Not really having the full amount of capital…Bitboy On Fox Business… so with anything that you’re discovering please do study the platform do not just assume since i utilize it that you can use it immediately do some due diligence have a little play around with it even invest with virtual cash they give that alternative as well so you really get utilized to the structure of the website and after that when you’re ready to utilize your own cash to invest you can do so now i will disclaim obviously your capital is at danger this is investing we’re doing you’re investing in real business if you choose to in this particular video we’re talking about how to copy other individuals’s financial investments with your cash so clearly your capital is at threat and we have to bear that in mind do not simply do something because that individual has said they have actually made revenue 14 months in a row purchase these options due to the fact that you believe is the best ones for you which being said let’s dive straight 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 probably.
popular for it’s the option to see what other traders are doing amazing we don’t usually get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading and so that implies with our money we can really say i want to do exactly what that trader is doing or match that precise portfolio of choices and essentially each 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 remains in tesla guess what you’ll now be investing 10 of your money in so we’re going to also cover is the costs involved really vital you understand what are the expenses of this now with any platform there will be some cost to undoubtedly these are genuine business that are investing they’re doing the purchasing the selling for you there’s going to be charges involved and even some of the zero fee websites then might not charge you for actually buying and selling funds or etfs individual 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 sort of fees 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 know before you in fact begin buying copy trading or copy portfolios and finally some best guidance best practices if you are considering this as a tool whether you start your journey or your more advanced investor so let’s start with costs actually essential to understand these now on there’s a couple of charges there isn’t charges to do with really buying and selling fine so commission charges are complimentary nevertheless there are a couple of other costs the very first one is withdrawal fees so you can undoubtedly 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 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 obviously understanding that i’m going to ensure that i’m just withdrawing when i definitely need to now you might state alright that’s quite pricey and i get that however it’s all to do with how they run their platform they have to charge fees somewhere and withdrawal fees are just among those choices that they have a lot of platforms obviously are totally free 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 however that is a cost to bear in mind the 2nd fee that i’ve discussed is that conversion cost now with you’re handling us dollars just there’s not a choice to purchase in euros or uk and that’s great that matches me.
a great deal of my stocks are us dollar stocks anyway or the etfs that i’m purchasing or perhaps some crypto so i’m good with that we have what’s called the fx currency conversion fee now when you use anybody so if you’re utilizing trading two and two free trade anyone at all this is standard they have i expect stuck with whatever cost they charge for that conversion rate you sort of have to accept you know if you wish to utilize their platform go from uk to us then that conversion fee is there what are they actually giving 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 say offer me us dollars instead you need to pay their charges now the great thing about however when you’ve transformed your money you do not need to invest it right now that dollar worth can being in your portfolio as money dollars for as long as you like so that suggests the initial day that you buy or convert your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any additional fees so that’s truly good utilizing that part of their website will not certainly limit you in any way however we need to know 2 other costs the first being what’s called spread fees okay and i’m going to show you what i mean on now a spread cost as i’m going to show you Bitboy On Fox Business.
You are provided lots of alternatives with this software and you can configure it nevertheless you see fit. If you’re looking to start trading the forex market however do not understand which system to pick, then this might be exactly what you require.