We get this a lot on our site and the answer to Do I Want To Give Etoro My Social Security Number….Concerns that i hear from brand-new financiers what if you’re brand new to investing you just don’t wish to choose what you in fact wish to invest and you desire someone to do it for you there’s just a couple of manner ins which that can occur the first of all you can work with a financial investment portfolio manager they’ll typically charge a rather a high premium to do that possibly one or two percent of your earnings will go to them the other thing is obviously you can buy mutual funds particular funds are created once again with an account supervisor in the background as i’m going to cover in this video they have a service though that’s called copy trading copy portfolios also now if you’re brand new to a total please keep in mind this platform is quite advanced you can do cfds which of course cfds are methods of investing
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with not in fact having the full amount of capital so with anything that you’re finding out about please do study the platform do not just assume since 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 option also so you really get utilized to the structure of the website and then when you’re ready to use 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 companies if you select to in this particular video we’re discussing how to copy other individuals’s financial investments with your money so clearly your capital is at danger and we have to bear that in mind do not simply do something since that individual has said they’ve made revenue 14 months in a row buy these choices since you believe is the best ones for you which being stated 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 most likely.
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popular for it’s the choice to see what other traders are doing incredible we do not generally get that insight from a lot of platforms and the other benefit is these copy portfolios are copy trading therefore that implies with our cash we can in fact say i want to do precisely what that trader is doing or match that exact portfolio of alternatives and basically whenever they make a trade they purchase they offer whatever they do your cash will be mimicked 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 money in so we’re going to likewise cover is the costs involved truly important you comprehend what are the costs of this now with any platform there will be some expense to certainly 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 a few of the no fee sites then may not charge you for in fact buying and selling funds or etfs specific products private stocks.
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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 sort of costs 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 prior to you actually begin purchasing copy trading or copy portfolios and finally some best guidance best practices if you are considering this as a tool whether you start your journey or your advanced financier so let’s start with charges really crucial to understand these now on there’s a number of fees there isn’t costs to do with in fact buying and selling okay so commission fees are complimentary nevertheless there are a number of other fees the very first one is withdrawal costs so you can certainly put cash in now if you remain in the uk we put our uk money.
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and it’s immediately converted into us dollars and i’ll cover a little point about that later but when you want to withdraw your cash so you offer your shares you sell your products whatever you’re selling the minimum quantity you can withdraw is thirty dollars back out and they do charge you five dollars per withdrawal so for me naturally understanding that i’m going to make sure that i’m only withdrawing when i definitely need to now you may say alright that’s rather pricey and i get that but it’s all to do with how they run their platform they have to charge fees someplace and withdrawal costs are just one of those options that they have a lot of platforms obviously are complimentary to do such things has this five dollar charge so in my eyes make your withdrawals mainly it can be maybe even once a year once every 6 months you understand depends completely how you’re investing but that is a fee to keep in mind the 2nd charge that i have actually touched upon is that conversion charge now with you’re dealing in us dollars just there’s not an option to buy in euros or uk and that’s great that fits me.
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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 use anyone so if you’re utilizing trading 2 and 2 free trade anyone at all this is basic they have actually i expect stuck to whatever charge 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 is there what are they in fact giving you in terms of 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 have to pay their charges now the terrific feature of though when you have actually transformed your money you do not have to invest it right away that dollar value can sit in your portfolio as cash dollars for as long as you like so that means the preliminary day that you purchase or convert your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any additional fees so that’s really excellent using that part of their site will not definitely limit you in any way nevertheless we have to be aware of two other fees the very first being what’s called spread costs okay and i’m going to show you what i indicate on now a spread charge as i’m going to reveal you
on is basically the distinction that is part of the investment platform in between the buy cost and the sale price alright it’s their premium on doing both those two actions now tesla if you can see on this part of the website today tesla’s dollar value 599 per share in tesla that really implies that when you want to offer or purchase as you can see it’s not the rate you’re seeing up here let me show you that again so the existing cost of tesla is the worth of a share what’s called spread costs is the distinction then really to buy that share on the platform and you’ll find this all over this is another manner in which they make a percentage of profit from you whenever you do a purchaser’s share so keep that in mind undoubtedly it’s more expensive to buy than it is to sell so they’re going to offer you less back with your sale and you state alright well why does that happen it just does that is the nature of a lot of platforms out there there’s a difference between if you’re buying it then you want to sell it which is how they make a little bit of cash on those spread fees it’s normally extremely small it could be a matter of pens matter of cents in there but that’s one place every investment firm will once again make a bit money now the last accomplishment is called an
