Not in fact having the full amount of capital…Bitboy Sandbox… so with anything that you’re learning more about please do study the platform do not just presume because i use it that you can utilize it immediately do some due diligence have a little play around with it even invest with virtual cash they give that alternative as well so you actually get used to the structure of the site and then when you’re ready to use your own cash to invest you can do so now i will disclaim obviously your capital is at risk this is investing we’re doing you’re buying real business if you pick to in this particular video we’re discussing how to copy other people’s financial investments with your money so obviously your capital is at risk and we need to bear that in mind do not just do something since that individual has stated they have actually made revenue 14 months in a row invest in these choices since you think is the right ones for you and that being stated 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 element that is most likely.
well-known for it’s the alternative to see what other traders are doing extraordinary we do not usually get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading and so that indicates with our money we can really state i want to do precisely what that trader is doing or match that specific portfolio of options and essentially each time they make a trade they purchase they sell whatever they do your cash will be imitated with it so that indicates 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 fees involved really vital you understand what are the costs of this now with any platform there will be some cost to obviously 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 may not charge you for in fact buying and selling etfs or funds specific commodities individual stocks.
there’ll be fees 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 fees with in particular in this video the next would be things to understand prior to you really start purchasing copy trading or copy portfolios and lastly some finest suggestions best practices if you are thinking about this as a tool whether you start your journey or your more advanced investor so let’s start with fees really crucial to understand these now on there’s a couple of costs there isn’t charges to do with really buying and selling alright so commission fees are free nevertheless there are a couple of other fees 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 automatically converted into us dollars and i’ll cover a little point about that in the future but when you wish to withdraw your money so you sell your shares you sell your products whatever you’re selling the minimum quantity 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 make sure that i’m just withdrawing when i absolutely need to now you may say okay that’s rather expensive 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 simply one of those choices that they have a great deal of platforms undoubtedly are complimentary 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 totally how you’re investing but that is a fee to keep in mind the 2nd charge that i have actually touched upon is that conversion cost now with you’re dealing in us dollars only there’s not an option to buy in euros or uk which’s fine that matches me.
a lot of my stocks are us dollar stocks anyway or the etfs that i’m buying or perhaps some crypto so i’m good with that we have what’s called the fx currency conversion cost now when you use anybody so if you’re utilizing trading 2 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 cost exists what are they in fact offering 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 offer me us dollars rather you have to pay their costs now the fantastic aspect of though when you’ve transformed your cash you do not have to invest it immediately that dollar worth can sit 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 utilizing that part of their website will not definitely restrict you in any way however we have to know 2 other costs the very first being what’s called spread fees fine and i’m going to reveal you what i mean on now a spread charge as i’m going to reveal you Bitboy Sandbox.
You are offered numerous choices with this software application 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 choose, then this might be precisely what you require.