Not in fact having the full amount of capital…Bittboy Vs Miyoo Mini… so with anything that you’re learning more about please do study the platform don’t just presume due to the fact that i utilize it that you can utilize it right away do some due diligence have a little play around with it even invest with virtual cash they consider that choice too so you actually get utilized to the structure of the website and after that when you’re ready to use your own money to invest you can do so now i will disclaim obviously your capital is at danger 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 certainly your capital is at danger and we need to bear that in mind do not simply do something because that person has actually said they’ve made earnings 14 months in a row invest in these options due to the fact that you think is the best ones for you which being stated 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’s part of social trading which is one element that is most likely.
well-known for it’s the choice to see what other traders are doing amazing we don’t typically get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading therefore that means with our cash we can actually say i wish to do exactly what that trader is doing or match that specific portfolio of alternatives and generally whenever they make a trade they purchase they offer whatever they do your money will be simulated with it so that means 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 also cover is the fees involved truly critical you understand what are the expenses of this now with any platform there will be some cost to clearly these are genuine business that are investing they’re doing the purchasing the selling for you there’s going to be charges involved and even a few of the no cost sites then may not charge you for really buying and selling etfs or funds specific commodities private 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 costs associated so do your due diligence and i’m going to show you the charges with in particular in this video the next would be things to know prior to you in fact begin buying copy trading or copy portfolios and finally some best advice finest practices if you are thinking of this as a tool whether you start your journey or your advanced investor so let’s begin with fees really crucial to understand these now on there’s a number of charges there isn’t charges to do with really buying and selling okay so commission costs are totally free nevertheless there are a couple of other fees the 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 later however when you want to withdraw your money so you offer your shares you sell your products whatever you’re offering the minimum quantity you can withdraw is thirty dollars back out and they do charge you five dollars per withdrawal so for me obviously understanding that i’m going to make sure that i’m just withdrawing when i absolutely need to now you may state alright that’s rather costly and i get that but it’s all to do with how they run their platform they have to charge fees someplace and withdrawal costs are just one of those options that they have a lot of platforms clearly are complimentary to do such things has this five dollar charge so in my eyes make your withdrawals mainly it can be perhaps even once a year once every six months you understand depends entirely how you’re investing however that is a fee to remember the 2nd charge that i’ve touched upon is that conversion cost now with you’re dealing in us dollars just there’s not an option to buy in euros or uk which’s fine that fits me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m purchasing or even some crypto so i’m great with that we have what’s called the fx currency conversion fee now when you utilize anybody so if you’re using trading two and two open market anybody this is standard they have i suppose stuck with whatever charge they charge for that conversion rate you type of have to accept you know if you wish to utilize their platform go from uk to us then that conversion charge is there what are they actually 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 state provide me us dollars instead you need to pay their costs now the fantastic thing about however when you’ve converted your money you do not need to invest it right away that dollar worth can sit in your portfolio as money dollars for as long as you like so that implies the initial day that you buy or convert your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any extra costs so that’s truly great utilizing that part of their website won’t definitely restrict you in any way however we have to be aware of 2 other costs the first being what’s called spread fees all right and i’m going to show you what i mean on now a spread fee as i’m going to show you Bittboy Vs Miyoo Mini.
You are provided many choices with this software application and you can configure it however you see fit. If you’re looking to begin trading the forex market however don’t know which system to select, then this might be precisely what you require.