Whether trading the financial markets to earn extra income or investing for the long haul, nothing offers more convenience than an all-in-one trading app. Nowadays, diversifying your investment or trading options requires exposure to the forex, stock, and crypto markets.
The best trading apps have adapted to scale their services, offering users a variety of tools and market access to reach their financial goals. Here are the top benefits of using an all-in-one trading app.
1 – Access to Multiple Markets
Most traders use different platforms to access the market, one for forex, another for stocks, and another for crypto. Unless you find managing different assets on different platforms appealing, using an all-in-one trading app like OANDA is better and more manageable.
These unified trading apps are mainly forex brokers offering indices, stocks, commodities, and currencies, but they also give access to cryptocurrencies through contracts for differences (CFDs).
All-in-one trading apps usually integrate with chatting tools, such as TradingView, so that users can view price charts across various markets at a go. If you’re more of a crypto trader, you can also access an all-inclusive crypto trading app that gives access to the stock market.
This version of trading in the crypto world is termed “TradFi,” short for traditional finance, a new model that gives access to the stock market, which is now gaining popularity among crypto traders and investors.
With an all-in-one trading app, you get access to all the financial markets in one place, and you don’t have to switch from one app to another to take trades constantly. You know how important executing fast trades is as a trader and investor. An all-inclusive app helps spot and open trades quickly across markets to avoid missing opportunities in fast-moving markets.
2 – Access to Trading and Investing Resources
Another key characteristic of a unified trading app is that it usually contains more trading and investing resources to complement the comprehensive suite of services it offers. Take, for example, the OANDA trading platform; this app comes with a dedicated page for trading resources where users can learn how to leverage trade, conduct fundamental analysis, and use technical indicators for trading research.
All-inclusive trading apps also usually feature tools like spread calculators and currency and liquidity providers, which save extra fees for forex trading. These apps sometimes contain screeners that help you choose the ideal stock to invest in by filtering based on dividend yield, investor sentiment, news sentiment, and sector.
You’ll also find economic calendars and news directly from the platform. Some unified apps go further to provide trading signals across all markets using artificial intelligence and machine learning to detect patterns and predict future price movements.
If you’re not yet skilled at trading, you may benefit from copy trading, which allows you to replicate the trades of other successful traders. Alternatively, all-inclusive trading apps provide trading bots that scan the market and detect trade setups with a good profit potential.
3 – Better Portfolio Management
Managing a diversified portfolio that contains stocks, forex, and crypto is not just about looking at price movements. You need a firm understanding of how these markets interact. Usually, many individual traders and investors work with correlation strategies to capitalize on market shifts.
For instance, gold and equities have an inverse relationship, just like the US dollar and commodities. So if equities are not performing well, more money tends to flow into gold, and as the US dollar gets stronger, most investors switch from commodities. The crypto market also has an inverse correlation with the stock market, with Bitcoin losing value when the US dollar strengthens. All these market correlations are easier to track with an all-in-one trading app.
A unified trading app provides essential portfolio management tools, including multiple trading sub-accounts, which allow you to compartmentalize your investments. You’ll also find in-depth reporting tools that visualize your money moves over time.
Aside from the convenience of using a unified trading app, you can also manage risks more effectively. Portfolio management is much more than diversifying your investments; being able to hedge across markets easily and quickly is key. With an all-in-one trading app, you can use forex positions to hedge against inflation and offset currency exposure in global stocks.
You can also easily switch to stablecoins during periods of high volatility. Some all-inclusive trading apps also provide specialized portfolio management services where a team of experts manages your portfolio for you. You may also find robo-advisor options, which work by letting algorithmic bots manage your fund.
One Platform, Every Market
Using different apps to trade stocks, forex, and crypto can be exhausting. For one, the constant switching between multiple apps can make you lose good trade setups, not to mention the fact that you may need to pay for various subscriptions and trading fees across the different platforms. But with an all-in-one trading app like OANDA, you pay less for fees, access more resources, and securely manage your trades and investments in one place.