Not really having the full amount of capital…Bitboy Portfolio… so with anything that you’re learning about please do study the platform do not simply presume since i utilize 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 as well so you actually get used to the structure of the website 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 real companies if you choose to in this specific video we’re talking about how to copy other individuals’s financial investments with your cash so certainly your capital is at threat and we have to bear that in mind do not just do something since that person has actually stated they’ve made earnings 14 months in a row invest in these choices due to the fact that you believe is the best 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 extraordinary we do not usually get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading and so that implies with our cash we can in fact state i wish to do exactly what that trader is doing or match that specific portfolio of choices and essentially each time they make a trade they buy they offer whatever they do your cash will be simulated with it so that indicates if for instance 10 of their financial investment portfolio is in tesla guess what you’ll now be investing 10 of your money in so we’re going to also cover is the costs involved truly crucial you comprehend what are the expenses of this now with any platform there will be some expense to obviously these are real companies that are investing they’re doing the purchasing the selling for you there’s going to be charges involved and even a few of the no cost websites then may not charge you for really buying and selling etfs or funds private products specific 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 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 understand prior to you in fact begin investing in copy trading or copy portfolios and lastly some finest suggestions finest practices if you are thinking about this as a tool whether you begin your journey or your more advanced investor so let’s start with fees really crucial to understand these now on there’s a number of charges there isn’t costs to do with actually buying and selling all right so commission costs are free however there are a couple of other costs the very first one is withdrawal fees so you can obviously put cash in now if you’re in the uk we put our uk money.
and it’s instantly converted into us dollars and i’ll cover a little point about that in the future but when you wish to withdraw your money so you sell your shares you sell your products whatever you’re selling the minimum amount you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me obviously knowing that i’m going to ensure that i’m just withdrawing when i definitely require to now you might state fine that’s quite pricey and i get that however it’s all to do with how they run their platform they have to charge fees somewhere and withdrawal charges are just among those alternatives that they have a lot 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 perhaps even once a year when every six months you understand depends totally how you’re investing but that is a fee to keep in mind the 2nd cost that i’ve touched upon is that conversion cost now with you’re dealing in us dollars only there’s not an option to purchase in euros or uk which’s fine that matches me.
a lot of my stocks are us dollar stocks anyway or the etfs that i’m buying or even some crypto so i’m great with that we have what’s called the fx currency conversion cost now when you utilize anybody so if you’re utilizing trading two and 2 open market anybody this is basic they have actually i suppose stuck to whatever cost they charge for that conversion rate you type of have to accept you know if you wish to utilize their platform go from uk to us then that conversion fee exists what are they really 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 say give me us dollars rather you have to pay their charges now the great feature of however when you’ve transformed your cash you do not have to invest it immediately that dollar value can being in your portfolio as money dollars for as long as you like so that implies the initial day that you purchase or transform your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any additional fees so that’s really great utilizing that part of their website will not definitely restrict you in any way however we have to understand 2 other charges the first being what’s called spread fees all right and i’m going to show you what i indicate on now a spread cost as i’m going to show you Bitboy Portfolio.
You are offered lots of choices with this software application and you can configure it nevertheless you see fit. If you’re looking to begin trading the forex market but do not understand which system to select, then this may be exactly what you need.