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Is Benzinga Pro the best news platform for traders?
Is it worth paying for Benzinga Pro?
How does Benzinga Pro compare with other news platforms such as Trade The News and Ransquawk?
After trying out all three news platforms, I am going to share with you everything and help you make an informed decision.
Benzinga Pro Dashboard
Let’s first take a look at Benzinga Pro dashboard.
Here are the main features provided by Benzinga Pro:
- News feed
You can build your workspaces around different tools provided by Benzinga Pro.
If you are trading with at least 2 monitors, then you could create multiple workspaces on different monitors.
For example, you can put “Scanner” and “Chart” in two different workspaces but on the same monitor.
Whenever there is a stock that meets your criteria in the “Scanner”, you can go to “Chart” to see if there is any good trading opportunity.
Benzinga Pro News
Benzinga Pro is specifically designed to help traders trade news events because stocks typically make huge moves during news such as IPO, merger & acquisition, trial results, earnings results, and product launches.
It does this through both live audio news as well as text news headlines.
Now, let’s look at how Benzinga Pro can help you profit from news events.
Inside the platform, you can use the feature called “News Feeds” to pre-configure the types of news that you want to see.
There are many different filters that you can mix and match.
For example, you can choose from Sources (i.e. SEC, Press Release, etc), Categories (i.e. Economics, M&A, Analyst Rating, IPO, FDA, etc), Screener (i.e. Sector, Market Cap, Price, Volume, etc) and Watchlists.
Benzinga also lets you color code it, so you can quickly identify which type of news it is.
Furthermore, you can easily customize alerts in the Newsfeed with different sounds for different categories.
If you prefer a desktop notification to pop up on your screen or email notification, that can be done as well.
The little green or red arrow(s) between the ticker and the headline is a sentiment indicator that tells you how likely news is to move a stock and in which direction.
Another unique feature is called “Why Is It Moving” which is a one sentence description as to why that stock is moving.
This tool is helpful when you need to know why a stock is moving, or it’s not immediately clear as to why.
“Why Is It Moving” is quick and concise to help you fill in the gaps.
You can find “Why Is It Moving” at the top of the details when applicable to the stock, and you can also find them by searching or filtering the Newsfeed.
How To Use Benzinga Pro To Find Trading Ideas
Benzinga Pro Movers
The Benzinga Pro Movers tool is designed to help you quickly find out what is moving in the market so you can either
trade it, or do more research.
When a stock sees dramatic price action over a selected duration, the stock will automatically appear on Movers.
This is a valuable tool for spotting new opportunities in real-time.
In the pre-market, regular session or after hours, you can use this tool to spot which stocks are moving.
Other filters include: Sector, Market Cap, Price, Change in price, Previous close, Volume and Average volume (3 months).
Benzinga Pro Scanner
Benzinga Pro Scanner allows you to scan for stocks that fit your specific criteria in real-time.
You can use filters like price, market cap, volume, float, relative volume, short interest, shares outstanding, and more to scan for stocks.
If you don’t want real-time scans, you can also choose refresh rates of 10 seconds, 30 seconds, 1 minute, or no refresh rate to create a static list.
Combined with the real-time news feed as well as data and charts provided by Benzinga Pro, you can easily and quickly create and execute your trading plans.
Benzinga Pro Signal
The Benzinga Pro Signals tool is a great tool for discovering potential trade ideas.
It provides seven different types of signals:
- Price Spike
- Option Activity
- Block Trade
- Opening Gap
- High and Lows (e.g. Session, Day Series, and 52-week, etc)
You can select as many or as few of these signals as you like.
On top of that, you can apply custom filters to receive signals that you want.
Here are a few examples:
- Price Spikes for stocks under $5 with low float
- Opening gap for stocks with large market cap
Benzinga Pro Basic Vs Essential
Now, how much does Benzinga Pro cost?
There are three different pricing plans for Benzinga Pro:
With Benzinga Pro Basic, you get delayed Nasdaq market data, Full Newsfeed without advanced filtering, chat, Movers, Watchlist alerts and Benzinga Premium Articles.
On the other hand, Benzinga Pro Essential gives you everything included in Benzinga Pro Basic plus much more.
