Not in fact having the total of capital…Bitboy Labs… so with anything that you’re learning more about please do study the platform don’t simply presume due to the fact that i use it that you can utilize it right now do some due diligence have a little play around with it even invest with virtual cash they consider that choice as well so you really get used to the structure of the website and after that when you’re ready to utilize your own cash 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 investing in real companies if you select to in this specific video we’re speaking about how to copy other individuals’s investments with your cash so undoubtedly your capital is at danger and we need to bear that in mind do not simply do something since that person has said they have actually made earnings 14 months in a row buy these choices since you believe is the right 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 choice to see what other traders are doing unbelievable we do not typically get that insight from a lot of platforms and the other advantage is these copy portfolios are copy trading therefore that suggests with our cash we can in fact say i want to do exactly what that trader is doing or match that precise portfolio of options and essentially whenever they make a trade they purchase they sell whatever they do your money will be simulated with it so that implies if for example 10 of their financial investment portfolio is 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 truly critical you comprehend what are the expenses of this now with any platform there will be some expense to certainly these are real business that are investing they’re doing the buying the selling for you there’s going to be charges included and even a few of the no fee sites then might not charge you for really buying and selling etfs or funds individual products individual stocks.
there’ll be costs on other parts possibly 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 costs with in particular in this video the next would be things to understand before you really begin purchasing copy trading or copy portfolios and lastly some finest recommendations best practices if you are thinking of this as a tool whether you start your journey or your advanced financier so let’s start with costs actually crucial to understand these now on there’s a number of charges there isn’t fees to do with really buying and selling fine so commission charges are totally free nevertheless there are a couple of other charges the very first one is withdrawal costs so you can clearly put cash in now if you remain in the uk we put our uk money.
and it’s automatically converted into us dollars and i’ll cover a little point about that later on but when you want to withdraw your cash so you offer your shares you offer your commodities whatever you’re selling the minimum quantity you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me obviously knowing that i’m going to make sure that i’m only withdrawing when i definitely need to now you may say all right that’s quite costly and i get that but it’s all to do with how they run their platform they need to charge costs someplace and withdrawal costs are simply among those options that they have a great deal of platforms clearly are free to do such things has this five dollar charge so in my eyes make your withdrawals mainly it can be perhaps even once a year as soon as every six months you understand depends totally how you’re investing but that is a charge to remember the 2nd charge that i’ve touched upon is that conversion charge now with you’re dealing in us dollars just there’s not an alternative to purchase in euros or uk and that’s fine that matches me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m purchasing or perhaps some crypto so i’m good 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 two free trade anyone at all this is standard they have i suppose stuck with whatever fee 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 is there what are they really providing 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 say give me us dollars rather you have to pay their fees now the great aspect of however when you have actually converted your cash you do not have to invest it right away that dollar value can sit in your portfolio as cash dollars for as long as you like so that means the preliminary 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 extra charges so that’s truly great utilizing that part of their site won’t certainly limit you in any way nevertheless we need to be aware of two other costs the very first being what’s called spread charges fine and i’m going to reveal you what i indicate on now a spread charge as i’m going to show you Bitboy Labs.
You are given numerous choices with this software application and you can configure it nevertheless you see fit. If you’re looking to start trading the forex market however do not know which system to choose, then this may be exactly what you require.