Not actually having the full amount of capital…Michael Sayler Twitter… so with anything that you’re discovering please do study the platform do not simply assume due to the fact that i utilize 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 option as well so you in fact get used 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 risk this is investing we’re doing you’re investing in real business if you select to in this particular video we’re discussing how to copy other people’s investments with your cash so clearly your capital is at threat and we have to bear that in mind do not simply do something because that individual has said they have actually made earnings 14 months in a row purchase these choices since you believe is the best ones for you which being stated let’s dive straight 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 aspect that is probably.
well-known for it’s the option to see what other traders are doing extraordinary we don’t typically get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading therefore that means with our cash we can in fact say i wish to do precisely what that trader is doing or match that exact portfolio of choices and essentially each time they make a trade they purchase they sell whatever they do your money 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 money in so we’re going to likewise cover is the costs included truly crucial you understand what are the costs of this now with any platform there will be some cost to obviously these are real companies that are investing they’re doing the purchasing the selling for you there’s going to be charges included and even a few of the no fee sites then might not charge you for really buying and selling etfs or funds private products specific stocks.
there’ll be costs on other parts perhaps it’s our fx rate when you’re altering from uk to u.s dollars there’s all sort of charges 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 start purchasing copy trading or copy portfolios and lastly some finest suggestions finest practices if you are considering this as a tool whether you start your journey or your more advanced financier so let’s begin with fees really essential to comprehend these now on there’s a number of costs there isn’t fees to do with in fact buying and selling okay so commission costs are free nevertheless there are a couple of other fees the first one is withdrawal charges so you can undoubtedly put money in now if you’re in the uk we put our uk money.
and it’s immediately converted into us dollars and i’ll cover a little point about that later on however when you wish to withdraw your money so you offer your shares you offer 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 obviously understanding that i’m going to make certain that i’m only withdrawing when i absolutely require to now you might state all right that’s quite expensive and i get that however it’s all to do with how they run their platform they have to charge costs someplace and withdrawal charges are just one of those alternatives that they have a lot of platforms obviously are totally free to do such things has this 5 dollar charge so in my eyes make your withdrawals mainly it can be maybe even once a year once every six months you know depends entirely how you’re investing however that is a fee to keep in mind the 2nd cost that i’ve discussed is that conversion fee now with you’re handling us dollars just there’s not an option to buy in euros or uk and that’s great that suits me.
a lot of my stocks are us dollar stocks anyway 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 fee now when you use anybody so if you’re using trading two and 2 open market anybody this is standard they have actually i suppose stuck to whatever charge they charge for that conversion rate you type of need to accept you know if you wish to use their platform go from uk to us then that conversion charge exists what are they in fact offering 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 costs now the excellent aspect of however when you have actually transformed your money you do not have to invest it right away that dollar worth can sit in your portfolio as cash dollars for as long as you like so that means the initial 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 additional fees so that’s truly great utilizing that part of their website won’t definitely limit you in any way nevertheless we need to know two other costs the very first being what’s called spread fees okay and i’m going to show you what i imply on now a spread charge as i’m going to reveal you Michael Sayler Twitter.
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