Not in fact having the total of capital…Bitboy Nashville Meetup… so with anything that you’re learning more about please do study the platform don’t just assume since i utilize it that you can utilize it right now do some due diligence have a little experiment with it even invest with virtual cash they consider that choice too so you really 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 threat this is investing we’re doing you’re purchasing genuine companies if you choose to in this particular video we’re talking about how to copy other individuals’s financial investments with your money so obviously your capital is at risk and we have to bear that in mind do not simply do something because that person has actually stated they’ve made profit 14 months in a row buy these options since you believe is the ideal 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 becomes part of social trading which is one element that is probably.
famous for it’s the choice to see what other traders are doing unbelievable we do not generally 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 in fact say i wish to do precisely what that trader is doing or match that exact portfolio of alternatives and basically whenever they make a trade they purchase they offer whatever they do your money will be simulated with it so that indicates if for example 10 of their investment portfolio is in tesla guess what you’ll now be investing 10 of your cash in so we’re going to likewise cover is the costs involved really vital you understand what are the expenses 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 included and even a few of the zero cost websites then may not charge you for in fact buying and selling funds or etfs private products 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 type of costs 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 before you really start investing in copy trading or copy portfolios and finally some best guidance finest practices if you are considering this as a tool whether you start your journey or your advanced investor so let’s kick off with costs actually crucial to comprehend these now on there’s a couple of charges there isn’t costs to do with in fact buying and selling alright so commission fees are totally free nevertheless there are a number of other fees the very first one is withdrawal costs 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 but when you wish to withdraw your money so you sell your shares you offer 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 of course understanding that i’m going to make sure that i’m only withdrawing when i absolutely need to now you might state alright that’s quite expensive and i get that but it’s all to do with how they run their platform they have to charge fees somewhere and withdrawal fees are simply one of those options that they have a great deal of platforms certainly 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 as soon as every six months you know depends completely how you’re investing but that is a fee to bear in mind the 2nd fee that i have actually touched upon is that conversion cost now with you’re handling us dollars only there’s not a choice to purchase in euros or uk which’s great 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 great with that we have what’s called the fx currency conversion fee now when you use anyone so if you’re using trading 2 and 2 free trade anyone at all this is standard they have i suppose stuck with whatever cost they charge for that conversion rate you kind of need to accept you understand if you wish to utilize their platform go from uk to us then that conversion fee exists what are they in fact 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 state give me us dollars instead you need to pay their costs now the terrific thing about though when you have actually converted your money you do not have to invest it right now that dollar value can being in your portfolio as cash dollars for as long as you like so that implies the preliminary day that you buy or convert your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any additional fees so that’s actually excellent using that part of their website will not certainly limit you in any way however we have to be aware of two other fees the very first being what’s called spread fees okay and i’m going to reveal you what i indicate on now a spread fee as i’m going to show you Bitboy Nashville Meetup.
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