Features: Automatic data upload

Although we are still pre launch we have already received a large number of questions from our Alpha users about the automatic broker link. We thought it might be useful to clarify some of the detail:

  • What it is: At Covestor we wanted to make it as easy as possible to upload trades and holdings and to give other users confidence that the track records created are verified and objective (uniquely on the web). As such we work with https://www.yodlee.com/to give users the option of having their track record automatically updated whenever they execute a new trade in their existing broker account. At launch this connection will be enabled to all of the major brokers. (Clever stuff)
  • How does it work: On sign up Covestor creates a ‘view only’ data connection to the users broker account and essentially polls the account at regular intervals to check for updates. It saves you having to enter details of each trade by hand when you do them, or to send us regular statements to verify the positions you report (The other option available)
  • Security: Users have to enter their broker username and password to create this data feed from their broker. We realise this is extremely sensitive data. As such here is some more detail on the connection:
    • The credentials are only used to create a ‘view only’ feed: The users broker username and password are only used to create a direct feed of data into their Covestor track record. It is similar to the connection created when one downloads trading data from a broker account into MSN Money or Quicken.
    • This data is not stored by Covestor: The data is securely stored on the Yodlee servers. Yodlee store this same data on behalf of over 100 financial institutions in the US: https://www.yodlee.com/. Yodlee’s security meets industry standards such as SAS 70 Type II, ISO 17799 Compliance, and Visa CISP Level One Compliance.


    • Transaction and account values are never published: A number of users told us that       they did not want to disclose their investment amounts or portfolio value to protect their privacy. As such all of the data created by the ‘view only’ connection is reported in percentage terms.

We think this is a valuable feature to save you time and effort, and to ensure the creation of a full and unbiased track record. It allows you to create an immediate and fully audited trading history. Let us know if you happy to share your experience using it to help give other users the confidence to give it a try.