by CI Staff
Covestor is a social networking site that gives users the ability to track their own accounts and to mirror trades of other users. Individuals using the free tracking service can add and track portfolio holdings and share them with others. The site pulls data directly from your brokerage firm.
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Each user gets a Facebook-type page that shows their investment track record, current holdings (percentage only; not actual dollar amount), a biography and a picture. When you set up your account, you can also choose a benchmark against which your portfolio's performance will be measured.
The newest side of Covestor allows individuals to automatically mirror the trades of other Covestor through Interactive Brokers (a $10,000 minimum is required to open an account). You will pay an annual management fee that varies by user and typical fees associated with trades.
After you have created a mirroring account, you can search for "models" to follow. There are thousands of professional and individuals who manage portfolios (with real money). Once you choose to follow a model (you can follow more than one), any trades made to that model are automatically made to your account. You can specify trade restrictions to your account, such as no short selling or excluding certain securities from purchase.
Even if you do not want to automatically mirror other investors' trades, as a registered member you have free access to see the portfolio holdings and performance track record of other users.