How Cove accounts work
A Cove account is a wallet plus the trading context around it: a USDC balance, positions, orders, history and settings, all attached to your Telegram identity. When you open Cove for the first time, an account is created for you automatically. There's no seed phrase to write down at that moment, no browser extension to install, and no native gas token to acquire before you can do anything.
You can run multiple accounts under one Telegram profile. Each is a separate wallet with its own balance and positions. Switch between them from the account selector on any trading panel, view them together or separately in Positions, and trade from several at once with multi-wallet trading.
Non-custodial by design
Cove is built as a non-custodial trading experience. It uses Privy to secure wallets in isolated enclaves, kept separate from the trading layer. In practice that means:
- Cove's trading infrastructure never holds your private keys.
- Signing happens through Privy's secure access, inside Telegram Mini App flows.
- You can export your wallet, import an existing one, or revoke Cove's signing access at any time.
This is a different model from a custodial bot where the operator holds a hot wallet on your behalf and you trust them not to lose it or run off with it. With Cove, the wallet is yours; Cove has signing access that you granted and can withdraw.
Creating and managing accounts
From Accounts on the main menu you can:
Renaming matters more than it sounds. The account selector, Positions and multi-wallet execution messages all refer to accounts by name. "Account 3" tells you nothing under pressure; "Sniper" does.
Importing a wallet
If you already have a wallet with positions or a history you want to keep, import it as a Cove account. Once imported, the wallet's tokens appear in Positions and you can trade them from the panel like any other position. Imports go through the secure Privy flow — you're granting Cove signing access on that wallet, the same access a new account has.
Consider whether you want to trade from an existing wallet at all. Many traders prefer to keep long-standing wallets untouched and fund a fresh Cove account instead. Import is there when you need it, not a step you have to take.
Exporting a wallet
Export retrieves your wallet's key material so you can use it outside Cove. The flow runs through Privy's secure Mini App, not through a Telegram message — key material never appears in chat.
Once you've exported, the key exists somewhere Cove doesn't control. Store it properly. Anyone with the key controls the wallet regardless of what Cove does.
Revoking access
Revoke removes Cove's ability to sign for an account. After revocation, Cove can't execute trades, orders or transfers from that wallet. Use it when you're done with an account, when you've exported the key and moved the wallet elsewhere, or as a precaution if you believe your Telegram account has been compromised.
Revoking access does not move or destroy funds. The wallet and everything in it still exist; Cove just can't act on them. If you revoke without exporting first, make sure you understand how you'll access the wallet afterwards.
The unified USDC balance
Each Cove account holds a unified USDC balance that funds trades on every supported chain. You deposit once; Cove handles routing, bridging and consolidation behind the scenes. You never think about which chain your USDC is on — you think about which token you want to buy.
Depositing, transferring and withdrawing are the operations that move value in and out of that balance.
Depositing
Deposit USDC from any supported network to your account's deposit address. Cove routes it into the unified balance. If the deposit arrives via an EVM network and needs bridging into Cove's unified balance, a small pass-through bridge fee — typically about $0.19 — is deducted to cover the provider's bridging and account-creation cost. A $100 EVM deposit credits about $99.81. This is an infrastructure cost, not a Cove trading fee, and it's the only inbound cost you'll see.
Cove also supports depositing other tokens for conversion into USDC, so you can bring whatever you hold and let Cove normalise it into the balance you trade from.
Transfers between your own accounts
Move USDC between your Cove accounts to set up the deployable balances you want before a trade. If you run a funding account that receives deposits and several trading accounts that spend, transfers are how you allocate. They're gas-sponsored up to $5 like every other action, and they settle quickly.
A typical setup: deposit to Main, transfer 300 USDC each to Alpha, Beta and Gamma, then run a multi-wallet buy across the three. Positions shows each account's slice separately; when you're done, transfer proceeds back to Main.
Transfers to a Telegram user
Cove can send USDC directly to another Telegram user. Pick the recipient, enter the amount, confirm. If they already have a Cove account it lands in their unified balance; if they don't, they're prompted to create one to receive it. This is how communities settle bets, split entries and pay out contests without swapping wallet addresses in chat.
Gas is sponsored up to $5 per transfer. On Solana, if the recipient's wallet has never held the token being sent, a one-time rent deposit of about $0.36 is required to open the recipient's token account on-chain; Cove fronts it and recoups it as part of the transfer fee. Existing token accounts cost nothing extra.
