Not in fact having the total of capital…Michael Saylor Keith Mccullough… so with anything that you’re learning about please do study the platform do not simply assume because i use it that you can use it immediately do some due diligence have a little play around with it even invest with virtual cash they consider that alternative also 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 naturally 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 speaking about how to copy other individuals’s investments with your money so clearly your capital is at risk and we need to bear that in mind do not simply do something since that individual has actually stated they’ve made earnings 14 months in a row purchase these options since you believe is the best ones for you which being said let’s dive straight in [Music] so the important 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 option to see what other traders are doing incredible we do not generally get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading and so that means with our money we can really say i wish to do precisely what that trader is doing or match that precise portfolio of alternatives and basically whenever they make a trade they purchase 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 cash in so we’re going to also cover is the fees involved truly important you comprehend what are the costs of this now with any platform there will be some cost to clearly these are real business that are investing they’re doing the buying the selling for you there’s going to be charges included and even some of the no charge websites then might not charge you for in fact buying and selling funds or etfs private products individual stocks.
there’ll be costs on other parts maybe it’s our fx rate when you’re altering from uk to u.s dollars there’s all kinds of costs associated so do your due diligence and i’m going to reveal you the charges with in particular in this video the next would be things to know before you in fact start buying copy trading or copy portfolios and lastly some best guidance finest practices if you are thinking about this as a tool whether you start your journey or your advanced financier so let’s start with fees truly essential to understand these now on there’s a couple of fees there isn’t costs to do with really buying and selling okay so commission fees are totally free however there are a number of other costs the very first one is withdrawal fees so you can certainly put money 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 want to withdraw your money so you offer 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 5 dollars per withdrawal so for me naturally knowing that i’m going to make certain that i’m only withdrawing when i definitely need to now you may say okay 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 costs are simply one of those choices that they have a great deal of platforms obviously are complimentary to do such things has this five dollar charge so in my eyes make your withdrawals largely it can be perhaps even once a year as soon as every 6 months you understand depends completely how you’re investing however that is a cost to remember the 2nd charge that i’ve touched upon is that conversion cost now with you’re dealing in us dollars just there’s not an alternative to purchase in euros or uk and that’s fine that suits me.
a great deal of my stocks are us dollar stocks anyway or the etfs that i’m buying or perhaps some crypto so i’m great with that we have what’s called the fx currency conversion charge now when you use anybody so if you’re utilizing trading 2 and 2 free trade anybody this is basic they have actually i suppose stuck with whatever charge they charge for that conversion rate you sort of have to accept you understand if you want to use their platform go from uk to us then that conversion fee exists what are they actually giving you in terms of 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 have to pay their charges now the terrific feature of though when you have actually transformed your money you do not need to invest it right now that dollar worth can sit in your portfolio as cash dollars for as long as you like so that suggests the preliminary day that you buy or convert your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any extra charges so that’s truly excellent utilizing that part of their site won’t certainly limit you in any way however we have to know two other costs the very first being what’s called spread charges all right and i’m going to reveal you what i imply on now a spread charge as i’m going to reveal you Michael Saylor Keith Mccullough.
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