Not in fact having the total of capital…Bitboy Xlm… so with anything that you’re learning about please do study the platform do not just assume because i utilize it that you can use it immediately do some due diligence have a little play around with it even invest with virtual cash they give that choice also so you really get utilized 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 obviously your capital is at danger this is investing we’re doing you’re investing in genuine business if you select to in this specific video we’re talking about how to copy other individuals’s financial investments with your money so clearly your capital is at risk and we have to bear that in mind do not just do something because that individual has actually stated they have actually made earnings 14 months in a row buy these options because you think is the ideal ones for you which being said let’s dive straight in [Music] so the things we’re going to cover in this video is understanding what is copy trading what are copy portfolios it becomes part of social trading which is one element that is most likely.
famous for it’s the alternative to see what other traders are doing incredible we don’t generally get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading and so that means with our money we can in fact say i wish to do precisely what that trader is doing or match that specific portfolio of alternatives and generally every time they make a trade they buy they offer whatever they do your cash will be imitated with it so that indicates if for example 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 also cover is the costs involved really critical you understand what are the expenses of this now with any platform there will be some expense to clearly these are real 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 no charge websites then might not charge you for in fact buying and selling etfs or funds private products individual 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 sort 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 understand prior to you actually start buying copy trading or copy portfolios and lastly some finest recommendations finest practices if you are considering this as a tool whether you start your journey or your more advanced investor so let’s start with fees actually essential to comprehend these now on there’s a number of fees there isn’t fees to do with really buying and selling all right so commission costs are free nevertheless there are a number of other costs the very first one is withdrawal fees so you can undoubtedly put money in now if you’re in the uk we put our uk cash.
and it’s automatically 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 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 five 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 may state alright that’s rather expensive and i get that however it’s all to do with how they run their platform they have to charge fees somewhere and withdrawal charges are simply one of those options that they have a great deal of platforms clearly are totally free to do such things has this 5 dollar charge so in my eyes make your withdrawals mostly it can be perhaps even once a year once every 6 months you know depends entirely how you’re investing however that is a charge to remember the second charge that i’ve discussed is that conversion cost now with you’re dealing in us dollars only there’s not a choice to buy in euros or uk which’s great that suits 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 utilizing trading 2 and 2 open market anybody this is standard they have i suppose stuck to whatever cost they charge for that conversion rate you kind of have to accept you know if you want to use their platform go from uk to us then that conversion charge exists what are they actually offering 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 provide me us dollars instead you have to pay their costs now the great thing about though when you have actually 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 implies the preliminary day that you purchase or convert your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any additional fees so that’s truly good utilizing that part of their site will not definitely restrict you in any way nevertheless we have to understand 2 other costs the first being what’s called spread fees fine and i’m going to reveal you what i mean on now a spread cost as i’m going to show you Bitboy Xlm.
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