Not actually having the full amount of capital…Michael Saylor House… so with anything that you’re discovering please do study the platform don’t simply assume because 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 cash they consider that choice also so you actually get utilized to the structure of the site and then when you’re ready to utilize your own cash to invest you can do so now i will disclaim of course your capital is at threat this is investing we’re doing you’re investing in real business if you select to in this particular video we’re speaking about how to copy other people’s financial investments with your money so obviously your capital is at threat and we need to bear that in mind do not simply do something because that person has actually stated they’ve made profit 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 comprehending what is copy trading what are copy portfolios it’s part of social trading which is one element that is probably.
popular for it’s the choice to see what other traders are doing unbelievable we don’t generally get that insight from a lot of platforms and the other advantage is these copy portfolios are copy trading and so that suggests with our cash we can actually say i wish to do precisely what that trader is doing or match that specific portfolio of alternatives and basically each time they make a trade they purchase they offer whatever they do your cash will be imitated with it so that means if for instance 10 of their 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 charges involved really vital you understand what are the costs of this now with any platform there will be some cost to undoubtedly 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 websites then might not charge you for in fact buying and selling funds or etfs private products individual stocks.
there’ll be charges on other parts maybe it’s our fx rate when you’re changing 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 costs with in particular in this video the next would be things to know prior to you really begin buying copy trading or copy portfolios and finally some finest suggestions best practices if you are thinking about this as a tool whether you begin your journey or your advanced investor so let’s begin with costs really essential to understand these now on there’s a number of charges there isn’t costs to do with in fact buying and selling okay so commission costs are totally free however there are a couple of other costs the very first one is withdrawal fees so you can certainly put money in now if you remain 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 however when you wish to withdraw your cash so you offer your shares you offer your products whatever you’re offering the minimum amount you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me naturally understanding that i’m going to make sure that i’m only withdrawing when i absolutely require to now you might say okay that’s rather 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 fees are just one of those options that they have a lot of platforms clearly are complimentary to do such things has this five dollar charge so in my eyes make your withdrawals mainly it can be perhaps even once a year when every six months you understand depends totally how you’re investing however that is a fee to keep in mind the second charge that i have actually discussed is that conversion cost now with you’re handling us dollars only there’s not an alternative to purchase in euros or uk which’s great that fits me.
a lot of my stocks are us dollar stocks anyway or the etfs that i’m purchasing or perhaps some crypto so i’m excellent with that we have what’s called the fx currency conversion cost now when you utilize anybody so if you’re utilizing trading 2 and two free trade anybody this is basic they have actually i suppose stuck with whatever fee they charge for that conversion rate you sort of have to accept you understand if you wish to use their platform go from uk to us then that conversion charge is there what are they really providing you in terms of 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 offer me us dollars instead you need to pay their costs now the great aspect of though when you have actually transformed your money you do not need to invest it right away that dollar value can sit in your portfolio as cash dollars for as long as you like so that means 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 extra costs so that’s actually excellent utilizing that part of their website won’t certainly limit you in any way nevertheless we need to be aware of two other fees the first being what’s called spread costs all right and i’m going to reveal you what i indicate on now a spread cost as i’m going to show you Michael Saylor House.
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