Not actually having the full amount of capital…Bitboy Fox Business… so with anything that you’re discovering please do study the platform do not just assume because i utilize it that you can utilize 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 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 risk this is investing we’re doing you’re purchasing real companies if you pick to in this particular video we’re speaking about how to copy other people’s financial investments with your money so certainly your capital is at risk and we have to bear that in mind do not simply do something since that individual has actually stated they have actually made revenue 14 months in a row invest in these choices because you think is the right ones for you and that being stated let’s dive straight 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.
well-known for it’s the choice to see what other traders are doing amazing we don’t typically get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading therefore that suggests with our cash we can actually say i want to do precisely what that trader is doing or match that precise portfolio of choices and essentially every time they make a trade they purchase they offer whatever they do your money will be imitated with it so that means if for example 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 also cover is the charges involved actually crucial you understand what are the costs of this now with any platform there will be some cost to obviously these are genuine companies that are investing they’re doing the buying the selling for you there’s going to be charges included and even some of the absolutely no charge sites then might not charge you for in fact buying and selling etfs or funds specific products individual stocks.
there’ll be costs on other parts possibly it’s our fx rate when you’re altering from uk to u.s dollars there’s all type of fees associated so do your due diligence and i’m going to show you the fees with in particular in this video the next would be things to know before you in fact begin investing in copy trading or copy portfolios and finally some finest advice best practices if you are thinking of this as a tool whether you begin your journey or your advanced investor so let’s begin with costs truly important to understand these now on there’s a couple of charges there isn’t charges to do with actually buying and selling alright so commission fees are complimentary however there are a couple of other charges the first one is withdrawal fees so you can clearly put cash in now if you remain 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 later on but when you wish to withdraw your cash so you sell your shares you sell your commodities 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 ensure that i’m only withdrawing when i absolutely require to now you might say fine that’s rather pricey and i get that however it’s all to do with how they run their platform they need to charge costs somewhere and withdrawal charges are simply among 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 mostly it can be perhaps even once a year as soon as every 6 months you know depends completely how you’re investing however that is a fee to keep in mind the second cost that i have actually discussed is that conversion cost now with you’re handling us dollars just there’s not an option to purchase in euros or uk and that’s great that matches me.
a lot of my stocks are us dollar stocks anyway or the etfs that i’m purchasing or even some crypto so i’m good 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 two open market anybody this is basic they have i suppose stuck to whatever cost they charge for that conversion rate you sort of need to accept you understand if you want to utilize their platform go from uk to us then that conversion fee exists what are they actually providing 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 say give me us dollars instead you have to pay their charges now the great thing about however when you have actually converted your money you do not need to invest it immediately that dollar value can being in your portfolio as money dollars for as long as you like so that implies 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 charges so that’s really good utilizing that part of their website won’t definitely limit you in any way nevertheless we have to know 2 other costs the very first being what’s called spread charges fine and i’m going to reveal you what i mean on now a spread cost as i’m going to reveal you Bitboy Fox Business.
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