Not actually having the total of capital…Bitboy Everdome… so with anything that you’re discovering please do study the platform don’t just presume because i use it that you can use it immediately do some due diligence have a little experiment with it even invest with virtual cash they give that choice too so you really 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 obviously your capital is at threat this is investing we’re doing you’re buying real companies if you pick to in this particular video we’re speaking about how to copy other people’s investments with your money so clearly your capital is at risk and we need to bear that in mind do not simply do something since that person has actually said they have actually made profit 14 months in a row purchase these options because you think is the best ones for you and that being stated let’s dive directly 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.
well-known for it’s the alternative to see what other traders are doing unbelievable we do not normally get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading therefore that means with our money we can really say i wish to do precisely what that trader is doing or match that exact portfolio of options and basically every time they make a trade they buy they offer whatever they do your money will be simulated with it so that suggests if for example 10 of their investment portfolio remains in tesla guess what you’ll now be investing 10 of your cash in so we’re going to also cover is the costs included truly important you understand what are the expenses of this now with any platform there will be some expense to certainly these are real companies that are investing they’re doing the buying the selling for you there’s going to be charges involved and even a few of the no cost sites then might not charge you for in fact buying and selling etfs or funds private products private stocks.
there’ll be costs on other parts perhaps it’s our fx rate when you’re changing from uk to u.s dollars there’s all kinds 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 prior to you actually start investing in copy trading or copy portfolios and lastly some best guidance best practices if you are considering this as a tool whether you start your journey or your advanced financier so let’s kick off with fees really crucial to understand these now on there’s a couple of costs there isn’t fees to do with in fact buying and selling fine so commission charges are free nevertheless there are a number of other charges the very first one is withdrawal fees so you can clearly put money in now if you’re 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 however when you want to withdraw your cash so you sell your shares you offer your commodities 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 obviously knowing that i’m going to make certain that i’m only withdrawing when i absolutely require to now you may state all right that’s quite costly and i get that however it’s all to do with how they run their platform they have to charge fees someplace and withdrawal fees are simply among those alternatives that they have a lot of platforms obviously are free 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 once every 6 months you understand depends completely how you’re investing however that is a cost to keep in mind the second fee that i have actually touched upon is that conversion fee now with you’re handling us dollars only there’s not a choice to buy in euros or uk and that’s great that suits me.
a lot of my stocks are us dollar stocks anyhow or the etfs that i’m buying and even some crypto so i’m good with that we have what’s called the fx currency conversion cost now when you use anybody so if you’re using trading 2 and two free trade anyone at all this is basic they have i suppose stuck to whatever fee 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 fee 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 give me us dollars rather you have to pay their charges now the fantastic thing about though when you have actually converted your cash you do not have to invest it right now that dollar worth can sit in your portfolio as cash dollars for as long as you like so that indicates the preliminary day that you purchase or transform your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any extra fees so that’s truly excellent using that part of their website will not certainly restrict you in any way however we need to know two other fees the very first being what’s called spread charges fine and i’m going to show you what i indicate on now a spread fee as i’m going to reveal you Bitboy Everdome.
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