Not actually having the full amount of capital…Michael Saylor Memes… so with anything that you’re finding out about please do study the platform don’t simply presume since 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 consider that choice also so you actually get used to the structure of the site and after that when you’re ready to utilize 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 business if you select to in this specific video we’re discussing how to copy other individuals’s investments with your money so certainly your capital is at risk and we need to bear that in mind do not just do something because that individual has said they’ve made revenue 14 months in a row buy these choices because you think is the best ones for you which being stated 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 most likely.
popular for it’s the choice 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 implies with our money we can in fact say i want to do precisely what that trader is doing or match that specific portfolio of alternatives and essentially each time they make a trade they purchase they sell whatever they do your money will be simulated with it so that means if for instance 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 included truly important you understand what are the costs of this now with any platform there will be some cost to undoubtedly these are real business that are investing they’re doing the buying the selling for you there’s going to be charges involved and even some of the absolutely no charge websites then might not charge you for actually buying and selling funds or etfs private products specific stocks.
there’ll be costs on other parts perhaps it’s our fx rate when you’re altering from uk to u.s dollars there’s all sort 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 really begin investing in copy trading or copy portfolios and lastly some best recommendations best practices if you are thinking about this as a tool whether you start your journey or your more advanced financier so let’s begin with costs truly crucial to comprehend these now on there’s a number of fees there isn’t costs to do with actually buying and selling fine so commission fees are complimentary nevertheless there are a number of other costs the first one is withdrawal fees so you can certainly put cash in now if you’re in the uk we put our uk cash.
and it’s immediately 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 offer your shares you sell your products whatever you’re selling the minimum amount 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 make sure that i’m just withdrawing when i absolutely require to now you might say okay that’s rather costly 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 just among those choices that they have a lot of platforms clearly 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 totally how you’re investing however that is a charge to remember the second fee that i have actually discussed is that conversion cost now with you’re handling us dollars just there’s not an alternative to purchase in euros or uk which’s great that suits me.
a great deal of my stocks are us dollar stocks anyway or the etfs that i’m buying or even 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 2 open market anybody this is standard they have i expect stuck with whatever cost they charge for that conversion rate you type of have to accept you understand if you wish to use their platform go from uk to us then that conversion fee is there what are they really providing 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 rather you need to pay their fees now the terrific aspect of however when you have actually transformed your cash you do not have to invest it right now that dollar value can sit in your portfolio as money dollars for as long as you like so that indicates 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 charges so that’s actually excellent utilizing that part of their website will not certainly restrict you in any way nevertheless we have to know two other costs the first being what’s called spread costs alright and i’m going to show you what i mean on now a spread cost as i’m going to show you Michael Saylor Memes.
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