Are you looking for the best Bloomberg terminal alternatives? If yes, check out this guide.
The Bloomberg terminal is computer software used by professional investors since 1982 as a source of real-time financial data, news, in-depth research, and trading tools, helping traders and investors to turn knowledge into action. The Bloomberg terminal is one of the oldest and most used financial terminals and is seen as the gold standard in the financial ecosystem. Bloomberg terminal costs up to $2,000 per month and $24,000 annually per user. For those users, who don't want to pay a hefty price tag, there are many free and cost-effective alternatives to choose from.
In this blog post, we have made a list of the best Bloomberg terminal alternatives, including Koyfin, Refinitiv Eikon, FactSet, Symphony, and YCharts. We reviewed these alternatives based on price, data quality, visualization, usability, and customer reviews.
The Best Bloomberg terminal alternatives of 2022
- FactSet: Overall best Bloomberg Terminal Alternative
Pros
- Cheaper than other Bloomberg terminals
- Vital customer service and support
- 90% customer retention rate
Cons
- Still expensive at $12,000 annually
- Less user-friendly as compared to others
- Steep learning curve
Features:
- Monitor global market
- Research private and public companies
- Comprehensive reports
- Real-time research tools
- Industry-level insights
- Annual membership costs $12,000
FactSet offers the financial industry a flexible and open data and software solution that integrates the front, back, and middle office. Their platform includes tools for traders such as comprehensive equity coverage, benchmarks for fixed income securities, and workflow solutions for the entire portfolio lifecycle.
Additionally, FactSet provides enterprise risk management tools that allow users to track and assess portfolio risk across various forecast time horizons, from long-term to immediate. Users can easily disaggregate risk at specific data points or analyze changes over time.
With over 130,000 active users and an annual customer retention rate of over 90%, FactSet invests in smaller platforms and continually upgrades their technology to provide an exceptional user experience. Since 2000, they have acquired over 15 companies, with 7 of them being content producers.
- Koyfin: Best Free Bloomberg Terminal Alternative
Pros
- Currently accessible to all users
- Customizable dashboards
- Wide data coverage
Cons
- Limited technical analysis tools
- No mobile application
- No intraday charts
Features:
- Covers economic data at the country level
- Configure charts with over 100 technical, fundamental, and valuation indicators
- Free version available/Basic plan starts at $15 per month
- User ratings; 4.1/5
We chose Koyfin as the finest fee terminal since it is a reliable alternative for expensive terminals. It's an excellent alternative for those who aren't ready or able to invest thousands of dollars because they have access to high-quality data, a user-friendly platform, and the latest financial news.
Koyfin, a platform for investing analytics, was established in 2016 by former Wall Street traders. The goal was to develop a reliable alternative to the available expensive professional platforms. Customers may obtain comprehensive financial research using Koyfin's straightforward and user-friendly interface, which also features advanced graphing, customized dashboards, and a macro dashboard for monitoring all markets.
There isn't one standout aspect of Koyfin that will knock your socks off. However, Koyfin might be the best option if you're searching for a robust and customizable platform that delivers a variety of data.
- Refinitv Eikon: Best for Financial Data and analytics
Pros
- Access to real-time financial news and data
- Open platform
- Export data using Microsoft Excel
Cons
- Data of delisted companies is not available
- The user interface can be overwhelming at the instance
- Expensive
Features:
- Customized alerts
- Google Chrome extension
- Intelligent search
- Pricing starts at $63,00 per year
Eikon stands out as the most significant terminal for financial data and analytics because it gives users access to cross-asset calculators, portfolio analytics, and StarMine quantitative analytics and models.
Regarding market share, Refinitiv Eikon is Bloomberg's biggest rival. Refinitiv joined the London Stock Exchange Group (LSEG), increasing its ability to impact the financial sector.
You can download Eikon's user-friendly platform to your desktop or mobile device. You can plug in several application programming interfaces (APIs) and programs to its open platform, which is simple to configure plus allows you to acquire the information you need.
- YCharts: Best for data visualization
Pros
- User-friendly interface
- Excel integration
- Easy to visualize charts
Cons
- Steep learning curve
- Standard plan users have access to limited features
Features:
- Model portfolios
- Customizable dashboard
- Custom reports
- Pricing starts at $200 per month, and a 7-day free trial is available
YCharts is a robust and customizable tool designed to assist in creating portfolios, analyzing securities, and communicating investment opportunities. It enables users to visualize the performance of hypothetical scenarios, focus on fundamental parameters, and validate investment strategies.
Unlike other charting tools, YCharts offers a wide range of indicators, from alpha to z-scores, and allows users to customize charts with technical overlays. Users can also compare stocks and view price charts for specific time periods to support their investment plans.
With access to over 4,500 financial indicators and three decades of historical data, including income and profit and loss statements, YCharts provides comprehensive tools for financial analysis.
- AlphaSense: Best for market research
Pros
- Users have access to premium data sources
- Streamlines research workflow of users
- AI-powered smart alerts
Cons
- Prices not mentioned on the website
- Customer support is not available
Features:
- 2-week free trial available
- Aggregated from over 10,000 sources
- Able to recognize millions of financial terms and their synonyms
AlphaSense offers access to thousands of premium data sources, such as broker research, SEC filings, news, and trading journals. It is the one-stop shop for intelligence and market research.
To help businesses and financial institutions make decisions more effectively and confidently, AlphaSense was established in 2011. AlphaSense's users can find pertinent information among millions of separate documents using AI and NLP search technologies in a few seconds. You can instantly share insights with your team from anywhere.
Visit AlphaSense's website for a free two-week trial before making a decision. It would be best if you contact with AlphaSense directly because they don't publish their prices online.
According to the company, there are around 325,000 paid subscribers to Bloomberg Terminal.
Bottom line
Although using the Bloomberg Terminal costs money, a less expensive option may not always provide you with the features you need to make wise investment choices. FactSet is our top choice as the best alternative because it offers many of the same features for around $8,000 less a year and has a 95% customer satisfaction rate. For those who find FactSet expensive, other companies like Koyfin are great options.
