- Read our advertiser disclosure for more info.
- The Bloomberg terminal is a computer software system used by professional investors as a source of real-time financial data and information.
Users can place trades and monitor real-time financial market data. The Bloomberg terminal is seen by many as the gold standard in the financial industry; it is one of the oldest and most used financial terminals. However, it is also one of the most expensive options, costing upwards of $20,000 annually per person. For those who don’t want to pay the hefty price tag, there are many free and more cost-effective alternatives to choose from.
- When selecting an alternative terminal, consider the quality and depth of the data, if it provides real-time news and data, and ease of use.
- We reviewed a number of terminal alternatives based on price, data quality, data visualization, usability, and customer reviews.
- You can use this information to help determine if a lower-cost terminal alternative can do the job or if you are willing to pay the high cost associated with the Bloomberg terminal.
What is the Bloomberg Terminal?
Read on to see the results of our chosen list of the best Bloomberg terminal alternatives. Best Overall: FactSet. Best Free Terminal: Koyfin.
- Best for Financial Data and Analytics: Refinitiv Eikon.
- Best for Live Chat: Symphony.
- Best for Data Visualization: YCharts.
2 Installation and Access
Best for Market Research: AlphaSense. Best Bloomberg Terminal Alternatives.
Best Bloomberg Terminal Alternatives.
Refinitiv Eikon. Compare Providers. What Are the Advantages? Can You Trade From a Terminal? FactSet offers its customers a vast amount of data, decades of experience in the industry, and top-of-the-line customer service, making it our choice for best overall terminal alternative.
ProsCheaper than the Bloomberg terminalStrong customer service and support90% customer retention rateFour decades in the industry. Cheaper than the Bloomberg terminal. Strong customer service and support. 90% customer retention rate.
Four decades in the industry. ConsStill expensive at $12,000 per yearNot as user friendly as some of the other terminals.
Still expensive at $12,000 per year. Not as user friendly as some of the other terminals. FactSet has been helping its financial clients since the late 1970s and has 37 offices in 20 countries and serves over 162,000 financial professionals.
3 Basic Navigation
With the FactSet platform, users are able to stay on top of market trends, monitor portfolio risk and performance, and even execute trades. It can be accessed by desktop as well as web and mobile applications. FactSet must be doing something right because they have maintained a 90% customer retention rate over the last decade.
The Bloomberg Terminal Chat: Enterprise IB Chat
However, becoming one of FactSet’s happy customers will cost you, though it isn't as pricey as its top competitors (Bloomberg and Refinitiv). Terminal pricing is not included on the FactSet website, however, an article in the Wall Street Prep reports that an annual membership will cost you $12,000.
That’s approximately half of the price of the Bloomberg terminal. It’s not cheap, but with a history of stellar customer service as well as top-notch data and analytics, you might determine that it is worth the money.
Bloomberg Terminal Alternatives
Access to over 30 data sets (including two dozen exclusive sets). Monitor global markets. Research public and private companies. Industry-level insights. Comprehensive reports .
What Are the Disadvantages of the Bloomberg Terminal?
Real-time research tools. We chose Koyfin as the best free terminal because it is a reliable alternative to the high-cost terminals. With access to high-quality data, a user-friendly platform, and top trending financial news, it’s a great option for those who aren’t ready or able to invest thousands of dollars. ProsCurrently free to all usersCustomizable dashboardsWide data coverageCombines technical and fundamental data on charts.
Who Uses the Bloomberg Terminal?
Currently free to all users. Customizable dashboards. Wide data coverage. Combines technical and fundamental data on charts. ConsLimited technical analysis toolsNo intraday charts.
The Bloomberg Terminal In Action
Limited technical analysis tools. No intraday charts. Koyfin is an investment analytics platform that was founded in 2016 by former Wall Street traders. The goal was to create a reliable alternative to the high-priced professional platforms on the market. Koyfin offers its customers a clear and easy-to-use interface with advanced graphing, customizable dashboards, access to comprehensive financial analysis, and a macro dashboard for keeping an eye on all of the markets.
Koyfin doesn’t have one particular special feature that will blow your socks off.
But, if you’re looking for a platform that is powerful, customizable, and offers a breadth of data, then Koyfin might be the right fit. If you’re on the fence about whether or not to give Koyfin a try, you may want to note that this platform is free to all users. Even though there are plans in the works to release a paid service that will offer additional data, functionality, market coverage, and customization, Koyfin will continue to offer a free version.
With a current price tag of free, you might as well give it a try. Data coverage includes: . Global economy data. Top trending financial news. Eikon offers its user access to cross-asset calculators, portfolio analytics, and StarMine quantitative analytics and models, which is why it stands out as the best terminal for financial data and analytics.
Eikon provides an easy-to-use platform that can be downloaded onto your desktop or mobile device.
Its open platform is easy to customize and allows you to plug in a variety of application programming interfaces (APIs) and apps so you can get exactly the kind of information that you want.