Not actually having the total of capital…Bitboy Crypto Vet… so with anything that you’re finding out about please do study the platform do not simply assume since i utilize it that you can use it right now do some due diligence have a little play around with it even invest with virtual money they give that option as well so you actually get used to the structure of the site and then 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 risk this is investing we’re doing you’re purchasing real companies if you choose to in this specific video we’re discussing how to copy other people’s financial investments with your cash so obviously your capital is at threat and we have to bear that in mind do not just do something because that person has actually stated they’ve made earnings 14 months in a row invest in these choices since you believe is the ideal ones for you and that being said let’s dive straight in [Music] so 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 element that is probably.
well-known for it’s the option to see what other traders are doing amazing we do not usually get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading therefore that implies with our money we can really say i wish to do exactly what that trader is doing or match that specific portfolio of choices and essentially every time they make a trade they purchase they offer whatever they do your cash will be imitated with it so that suggests 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 costs involved actually crucial you understand what are the costs of this now with any platform there will be some expense to certainly 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 a few of the absolutely no cost websites then may not charge you for in fact buying and selling funds or etfs individual commodities individual 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 kinds of fees associated so do your due diligence and i’m going to reveal you the costs with in particular in this video the next would be things to understand prior to you really begin purchasing copy trading or copy portfolios and finally some best advice best practices if you are thinking about this as a tool whether you start your journey or your more advanced investor so let’s begin with fees really crucial to understand these now on there’s a couple of costs there isn’t costs to do with actually buying and selling alright so commission costs are complimentary nevertheless there are a couple of other costs the very first one is withdrawal fees so you can clearly put money in now if you’re in the uk we put our uk cash.
and it’s automatically converted into us dollars and i’ll cover a little point about that later however when you want to withdraw your money so you sell your shares you offer your commodities 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 of course understanding that i’m going to make sure that i’m only withdrawing when i absolutely require to now you may state okay that’s quite expensive and i get that but it’s all to do with how they run their platform they need to charge fees somewhere and withdrawal costs are just one of 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 mainly it can be maybe even once a year when every 6 months you understand depends completely how you’re investing but that is a charge to remember the second charge that i’ve discussed is that conversion fee now with you’re dealing in us dollars just there’s not an alternative to buy in euros or uk which’s great that suits me.
a lot of my stocks are us dollar stocks anyway or the etfs that i’m purchasing or even some crypto so i’m great with that we have what’s called the fx currency conversion fee now when you utilize anyone so if you’re utilizing trading two and two free trade anybody this is basic they have actually i suppose stuck to whatever fee they charge for that conversion rate you kind of have to accept you know if you wish to utilize their platform go from uk to us then that conversion charge is there what are they in fact giving you in terms of 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 say provide me us dollars rather you have to pay their charges now the great feature of however when you’ve transformed your cash you do not need to invest it immediately that dollar value can sit in your portfolio as money dollars for as long as you like so that means the initial day that you purchase or convert your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any extra charges so that’s truly great utilizing that part of their website will not definitely limit you in any way nevertheless we have to know 2 other fees the very first being what’s called spread costs okay and i’m going to reveal you what i mean on now a spread charge as i’m going to show you Bitboy Crypto Vet.
You are given lots of options with this software application and you can configure it nevertheless you see fit. If you’re looking to begin trading the forex market however do not understand which system to select, then this may be exactly what you need.