Not really having the total of capital…Bitboy Quant… so with anything that you’re discovering please do study the platform don’t simply assume since i use it that you can use it immediately do some due diligence have a little experiment with it even invest with virtual money they consider that choice too so you really get utilized to the structure of the website and then when you’re ready to utilize your own cash to invest you can do so now i will disclaim obviously your capital is at danger this is investing we’re doing you’re investing in real business if you select 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 because that individual has stated they’ve made revenue 14 months in a row buy these options because you think is the right ones for you which being said let’s dive straight in [Music] so the things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it becomes part of social trading which is one element that is probably.
well-known for it’s the option to see what other traders are doing unbelievable we do not typically get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading therefore that means with our money we can in fact say i want to do exactly what that trader is doing or match that specific portfolio of options and basically every time they make a trade they purchase they sell whatever they do your cash will be imitated with it so that indicates 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 also cover is the costs involved really vital you understand what are the expenses of this now with any platform there will be some expense to undoubtedly these are genuine business that are investing they’re doing the buying the selling for you there’s going to be charges included and even some of the zero fee websites then might not charge you for in fact buying and selling etfs or funds specific commodities individual 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 type of charges associated so do your due diligence and i’m going to reveal you the costs with in particular in this video the next would be things to understand prior to you in fact start investing in copy trading or copy portfolios and lastly some finest advice best practices if you are thinking of this as a tool whether you begin your journey or your advanced investor so let’s start with costs actually important to understand these now on there’s a number of charges there isn’t costs to do with really buying and selling okay so commission costs are free however there are a couple of other charges the very first one is withdrawal fees so you can obviously put cash 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 but when you wish to withdraw your money so you offer 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 5 dollars per withdrawal so for me naturally knowing that i’m going to ensure that i’m just withdrawing when i absolutely require to now you might say fine that’s quite costly 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 just one of those choices 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 largely it can be perhaps even once a year once every 6 months you understand depends completely how you’re investing but that is a cost to remember the 2nd cost that i’ve discussed is that conversion charge now with you’re dealing in us dollars only there’s not an alternative to buy in euros or uk which’s fine that fits me.
a lot of my stocks are us dollar stocks anyhow 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 cost now when you use anyone so if you’re using trading 2 and 2 open market anybody this is basic they have actually i expect stuck with whatever cost they charge for that conversion rate you type of have to accept you know if you wish to use their platform go from uk to us then that conversion cost is there what are they in fact offering 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 state offer me us dollars rather you need to pay their charges now the excellent thing about though when you have actually transformed your money you do not have to invest it right away that dollar worth can sit in your portfolio as money dollars for as long as you like so that suggests 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 costs so that’s truly great using that part of their site will not certainly limit you in any way however we need to be aware of 2 other charges the first being what’s called spread charges okay and i’m going to reveal you what i indicate on now a spread charge as i’m going to show you Bitboy Quant.
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