Not in fact having the total of capital…Michael Saylor Twitter Elon Musk… so with anything that you’re learning more about please do study the platform do not simply assume due to the fact that i utilize it that you can use it right away do some due diligence have a little play around with it even invest with virtual money they consider that option too so you in fact get used to the structure of the site and after that when you’re ready to utilize your own money to invest you can do so now i will disclaim naturally your capital is at risk this is investing we’re doing you’re purchasing genuine business if you choose to in this specific video we’re discussing how to copy other people’s investments with your money so certainly your capital is at danger and we need to bear that in mind do not simply do something since that individual has stated they’ve made profit 14 months in a row purchase these choices because you believe is the ideal ones for you and that being said let’s dive straight in [Music] so the important 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.
popular for it’s the alternative to see what other traders are doing extraordinary we don’t generally get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading and so that means with our money we can in fact state i want to do precisely what that trader is doing or match that specific portfolio of choices and generally every time they make a trade they purchase they sell whatever they do your money will be imitated with it so that indicates if for instance 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 also cover is the costs included actually vital you comprehend what are the costs of this now with any platform there will be some expense to certainly these are genuine 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 fee websites then may not charge you for actually buying and selling etfs or funds individual 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 type of costs 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 in fact start purchasing copy trading or copy portfolios and lastly some finest recommendations best practices if you are considering this as a tool whether you begin your journey or your advanced investor so let’s start with fees truly crucial to understand these now on there’s a number of costs there isn’t fees 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 undoubtedly 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 later on but when you want to withdraw your money so you offer your shares you sell your commodities whatever you’re offering 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 ensure that i’m just withdrawing when i absolutely need to now you may say okay that’s quite expensive and i get that however it’s all to do with how they run their platform they need to charge fees someplace and withdrawal costs are simply among those options that they have a lot of platforms certainly are totally 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 when every six months you know depends entirely how you’re investing however that is a fee to remember the second charge that i have actually touched upon is that conversion charge now with you’re dealing in us dollars only there’s not an option to buy in euros or uk which’s fine that fits me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m buying and even some crypto so i’m great with that we have what’s called the fx currency conversion fee now when you utilize anyone so if you’re utilizing trading two and two free trade anyone at all this is basic they have i suppose stuck with whatever cost they charge for that conversion rate you type of need to accept you understand if you want to utilize their platform go from uk to us then that conversion cost 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 state provide me us dollars instead you have to pay their charges now the great aspect of though when you have actually transformed your cash you do not need to invest it immediately that dollar value can sit in your portfolio as money dollars for as long as you like so that indicates the initial day that you purchase or convert your dollars is the only charge that occurs now with copy trading and copy portfolios there aren’t any extra fees so that’s actually good using that part of their website will not definitely limit you in any way however we have to be aware of 2 other fees the first being what’s called spread charges fine and i’m going to reveal you what i mean on now a spread fee as i’m going to reveal you Michael Saylor Twitter Elon Musk.
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