Not in fact having the full amount of capital…Michael Saylor Young… so with anything that you’re learning about please do study the platform don’t just assume due to the fact that i utilize it that you can use it right away 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 utilized to the structure of the site and after that when you’re ready to utilize your own cash 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 genuine companies if you pick to in this specific video we’re speaking about how to copy other individuals’s financial investments with your money so obviously your capital is at danger and we need to bear that in mind do not simply do something since that individual has said they have actually made revenue 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 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 aspect that is most likely.
famous for it’s the option to see what other traders are doing incredible we do not typically get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading and so that implies with our cash we can in fact say i wish to do exactly what that trader is doing or match that precise portfolio of choices and basically every time they make a trade they buy they sell whatever they do your money will be imitated with it so that indicates if for example 10 of their financial investment portfolio remains 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 actually crucial you understand what are the costs of this now with any platform there will be some cost to clearly these are real 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 no fee sites then might not charge you for actually buying and selling funds or etfs private products individual stocks.
there’ll be charges on other parts perhaps it’s our fx rate when you’re altering from uk to u.s dollars there’s all type of costs associated so do your due diligence and i’m going to show you the charges with in particular in this video the next would be things to know prior to you in fact begin buying copy trading or copy portfolios and lastly some finest guidance best practices if you are thinking of this as a tool whether you begin your journey or your more advanced financier so let’s begin with charges truly important to understand these now on there’s a number of costs there isn’t costs to do with actually buying and selling alright so commission fees are totally free nevertheless there are a couple of other fees the first one is withdrawal charges so you can obviously put cash in now if you remain in the uk we put our uk money.
and it’s automatically converted into us dollars and i’ll cover a little point about that later but when you want to withdraw your cash so you sell 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 five dollars per withdrawal so for me of course understanding that i’m going to make sure that i’m just withdrawing when i definitely require to now you might say all right 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 costs are simply among those alternatives that they have a great deal of platforms undoubtedly are totally free to do such things has this 5 dollar charge so in my eyes make your withdrawals mainly it can be perhaps even once a year once every six months you understand depends completely how you’re investing however that is a cost to bear in mind the 2nd fee that i have actually touched upon 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 matches me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m buying or even some crypto so i’m good with that we have what’s called the fx currency conversion fee now when you utilize anyone so if you’re using trading two and two free trade anyone at all this is standard they have actually i expect stuck to whatever cost they charge for that conversion rate you type of have to accept you understand if you want to utilize their platform go from uk to us then that conversion cost exists what are they really giving you in regards to 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 provide me us dollars rather you need to pay their costs now the terrific aspect of though when you’ve transformed your cash you do not have to invest it right now that dollar value can being in your portfolio as money dollars for as long as you like so that means the preliminary day that you purchase or convert your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any extra fees so that’s really good utilizing that part of their site won’t certainly restrict you in any way nevertheless we have to know two other charges the very first being what’s called spread costs okay and i’m going to reveal you what i suggest on now a spread cost as i’m going to reveal you Michael Saylor Young.
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