You get real-time Nasdaq market data, Advanced Newsfeed (filter by Technicals such as Price, Volume and Float), Real-time Scanner, Audio Squawk (equity & options), Calendar, Signals and Usual Options Activity.
If you are a serious trader, then I would recommend Benzinga Pro Essential because speed is everything in trading.
When you act too slow, you would miss out on the perfect trading opportunities.
Generally, big market moves driven by news happen in a matter of seconds.
So, you need to take advantage of the real-time actionable audio news by Benzinga Pro Essential.
Benzinga Pro Vs Trade The News
So, what is the difference between Benzinga Pro and Trade The News?
Which news platform is better for you?
Both Benzinga Pro and Trade The News give you live audio news as well as text news headlines.
But, Benzinga Pro does it better than Trade The News in the following aspects:
- More advanced filters for the news headlines
- Color-coding the news
- Price sentiment engine that tells you how likely news is to move a stock and in which direction
- Explain why the stock price is moving
On top of that, Benzinga Pro’s platform interface is more user-friendly and aesthetically appealing.
Apart from this, Benzinga Pro also provides many tools that you don’t find on Trade The News such as Stock Screener, Signal and Unusual Options Activities.
Lastly, let’s compare Benzinga Pro and Trade The News in terms of pricing.
There are three pricing tiers for Trade The News Equity if you are mostly trading stocks:
- Standard Equity Text Membership: $170/month
- Premium 13F Radar Membership: $254/month
- Pro Equity Audio Membership: $295/month
The most basic membership plan gives you streaming text headlines, earnings& conference call calendar, headline email alerts, morning report and market updates.
Do take note that you won’t get the audio headlines in the cheapest subscription plan.
The key difference between Standard Equity Text Membership and Premium 13F Radar Membership is that you get 13F Radar.
So, what is 13F Radar?
This allows you to see what other fund managers are buying and selling as well as what is inside their current portfolio.
It will be useful if you have hedge fund managers that you like to follow.
However, by the time they file 13F, they have already bought or sold the stocks.
So, it might be a bit late.
Having said that, stocks tend to go up after famous investors such as Warren Buffet disclose their stock purchases.
Recently (Mar 2022), Warren Buffet disclosed his big position in oil stock Occidental Petroleum when its share price was trading around $50.
After that, its share price shot up to close to $70 in less than 2 months.
Now, let’s look at the most expensive pricing tier – Pro Equity Audio Membership.
The key difference between Pro Equity Audio Membership and the other two cheaper plans is that you get access to real-time global equity news squawk as well as the chance to ask the news desk any question you might have.
Compared to Trade The News, Benzinga Pro is much more affordable and provides you with more tools to trade faster and better.
For real-time audio news, Benzinga Pro Essential is only $117/month while it costs almost $300/month for Trade The News.
Benzinga Pro Vs Newsquawk
Now, let’s compare Benzinga Pro and Newsquawk.
Which news platform is better?
Newsquawk is more focused on delivering market-impacting audio news, therefore it doesn’t really have a lot of tools to help traders find trading ideas and research trading ideas.
As you can see below, the interface is very simple.
For the headline news, it helps you categorize news by “Important”, “Data Release” and “Commentary”.
To expand the headline, you just need to click on it.
For example, there is market analysis for US equities at market open from Newsquawk analysts.
However, when it comes to stock specific news, I am a bit disappointed by what I see.
There is an “Equities Feed” on the side bar.
Below is a screenshot of the “Equities Feed”.
In the drop-down menu, you can see the different news categories.
When I clicked on “Facebook”, it shows that there is currently no news.
Unlike Benzinga Pro, Newsquawk does not allow you to search for news of specific stocks or monitor news of the stocks on your watchlist.
Newsquawk also doesn’t provide stock scanners, stock charts and stock financial data to help you find and research your ideas.
Lastly, let’s take a look at Newsquawk pricing.
Newsquawk’s pricing is a bit interesting.
There are two annual pricing plans:
- $150/month for each single asset class (equity, fixed income, energy, FX, metal)
- $308/month for multi-asset (everything included)
The prices are actually quoted in pounds. So, the prices that you see above are in USD converted at the currency exchange rate as of writing today.
On the other hand, There are three different pricing plans for Benzinga Pro:
Benzinga Pro is much more affordable compared to Newsquawk and it also provides you with more tools to help you find and research trading ideas.