereum. To take advantage of such methods, either a wallet or some type of point of sale system that converts crypto to cash would be necessary.
Promoting various crypto companies and brands can also earn users revenue through referral programs. PrimeXBT for example offers a lucrative four-level referral program. Top users of the platform have earned more than $2 million in crypto, proving that the venture can be profitable with the right efforts.
Maximizing Revenue Streams For The Most Potential Profits
When it comes to crypto, there are more ways to make money than ever before in financial markets, but it does take considering all potential solutions to find reliable revenue streams. Each revenue stream also takes time and effort to properly take advantage of, so take things only one step at a time.
Begin to layer in other trading alternatives, but never neglect trading itself as the cornerstone of one’s capital growth strategy. Trading is the main course that satisfies a trader’s hunger for profits, while these alternative revenue streams act as the accompaniments that further improve overall satisfaction.
Depending on one’s risk appetite and hunger for gains, more revenue streams can be added. With several layers combined, capital growth can compound and reach heights unlike ever before. Several of these revenue-driving solutions exist at PrimeXBT, a one-stop-shop for all things trading.