Not in fact having the total of capital…Bitboy Crypto Ben Armstrong… so with anything that you’re discovering please do study the platform do not simply assume because 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 cash they give that alternative also so you actually get used to the structure of the site 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 threat this is investing we’re doing you’re investing in genuine business if you choose to in this specific video we’re talking about how to copy other individuals’s financial investments with your cash so clearly your capital is at risk and we have to bear that in mind do not just do something since that individual has said they’ve made revenue 14 months in a row invest in these choices because you believe is the best ones for you which being stated 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.
famous for it’s the option to see what other traders are doing extraordinary we do not generally get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading therefore that means with our cash we can really state i want to do precisely what that trader is doing or match that exact portfolio of choices and basically every time they make a trade they purchase they sell whatever they do your cash will be simulated with it so that indicates 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 included actually crucial you understand what are the expenses of this now with any platform there will be some cost to obviously these are genuine companies that are investing they’re doing the purchasing the selling for you there’s going to be charges involved and even a few of the absolutely no fee sites then might not charge you for really buying and selling funds or etfs private commodities specific stocks.
there’ll be charges on other parts maybe it’s our fx rate when you’re altering from uk to u.s dollars there’s all sort of charges 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 start purchasing copy trading or copy portfolios and finally some best suggestions finest practices if you are considering this as a tool whether you start your journey or your more advanced investor so let’s start with charges actually crucial to comprehend these now on there’s a number of charges there isn’t charges to do with really buying and selling fine so commission costs are free however there are a couple of other costs the 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 but when you want to withdraw your cash so you sell your shares you offer your products whatever you’re offering the minimum amount you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me of course understanding that i’m going to make sure that i’m just withdrawing when i absolutely require to now you might state fine that’s rather pricey 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 simply one of those choices that they have a lot of platforms undoubtedly are free to do such things has this five dollar charge so in my eyes make your withdrawals largely it can be maybe even once a year when every six months you understand depends entirely how you’re investing however that is a cost to keep in mind the 2nd cost that i have actually touched upon is that conversion fee now with you’re handling us dollars only there’s not an alternative to purchase in euros or uk which’s great that suits me.
a lot of my stocks are us dollar stocks anyhow or the etfs that i’m buying and even some crypto so i’m good with that we have what’s called the fx currency conversion fee now when you utilize anybody so if you’re utilizing trading 2 and 2 open market anyone at all this is standard they have i expect stuck to whatever charge they charge for that conversion rate you kind of need to accept you know if you want to utilize their platform go from uk to us then that conversion charge exists what are they really giving you in regards to 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 state provide me us dollars rather you need to pay their fees now the fantastic feature of though when you have actually transformed your money you do not have to invest it immediately that dollar value can sit in your portfolio as cash dollars for as long as you like so that implies 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 extra charges so that’s truly good using that part of their site won’t certainly limit you in any way however we have to understand two other costs the very first being what’s called spread charges okay and i’m going to show you what i indicate on now a spread fee as i’m going to reveal you Bitboy Crypto Ben Armstrong.
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