Not in fact having the full amount of capital…Bitboy Amp… so with anything that you’re discovering please do study the platform don’t simply presume since i utilize it that you can utilize it right away do some due diligence have a little experiment with it even invest with virtual cash they give that option as well so you actually get used to the structure of the website and after that when you’re ready to utilize your own money to invest you can do so now i will disclaim of course your capital is at threat this is investing we’re doing you’re purchasing real business if you pick to in this specific video we’re speaking about how to copy other people’s financial investments with your cash so certainly your capital is at threat and we have to bear that in mind do not simply do something because that person has actually said they’ve made profit 14 months in a row purchase these choices since you think is the right ones for you and that being stated let’s dive directly in [Music] so 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 aspect that is most likely.
famous for it’s the choice to see what other traders are doing unbelievable we do not generally get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading therefore that suggests with our cash we can actually state i wish to do exactly what that trader is doing or match that exact portfolio of choices and generally each time they make a trade they purchase they sell whatever they do your cash will be mimicked with it so that suggests 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 costs included actually important you comprehend what are the costs of this now with any platform there will be some expense to clearly these are genuine companies that are investing they’re doing the purchasing the selling for you there’s going to be charges involved and even some of the zero charge websites then may not charge you for actually 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 kinds 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 actually start purchasing copy trading or copy portfolios and lastly some finest advice finest practices if you are thinking of this as a tool whether you start your journey or your advanced investor so let’s kick off with costs really essential to comprehend these now on there’s a couple of costs there isn’t fees to do with in fact buying and selling okay so commission charges are free nevertheless there are a couple of other charges the first one is withdrawal costs so you can obviously put money in now if you’re in the uk we put our uk cash.
and it’s instantly converted into us dollars and i’ll cover a little point about that in the future but when you want to withdraw your money so you sell your shares you sell 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 of course knowing that i’m going to ensure that i’m just withdrawing when i absolutely need to now you may 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 charges are simply one of those options that they have a lot of platforms obviously are free 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 but that is a cost to bear in mind the 2nd cost that i’ve touched upon is that conversion cost now with you’re dealing in us dollars just there’s not a choice to purchase in euros or uk and that’s great that matches me.
a lot 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 anyone so if you’re utilizing trading 2 and two open market anyone at all this is standard they have actually i expect stuck with whatever charge they charge for that conversion rate you sort of need to accept you know if you wish to use their platform go from uk to us then that conversion charge exists what are they actually offering you in regards to 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 say offer me us dollars instead you have to pay their costs now the excellent aspect of though when you have actually transformed your cash you do not have to invest it immediately that dollar worth can being in your portfolio as money dollars for as long as you like so that means the initial day that you purchase or transform your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any additional fees so that’s really excellent using that part of their website will not certainly restrict you in any way however we have to know 2 other charges the very first being what’s called spread fees fine and i’m going to reveal you what i mean on now a spread cost as i’m going to show you Bitboy Amp.
You are provided lots of 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 don’t understand which system to choose, then this may be exactly what you require.