Not really having the full amount of capital…Bitboy Elrond… so with anything that you’re learning about please do study the platform don’t simply assume since i utilize it that you can use it right now do some due diligence have a little experiment with it even invest with virtual money they give that option too so you actually get used to the structure of the site and then when you’re ready to utilize your own money to invest you can do so now i will disclaim naturally your capital is at danger this is investing we’re doing you’re buying genuine business if you choose to in this specific video we’re speaking about how to copy other people’s investments with your cash so certainly your capital is at risk and we need to bear that in mind do not simply do something since that individual has actually said they’ve made profit 14 months in a row invest in these choices due to the fact that you think is the ideal ones for you and that being said 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.
famous for it’s the option to see what other traders are doing amazing we do not usually get that insight from a lot of platforms and the other advantage is these copy portfolios are copy trading therefore that implies with our money we can really state i wish to do precisely what that trader is doing or match that exact portfolio of choices and basically every time they make a trade they purchase they offer whatever they do your cash will be simulated with it so that means if for example 10 of their investment portfolio is in tesla guess what you’ll now be investing 10 of your money in so we’re going to also cover is the charges included really crucial you comprehend what are the costs of this now with any platform there will be some expense to certainly 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 some of the no charge sites then might not charge you for in fact buying and selling etfs or funds individual products specific stocks.
there’ll be charges on other parts perhaps it’s our fx rate when you’re altering from uk to u.s dollars there’s all kinds of costs 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 understand before you in fact begin purchasing copy trading or copy portfolios and lastly some best suggestions best practices if you are thinking of this as a tool whether you begin your journey or your advanced financier so let’s begin with costs really essential to understand these now on there’s a number of costs there isn’t costs to do with actually buying and selling okay so commission charges are free however there are a number of other costs the first one is withdrawal charges 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 on but when you want to withdraw your money so you offer your shares you sell your commodities whatever you’re offering the minimum quantity you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me of course understanding that i’m going to ensure that i’m just withdrawing when i absolutely need to now you may say alright that’s quite expensive and i get that however it’s all to do with how they run their platform they need to charge fees somewhere and withdrawal costs are simply among those options that they have a lot of platforms undoubtedly are totally free to do such things has this 5 dollar charge so in my eyes make your withdrawals mainly it can be perhaps even once a year as soon as every six months you understand depends entirely how you’re investing but that is a fee to remember the second charge that i’ve discussed is that conversion fee now with you’re dealing in us dollars just there’s not an option to purchase 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 and even some crypto so i’m good with that we have what’s called the fx currency conversion fee now when you utilize anybody so if you’re utilizing trading 2 and two open market anybody this is standard they have actually i expect stuck to whatever fee they charge for that conversion rate you type of need to accept you understand if you wish to use their platform go from uk to us then that conversion charge exists what are they actually giving you in terms of 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 offer me us dollars rather you need to pay their costs now the excellent aspect of however when you have actually transformed your money you do not have to invest it right now that dollar worth can being in your portfolio as money dollars for as long as you like so that indicates the preliminary day that you buy or convert your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any additional fees so that’s truly excellent using that part of their site won’t certainly restrict you in any way nevertheless we have to know 2 other charges the first being what’s called spread fees alright and i’m going to show you what i imply on now a spread cost as i’m going to reveal you Bitboy Elrond.
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