Not in fact having the total of capital…Michael Sayler Twitter… so with anything that you’re finding out about please do study the platform don’t simply assume because i use it that you can use it immediately do some due diligence have a little play around with it even invest with virtual cash they consider that choice too so you in fact 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 of course your capital is at threat this is investing we’re doing you’re investing in real business if you select to in this particular video we’re speaking about how to copy other people’s financial investments with your money so clearly your capital is at threat and we have to bear that in mind do not just do something since that person has said they’ve made profit 14 months in a row purchase these options since you believe is the best ones for you and that being said let’s dive directly in [Music] so the important 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.
popular for it’s the alternative to see what other traders are doing extraordinary we don’t normally 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 cash we can in fact state i want to do exactly what that trader is doing or match that exact portfolio of choices and generally every time they make a trade they purchase they offer whatever they do your money will be simulated with it so that implies if for example 10 of their investment portfolio is in tesla guess what you’ll now be investing 10 of your cash in so we’re going to likewise cover is the fees included truly vital you understand what are the costs of this now with any platform there will be some cost to undoubtedly these are real companies that are investing they’re doing the buying the selling for you there’s going to be charges included and even some of the absolutely no charge websites then may not charge you for really buying and selling funds or etfs specific commodities specific stocks.
there’ll be fees on other parts perhaps it’s our fx rate when you’re altering 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 understand before you really begin buying copy trading or copy portfolios and lastly some best suggestions best practices if you are considering this as a tool whether you begin your journey or your more advanced financier so let’s start with costs actually crucial to understand these now on there’s a couple of charges there isn’t costs to do with in fact buying and selling alright so commission costs are free however there are a number of other fees the very first one is withdrawal fees so you can certainly put money in now if you remain in the uk we put our uk cash.
and it’s automatically converted into us dollars and i’ll cover a little point about that in the future but when you want to withdraw your money 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 knowing that i’m going to make sure that i’m only withdrawing when i absolutely need to now you might state all right that’s quite pricey and i get that however it’s all to do with how they run their platform they need to charge fees somewhere and withdrawal fees are just among those alternatives that they have a great deal of platforms certainly are complimentary 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 when every 6 months you know depends completely how you’re investing but that is a fee to remember the second fee that i’ve discussed is that conversion fee now with you’re dealing in us dollars only there’s not a choice to purchase in euros or uk which’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 anybody so if you’re using trading 2 and 2 open market anybody this is basic they have i expect stuck to whatever charge they charge for that conversion rate you sort of have to accept you know if you wish to utilize 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 haggle with them you can’t go to the bank and say give me us dollars rather you have to pay their fees now the fantastic aspect of though when you’ve converted your cash you do not have to invest it right now that dollar value can sit 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 occurs now with copy trading and copy portfolios there aren’t any additional charges so that’s actually good using that part of their website won’t definitely limit you in any way however we need to understand 2 other charges the very first being what’s called spread costs alright and i’m going to show you what i indicate on now a spread charge as i’m going to reveal you Michael Sayler Twitter.
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