Not in fact having the full amount of capital…Bitboy Sandbox… so with anything that you’re discovering please do study the platform don’t just assume because i utilize it that you can utilize 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 actually get used 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 of course your capital is at risk this is investing we’re doing you’re purchasing genuine companies if you pick to in this specific video we’re talking about how to copy other individuals’s financial investments with your cash so obviously your capital is at danger and we have to bear that in mind do not simply do something since that individual has stated they have actually made profit 14 months in a row purchase these choices because you think is the ideal ones for you which 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 most likely.
well-known for it’s the alternative to see what other traders are doing unbelievable we don’t generally get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading and so that means with our money we can actually state i wish to do precisely what that trader is doing or match that exact portfolio of alternatives and essentially whenever 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 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 really critical you understand what are the costs of this now with any platform there will be some expense to obviously these are real business 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 fee sites then might not charge you for actually buying and selling etfs or funds specific products individual stocks.
there’ll be costs on other parts perhaps it’s our fx rate when you’re altering from uk to u.s dollars there’s all kinds of fees associated so do your due diligence and i’m going to reveal you the charges with in particular in this video the next would be things to know before you really start purchasing copy trading or copy portfolios and lastly some finest guidance best practices if you are thinking of this as a tool whether you start your journey or your more advanced investor so let’s kick off with costs truly important to comprehend these now on there’s a number of charges there isn’t fees to do with actually buying and selling all right so commission costs are totally free nevertheless there are a number of other costs the first one is withdrawal charges so you can certainly 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 wish to withdraw your money so you sell your shares you offer your commodities whatever you’re offering the minimum amount you can withdraw is thirty dollars back out and they do charge you five dollars per withdrawal so for me obviously understanding that i’m going to make certain that i’m just withdrawing when i definitely require to now you may state alright that’s rather expensive and i get that but 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 great deal of platforms obviously are 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 charge to keep in mind the second cost that i’ve discussed is that conversion cost now with you’re handling us dollars only there’s not an alternative to purchase 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 even some crypto so i’m great with that we have what’s called the fx currency conversion charge now when you utilize anyone so if you’re utilizing trading two and two open market anybody this is basic they have actually i expect stuck to whatever charge they charge for that conversion rate you kind of have to accept you understand if you want to use their platform go from uk to us then that conversion cost exists what are they actually offering 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 state provide me us dollars rather you have to pay their fees now the terrific feature of however when you have actually converted your cash you do not have to invest it immediately that dollar worth can being in your portfolio as money dollars for as long as you like so that means the preliminary day that you buy 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 good utilizing that part of their site won’t certainly restrict you in any way nevertheless we have to know 2 other fees the very first being what’s called spread costs fine and i’m going to reveal you what i suggest on now a spread cost as i’m going to show you Bitboy Sandbox.
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