Not really having the full amount of capital…Vitalik Buterin Backpack… so with anything that you’re learning about please do study the platform don’t simply assume since i use 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 in fact get used to the structure of the site and then when you’re ready to use your own money 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 choose to in this specific video we’re discussing how to copy other individuals’s investments with your cash so certainly your capital is at danger and we need to bear that in mind do not simply do something because that individual has stated they’ve made revenue 14 months in a row invest in these choices due to the fact that you believe is the best ones for you which being stated let’s dive straight in [Music] so the things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it becomes part of social trading which is one aspect that is probably.
popular for it’s the choice to see what other traders are doing amazing we don’t typically get that insight from a lot of platforms and the other advantage is these copy portfolios are copy trading and so that means with our cash we can actually say i want to do exactly what that trader is doing or match that precise portfolio of choices and essentially every time they make a trade they buy they offer whatever they do your money will be mimicked with it so that means 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 involved truly crucial you understand what are the expenses of this now with any platform there will be some cost to clearly 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 some of the no fee sites then might not charge you for in fact buying and selling funds or etfs private products private stocks.
there’ll be fees on other parts possibly 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 reveal you the fees with in particular in this video the next would be things to know before you really begin purchasing copy trading or copy portfolios and lastly some finest guidance finest practices if you are considering this as a tool whether you start your journey or your advanced financier so let’s kick off with charges truly important to understand these now on there’s a couple of costs there isn’t costs to do with actually buying and selling all right so commission costs are complimentary nevertheless there are a couple of other costs the first one is withdrawal charges so you can clearly put money in now if you’re in the uk we put our uk cash.
and it’s immediately converted into us dollars and i’ll cover a little point about that later on but when you wish to withdraw your cash so you sell your shares you sell your commodities whatever you’re offering the minimum quantity you can withdraw is thirty dollars back out and they do charge you five dollars per withdrawal so for me of course knowing that i’m going to make sure that i’m only withdrawing when i absolutely need to now you might say alright that’s quite costly and i get that but it’s all to do with how they run their platform they have to charge costs someplace and withdrawal charges are simply among those options that they have a lot of platforms undoubtedly are complimentary to do such things has this five dollar charge so in my eyes make your withdrawals largely it can be perhaps even once a year as soon as every six months you understand depends completely how you’re investing but that is a cost to remember the 2nd cost that i’ve touched upon is that conversion fee now with you’re handling us dollars just there’s not an option to buy in euros or uk and that’s great that suits me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m purchasing and even some crypto so i’m great with that we have what’s called the fx currency conversion cost now when you use anyone so if you’re using trading two and two free trade anybody this is standard they have actually i suppose stuck with whatever charge they charge for that conversion rate you type of have to accept you understand if you wish to utilize their platform go from uk to us then that conversion cost is there 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 need to pay their costs now the terrific aspect of however when you have actually converted your cash you do not need to invest it immediately that dollar worth can being in your portfolio as money dollars for as long as you like so that implies the initial day that you purchase or convert your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any additional costs so that’s really great utilizing that part of their website won’t certainly restrict you in any way however we need to know 2 other costs the first being what’s called spread costs fine and i’m going to reveal you what i indicate on now a spread fee as i’m going to reveal you Vitalik Buterin Backpack.
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