Not actually having the full amount of capital…Bitboy Kucoin… so with anything that you’re learning about please do study the platform don’t just presume because i use 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 option also so you in fact get utilized to the structure of the site and after that when you’re ready to utilize your own cash 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 investing in real companies if you pick to in this particular video we’re discussing how to copy other individuals’s financial investments with your money so certainly your capital is at risk and we need to bear that in mind do not simply do something because that individual has actually stated they’ve made earnings 14 months in a row purchase these options because you believe is the ideal ones for you which being said 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 aspect that is probably.
popular for it’s the option to see what other traders are doing extraordinary 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 means 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 generally whenever they make a trade they purchase they sell whatever they do your money will be imitated with it so that indicates if for instance 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 also cover is the costs included truly important you understand what are the expenses of this now with any platform there will be some expense to certainly 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 absolutely no charge sites then might not charge you for actually buying and selling funds or etfs individual commodities specific stocks.
there’ll be charges on other parts maybe it’s our fx rate when you’re changing from uk to u.s dollars there’s all sort of costs associated so do your due diligence and i’m going to show you the charges with in particular in this video the next would be things to know prior to you in fact start purchasing copy trading or copy portfolios and lastly some finest advice finest practices if you are considering this as a tool whether you begin your journey or your more advanced investor so let’s start with costs really crucial to comprehend these now on there’s a couple of fees there isn’t fees to do with in fact buying and selling all right so commission costs are totally free however there are a number of other fees the first one is withdrawal charges so you can clearly put cash 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 but when you wish to withdraw your money so you sell your shares you sell your products 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 naturally understanding that i’m going to make sure that i’m just withdrawing when i absolutely require to now you may state fine that’s rather pricey and i get that however it’s all to do with how they run their platform they have to charge costs somewhere and withdrawal charges are simply among those choices that they have a lot of platforms obviously are complimentary to do such things has this 5 dollar charge so in my eyes make your withdrawals largely it can be maybe even once a year once every 6 months you know depends entirely how you’re investing however that is a fee to bear in mind the second fee that i’ve touched upon is that conversion charge now with you’re dealing in us dollars just there’s not an alternative to buy in euros or uk and that’s great that fits me.
a great deal of my stocks are us dollar stocks anyway or the etfs that i’m purchasing or perhaps some crypto so i’m good with that we have what’s called the fx currency conversion charge now when you use anyone so if you’re utilizing trading two and 2 free trade anyone at all this is standard they have actually i suppose stuck to whatever fee they charge for that conversion rate you kind of have to accept you understand if you wish to utilize their platform go from uk to us then that conversion charge exists what are they actually giving you in regards to your uk pounds to us dollars and all platforms are the same you can’t bargain with them you can’t go to the bank and say provide me us dollars rather you need to pay their costs now the great thing about though when you’ve transformed your money you do not need to invest it right now that dollar worth can sit in your portfolio as money dollars for as long as you like so that suggests 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 actually great using that part of their site won’t certainly limit you in any way nevertheless we have to know 2 other fees the first being what’s called spread costs all right and i’m going to show you what i mean on now a spread fee as i’m going to show you Bitboy Kucoin.
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