Not actually having the full amount of capital…Bitboy Digibyte… so with anything that you’re learning more about please do study the platform don’t simply assume because i utilize it that you can use it right now do some due diligence have a little experiment with it even invest with virtual money they give that choice as well so you really get utilized 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 obviously your capital is at threat this is investing we’re doing you’re purchasing genuine business if you pick to in this particular video we’re talking about how to copy other people’s financial investments with your cash so undoubtedly your capital is at risk and we have to bear that in mind do not just do something since that person has actually said they have actually made earnings 14 months in a row purchase these choices because you believe is the right ones for you and that being said let’s dive straight 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 element that is most likely.
well-known for it’s the option to see what other traders are doing amazing we don’t usually get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading and so that means with our money we can actually say i want to do exactly what that trader is doing or match that exact portfolio of options and generally whenever they make a trade they buy they offer whatever they do your cash will be simulated with it so that means if for example 10 of their investment portfolio remains in tesla guess what you’ll now be investing 10 of your cash in so we’re going to likewise cover is the fees included truly crucial you comprehend what are the costs of this now with any platform there will be some expense to undoubtedly these are real business that are investing they’re doing the purchasing the selling for you there’s going to be charges included and even a few of the absolutely no charge websites then might not charge you for actually buying and selling funds or etfs individual commodities individual 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 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 actually start purchasing copy trading or copy portfolios and lastly some best advice finest practices if you are thinking about this as a tool whether you begin your journey or your more advanced financier so let’s kick off with costs actually essential to understand these now on there’s a number of costs there isn’t charges to do with really buying and selling alright so commission charges are totally free however there are a number of other fees the very first one is withdrawal fees so you can obviously put cash in now if you’re in the uk we put our uk cash.
and it’s automatically converted into us dollars and i’ll cover a little point about that later on however when you wish to withdraw your money so you offer your shares you sell your commodities whatever you’re selling 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 ensure that i’m only withdrawing when i absolutely need to now you might say okay that’s quite expensive and i get that however it’s all to do with how they run their platform they have to charge fees somewhere and withdrawal fees are just among those alternatives that they have a lot of platforms clearly 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 however that is a cost to bear in mind the 2nd charge that i have actually discussed is that conversion fee now with you’re handling us dollars just there’s not a choice 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 perhaps some crypto so i’m excellent with that we have what’s called the fx currency conversion cost now when you utilize anybody so if you’re using trading two and two free trade anyone at all this is basic they have actually i suppose stuck with whatever charge they charge for that conversion rate you sort of need to accept you understand if you want to use their platform go from uk to us then that conversion cost is there 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 state offer me us dollars instead you need to pay their fees now the fantastic aspect of however when you’ve converted your money you do not need 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 purchase or convert your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any extra costs so that’s really good utilizing that part of their website will not certainly limit you in any way nevertheless we have to be aware of two other costs the very first being what’s called spread costs fine and i’m going to show you what i mean on now a spread charge as i’m going to show you Bitboy Digibyte.
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