The Bloomberg Terminal is a popular platform used by investors, government officials, policymakers, and traders in the financial market. The platform provides hundreds of features and tools to help make trading decisions. Some of its top features are decades of economic and financial data, breaking news, analysts’ reports, and a messaging platform among different market participants.
However, the Terminal is expensive, costing about $2,000 per month, making it unaffordable to many traders. In this article, we will mention some of the other alternatives that day traders can use.
Refinitiv Eikon is the most advanced alternative to the Bloomberg Terminal. The product is owned by Refinitiv, a company that was recently part of Reuters. It is the most advanced alternative to the Bloomberg Terminal. The tool isn’t cheap since it costs more than $20,0000 per year. However, a narrow version of the platform costs less than $3,500 per year.
Eikon has many features that are similar to the Bloomberg Terminal. For example, it offers the latest breaking news to help you identify opportunities fast. Second, the platform gives its customers access to the latest analyst results and calls. This is important because some calls made by analysts tend to move the market.
Third, it has access to global forex prices. Further, it has advanced charting tools and the ability to export data to excel. Like Bloomberg, it also has a quality messaging platform that you can use to chat with other forex traders.
The main benefit for Eikon compared to Bloomberg Terminal is that it has advanced tools but at a lower starting price. However, for most ordinary day traders, the product is also expensive to use.
Money.net is another cheaper alternative to the Bloomberg Terminal and Refinitiv Eikon. The product costs just $185 per month, making it significantly cheaper. Therefore, at this pricing, you will not find some advanced tools that are available on the two platforms.
Money.net offers several features that are ideal for most forex traders. First, it offers an advanced breaking news tool that ensures that you receive the latest forex news. Second, it has an alert system that sends customized notifications when certain market conditions are met. It has an intuitive mobile application that is compatible with both iOS and Android.
In addition, Money.net has a live feed on hundreds of currency pairs, a squawk, and historical data. As an advanced forex and stocks trader, it is possible to use the Money.net platform comfortably and successfully.
Investing.com is a free platform that offers most things that a regular day trader wants. In fact, the website and the respective applications are some of the most popular in their categories. The resource is the most popular website in the finance category in most countries.
The website offers many tools that are reliable for most forex traders. For example, there is an economic calendar that has a high degree of accuracy. As a forex trader, you can use the calendar in conducting fundamental analysis.
Second, the website has access to hundreds of currency pairs. All you need to do is to search a pair and get its historical data. Third, it has advanced charting tools, making it possible for one to conduct technical and price action analysis.
Other popular tools available in Investing.com are analysis from analysts with divergent views, alerts, holiday and earnings calendars, Fibonacci calculator, currency calculator, and correlation calculator.
Investing.com is a good alternative to Bloomberg for ordinary traders who don’t have access to a lot of money. However, it lacks some tools that the Terminal has. For example, it does not provide advanced breaking news. Most of the news it offers usually has some delays.
Investing.com is a free platform that relies on ads. To remove ads, one can pay a monthly fee of $7.49.
TradingView is another popular alternative to the Bloomberg Terminal. The platform is so popular that most forex traders use its charting tools to make decisions. Like Investing.com, TradingView is a free platform that relies on adverts. The monthly charges for the premium version starting at $14.95 to $59.95. Still, most regular day traders are comfortable using the free version.
TradingView has many features that the Bloomberg Terminal has. For example, it has thousands of assets ranging from currency pairs, commodities, and ETFs. It also has advanced charting tools. Based on my experience, the charting tools offered by the platform are better than those offered by the Bloomberg Terminal.
The platform also has alerts, breaking news, strategy tester, social media hub, streams, screener, and chart pattern analysis tools.
Still, the platform misses some key options that Bloomberg Terminals offer. For example, it does not offer vast breaking news tools. Also, it does not have supply chain analysis tools, peer communication tools, and in-depth video content.
Benzinga is a leading financial website that publishes free financial content. As part of its strategy to diversify its earnings, the company launched Benzinga Pro, an excellent alternative to the Bloomberg Terminal. The cheapest version of the product costs $948 per year, while the most expensive one goes for $3,467 per year.
The product offers several products that are similar to the Terminal and Eikon. It has an advanced price feed, calendar, an up-to-date newsfeed, screener, squawk, and chart analysis tools. For options traders, it also has data on the options activity.
The product is ideal for a trader who focuses on different assets like stocks, currencies, and options. Still, one should have substantial financial resources since the service is not all that cheap.
The Bloomberg Terminal is the most advanced platform for traders, investors, and policymakers. However, the product is also expensive, making it a bad choice for most traders. In this article, we have identified some less expensive platforms that a forex trader can use. We have also identified other options that are free and that most successful traders use.