Not really having the full amount of capital…Bitboy Fox Business… so with anything that you’re finding out about please do study the platform don’t just assume due to the fact that 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 consider that choice too so you really get used to the structure of the site and then when you’re ready to use your own money 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 business if you select to in this particular video we’re discussing how to copy other people’s financial investments with your money so certainly your capital is at risk and we need to bear that in mind do not simply do something because that person has stated they’ve made revenue 14 months in a row invest in these choices since you think is the best ones for you which being said let’s dive directly in [Music] so the important things we’re going to cover in this video is understanding what is copy trading what are copy portfolios it becomes 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 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 suggests with our cash we can actually state i wish to do precisely what that trader is doing or match that exact portfolio of choices and essentially whenever they make a trade they buy they sell whatever they do your money will be simulated with it so that suggests if for instance 10 of their financial 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 fees included truly critical you comprehend what are the costs of this now with any platform there will be some cost to obviously these are genuine business that are investing they’re doing the purchasing the selling for you there’s going to be charges included and even a few of the absolutely no charge sites then may not charge you for in fact buying and selling etfs or funds specific commodities private stocks.
there’ll be charges on other parts maybe it’s our fx rate when you’re changing 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 fees with in particular in this video the next would be things to know prior to you really begin buying copy trading or copy portfolios and finally some best guidance finest practices if you are considering this as a tool whether you begin your journey or your advanced financier so let’s start with costs actually important to comprehend these now on there’s a couple of costs there isn’t charges to do with really buying and selling okay so commission costs are free nevertheless there are a couple of other fees the very first one is withdrawal costs so you can obviously put cash in now if you remain 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 in the future but when you want to withdraw your cash so you offer your shares you sell your commodities whatever you’re selling the minimum amount you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me obviously understanding that i’m going to make sure that i’m just withdrawing when i absolutely need to now you might state alright that’s rather expensive 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 just one of those options 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 perhaps even once a year once every six months you understand depends completely how you’re investing however that is a fee to keep in mind the second fee that i have actually touched upon is that conversion cost now with you’re dealing in us dollars just there’s not an option to buy in euros or uk which’s fine that matches me.
a great deal of my stocks are us dollar stocks anyway or the etfs that i’m buying 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 2 open market anybody this is standard they have i suppose stuck to whatever charge they charge for that conversion rate you kind of have to accept you understand if you want to use their platform go from uk to us then that conversion charge exists what are they in fact providing you in terms of 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 say provide me us dollars instead you have to pay their fees now the great feature of however when you’ve converted your cash you do not need to invest it right now that dollar worth can sit in your portfolio as cash dollars for as long as you like so that indicates the preliminary 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 costs so that’s actually excellent utilizing that part of their site won’t certainly restrict you in any way nevertheless we have to know two other charges the very first being what’s called spread fees okay and i’m going to reveal you what i suggest on now a spread cost as i’m going to show you Bitboy Fox Business.
You are offered numerous choices with this software application and you can configure it nevertheless you see fit. If you’re looking to begin trading the forex market but do not understand which system to pick, then this might be precisely what you require.