Contributor, Benzinga
November 7, 2022
Covey.io
Overall Rating:
securely through Covey.io's website

Covey was launched in 2021 to find and reward the best investment analysts. Brooker Belcourt founded the company to recruit the best investment managers, enabling anyone to mimic the results of the top-performing portfolios.

The company’s mission is to lower the barriers of entry to investing and form a community of investors who learn and profit from each other’s ideas. Beginner investors can connect with top-performing investment managers and copy their strategies to attempt to achieve the same results.

Covey finds and rewards top analysts with tokens and offers them an opportunity to become investment managers on Covey’s Copy Trading app. The platform was designed to reward the best investment managers for sharing their strategies with investors of all backgrounds.

Investors can use Covey’s platform to track their own equity and crypto trading strategies as well as other assets such as exchange-traded funds (ETFs) and American Depository Receipts (ADRs).

Best For
  • Cryptocurrency traders and investors
  • Equities and ETF investors
  • Beginners and traditional traders or investors
  • Individual investors
  • Those that need a risk-free community to hone their investing skills
Pros
  • Easy onboarding
  • Zero fee commitment
  • Opportunity to earn a reward at each step
  • Opportunity to learn, hone in on and master your investment strategy
  • A competitive and risk-free environment
  • Trades recorded on Polygon blockchain
Cons
  • Relatively new in the market
  • Rewards paid only monthly
  • Rewards are in a token that may have large future value but uncertain current value
  • Cannot manually backdate trades

Covey.io Ratings at a Glance

Covey Product Offering
Customer Service Rating
Security
Minimum Investment and Pricing
User Experience
Covey Overall Rating

Covey Product Offering

Covey offers a blockchain platform enabling seasoned investors and hobbyists to connect and profit from each other. The platform is free and enables investors of all backgrounds to create a virtual portfolio. Since all investing ideas are recorded on the blockchain, Covey is transparent, allowing investors to track the trading strategies of the best investment managers. That also means users own their track record. 

Considering the platform’s transparency, top performers can use their portfolios as a marketable tool to attract more followers and obtain clients. Their track record is similar to a resume that provides investors with credibility. Covey enables investors to track their crypto strategies, as well as other assets such as securities and ETFs.

The ecosystem intends to reward the best-performing analysts. The top analysts will receive the Covey native token $CVY in rewards. The Covey Alpha Algorithm ranks investors on the leaderboard and distributes earnings according to their rankings. Investors can also earn their share of the 10% of tokens allocated to grants for developing and marketing the community.

In January 2023, investors can increase their earnings by staking their tokens. That requires investors to lock their tokens for at least a month to receive rewards for contributing to the maintenance of the ecosystem.

Another way top-performing investors can earn is by joining Covey’s copy trading app as an investment manager. In Summer 2023, investors wishing to mimic the trades of professionals will be able to use Covey’s copy trading app to receive ideas curated by the proven best investors. 

One of the setbacks of Covey’s platform is that it has yet to unveil all of its features. As an example, its copy trading app will only be available in 2023. The platform plans to reward top-performing analysts with its native token, which has an uncertain current value.   

Customer Service Rating

The decentralized aspect of blockchain projects usually means that a support center is unavailable. That applies to Covey. However, Covey does have a LinkedIn and Twitter page as well as a Discord channel for discussions. Users wanting to find out more information about the platform and its benefits are likely to find it on Covey’s Discord channel. 

Belcourt shares posts on Medium, providing information about the platform. But trading is in real-time, and Covey would earn a higher rating if it provided a prompt support service once it launches its copy trading app.

Security

Hosting a platform on blockchain makes it transparent and prevents third parties from interfering. Covey follows standard industry protocols to protect the information users share, including processes, equipment and software to avoid unauthorized access or disclosure of

Information. 

Covey doesn’t sell or sublicense any right to your data without your prior written consent. Analysts can share details about all their positions and hedge-fund level performance metrics or can lock their portfolio to only share with people they want. 

Information transferred from the EU will be subject to the appropriate safeguards pursuant to GDPR and other applicable laws. Besides legal obligations, Covey shares your information with its family companies and service providers hired to operate its platform. 

Minimum Investment and Pricing

The best aspect of Covey’s platform is that it’s free and you can earn rewards. Covey developed its business model to enable investors of all skill levels and budgets to benefit from the best-performing portfolios.

When Covey launches its copy trading app, it’s likely that investors wanting to receive alerts of trade setups will have to pay for that service. 

Mobile App 

Benzinga is unable to rate Covey’s app because it will be launched in 2023.

User Experience

Getting started on this platform is simple. All you need is to input an email address and password to enter the dashboard. The platform’s portfolio tracking layout is conveniently designed for beginner traders and offers basic features. 

The dashboard also offers a guide about how to use the platform and enables investors to connect their MetaMask wallets to ensure they receive token rewards and own their track record 

Covey vs. Competitors 

Covey’s platform to build an online community of investors sharing trading ideas for free makes it unique in several ways. Its blockchain hosting provides transparency and a marketing tool for professional investors seeking to share their expertise to attract clients.

Benzinga has compiled a list of Covey’s competitors that provide platforms with similar features to enable you to compare the offerings 

Covey Overall Rating

Covey’s concept is in a unique niche that lowers the barriers of entry to investing for all traders and enables them to benefit from strategies used in hedge fund trading. Its free platform is convenient to use and will soon enable top-performing investors to receive remuneration for sharing their strategies.

Upcoming product launches such as the copy trading app will provide further access to investors wanting to emulate the trades of professionals. 

Covey’s features are limited at present, and a support center isn’t available via phone or email. The platform rewards analysts with its native token, which has an uncertain current value.

Frequently Asked Questions

Q

What should I look for in a portfolio tracker?

A

A good mock portfolio tracker enables investors to access various assets such as crypto, securities and ETFs. Its history should be vast and detailed, providing key metrics of the trades taken.

Q

How do I keep track of my portfolio?

A

Certain projects such as Covey provide free access to a portfolio tracking platform, enabling investors to connect their MetaMask wallets to ensure safe and tracked trading.

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About Goran Radanovic

Equities, Forex, Crypto