Help & Support

Top Managing a Model Questions

• Do I need to be registered as an Investment Advisor?
  No. We license trading data from both professional and non-professional investors to manage models on Covestor. As an unregistered investor you sign up to our Publisher Agreement where your prime responsibility is to license your trading data to us. You have no direct relationship with, or responsibility to, our clients.
• How much can I earn?
  There is no limit to how much you can earn. We share the management fees we charge with you. If you are an unregulated individual investor we pay you a fixed fee for each subscriber to your model, and if you are a Registered Investment Advisor we split the fees with you 50:50. Find out more about manager compensation.
• I am unregistered, why can't I earn fees based on the assets following me?
  Managing money is an activity regulated by the SEC. In managing a model on Covestor you are not acting in an advisory capacity, you are simply a publisher of data which you license to us. We pay you a fixed fee for each subscriber to your data.
• Does Covestor support currency, futures or options trading?
  Not at this time.
• I am not a US citizen, can I manage a model?
  Yes. Non-US citizens can manage models as long as they are able to open a US dollar denominated brokerage account with Interactive Brokers. You are only able to take positions in US listed equities (including ADRs) and ETFs.
• How do I switch from being an individual investor to an investment advisor?
  Let us know and we can switch your account in either direction. Be aware you can only be compensated as an investment advisor if you are a Registered Investment Advisor (RIA).
• How do I send in my performance history?
  Once you have returned the agreement and model profile form, our Manager Relations team will be in touch about this. We require either brokerage statements, audited performance documents or a Covestor Personal Track Record.
• Can I use my existing brokerage account?
  Not at this time. Only Interactive Brokers is currently able to provide us with a real-time view into your trading activity and cash position for live replication in Mirroring Accounts. Once you have signed up we send you a link to open the specific account this requires with Interactive Brokers.
• View all Managing a Model FAQs »

Top Personal Track Record Questions

• Why is Covestor ending the Personal Track Record service?
  In 2009, Covestor became a registered investment advisor and began directing our efforts to the asset management service. As a result of this change in focus, we´ve decided to close down the PTR service. The PTRs will stop updating on January 31, 2012 but you´ll be able to login and access your historic data until March 31, 2012.
• When will the Personal Track Record service end?
  The PTRs will stop updating on January 31, 2012 but you´ll be able to login and access your historic data until March 31, 2012.
• Can I download my historic portfolio data?
  Yes, you can login and access your historic data on our new data download page until March 31, 2012.
• Can I become a Model Manager instead?
  Yes, apply to become a Model Manager on our asset management platform. As a model manager on Covestor, we will verify your performance and furthermore, you will be compensated when clients subscribe to your strategy.
• Can Covestor suggest any alternatives to their PTR service?
  We´ve teamed up with Blueleaf™, a company that specializes in aggregating and tracking portfolio performance through automatic trade updates. Blueleaf´s free tracking service offers a broader range of services than we previously offered, including portfolio aggregation, sophisticated charting options and daily performance calculations. Contact us if you would like to join Blueleaf™ and we will send you a personal invitation.
• View all Personal Track Record FAQs »

Top General Questions

• The site doesn't seem to be working correctly.
  If you notice a bug or a glitch as you use the website please let us know, with details of your browser and operating system.
• How do I submit feedback?
  Visit our Contact Us page for feedback options.
• How do I report system abuse?
  Please call to speak to Customer Service or email us with details.
• Who do I contact about partnerships?
  Contact Business Development if you are interested in partnering with us.
• View all General FAQs »

Top Mirroring Account Questions

• What are the fees?
  Covestor only charges fees on subscriptions you take in your Mirroring Account. There are no entry fees, exit fees, load fees or other hidden charges. The only other fees you will be charged are those levied by the brokerage. View Mirroring Account Fees
• What is the minimum deposit required?
  To open a Mirroring Account you need to fund it with a minimum of $10,000. If you plan to subscribe to a number of models, or those that trade heavily we recommend that you fund the account with a minimum of $30,000 to prevent your account being locked under SEC pattern day trading rules.
• Can I use the service even if I am not in the US?
  Yes. US and non-US citizens of at least 18 years of age are able to open Mirroring Accounts, however we don't currently support UK and Canadian citizens or residents of Japan regardless of citizenship.
• Can I subscribe to more than one model?
  Yes. You can subscribe to as many models as you want in a single Mirroring Account. When you sign in on Covestor you can see both your positions in aggregate and broken out by subscription.
• How long does it take to replicate a trade?
  Typically trades are replicated within two to three minutes. Actual times will vary.
• Why is there such significant drift between the manager's performance and my own?
  There are a number of causes of drift including replication time and your own Risk Score and exclusions. Where there is significant drift this is largely due to the Manager trading outside of the Trading Rules, into positions that are not mirrored for you. More
• I placed an order to subscribe/redeem a few hours ago. When will the trade orders be executed?
  All orders to subscribe/redeem are processed overnight, and instructions sent for execution to your brokerage at market open the following trading day.
• I am a risk score 2 and no matter how I answer the questions, I can't seem to get above this?
  If your brokerage account is a cash account you will not be able to subscribe to models of 3 and above. These models can use margin as part of their strategy, and may take short positions.
  
  To upgrade to a margin account, sign in to your account at Interactive Brokers, select Trading Access, then Trading Configuration and lastly Reg-T Margin under Account Type. Retirement accounts are not permitted to use margin.
• View all Mirroring Account FAQs »

Top Trial Account Questions

• Is there any cost involved in opening a trial account?
  No. There is no cost and no obligation beyond completing the brief registration form
• Can I deposit more virtual dollars?
  To add more virtual money to your account contact us
• Can I reset my trial and start again?
  No. If you want to start from scratch you will need to open a new trial account using a different email address
• Why can't I subscribe to any model on the site?
  Only models with mirroring account subscribers can be followed in a trial account. This is because performance is calculated based on the Average Subscription Return
• Can I change my risk score?
  Yes. Click on the risk score tab in your account to update it at any time
• View all Trial Account FAQs »

Performance drift

• What is Performance Drift?
• Trading Rules