Not really having the full amount of capital…Bitboy Ben Armstrong… so with anything that you’re discovering please do study the platform do not just presume due to the fact that i use it that you can use it right away do some due diligence have a little experiment with it even invest with virtual cash they give that alternative also so you really get utilized to the structure of the site and then when you’re ready to use your own money to invest you can do so now i will disclaim obviously your capital is at threat this is investing we’re doing you’re purchasing real companies if you pick to in this particular video we’re speaking about how to copy other people’s investments with your money so undoubtedly your capital is at risk and we have to bear that in mind do not simply do something because that individual has said they have actually made revenue 14 months in a row purchase these choices because you think is the ideal ones for you and that being stated let’s dive straight in [Music] The things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it’s part of social trading which is one aspect that is probably.
popular for it’s the option to see what other traders are doing amazing we do not typically get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading therefore that means with our money we can in fact state i want to do precisely what that trader is doing or match that precise portfolio of alternatives and generally every time they make a trade they purchase they sell whatever they do your money will be simulated with it so that implies if for example 10 of their financial investment portfolio is in tesla guess what you’ll now be investing 10 of your cash in so we’re going to also cover is the charges included actually vital you comprehend what are the expenses of this now with any platform there will be some cost to clearly these are genuine business that are investing they’re doing the buying the selling for you there’s going to be charges involved and even a few of the no charge websites then might not charge you for in fact buying and selling funds or etfs individual commodities private stocks.
there’ll be fees on other parts perhaps it’s our fx rate when you’re changing from uk to u.s dollars there’s all sort of fees associated so do your due diligence and i’m going to reveal you the charges with in particular in this video the next would be things to know prior to you actually begin purchasing copy trading or copy portfolios and lastly some finest recommendations finest practices if you are thinking about this as a tool whether you start your journey or your more advanced investor so let’s start with fees actually important to understand these now on there’s a couple of fees there isn’t costs to do with in fact buying and selling fine so commission fees are totally free nevertheless there are a couple of other costs the first one is withdrawal fees so you can undoubtedly put cash in now if you’re in the uk we put our uk cash.
and it’s automatically converted into us dollars and i’ll cover a little point about that later however when you want to withdraw your cash so you sell your shares you offer your commodities whatever you’re selling the minimum amount you can withdraw is thirty dollars back out and they do charge you five dollars per withdrawal so for me obviously understanding that i’m going to make sure that i’m just withdrawing when i absolutely need to now you may say fine that’s rather expensive and i get that but it’s all to do with how they run their platform they have to charge costs somewhere and withdrawal fees are simply one of those options that they have a great deal of platforms undoubtedly are totally free to do such things has this five dollar charge so in my eyes make your withdrawals mainly it can be maybe even once a year when every 6 months you know depends entirely how you’re investing however that is a charge to bear in mind the second cost that i have actually touched upon is that conversion cost now with you’re dealing in us dollars only there’s not an alternative to buy in euros or uk and that’s great that fits me.
a lot of my stocks are us dollar stocks anyway or the etfs that i’m purchasing or perhaps some crypto so i’m great with that we have what’s called the fx currency conversion fee now when you use anyone so if you’re using trading 2 and 2 open market anyone at all this is basic they have i expect stuck with whatever charge they charge for that conversion rate you type of have to accept you know if you want to use their platform go from uk to us then that conversion fee exists what are they really providing you in regards to your uk pounds to us dollars and all platforms are the same you can’t bargain with them you can’t go to the bank and say give me us dollars rather you need to pay their fees now the excellent feature of though when you have actually transformed your money you do not need to invest it immediately that dollar value can being in your portfolio as money dollars for as long as you like so that implies the initial day that you purchase or transform your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any extra fees so that’s truly great utilizing that part of their site won’t certainly limit you in any way nevertheless we have to know two other costs the very first being what’s called spread fees all right and i’m going to reveal you what i mean on now a spread fee as i’m going to reveal you Bitboy Ben Armstrong.
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