A major decentralized trading platform, Covo Finance has made an announcement that favors its clients. The users of the particular trading platform will be able to perform leverage trading for two major cryptocurrencies.
Covo Finance is known for offering a great number of cryptocurrencies to users for the purpose of trading.
Some of the major cryptocurrencies that the platform has been offering include Polygon, (MATIC), Ethereum (ETH), Bitcoin (BTC), etc.
The most attractive feature Covo Finance offers is for the users to perform cryptocurrency trades directly through their wallets.
This is a utility that is somewhat rare in the cryptocurrency industry. However, Covo Finance has taken the step of offering such a utility to users through wallets.
Using the wallets, the users are able to perform leverage trading. At the moment, the platform is offering users the ability to perform trades with up to 50x leverage.
The platform has adopted the same utility that is adopted and offered by centralized exchanges and brokerages.
However, the platform offers users the ability to keep the assets in their custody instead of giving them to the platforms.
Covo Finance to Offer Leverage Trading
Through Covo Finance, the users have the ability to earn very high profits. According to the officials, they have recently added two major cryptocurrencies to the leverage trading portfolio that include MATIC and ETH.
Through leveraged trading, the users have the ability to increase their investments and bring in higher profits. The users can simply borrow more funds from Covo Finance as they want to trade with higher numbers for MATIC and ETH.
However, the users have to be careful about their investments with leveraged trading as the risks of facing losses are very high with this option as well.
The users having access to 50X leveraged trading means that with just $1,000 in the account, the users can perform up to $50,000 worth of trades.
Although 50X is the maximum level, the users can go for lower levels when performing trades.
Native Token of Covo Finance
When interacting with Covo Finance, the users have the ability to earn COVOLP, which is the native token of the trading platform.
The token represents a share of the liquidity that is offered by Covo Finance through the staking pools. When the users borrow tokens for Covo Finance, they do it through the staking pool of the platform.
Using the COVOLP tokens, the users can partake in staking activities as well. By doing this, the users can earn a significant portion of the trading fees that the platform generates.
As claimed by the firm, the users can earn up to 70% of what the company generates from the trading fees. In addition to that, the users get the opportunity of earning COVOO tokens as rewards.