Not really having the total of capital…Bitboy Fox Business… so with anything that you’re learning more about please do study the platform don’t just assume since i use it that you can use it right now do some due diligence have a little play around with it even invest with virtual money they consider that alternative as well so you actually 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 obviously your capital is at danger this is investing we’re doing you’re purchasing genuine business if you select to in this particular video we’re discussing how to copy other people’s investments with your money so clearly your capital is at risk and we have to bear that in mind do not just do something since that person has actually stated they’ve made earnings 14 months in a row purchase these options since you think 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 comprehending what is copy trading what are copy portfolios it’s part of social trading which is one aspect that is most likely.
popular for it’s the choice to see what other traders are doing unbelievable we don’t generally get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading therefore that means with our money we can in fact state i want to do exactly what that trader is doing or match that exact portfolio of alternatives and generally each time they make a trade they purchase they offer whatever they do your money will be simulated with it so that indicates if for instance 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 likewise cover is the costs involved actually vital you comprehend what are the expenses of this now with any platform there will be some cost to clearly these are real companies 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 cost websites then might not charge you for actually buying and selling funds or etfs individual commodities individual stocks.
there’ll be costs on other parts possibly it’s our fx rate when you’re altering from uk to u.s dollars there’s all type of costs 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 understand prior to you actually start buying copy trading or copy portfolios and lastly some best guidance best practices if you are thinking of this as a tool whether you start your journey or your advanced financier so let’s kick off with costs really important to understand these now on there’s a couple of fees there isn’t charges to do with actually buying and selling fine so commission fees are free nevertheless there are a couple of other charges the first one is withdrawal costs so you can undoubtedly put money 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 however when you wish 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 naturally knowing that i’m going to make certain that i’m just withdrawing when i definitely require to now you might say all right that’s rather pricey and i get that however it’s all to do with how they run their platform they need to charge costs somewhere and withdrawal fees are simply one of those alternatives that they have a great deal of platforms obviously are free to do such things has this 5 dollar charge so in my eyes make your withdrawals largely it can be perhaps even once a year as soon as every 6 months you know depends completely how you’re investing but that is a charge to remember the second charge that i have actually discussed is that conversion cost now with you’re handling us dollars only there’s not a choice to buy in euros or uk and that’s fine that matches me.
a lot 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 utilize anyone so if you’re using trading 2 and 2 open market anyone at all this is standard they have i expect stuck to whatever fee they charge for that conversion rate you kind of need to accept you understand if you want to utilize their platform go from uk to us then that conversion fee is there 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 give me us dollars instead you need to pay their fees now the terrific aspect of however when you’ve converted your cash you do not have to invest it immediately that dollar worth 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 occurs now with copy trading and copy portfolios there aren’t any additional fees so that’s actually excellent using that part of their site will not definitely limit you in any way however we need to know 2 other charges the very first being what’s called spread fees all right and i’m going to show you what i mean on now a spread fee as i’m going to show you Bitboy Fox Business.
You are provided numerous choices with this software and you can configure it nevertheless you see fit. If you’re looking to start trading the forex market however don’t know which system to choose, then this might be exactly what you require.