Best Alternatives to Bloomberg Terminal

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Contributor, Benzinga
May 26, 2022

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The Best Bloomberg Terminal Alternatives:

Knowledge is power, as the famous saying goes, and few places are more evident than in the world of investing. Since 1982, Bloomberg Terminal has been a beacon of light guiding investors by providing news, data, in-depth research and a unique suite of trading tools to traders’ desktops.

Bloomberg Terminal remains relevant now, decades after its launch — but technology moves at the speed of business, and there’s some ready, and often cheaper, competition. Take a look at our review of the best alternatives to Bloomberg's Terminal.

Best Alternatives to Bloomberg Terminal

Take a look below to see how Bloomberg Terminal's alternatives measure up.

1. Best Real Time Newsfeed: Benzinga Pro

We'd be remiss if we didn't mention our own financial data solution, Benzinga Pro. Starting at $99 a month, Benzinga Pro offers a real-time newsfeed as headlines break on activist stakes, earnings releases, conference call key points, charts, analyst ratings, rumors, the biggest movers and many more actionable alerts.

From the ground up, Benzinga Pro was designed for average, everyday investors. From charting tools powered by tradingview.com, to an Excel compatible watch list, Benzinga Pro has all the tools day traders need. You can screen U.S stocks by market capitalization, price, and sector. The platform even gives allows you to view a breakdown of a stock's peer group, financial statements, and view essential SEC filings.

Much like Bloomberg, Benzinga Pro is a direct feed of exclusive news bolstered by an aggregation of online news sources. Users even have the option to chat with Benzinga reporters to better understand what's going on in the stock market.

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  • Benzinga Pro
    Best For
    All Trading Levels
    Overall Rating
    securely through Benzinga Pro's website

2. Best for Historical Data: StockRover

StockRover, a powerful investment research and analysis tool, offers over 650 metrics — some containing over 10 years of historical data. The industry-leading research tool offers powerful:

  • Screening capabilities
  • Comparison tools 
  • Research reports
  • Portfolios 
  • Charting

You’ll find StockRover’s screening capabilities unmatched at any price point. Stock Rover computes fair values and safety margins, warns about trends and scores companies for quality, growth, value and sentiment. 

StockRover’s charts let you compare screeners, portfolios and any benchmark. Everything you would want to know about any stock is incorporated into its reports. Even better, all information is displayed in a clear, structured way so you can do comprehensive research on any company. 

Use standard desktop software user interface conventions (such as right click for menus and resizable, detachable and collapsable panels) on desktops, laptops, tablets and phones.

  • Stock Rover
    More Details
    Best For
    Professional Investors
    Overall Rating
    securely through Stock Rover's website
    More Details

3. Best Financial Data and Analytics: Koyfin

Koyfin is a free platform created by Wall Street analysts who were frustrated that Bloomberg was so expensive and out of reach for most investors. Its mission is to provide powerful analytics to research stocks and market trends which are accessible to all investors.

Koyfin intends to always have a free offering, but in the future, it will have a paid tier with additional data and advanced features. 

The best part of Koyfin is that it's beautifully designed and easy-to-use. They have a dashboard and charting tools covering equities, company financials, analyst estimates, valuation, ETFs, Mutual Funds, FX, bond yields, economic data and news/Twitter.

4. Best Free Option: Ziggma

Your Ziggma account is free, and its stock screener lets you find the best companies and stocks quickly. Your search results are updated in real-time, and you can easily change your search with its sliding scales.

You can also switch easily to the ETF screener for ETF comparison. Ziggma is new, so stay tuned for screening bonds and preferred shares.

You can trust Ziggma to deliver professional-grade financial data as its founders have decades of experience working for global asset managers. Ziggma is the only stock research platform that displays industry-specific KPI for the banking, real estate and insurance industries, for example, loan loss provisions, net interest income, LTV, FFO, premium revenue, etc. Ziggma’s company profiles also comprise ESG scores.

Ziggma facilitates stock research a great deal by providing proprietary stock scores based on unbiased, granular fundamental analysis, powered by cutting-edge data processing technology.

  • Ziggma
    More Details
    Best For
    Portfolio Optimization
    Overall Rating
    securely through Ziggma's website
    More Details

What is Bloomberg Terminal?

The early 1980s brought us many of the tools we use for investing. IBM launched the IBM PC. Apple released the 1st Mac. Bloomberg Terminal reached traders’ desktops during the same era, bringing an instant wealth of knowledge and financial data that would be impossible to assemble quickly with other tools of the time.

The Bloomberg Terminal, also called Bloomberg Professional Services, is a software system designed specifically for trading desks and financial markets. Users can place trades and monitor real-time financial market data.

The proprietary system also gives access to breaking news and provides messaging capability to keep the team in constant communication to strategize or to move quickly when data changes or news breaks. Knowledge may be power, but it isn’t free — or even cheap.

Bloomberg subscribers can pay $20,000 to $25,000 per seat per year for fast access to information and the tools available with the proprietary trading platform.

Advantages of Bloomberg Terminal

Bloomberg Terminal has had its competitors in past years, but by providing a unique value proposition has risen to become the gold standard for financial market news, data and trading tools. The famous black-screen terminal has become nearly synonymous with Wall Street.

