Not really having the full amount of capital…Bitboy Portfolio… so with anything that you’re learning more about please do study the platform don’t just assume due to the fact that i utilize it that you can use it right away 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 after that when you’re ready to use your own money to invest you can do so now i will disclaim obviously your capital is at danger this is investing we’re doing you’re buying real companies if you select to in this specific video we’re discussing how to copy other individuals’s financial investments with your cash so undoubtedly your capital is at danger and we have to bear that in mind do not simply do something because that individual has said they’ve made revenue 14 months in a row purchase these options due to the fact that you think is the best ones for you and that being said let’s dive directly in [Music] 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 aspect that is most likely.
well-known for it’s the choice to see what other traders are doing incredible we do not usually get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading and so that suggests with our cash we can actually state i want to do exactly what that trader is doing or match that exact portfolio of choices and generally every time they make a trade they buy they sell whatever they do your money will be mimicked with it so that means if for instance 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 likewise cover is the fees involved really vital you understand what are the expenses of this now with any platform there will be some expense to obviously these are real companies 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 cost websites then might not charge you for actually buying and selling etfs or funds specific commodities individual stocks.
there’ll be fees on other parts maybe it’s our fx rate when you’re changing from uk to u.s dollars there’s all kinds of costs 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 in fact begin investing in copy trading or copy portfolios and finally some best guidance best practices if you are thinking about this as a tool whether you begin your journey or your advanced financier so let’s kick off with fees really crucial to understand these now on there’s a couple of costs there isn’t charges to do with in fact buying and selling fine so commission costs are free however there are a number of other costs the first one is withdrawal charges so you can clearly put cash in now if you’re in the uk we put our uk money.
and it’s immediately converted into us dollars and i’ll cover a little point about that in the future however when you want to withdraw your cash so you sell your shares you sell your products whatever you’re selling the minimum quantity you can withdraw is thirty dollars back out and they do charge you five dollars per withdrawal so for me naturally understanding that i’m going to make certain that i’m just withdrawing when i definitely need to now you may say alright that’s rather 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 costs are simply among those alternatives that they have a great deal of platforms obviously are complimentary to do such things has this 5 dollar charge so in my eyes make your withdrawals largely it can be perhaps even once a year as soon as every six months you know depends completely how you’re investing but that is a cost to bear in mind the 2nd cost that i’ve touched upon is that conversion cost now with you’re dealing in us dollars only there’s not an alternative to purchase in euros or uk which’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 great with that we have what’s called the fx currency conversion cost now when you utilize anyone so if you’re using trading 2 and 2 open market anyone at all this is basic they have i expect stuck to 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 cost is there what are they actually offering 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 instead you need to pay their charges now the excellent thing about though when you’ve transformed your cash you do not need to invest it right away that dollar worth can sit in your portfolio as money dollars for as long as you like so that indicates the initial day that you buy or transform your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any additional costs so that’s actually excellent utilizing that part of their site will not certainly limit you in any way however we need to be aware of 2 other charges the first being what’s called spread charges fine and i’m going to reveal you what i indicate on now a spread fee as i’m going to show you Bitboy Portfolio.
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