Help & Support

Top Managing a Model Questions

• Do I need to be registered as an Investment Adviser?
  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 Non-Registered 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 Adviser 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 adviser?
  Let us know and we can switch your account in either direction. Be aware you can only be compensated as an investment adviser if you are a Registered Investment Adviser (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 or audited performance documents.
• 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 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 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 Client Account Questions

• What are the fees?
  Covestor only charges fees on subscriptions you take in your 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 Client account Fees
• What is the minimum deposit required?
  To open a 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 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 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 instruction to subscribe/redeem a few hours ago. When will the trade orders be executed?
  All instructions to subscribe/redeem are processed overnight, and orders sent for execution to your brokerage at market open the following trading day.
• Will I be able to subscribe to all models?
  The subset of models you can subscribe to is determined by your risk score as well as the type of account you have opened with your broker. Some model managers have opted for accounts with extended trading capabilities (e.g., immediate settlement of trades, ability to use leverage, etc.). If your account does not possess the same abilities, Covestor would not be able to replicate the model manager’s trades in your account. This is why some models could be unavailable to you. For further details on account types, please call to speak to Customer Service or email us with details.
• View all Client 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?
  Yes, contact us to have your account reset with $100,000 in virtual money and no performance history
• Why can't I subscribe to any model on the site?
  Only models with client 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