Not actually having the full amount of capital…Michael Saylor Warren Buffett… so with anything that you’re discovering please do study the platform do not simply assume due to the fact that i utilize it that you can utilize it right away do some due diligence have a little experiment with it even invest with virtual cash they consider that alternative too so you actually get used to the structure of the website and after that when you’re ready to utilize 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 purchasing genuine business if you pick to in this specific video we’re discussing how to copy other people’s 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 actually said they have actually made earnings 14 months in a row purchase these options since you believe is the best 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.
well-known for it’s the choice to see what other traders are doing incredible we do not generally get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading therefore that suggests with our money we can really state i want to do exactly what that trader is doing or match that exact portfolio of choices and basically each time they make a trade they buy they sell whatever they do your money will be mimicked with it so that implies 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 likewise cover is the fees included actually crucial you understand what are the expenses 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 included and even a few of the absolutely no cost sites then may not charge you for really buying and selling etfs or funds individual commodities 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 type of fees associated so do your due diligence and i’m going to show you the costs with in particular in this video the next would be things to know before you actually begin purchasing copy trading or copy portfolios and lastly some best advice best practices if you are thinking about this as a tool whether you start your journey or your advanced financier so let’s kick off with costs actually essential to comprehend these now on there’s a number of charges there isn’t charges to do with really buying and selling all right so commission costs are totally free however there are a couple of other fees the very first one is withdrawal costs so you can clearly put cash 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 in the future but when you wish to withdraw your cash so you offer your shares you offer 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 understanding that i’m going to make certain that i’m only withdrawing when i absolutely require to now you might state all right that’s rather pricey and i get that however it’s all to do with how they run their platform they have to charge costs someplace and withdrawal charges are just among those options that they have a great deal of platforms certainly are 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 once every 6 months you understand depends entirely how you’re investing however that is a cost to keep in mind the 2nd cost that i have actually touched upon is that conversion cost now with you’re dealing in us dollars only there’s not a choice to purchase in euros or uk which’s fine that fits me.
a lot of my stocks are us dollar stocks anyhow or the etfs that i’m purchasing or perhaps some crypto so i’m good with that we have what’s called the fx currency conversion charge now when you utilize anyone so if you’re utilizing trading 2 and two open market anyone at all this is standard they have i suppose stuck with whatever fee they charge for that conversion rate you kind of need to accept you know if you want to utilize their platform go from uk to us then that conversion charge exists 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 say provide me us dollars rather you need to pay their charges now the excellent aspect of though when you have actually converted your money you do not need to invest it right now that dollar worth can being in your portfolio as money dollars for as long as you like so that indicates the preliminary day that you buy or convert your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any additional costs so that’s really excellent utilizing that part of their site won’t certainly restrict you in any way nevertheless we have to understand two other costs the first being what’s called spread charges okay and i’m going to show you what i indicate on now a spread fee as i’m going to reveal you Michael Saylor Warren Buffett.
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