Not really having the full amount of capital…Bittboy Console… so with anything that you’re learning about please do study the platform don’t just assume since i use it that you can utilize it right away do some due diligence have a little play around with it even invest with virtual money they give that alternative too so you actually get used to the structure of the website and after that when you’re ready to utilize your own money 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 genuine business if you pick to in this specific video we’re talking about how to copy other individuals’s financial investments with your money so undoubtedly 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 since you believe is the best ones for you and that being said let’s dive directly in [Music] so the things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it becomes part of social trading which is one element that is most likely.
famous for it’s the alternative to see what other traders are doing amazing we do not typically get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading and so that indicates with our money we can in fact state i wish to do exactly what that trader is doing or match that specific portfolio of choices and basically every time they make a trade they buy they sell whatever they do your cash will be imitated with it so that suggests if for instance 10 of their financial 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 fees involved really important you understand what are the expenses of this now with any platform there will be some cost to undoubtedly these are real companies that are investing they’re doing the purchasing the selling for you there’s going to be charges included and even some of the no cost sites then may not charge you for actually buying and selling etfs or funds individual commodities private stocks.
there’ll be fees on other parts maybe it’s our fx rate when you’re altering from uk to u.s dollars there’s all type of costs associated so do your due diligence and i’m going to show you the charges with in particular in this video the next would be things to understand prior to you in fact begin buying copy trading or copy portfolios and lastly some best recommendations finest practices if you are thinking about this as a tool whether you begin your journey or your more advanced investor so let’s kick off with fees actually essential to understand these now on there’s a couple of charges there isn’t fees to do with really buying and selling all right so commission charges are free however there are a number of other costs the very first one is withdrawal charges so you can obviously put money 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 want to withdraw your cash so you sell your shares you sell your commodities whatever you’re offering 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 knowing that i’m going to ensure that i’m just withdrawing when i definitely need to now you might state all right that’s rather costly and i get that but it’s all to do with how they run their platform they have to charge costs somewhere and withdrawal fees are just among those options that they have a lot of platforms certainly are free to do such things has this 5 dollar charge so in my eyes make your withdrawals mostly it can be perhaps even once a year once every 6 months you know depends totally how you’re investing however that is a charge to keep in mind the second cost that i’ve touched upon is that conversion fee now with you’re handling us dollars only there’s not an alternative to buy 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 and even some crypto so i’m great with that we have what’s called the fx currency conversion charge now when you use anyone so if you’re utilizing trading 2 and 2 free trade anyone at all this is standard they have i expect stuck with whatever fee they charge for that conversion rate you kind of need to accept you know if you wish to use their platform go from uk to us then that conversion cost is there what are they really providing 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 state offer me us dollars instead you have to pay their charges now the excellent feature of though when you’ve transformed your money you do not have to invest it right now that dollar worth can being in your portfolio as cash dollars for as long as you like so that implies the initial day that you purchase or convert your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any extra costs so that’s actually good utilizing that part of their site won’t certainly restrict you in any way however we need to understand 2 other charges the first being what’s called spread charges alright and i’m going to reveal you what i imply on now a spread cost as i’m going to show you Bittboy Console.
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