Not actually having the full amount of capital…Bitboy Lab Academy… so with anything that you’re discovering please do study the platform do not just presume since i use it that you can utilize it right away do some due diligence have a little experiment with it even invest with virtual cash they consider that alternative also so you actually get used to the structure of the site and then when you’re ready to utilize your own money 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 real companies if you select to in this specific video we’re talking about how to copy other people’s financial investments with your cash so obviously your capital is at danger and we have to bear that in mind do not just do something because that person has stated they’ve made revenue 14 months in a row invest in these choices since you believe is the ideal ones for you and that being said let’s dive straight 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 element that is most likely.
popular for it’s the choice to see what other traders are doing incredible we do not generally get that insight from a lot of platforms and the other advantage is these copy portfolios are copy trading therefore that implies with our cash we can really state i want to do exactly what that trader is doing or match that exact portfolio of choices and essentially whenever they make a trade they buy they offer whatever they do your cash will be simulated with it so that means if for example 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 charges included actually vital you comprehend what are the costs of this now with any platform there will be some cost to certainly 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 no charge sites then may not charge you for actually buying and selling etfs or funds individual products specific stocks.
there’ll be fees on other parts possibly it’s our fx rate when you’re altering 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 understand before you in fact start purchasing copy trading or copy portfolios and finally some finest guidance finest practices if you are thinking of this as a tool whether you begin your journey or your more advanced investor so let’s begin with costs actually essential to understand these now on there’s a number of charges there isn’t charges to do with in fact buying and selling okay so commission charges are complimentary however there are a couple of other fees the very first one is withdrawal fees so you can clearly 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 offer your shares you offer your products whatever you’re selling the minimum amount 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 ensure that i’m only withdrawing when i absolutely need to now you may say okay that’s quite costly and i get that however it’s all to do with how they run their platform they have to charge costs somewhere and withdrawal charges are simply one of those choices that they have a lot of platforms certainly are totally free to do such things has this five dollar charge so in my eyes make your withdrawals mostly it can be maybe even once a year once every six months you understand depends totally how you’re investing however that is a charge to keep in mind the 2nd cost that i’ve touched upon is that conversion fee now with you’re dealing in us dollars only there’s not an alternative to purchase in euros or uk and that’s great that suits me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m buying or perhaps some crypto so i’m great with that we have what’s called the fx currency conversion fee now when you use anybody so if you’re using trading 2 and two open market anybody this is basic they have i suppose stuck with whatever cost they charge for that conversion rate you type 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 actually giving 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 state provide me us dollars rather you have to pay their fees now the fantastic aspect of though when you’ve transformed your cash you do not have to invest it right now 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 purchase or convert your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any extra fees so that’s actually great utilizing that part of their website won’t definitely limit you in any way however we need to know 2 other charges the very first being what’s called spread fees alright and i’m going to show you what i imply on now a spread charge as i’m going to show you Bitboy Lab Academy.
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 but don’t understand which system to select, then this might be precisely what you require.