Withdrawing to an external wallet
Withdraw USDC from your unified balance to any external wallet address on a supported chain. Enter the destination, choose the network, confirm. Gas is sponsored up to $5 per withdrawal.
Two things to check on every withdrawal:
- The destination chain. USDC on Base and USDC on Solana are different assets. Send to an address on the network the recipient wallet actually uses.
- The Solana rent deposit. As with transfers, a first-time token account on the destination costs roughly $0.36, recouped in the withdrawal fee.
If a withdrawal's estimated gas exceeds the $5 cap, Cove asks you to approve a gas surplus before submitting. Decline and nothing moves.
Fees and sponsorship summary for account operations
Cove doesn't charge a platform fee on moving your own money. The costs that do exist are network-level and passed through at cost.
Auto-bridge consolidation
Behind the scenes, Cove may bridge or consolidate funds between chains to keep the unified balance ready for trades wherever they happen. These are infrastructure operations, not user trades: no fee, no confirmation prompt, gas covered by Cove, with a 30-second cooldown per account, chain and token to prevent abuse. You'll never be asked to approve one and you'll never be charged for one.
Security practices
Cove's non-custodial model means the biggest security variable is you. A few practices that matter:
- Secure your Telegram account. Enable two-step verification in Telegram. Anyone who controls your Telegram controls your Cove session.
- Name your accounts. A clear label prevents sending from or to the wrong one.
- Export keys only when you need to, and store them offline. An exported key in a notes app is a liability.
- Revoke access on accounts you've stopped using, especially if you've exported them.
- Review guardrails. Liquidity protection, price-impact confirmation and a sensible Gas Surplus Budget are security features as much as trading features — they prevent the trade that empties an account by accident.
- Verify destinations twice on withdrawals. Chain and address.
Support
If something goes wrong — a deposit that hasn't shown, a transfer to the wrong Telegram user, a question about a receipt — Support on the main menu lets you send feedback, ask for help and reply to open tickets directly inside Telegram. Include the receipt or transaction reference where you can; it speeds everything up.
Accounts as a trading tool
Multiple accounts aren't just an organisational nicety. Separated accounts give you separated risk: a launch-sniping account can blow up without touching your long-term holds. They give you cleaner records: one account per strategy means one PnL history per strategy. And with multi-wallet trading, they give you execution options a single wallet can't — distributed entries with variance and delay, from one panel, in one tap.
The unified balance ties it together. However many accounts you run and however many chains you trade, there's one kind of money in the system — USDC — and Cove moves it where it needs to be.
Choosing an account structure
Three patterns cover most traders.
Start with one. Add accounts when you have a reason — a strategy you want to measure separately, or multi-wallet execution you want to run. Transfers between accounts are free of Cove fees and gas-sponsored, so restructuring later costs nothing.
Timing and confirmations
Transfers between your own accounts settle in seconds. Transfers to a Telegram user are instant when the recipient has a Cove account. Withdrawals settle at the destination chain's speed; the receipt includes the transaction reference so you can follow it on an explorer. Deposits credit once the source chain confirms them; bridged EVM deposits take slightly longer while routing completes.
Every transfer and withdrawal shows a confirmation card with destination, amount, network and any pass-through cost before you submit.
Frequently asked
Can two Telegram accounts share a Cove account? No. Accounts belong to one Telegram identity. Use a transfer to move funds between people.
What if I send USDC to the wrong chain? Cove credits deposits on supported networks to your unified balance. Sending to an unsupported network from an external wallet is the risk to avoid — check the network before depositing from outside Cove.
Does revoking access delete my account in Cove? It removes signing access. Your history remains visible; trading from that account stops until access is re-granted.
Can I import a hardware wallet? Import works through Privy's flow with key material. Most hardware-wallet users fund a fresh Cove account instead.
Is there a withdrawal limit? Limits, if any, are shown in the withdrawal flow. Gas above $5 needs surplus approval; nothing else gates a withdrawal.
Where do I get help? Support on the main menu. Include the receipt or transaction reference.
Rewards across accounts
Cashback and referral progress are tracked per Telegram profile, not per account. Trades from every account you own count toward one personal cashback tier, and cashback is credited to the account that made each trade in the native chain token. Referral attribution is likewise profile-level: users who onboard through any of your links count toward your single referral tier. This means an account structure built for risk separation costs you nothing in rewards — a small Snipe account and a large Hold account together move you up the tiers exactly as one account with the combined volume would. Refer & Earn on the main menu shows the consolidated view: personal volume, referred volume, current tiers and progress to the next.