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overnight cost now this is really crucial if you’re in fact utilizing cfds yourself too an overnight fee is when you’re refraining from doing that buy offer transaction in the same day all right there’s then an over night fee charged and even if you go from the friday to the monday before sailing a weekend charge now this only applies to cfds so if you’re in fact buying out the etf the stock the product and utilizing time one utilize which suggests you’re in fact purchasing the specific property rather than using leverage anyway you won’t get hit with these charges however these costs are if you’re utilizing take advantage of and cfds and after that you’re going to have these costs if you’re not buy offering in the same day so let’s say if you enter into the help area this isn’t the over night fees information you can see exactly the breakdown and it’ll inform you what are the charges what are the costs then for when you’re doing overnight or you’re doing over weekends and that just applies as i said to cfds there are some service charges obviously depending upon what you are investing in also this is on your own so keep that in mind but full fees are completely within their assistance information all right and we spoke about along with totally free to deposit in but there’s a five dollar charge if you wish to withdraw from anything whether it’s been cfds normal product stock shares whatever there’s that five dollar withdrawal charge now another thing to call it as i have actually stated copy trading and copy portfolios are 2 different ways of really using these copy functions they don’t have any extra costs on top of the regular fees that
are there now what you need to keep in mind though is these potentially managed by other individuals completely or sometimes have produced portfolios you have actually got a real person doing the management you need to make sure you select the individual that’s right for you just like any profession this is your financial properties so we absolutely need to make sure it’s the ideal individual for us before we copy them so the first things i would call it if you do wish to utilize this function we have actually got a number of different choices for us to start with if you’re brand new to investing i wish to draw your attention to this within you have the option to invest real cash or a virtual platform virtual methods i think you get yep a hundred thousand dollars to play with and it’s not real money that you’re investing you will not require to put in your charge card details or anything you can essentially have this virtual portfolio mimic as if you are utilizing your own cash however actually buy pretend buy copy people whatever you like if you’re not
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feeling comfortable with using your genuine money possibly this is a fantastic choice for you again to test the theories all right you may want to buy tesla or apple or this etf why not utilize the virtual option as a method to kind of safe have fun with it certainly you might have lost out on gains and losses throughout that time obviously if you had actually invested your genuine money it allows you to build confidence understand the platform so that’s one option for you then next week and i’m going to go back to my genuine portfolio here now we’re going to deep dive really how to copy people and copy portfolios now here’s something to bear in mind prior to you pick somebody that you’re going to copy or a portfolio you’re going to copy make sure you comprehend what your risk profile is now what do i imply by that undoubtedly for me i’m investing long term and they tend to say the longer you’re leaving your investments the riskier you can be risk just implies am i all right with possibly losing an excellent amount of this investment or acquiring as
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well now remember whatever is ups and downs you will make money you’ll lose cash that’s why they make the statistic 75 individuals will lose cash but that equally implies they’ll lose at some point in their journey certainly individuals do earn money as well and i have actually got videos all about how you can ensure you are among the people to in fact make money however in this situation make certain you research study your risk level would you be fine giving your money to somebody else which is successfully what you’re doing and trusting them make sure you understand what they’re buying totally if you’re someone who isn’t wanting to be that dangerous don’t select someone who’s completely into crypto or currency conversion think about it you ‘d probably want a backbone of strong commodities
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like gold or perhaps oil plus more standard etfs and index funds you might not want some up-and-coming single stocks in your portfolio do the same with who you’re following now as i state you can really use this too truly easily over here you can copy individuals now it will offer you a lot of choices and you can use the system to really search for somebody that you elegant actually following so let’s see perhaps we desire somebody from unified kingdom um who invests in let’s see who does etfs they’ve gotten a minimum of 10 yeah that sounds fair that sounds a good amount and i can discover everybody who has actually satisfied that requirements and it does give you a risk element too so it tends to be the higher the number the more riskier they are with their stock investing now obviously there are a variety of individuals that have rather high returns
remember it’s like anything to do with the news or forecasts of the future this does not indicate somebody will make 56 for you for the next 12 months they could make four or minus 50 there’s no way to guarantee so do keep that in mind and as basic as clicking the copy button and off you go and after that you understand ask you to confirm are you fine with this and off you go now another method to actually deep dive if we click on this person for instance ruby mza as an example you can actually deep dive into what is she in fact investing in so let’s go into portfolio and you can see she’s quite heavy into microsoft mastercard amazon she likes her tech a little bit so that’s great to understand ibm paypal yep she’s definitely like type of into those blue box and the tech market she’s got some of mine in fact that i buy too which is excellent so actually for me knowing what i like to purchase my private stocks and shares she would resonate with me she’s got an excellent spread in tech companies that seems to be what she prefers she’s likewise got a bit more um of the kind of main food companies and you have actually got you know pharmaceutical and production business as that. Do I Want To Give Etoro My Social Security Number.
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