Not really having the total of capital…Bitboy Crypto… so with anything that you’re discovering please do study the platform do not just assume since i use it that you can utilize it immediately do some due diligence have a little experiment with it even invest with virtual money they give that choice too so you actually get utilized to the structure of the website and then when you’re ready to utilize your own money to invest you can do so now i will disclaim of course your capital is at danger this is investing we’re doing you’re investing in real business if you choose to in this particular video we’re talking about how to copy other individuals’s investments with your money so clearly your capital is at danger and we have to bear that in mind do not simply do something because that individual has actually stated they have actually made earnings 14 months in a row buy these choices since you think is the best 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 understanding what is copy trading what are copy portfolios it’s part of social trading which is one aspect that is most likely.
popular for it’s the alternative to see what other traders are doing unbelievable we do not normally get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading and so that suggests with our cash we can in fact say i wish to do precisely what that trader is doing or match that precise portfolio of alternatives and essentially every time they make a trade they purchase they sell whatever they do your cash will be simulated with it so that means if for example 10 of their investment portfolio remains in tesla guess what you’ll now be investing 10 of your money in so we’re going to likewise cover is the charges involved really crucial you understand what are the expenses of this now with any platform there will be some cost to certainly these are genuine companies that are investing they’re doing the purchasing the selling for you there’s going to be charges involved and even some of the no cost sites then might not charge you for really buying and selling funds or etfs private commodities private stocks.
there’ll be costs on other parts perhaps it’s our fx rate when you’re altering 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 start purchasing copy trading or copy portfolios and finally some finest guidance best practices if you are thinking of this as a tool whether you start your journey or your more advanced financier so let’s kick off with fees actually essential to comprehend these now on there’s a couple of costs there isn’t charges to do with really buying and selling alright so commission charges are free nevertheless there are a couple of other charges the first one is withdrawal charges so you can clearly put cash in now if you remain in the uk we put our uk money.
and it’s automatically converted into us dollars and i’ll cover a little point about that later on however when you wish to withdraw your cash so you sell your shares you offer your products 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 ensure that i’m only withdrawing when i absolutely need to now you might say all right that’s rather costly and i get that but it’s all to do with how they run their platform they have to charge fees somewhere and withdrawal fees are just one of those options that they have a lot of platforms certainly are free to do such things has this five dollar charge so in my eyes make your withdrawals mostly it can be maybe even once a year when every six months you know depends completely how you’re investing however that is a fee to keep in mind the 2nd cost that i’ve discussed is that conversion cost now with you’re dealing in us dollars just there’s not an option to buy in euros or uk and that’s fine that matches me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m buying and even some crypto so i’m great with that we have what’s called the fx currency conversion cost now when you utilize anybody so if you’re using trading two and 2 free trade anybody this is basic they have i expect stuck to whatever fee they charge for that conversion rate you kind of have to accept you understand 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 haggle with them you can’t go to the bank and state provide me us dollars instead you need to pay their costs now the great feature of though when you’ve transformed your cash you do not have to invest it immediately that dollar value can being in your portfolio as cash dollars for as long as you like so that suggests the initial day that you buy or convert your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any extra costs so that’s really good utilizing that part of their site will not definitely limit you in any way however we have to be aware of 2 other fees the first being what’s called spread costs okay and i’m going to reveal you what i mean on now a spread cost as i’m going to show you Bitboy Crypto.
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