Not really having the full amount of capital…Justin Bitboy Crypto… so with anything that you’re learning about please do study the platform do not just assume due to the fact that i use it that you can utilize it right away do some due diligence have a little play around with it even invest with virtual cash they consider that option also so you actually get used to the structure of the website and then 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 companies if you choose to in this specific video we’re discussing how to copy other people’s investments with your money so obviously your capital is at threat and we need to bear that in mind do not just do something because that person has stated they have actually made revenue 14 months in a row purchase these choices due to the fact that 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 element that is probably.
famous for it’s the alternative to see what other traders are doing amazing we do not usually get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading therefore that implies with our money we can in fact say i want to do precisely what that trader is doing or match that specific portfolio of choices and generally every time they make a trade they buy they sell whatever they do your money will be imitated with it so that implies if for example 10 of their investment portfolio is in tesla guess what you’ll now be investing 10 of your cash in so we’re going to also cover is the costs involved really crucial you understand what are the costs of this now with any platform there will be some cost to clearly 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 some of the zero fee sites then may not charge you for in fact buying and selling funds or etfs private products 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 kinds of costs associated so do your due diligence and i’m going to reveal you the charges with in particular in this video the next would be things to understand prior to you in fact begin purchasing copy trading or copy portfolios and finally some finest guidance finest practices if you are thinking about this as a tool whether you begin your journey or your more advanced investor so let’s kick off with fees truly essential to understand these now on there’s a number of costs there isn’t costs to do with really buying and selling okay so commission costs are complimentary however there are a number of other fees the very first one is withdrawal charges so you can certainly 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 in the future but when you wish to withdraw your money so you offer your shares you offer your products whatever you’re offering the minimum quantity you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me naturally knowing that i’m going to ensure that i’m only withdrawing when i definitely require to now you might state fine that’s quite pricey and i get that but it’s all to do with how they run their platform they need to charge fees someplace and withdrawal fees are just among those choices that they have a great deal of platforms undoubtedly are totally 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 once every 6 months you know depends completely how you’re investing however that is a fee to remember the second cost that i have actually discussed is that conversion fee now with you’re dealing in us dollars only there’s not an option to buy in euros or uk which’s fine 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 excellent with that we have what’s called the fx currency conversion charge now when you utilize anyone so if you’re using trading 2 and 2 open market anybody this is standard they have actually i suppose stuck with whatever fee they charge for that conversion rate you sort of need to accept you know if you want to utilize their platform go from uk to us then that conversion charge is there what are they really giving you in terms of 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 state provide me us dollars rather you need to pay their costs now the great feature of however when you’ve transformed your cash you do not have to invest it right now that dollar value can sit in your portfolio as money dollars for as long as you like so that suggests the initial day that you buy or convert your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any extra charges so that’s really excellent utilizing that part of their site will not definitely limit you in any way however we have to be aware of 2 other charges the very first being what’s called spread fees fine and i’m going to reveal you what i imply on now a spread fee as i’m going to show you Justin Bitboy Crypto.
You are provided lots of options with this software and you can configure it nevertheless you see fit. If you’re looking to begin trading the forex market however do not understand which system to choose, then this might be precisely what you require.