Not really having the total of capital…Michael Saylor Twitter Elon Musk… so with anything that you’re finding out about please do study the platform don’t just assume since i utilize it that you can use it immediately do some due diligence have a little experiment with it even invest with virtual money they consider that alternative as well so you actually get used to the structure of the site and then when you’re ready to use your own cash to invest you can do so now i will disclaim of course your capital is at danger this is investing we’re doing you’re buying real business if you choose to in this specific video we’re speaking about how to copy other people’s financial investments with your cash so clearly your capital is at danger and we need to bear that in mind do not simply do something since that person has actually stated they’ve made earnings 14 months in a row purchase these choices due to the fact that you think is the right ones for you and that being stated let’s dive directly 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 alternative to see what other traders are doing extraordinary we don’t typically get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading therefore that implies with our cash we can actually state i wish to do precisely what that trader is doing or match that precise portfolio of alternatives and basically every time they make a trade they purchase they offer whatever they do your money will be mimicked with it so that means if for example 10 of their investment portfolio is in tesla guess what you’ll now be investing 10 of your money in so we’re going to likewise cover is the fees included really crucial you understand what are the expenses of this now with any platform there will be some cost to obviously these are real companies that are investing they’re doing the buying the selling for you there’s going to be charges included and even a few of the no fee websites then may not charge you for really buying and selling funds or etfs specific products private stocks.
there’ll be charges on other parts perhaps it’s our fx rate when you’re altering from uk to u.s dollars there’s all sort of fees associated so do your due diligence and i’m going to show you the costs with in particular in this video the next would be things to know prior to you actually begin buying copy trading or copy portfolios and finally some best advice finest practices if you are considering this as a tool whether you begin your journey or your advanced investor so let’s kick off with fees truly important to comprehend these now on there’s a couple of costs there isn’t charges to do with actually buying and selling okay so commission fees are free however there are a number of other fees the very first one is withdrawal fees so you can clearly put cash 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 however when you wish to withdraw your money so you sell your shares you sell your commodities whatever you’re selling 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 ensure that i’m only withdrawing when i absolutely require to now you may say fine that’s quite expensive and i get that however it’s all to do with how they run their platform they need to charge fees someplace and withdrawal fees are just among those choices that they have a great deal of platforms clearly are free to do such things has this five dollar charge so in my eyes make your withdrawals mostly it can be maybe even once a year as soon as every 6 months you know depends completely how you’re investing however that is a cost to remember the second charge that i have actually touched upon is that conversion cost now with you’re handling us dollars just there’s not a choice to buy in euros or uk which’s great that fits 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 fee now when you use anyone so if you’re using trading 2 and 2 free trade anyone at all this is basic they have actually i suppose stuck to whatever charge they charge for that conversion rate you sort of need 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 providing 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 say offer me us dollars rather you need to pay their costs now the terrific thing about however when you have actually converted your cash you do not have to invest it immediately that dollar worth can being in your portfolio as money 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 occurs now with copy trading and copy portfolios there aren’t any additional fees so that’s truly good using that part of their website will not definitely limit you in any way nevertheless we need to understand two other fees the very first being what’s called spread fees alright and i’m going to reveal you what i indicate on now a spread charge as i’m going to show you Michael Saylor Twitter Elon Musk.
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