Not actually having the full amount of capital…Bitboy Crypto Meetup… so with anything that you’re finding out about please do study the platform do not just assume because i use it that you can utilize it right now do some due diligence have a little play around with it even invest with virtual cash they give that alternative also so you actually get utilized to the structure of the site and after that when you’re ready to utilize your own cash to invest you can do so now i will disclaim naturally your capital is at risk this is investing we’re doing you’re investing in genuine business if you select to in this specific video we’re discussing how to copy other people’s financial investments with your cash so undoubtedly your capital is at danger and we need to bear that in mind do not simply do something since that person has said they have actually made revenue 14 months in a row purchase these options because you think is the ideal ones for you and that being stated let’s dive straight in [Music] so the important things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it belongs to social trading which is one element that is probably.
well-known for it’s the alternative to see what other traders are doing unbelievable we don’t typically get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading and so that suggests with our money we can really say i wish to do precisely what that trader is doing or match that exact portfolio of choices and essentially each time they make a trade they purchase they offer whatever they do your money will be mimicked with it so that indicates if for example 10 of their 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 costs involved truly crucial you comprehend what are the expenses of this now with any platform there will be some cost to obviously these are genuine companies 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 zero charge sites then might not charge you for actually buying and selling funds or etfs individual products specific stocks.
there’ll be charges on other parts perhaps it’s our fx rate when you’re changing from uk to u.s dollars there’s all sort of costs associated so do your due diligence and i’m going to reveal you the fees with in particular in this video the next would be things to know prior to you actually start purchasing copy trading or copy portfolios and finally some best suggestions best practices if you are thinking of this as a tool whether you begin your journey or your advanced investor so let’s kick off with fees really crucial to understand these now on there’s a number of charges there isn’t charges to do with in fact buying and selling okay so commission costs are complimentary however there are a number of other costs the very first one is withdrawal costs so you can clearly put money in now if you remain in the uk we put our uk money.
and it’s instantly converted into us dollars and i’ll cover a little point about that later on however when you want to withdraw your cash so you sell your shares you offer your products whatever you’re offering the minimum quantity you can withdraw is thirty dollars back out and they do charge you five dollars per withdrawal so for me of course knowing that i’m going to make certain that i’m just withdrawing when i absolutely require to now you may state alright that’s quite costly and i get that however it’s all to do with how they run their platform they have to charge fees someplace and withdrawal charges are just one of those alternatives that they have a great deal of platforms obviously are free to do such things has this five dollar charge so in my eyes make your withdrawals mostly it can be perhaps even once a year as soon as every 6 months you understand depends totally how you’re investing but that is a fee 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 just there’s not a choice to purchase in euros or uk which’s great that matches me.
a lot of my stocks are us dollar stocks anyhow or the etfs that i’m buying and even some crypto so i’m excellent with that we have what’s called the fx currency conversion fee now when you use anybody so if you’re using trading two and two open market anyone at all this is standard they have actually i suppose stuck to whatever cost they charge for that conversion rate you kind of have to accept you know if you wish to utilize their platform go from uk to us then that conversion charge exists what are they actually providing you in terms of your uk pounds to us dollars and all platforms are the same you can’t haggle with them you can’t go to the bank and state give me us dollars instead you have to pay their charges now the fantastic aspect of though when you have actually converted your money you do not have to invest it right away that dollar value can sit in your portfolio as cash dollars for as long as you like so that suggests the preliminary day that you purchase or transform your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any additional charges so that’s actually good utilizing that part of their website won’t certainly restrict you in any way however we have to understand two other costs the very first being what’s called spread costs all right and i’m going to reveal you what i mean on now a spread cost as i’m going to reveal you Bitboy Crypto Meetup.
You are offered lots of options with this software and you can configure it however you see fit. If you’re looking to begin trading the forex market but do not know which system to select, then this might be precisely what you need.