Not in fact having the total of capital…Bittboy Zx Spectrum… so with anything that you’re learning about please do study the platform do not just assume because i use it that you can utilize it immediately do some due diligence have a little play around with it even invest with virtual cash they give that alternative as well so you in fact get utilized to the structure of the site and after that when you’re ready to use your own money to invest you can do so now i will disclaim naturally your capital is at threat this is investing we’re doing you’re purchasing genuine business if you choose to in this specific video we’re speaking about how to copy other people’s financial investments with your cash so undoubtedly your capital is at threat and we need to bear that in mind do not just do something because that individual has stated they have actually made earnings 14 months in a row purchase these options due to the fact that you think is the ideal ones for you and that being said let’s dive straight in [Music] so the things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it belongs to social trading which is one element that is probably.
popular for it’s the option to see what other traders are doing unbelievable we don’t usually get that insight from a lot of platforms and the other advantage is these copy portfolios are copy trading therefore that means with our money we can really state i wish to do exactly what that trader is doing or match that precise portfolio of alternatives and basically whenever they make a trade they buy they offer whatever they do your cash will be mimicked with it so that means if for example 10 of their financial 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 fees involved actually important you comprehend what are the costs of this now with any platform there will be some expense to clearly these are genuine companies that are investing they’re doing the purchasing the selling for you there’s going to be charges included and even some of the absolutely no fee sites then may not charge you for in fact buying and selling funds or etfs individual 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 kinds of fees associated so do your due diligence and i’m going to reveal you the costs with in particular in this video the next would be things to understand before you actually start purchasing copy trading or copy portfolios and finally some finest advice finest practices if you are thinking about this as a tool whether you start your journey or your advanced investor so let’s start with costs actually essential to comprehend these now on there’s a couple of costs there isn’t costs to do with in fact buying and selling alright so commission costs are totally free nevertheless there are a number of other fees the first one is withdrawal charges so you can obviously put money in now if you’re in the uk we put our uk money.
and it’s instantly converted into us dollars and i’ll cover a little point about that in the future however when you wish to withdraw your money so you offer your shares you sell your products 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 of course understanding that i’m going to make certain that i’m just withdrawing when i absolutely need to now you might say all right that’s quite costly and i get that however it’s all to do with how they run their platform they need to charge fees somewhere and withdrawal charges are simply one of those options that they have a great deal of platforms clearly 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 when every 6 months you understand depends completely how you’re investing however that is a cost to bear in mind the 2nd charge that i’ve touched upon is that conversion cost now with you’re handling us dollars just there’s not an option to purchase in euros or uk and that’s great that fits me.
a lot 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 cost now when you use anybody so if you’re using trading two and 2 open market anybody this is basic they have actually i suppose stuck to whatever charge they charge for that conversion rate you kind of need to accept you understand if you wish to utilize 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 state offer me us dollars rather you need to pay their charges now the great thing about though when you’ve converted your cash you do not need to invest it immediately that dollar worth can being in your portfolio as cash dollars for as long as you like so that indicates the preliminary 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 additional charges so that’s actually excellent utilizing that part of their website will not definitely limit you in any way nevertheless we have to understand 2 other charges the first being what’s called spread fees fine and i’m going to show you what i indicate on now a spread cost as i’m going to show you Bittboy Zx Spectrum.
You are given many alternatives with this software application and you can configure it nevertheless you see fit. If you’re looking to start trading the forex market however don’t understand which system to choose, then this might be precisely what you require.