Not actually having the full amount of capital…Bit Boy Job… so with anything that you’re finding out about please do study the platform don’t simply presume because i use it that you can utilize it right now do some due diligence have a little play around with it even invest with virtual money they consider that option too so you really get used to the structure of the site and then when you’re ready to use your own money to invest you can do so now i will disclaim naturally your capital is at danger this is investing we’re doing you’re purchasing genuine business if you select to in this specific video we’re discussing how to copy other people’s financial investments with your cash so obviously your capital is at danger and we have to bear that in mind do not just do something since that individual has said they’ve made revenue 14 months in a row purchase these choices because you think is the best ones for you and that being stated let’s dive straight in [Music] The 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 incredible we don’t normally get that insight from a lot of platforms and the other advantage is these copy portfolios are copy trading and so that indicates with our money we can actually state i want to do exactly what that trader is doing or match that specific portfolio of options and basically each time they make a trade they buy they offer whatever they do your cash will be mimicked with it so that indicates if for example 10 of their financial investment portfolio remains in tesla guess what you’ll now be investing 10 of your cash in so we’re going to also cover is the fees included truly important you comprehend what are the expenses of this now with any platform there will be some expense to clearly 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 sites then may not charge you for actually buying and selling funds or etfs individual commodities private stocks.
there’ll be charges on other parts perhaps it’s our fx rate when you’re altering from uk to u.s dollars there’s all kinds of fees 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 before you really begin purchasing copy trading or copy portfolios and finally some finest suggestions finest practices if you are thinking about this as a tool whether you start your journey or your more advanced investor so let’s kick off with charges actually important to understand these now on there’s a number of fees there isn’t costs to do with really buying and selling fine so commission costs are totally free however there are a number 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 later on however when you want 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 five dollars per withdrawal so for me naturally knowing that i’m going to make sure that i’m only withdrawing when i definitely require to now you may state fine that’s rather pricey and i get that but it’s all to do with how they run their platform they have to charge fees somewhere and withdrawal charges are just one of those alternatives that they have a great deal of platforms undoubtedly are free to do such things has this five dollar charge so in my eyes make your withdrawals largely it can be perhaps even once a year as soon as every 6 months you understand depends totally how you’re investing but that is a charge to keep in mind the second cost that i’ve discussed is that conversion fee now with you’re handling us dollars just there’s not an option to buy in euros or uk which’s great that matches me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m buying or even some crypto so i’m excellent 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 basic they have actually i expect stuck to whatever charge they charge for that conversion rate you sort of have to accept you understand if you wish to use their platform go from uk to us then that conversion charge is there 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 instead you have to pay their costs now the terrific aspect of though when you’ve converted your money you do not need to invest it right now that dollar value can sit in your portfolio as cash dollars for as long as you like so that means the preliminary day that you buy or convert your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any additional fees so that’s actually excellent utilizing that part of their website won’t certainly limit you in any way however we need to be aware of 2 other costs the first being what’s called spread fees alright and i’m going to reveal you what i suggest on now a spread cost as i’m going to show you Bit Boy Job.
You are given lots of options with this software application and you can configure it nevertheless you see fit. If you’re looking to start trading the forex market however don’t know which system to select, then this may be exactly what you need.