Simply staying with Bloomberg Terminal requires no retraining for trading firms and no downtime while computing systems are installed or traders and other financial market staff learn to navigate a new system. A large part of Bloomberg Terminal’s advantage for current users is that it's already there — and it's proven.

Bloomberg Terminal Capabilities

  • News
  • Live chat with other users: the place where many of Wall Street's deals are made, a tradition that dates back to pre-internet Wall Street
  • Equities
  • Fixed income securities
  • Derivatives
  • API connectivity: allows programmers to connect with applications built in several programming languages including Python, Java, R, Matlab, and C#, as well as the ability to export to common office applications such as Microsoft Excel and Powerpoint. Excel pros can even have spreadsheets dynamically refresh, allowing them to sort tables based on real-time data points.
  • Swap manager
  • Foreign exchange
  • Risk modeling
  • Great customer support: support for Bloomberg Terminal is reportedly outstanding. Unlike some companies who use a support staff that reads from a script, Bloomberg’s support specialists really are specialists and can guide you through complex reporting or export function.

Disadvantages of Bloomberg Terminal

The price for Bloomberg Terminal’s worldwide data and powerful financial market tools, making the terminal a status symbol, is likely also its Achilles heel. At $20,000 per year or higher for each seat, outfitting a multi-user office can be a pricey proposition.

In the fast-paced world of financial markets, sharing often isn't an option, and loses the benefit of messaging and viewing the same data in real time with another colleague or broker whether ten feet away or hundreds of miles away.

Critics have complained Bloomberg Terminal has been slow to react to market changes and the need for system upgrades to support newer hardware, such as the long wait for export compatibility with 64-bit systems.

Who Needs Real-Time Market Information?

When Michael Bloomberg developed the original terminals, they were designed for heavy-hitters, serious investors in the vein of “Wall Street” where Charlie Sheen lingers in front of his computer hoping to make his next big score.

However, the information age has brought data to the people, and anyone can use real-time market information. You don’t need to be a day trader or professional investor to benefit from real-time data. Consider all the types of people that benefit from these systems:

  • Accountants, financial advisors and fiduciaries can review market data without engaging a middleman
  • Retirees can track their investments and even make investment decisions more readily
  • Casual investors can review market data before micro-investing through an app or roundup program
  • New investors can review real-time data as they paper trade or experiment with a demo account
  • Financial researchers, writers and content creators can use real-time data to improve their creations

Plus, anyone who reads the news can compare what they have seen with real-time data. You don’t have to take what you read at face value, especially because the markets are so volatile. Instead, you can test what you’ve read, come to your own conclusions and never feel like you’re “out of the loop”.

Step-by-Step Guide for Investor Data

As an investor, you may need a step-by-step guide that will help you utilize critical data in an effective manner. This list of steps can help new investors or those looking for a better strategy:

  • Choose data that matches your investment strategy
  • Research new indicators that you may want to review
  • Use copy trading services that help you make wise decisions
  • Compare copy or social trading recommendations with live data
  • Review the historical data for an asset, searching for obvious trading patterns
  • Don’t be afraid to compare assets to one another, where more patterns may reveal themselves
  • Remember, market data changes by the second. You may want to screenshot critical data for comparison at a later time.

Considerations for Alternatives

If you gather a room full of traders and brokers and ask them each what their favorite feature is within Bloomberg Terminal, you're likely to get more answers than you can process. Depending on your primary markets and how you use the data provided by Bloomberg Terminal, the software will have different advantages for each user.

Primary considerations for alternatives include:

  • Real-time news feeds
  • Real-time financial data
  • Worldwide data on a wide variety of asset markets
  • An API that permits export of data to other software or to custom applications
  • A chat feature that allows communication between brokerages and in-house collaboration

Find an Alternative to Bloomberg Terminal

Which financial data solution you choose isn't always governed by cost alone. Some tools are better suited for certain tasks than others, and there's value in more comprehensive tools that offer more functionality.

However, if your foreseeable needs are specialized or narrow in scope a multi-tool solution might be overkill and also might not offer enough specialization for your financial market niche. At costs of up to $2,000 per seat per month, choosing a financial market data provider is a decision that merits in-depth research.

By choosing the right tool to help guide your decisions and provide market insight, the cost can become a secondary consideration, however, because the right tool or suite can help you make more informed decisions, connect you with the right players in your niche, and help you prevent costly trading mistakes.

Frequently Asked Questions

Q
How can I check the validity of a broker?
A

The Financial Industry Regulatory Authority (FINRA) is dedicated to creating a safe environment for investors. You can use its BrokerCheck service to learn more about your broker before you commit. You can request a BrokerCheck report at www.finra.org/brokercheck. You can also call (800) 289-9999.

Q
Where can I learn more about the basics of trading and investing?
A

Benzinga is your 1-stop-shop for trading education. Start with our review of the best day trading courses. We’ve also got a list of the top stock trading schoolsonline stock trading courses you can start now and self-paced modules to teach you about forex. Visit Benzinga daily to stay on top of all the latest market happenings. Or subscribe to Benzinga Pro to get faster stock market news and research.