Not actually having the total of capital…Bitboy Book… so with anything that you’re discovering please do study the platform do not simply assume since i use it that you can use it right now do some due diligence have a little play around with it even invest with virtual cash they give that alternative too so you in fact get used to the structure of the website and after that when you’re ready to utilize 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 investing in genuine business if you pick 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 need to bear that in mind do not just do something because that individual has actually said they’ve made earnings 14 months in a row purchase these choices due to the fact that you think is the right ones for you and that being stated let’s dive directly in [Music] 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.
popular for it’s the choice to see what other traders are doing amazing we do not typically get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading and so that implies with our money we can actually say i wish to do exactly what that trader is doing or match that specific portfolio of choices and basically every time they make a trade they buy they offer whatever they do your money will be mimicked with it so that means if for instance 10 of their financial investment portfolio remains in tesla guess what you’ll now be investing 10 of your money in so we’re going to likewise cover is the fees included really crucial you understand what are the costs of this now with any platform there will be some cost to undoubtedly these are real business that are investing they’re doing the buying the selling for you there’s going to be charges involved and even a few of the absolutely no charge sites then may not charge you for really buying and selling etfs or funds individual products private stocks.
there’ll be charges on other parts possibly it’s our fx rate when you’re changing from uk to u.s dollars there’s all type 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 know before you in fact start purchasing copy trading or copy portfolios and finally some best suggestions finest practices if you are thinking of this as a tool whether you start your journey or your more advanced investor so let’s begin with fees really crucial to comprehend these now on there’s a couple of costs there isn’t charges to do with actually buying and selling fine so commission costs are free however there are a couple of other costs the very first one is withdrawal fees so you can obviously put money in now if you remain in the uk we put our uk money.
and it’s instantly 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 sell your shares you sell your products whatever you’re offering 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 make sure that i’m only withdrawing when i definitely require to now you may say okay that’s rather pricey and i get that but it’s all to do with how they run their platform they need to charge fees somewhere and withdrawal costs are just among those alternatives that they have a lot of platforms undoubtedly are totally free to do such things has this 5 dollar charge so in my eyes make your withdrawals mainly it can be maybe even once a year as soon as every 6 months you know depends completely how you’re investing however that is a charge to bear in mind the 2nd fee that i’ve 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 great that fits me.
a great deal of my stocks are us dollar stocks anyway or the etfs that i’m buying and even some crypto so i’m great with that we have what’s called the fx currency conversion cost now when you use anyone so if you’re utilizing trading two and 2 free trade anybody this is basic they have actually i expect stuck to whatever fee they charge for that conversion rate you kind of have to accept you know if you wish to use their platform go from uk to us then that conversion cost exists what are they in fact 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 give me us dollars rather you need to pay their costs now the excellent feature of though when you have actually transformed your cash you do not have to invest it right away 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 buy or transform your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any extra costs so that’s truly good using that part of their website won’t definitely limit you in any way however we have to be aware of two other fees the very first being what’s called spread costs alright and i’m going to reveal you what i imply on now a spread fee as i’m going to show you Bitboy Book.
You are provided numerous options 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 pick, then this may be exactly what you require.