Not actually having the full amount of capital…Bitboy Washington Post… so with anything that you’re learning about please do study the platform do not just presume due to the fact that i utilize it that you can use it immediately do some due diligence have a little experiment with it even invest with virtual money they give that choice as well so you really get utilized 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 naturally your capital is at danger this is investing we’re doing you’re investing in real business if you select to in this particular video we’re talking about how to copy other people’s financial investments with your money so certainly your capital is at risk and we have to bear that in mind do not just do something because that individual has stated they’ve made revenue 14 months in a row buy these choices since you think is the right ones for you and that being stated let’s dive straight in [Music] The things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it’s part of social trading which is one element that is probably.
well-known for it’s the choice to see what other traders are doing amazing we don’t usually get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading therefore that suggests with our cash we can actually state i wish to do precisely what that trader is doing or match that precise portfolio of options and generally every time they make a trade they purchase they sell whatever they do your money will be mimicked with it so that suggests if for instance 10 of their investment portfolio remains in tesla guess what you’ll now be investing 10 of your cash in so we’re going to likewise cover is the costs involved actually important you understand what are the costs of this now with any platform there will be some expense to certainly 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 no cost sites then might not charge you for in fact buying and selling etfs or funds specific products private stocks.
there’ll be fees on other parts perhaps it’s our fx rate when you’re changing from uk to u.s dollars there’s all type of fees 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 before you actually begin buying copy trading or copy portfolios and finally some finest recommendations 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 charges truly essential to understand these now on there’s a number of costs there isn’t fees to do with actually buying and selling fine so commission costs are totally free however there are a couple of other costs the very first one is withdrawal fees 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 money so you sell 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 five dollars per withdrawal so for me of course knowing that i’m going to ensure that i’m only withdrawing when i absolutely need to now you may state fine that’s quite pricey and i get that however it’s all to do with how they run their platform they have to charge costs somewhere and withdrawal fees are just one of those alternatives that they have a great deal of platforms certainly are totally free to do such things has this 5 dollar charge so in my eyes make your withdrawals largely it can be maybe even once a year as soon as every 6 months you know depends entirely how you’re investing but that is a fee to keep in mind the second charge that i’ve touched upon is that conversion cost now with you’re dealing in us dollars just there’s not an alternative to buy in euros or uk and that’s great that fits me.
a lot of my stocks are us dollar stocks anyway or the etfs that i’m purchasing and even some crypto so i’m excellent with that we have what’s called the fx currency conversion charge now when you utilize anybody so if you’re utilizing trading two and two open market anyone at all this is standard they have i suppose stuck to whatever cost they charge for that conversion rate you type of need to accept you know if you want to use their platform go from uk to us then that conversion fee exists what are they actually giving you in regards to 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 say provide me us dollars instead you need to pay their costs now the terrific feature of though when you’ve converted your cash you do not have to invest it right now that dollar worth can sit in your portfolio as cash dollars for as long as you like so that suggests 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 really excellent utilizing that part of their site won’t definitely restrict you in any way nevertheless we have to be aware of two other charges the very first being what’s called spread costs alright and i’m going to show you what i suggest on now a spread cost as i’m going to show you Bitboy Washington Post.
You are offered numerous choices with this software 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 select, then this might be exactly what you need.