Not really having the total of capital…Bitboy Lab Academy… so with anything that you’re learning about please do study the platform don’t just assume due to the fact that i utilize it that you can use it right away do some due diligence have a little play around with it even invest with virtual money they give that alternative too so you really get used 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 buying genuine business if you pick to in this particular video we’re discussing how to copy other people’s financial 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 actually stated they’ve made profit 14 months in a row buy these choices because you think is the best ones for you and that being said let’s dive directly 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 belongs to social trading which is one aspect that is most likely.
well-known for it’s the option to see what other traders are doing incredible we don’t usually get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading and so that means with our money we can really state i want to do exactly what that trader is doing or match that precise portfolio of options and generally each time they make a trade they purchase they sell whatever they do your money will be mimicked with it so that means if for instance 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 also cover is the charges included actually crucial you understand what are the costs of this now with any platform there will be some expense to certainly these are real business that are investing they’re doing the purchasing the selling for you there’s going to be charges included and even some of the zero cost websites then might not charge you for actually buying and selling etfs or funds individual commodities individual stocks.
there’ll be costs on other parts maybe it’s our fx rate when you’re changing from uk to u.s dollars there’s all type of charges 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 understand prior to you actually begin buying copy trading or copy portfolios and lastly some best guidance finest practices if you are thinking about this as a tool whether you begin your journey or your more advanced financier so let’s start with costs really important to comprehend these now on there’s a couple of costs there isn’t costs to do with in fact buying and selling all right so commission fees are free nevertheless there are a couple of other charges 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 cash.
and it’s immediately converted into us dollars and i’ll cover a little point about that later however when you want to withdraw your cash so you offer your shares you offer your products whatever you’re offering the minimum amount you can withdraw is thirty dollars back out and they do charge you five dollars per withdrawal so for me naturally understanding that i’m going to make sure that i’m just withdrawing when i absolutely need to now you may state fine that’s quite expensive and i get that but it’s all to do with how they run their platform they have to charge fees somewhere and withdrawal costs are just among those options that they have a lot of platforms certainly are 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 totally how you’re investing however that is a cost to bear in mind the second cost that i’ve discussed is that conversion charge now with you’re dealing in us dollars only there’s not an option to buy in euros or uk which’s great that matches 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 good with that we have what’s called the fx currency conversion fee now when you use anyone so if you’re using trading two and 2 open market anybody this is standard they have actually i expect stuck with whatever charge they charge for that conversion rate you sort of have to accept you understand if you want to utilize their platform go from uk to us then that conversion fee exists what are they in fact providing 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 fees now the excellent feature of however when you’ve transformed your money you do not need to invest it right away that dollar worth 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 takes place now with copy trading and copy portfolios there aren’t any additional charges so that’s actually excellent using that part of their site won’t certainly limit you in any way however we need to be aware of 2 other fees the first being what’s called spread fees alright and i’m going to show you what i indicate on now a spread cost as i’m going to show you Bitboy Lab Academy.
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