Not actually having the full amount of capital…Michael Saylor State Farm… so with anything that you’re discovering please do study the platform do not just presume because i use it that you can utilize it immediately do some due diligence have a little experiment with it even invest with virtual cash they give that choice too so you in fact get utilized to the structure of the website and then when you’re ready to use your own money to invest you can do so now i will disclaim naturally your capital is at danger this is investing we’re doing you’re buying real companies if you pick 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 threat and we need to bear that in mind do not simply do something because that person has said they have actually made revenue 14 months in a row buy these choices due to the fact that you think is the right ones for you which being said let’s dive directly 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 element that is probably.
popular for it’s the option to see what other traders are doing incredible we don’t normally get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading therefore that implies with our cash we can really state i wish to do exactly what that trader is doing or match that precise portfolio of alternatives and generally whenever they make a trade they purchase they offer whatever they do your cash will be mimicked with it so that implies if for example 10 of their investment portfolio remains in tesla guess what you’ll now be investing 10 of your money in so we’re going to also cover is the charges included truly important you comprehend what are the expenses of this now with any platform there will be some expense to obviously these are genuine companies that are investing they’re doing the buying the selling for you there’s going to be charges involved and even some of the zero charge sites then may not charge you for in fact buying and selling etfs or funds individual products private 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 sort 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 know before you really begin purchasing copy trading or copy portfolios and finally some finest suggestions best practices if you are thinking about this as a tool whether you start your journey or your advanced investor so let’s begin with charges truly important to understand these now on there’s a couple of fees there isn’t fees to do with really buying and selling all right so commission costs are free however there are a number of other costs the very first one is withdrawal fees so you can obviously put cash 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 but when you want to withdraw your money so you offer your shares you sell your products whatever you’re selling the minimum quantity you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me of course knowing that i’m going to ensure that i’m just withdrawing when i absolutely need to now you may say alright that’s rather expensive and i get that but it’s all to do with how they run their platform they need to charge costs somewhere and withdrawal costs are just one of those choices that they have a great deal of platforms certainly are complimentary to do such things has this five dollar charge so in my eyes make your withdrawals mostly it can be maybe even once a year once every six months you understand depends completely how you’re investing but that is a fee to bear in mind the 2nd cost that i’ve discussed is that conversion charge 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 great deal of my stocks are us dollar stocks anyway or the etfs that i’m purchasing and even some crypto so i’m good with that we have what’s called the fx currency conversion charge now when you use anyone so if you’re utilizing trading two and two free trade anyone at all this is standard 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 charge is there 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 give me us dollars rather you have to pay their fees now the great aspect of however when you’ve transformed your money you do not have to invest it immediately that dollar worth can sit in your portfolio as money dollars for as long as you like so that implies the preliminary day that you buy or transform your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any extra costs so that’s truly excellent using that part of their site will not certainly restrict you in any way however we need to be aware of 2 other costs the very first being what’s called spread costs all right and i’m going to show you what i indicate on now a spread cost as i’m going to show you Michael Saylor State Farm.
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