Not actually having the full amount of capital…Bitboy Xlm… so with anything that you’re finding out 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 option as well so you in fact get utilized to the structure of the website and then when you’re ready to use your own money to invest you can do so now i will disclaim of course your capital is at risk this is investing we’re doing you’re buying genuine companies if you choose to in this particular video we’re talking about how to copy other individuals’s financial investments with your money so clearly your capital is at risk and we have to bear that in mind do not simply do something since that individual has actually stated they have actually made earnings 14 months in a row buy these options since you believe is the ideal ones for you which 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’s part of social trading which is one element that is most likely.
famous for it’s the option to see what other traders are doing unbelievable we don’t normally get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading therefore that implies with our cash we can actually say 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 buy they sell whatever they do your money will be simulated with it so that indicates if for example 10 of their financial investment portfolio is in tesla guess what you’ll now be investing 10 of your cash in so we’re going to likewise cover is the charges involved really vital you comprehend what are the expenses of this now with any platform there will be some expense to certainly these are real business that are investing they’re doing the buying the selling for you there’s going to be charges included and even a few of the zero fee websites then may not charge you for actually buying and selling etfs or funds specific commodities specific stocks.
there’ll be fees on other parts possibly it’s our fx rate when you’re changing from uk to u.s dollars there’s all kinds of costs associated so do your due diligence and i’m going to show you the costs with in particular in this video the next would be things to know before you in fact begin purchasing copy trading or copy portfolios and finally some best guidance finest practices if you are thinking about this as a tool whether you begin your journey or your advanced investor so let’s begin with charges truly crucial to comprehend these now on there’s a number of charges there isn’t costs to do with in fact buying and selling alright so commission fees are complimentary nevertheless there are a number of other costs the very first one is withdrawal costs so you can undoubtedly put cash in now if you remain in the uk we put our uk money.
and it’s immediately converted into us dollars and i’ll cover a little point about that in the future however when you want to withdraw your money so you sell 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 five dollars per withdrawal so for me of course knowing that i’m going to make sure that i’m only withdrawing when i definitely need to now you might say okay that’s rather costly and i get that however it’s all to do with how they run their platform they need to charge fees somewhere and withdrawal fees are simply among those alternatives that they have a great deal of platforms obviously are complimentary to do such things has this 5 dollar charge so in my eyes make your withdrawals mostly it can be maybe even once a year once every 6 months you understand depends totally how you’re investing but that is a charge to bear in mind the second cost that i’ve discussed is that conversion cost now with you’re dealing in us dollars just there’s not an alternative to purchase in euros or uk and that’s fine that suits me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m buying or perhaps some crypto so i’m excellent with that we have what’s called the fx currency conversion charge now when you use anyone so if you’re utilizing trading 2 and 2 free trade anybody this is standard they have i suppose stuck with whatever charge they charge for that conversion rate you kind of need to accept you know if you wish to use their platform go from uk to us then that conversion fee is there what are they actually giving 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 provide me us dollars instead you need to pay their charges now the excellent feature of however when you’ve converted your cash you do not need to invest it immediately that dollar worth can being in your portfolio as cash dollars for as long as you like so that suggests the initial day that you purchase 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 actually excellent utilizing that part of their site won’t certainly restrict you in any way nevertheless we have to be aware of two other charges the first being what’s called spread charges okay and i’m going to show you what i mean on now a spread cost as i’m going to show you Bitboy Xlm.
You are offered many options with this software and you can configure it however you see fit. If you’re looking to start trading the forex market however do not understand which system to pick, then this may be exactly what you need.