Not really having the total of capital…Michael Saylor Wealth… so with anything that you’re discovering please do study the platform do not simply assume because i utilize it that you can use it immediately do some due diligence have a little experiment with it even invest with virtual money they consider that alternative as well so you in fact get used 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 obviously your capital is at threat this is investing we’re doing you’re buying real business if you choose to in this specific video we’re speaking about how to copy other people’s investments with your money so obviously your capital is at risk and we have 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 buy these options because you think is the right ones for you and that 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 amazing we don’t typically get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading and so that suggests with our money we can really state i want to do precisely what that trader is doing or match that specific portfolio of options and basically each time they make a trade they buy they sell whatever they do your money will be imitated with it so that implies 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 likewise cover is the costs included actually vital you understand what are the costs of this now with any platform there will be some cost to clearly 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 absolutely no fee websites then might not charge you for really buying and selling etfs or funds private products individual stocks.
there’ll be fees on other parts maybe 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 reveal 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 lastly some best advice best practices if you are considering this as a tool whether you begin your journey or your more advanced investor so let’s start with charges really essential to comprehend these now on there’s a couple of charges there isn’t fees to do with in fact buying and selling fine so commission fees are complimentary nevertheless there are a couple of other costs the first one is withdrawal charges so you can certainly put money in now if you remain in the uk we put our uk cash.
and it’s instantly converted into us dollars and i’ll cover a little point about that later on however when you want to withdraw your money so you sell 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 understanding that i’m going to make certain that i’m only withdrawing when i definitely require to now you may say okay 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 somewhere and withdrawal fees are simply among those alternatives that they have a lot of platforms certainly are totally free to do such things has this five dollar charge so in my eyes make your withdrawals largely it can be maybe even once a year when every six months you know depends totally how you’re investing but that is a fee to bear in mind the 2nd charge that i have actually discussed is that conversion fee now with you’re handling us dollars just there’s not a choice to buy in euros or uk and that’s fine 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 good with that we have what’s called the fx currency conversion cost now when you use anyone so if you’re using trading 2 and 2 open market anybody this is basic they have actually i expect stuck with whatever cost they charge for that conversion rate you sort of have to accept you know if you want to use their platform go from uk to us then that conversion cost exists what are they in fact providing you in terms of 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 say provide me us dollars instead you need to pay their charges now the great thing about though when you have actually transformed your cash you do not have to invest it right now that dollar value can being in your portfolio as cash dollars for as long as you like so that means the initial day that you purchase or transform your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any additional fees so that’s actually great using that part of their website won’t certainly restrict you in any way nevertheless we need to be aware of two other fees the first being what’s called spread charges all right and i’m going to show you what i imply on now a spread cost as i’m going to reveal you Michael Saylor Wealth.
You are given many alternatives with this software and you can configure it nevertheless you see fit. If you’re looking to begin trading the forex market but don’t know which system to pick, then this might be precisely what you require.