Best Alternative Data Platforms For Investors In 2023

The world of finance is largely dominated by accurate, real-time market information. Access to such data is crucial in rightfully analyzing, financing, and predicting the movements across different markets. 

This explains why now, more than ever, investors are turning to alternative data platforms in such huge numbers. The efficiency of real-time data allows investors to formulate the right trading strategies and predict which stocks to invest in, helping them 'picture' the economy at large. 

Besides, gone are the days when alternative data was resource-limited to tech elites and hedge fund managers. Today, numerous data platforms make this data available to private investors and help them redefine their trading strategies.

This blog gives you an insight into the best alternative data platforms in 2023. Continue reading as we look at some of the most reliable platforms that could help amplify the way you trade. 

Editor's Pick At The Best Alternative Data Providers

#1 AltIndex –  Best overall alternative data platform in 2023

#2 Yewno | Edge – AI-powered alternative data provider

#3 S&P Global – Institutional source of alternative data

Top Alternative Data Providers 2023

AltIndex 

First on our list of the top alternative data providers is AltIndex, one of the best options for tracking both crypto and stocks on a single platform. The platform revolves around 'affordable alternative data,' offering users valuable insights at no cost or fees. 

This powerful alternative data platform is known for extracting critical insights from a unique combination of new and traditional sources. AltIndex extracts data from TikTok, Facebook, and Twitter, among other platforms. Besides, it also analyzes dozens of metrics, including brand recognition, Google searches, and news mentions. 

What's more? This platform also provides trends on website traffic, social media reach, and Google searches to predict the future prices of cryptos. It also has an AI scoring system that indicates whether to hold, buy, or sell a coin at any given market.

Highlights Of The Platform's Unique Features:

• Sector-specific intelligence to access deeper, more insightful data across financial markets 

• Proprietary research tool that examines data across both social and traditional sources

• Real-time insight into thousands of data points

Pros:

• Extracts alternative data on visits, followers, trends, and sentiment, among other factors

• Zero charges, making it completely free to use

• Option to create a watchlist and track assets to receive alerts

Cons:

• Supports a limited range of cryptos

S&P Global 

S&P Global is one of the oldest alternative data platforms in the market today. It is an institutional source of alternative data aimed at simplifying trading for professional investors and fund managers with accurate, real-time data and access to insider data.

Once signed up, you can easily access data and statistics ranging from commodity movements and deviations to shopping mall traffic. You can further categorize the data by sector and industry, making it easier for users to filter and acquire specific data sets. 

Highlight Of The Platform's Unique Features:

• Powerful AI that incorporates data from decades of market history

• Sector-specific reports that allow easy filtration of trades by combining different market dynamics and sales reports

• Data paired with traditional data sources for the stock market

Pros:

• Well-researched data across different markets

• Exceptional customer service

• Options to filter your research to great levels

Cons:

• Can be a bit costly to afford

Dataminr

Dataminr is an alternative data platform best known for offering more profound insight into different markets. The unique information discovery company has been a part of the market since 2009. Since then, it has delivered accurate data around high-impact events, drawing a wide range of users to its base. 

The platform is designed to share information as per different user criteria. The individual approach of the platform allows users to segregate searches based on specific user criteria and tailor alerts via app notifications, APIs, and pop-ups. What's more? Dataminr's software prefers and publishes information from reliable and trusted sources (CEOs and verified users), allowing it to publish accurate data and help users with the right price movements. 

Highlight Of The Platform's Unique Features:

• The platform uses a multi-language AI model to refine news across 150+ trusted sources

• Proven record of excellent research, giving accurate real-time data to investors

• Ability to detect the earliest signals of significant market movements and emerging risks

Pros:

• Well-researched data

• Advance AI research options

• Accessible across different platforms

Cons:

• Doesn't offer a free plan

Bloomberg Terminal

Also known as the benchmark of alternative data platforms, the Bloomberg terminal has been a professional-grade alternative data platform since 1980. The platform offers users various data sets to plan, analyze, and execute trades.

Being one of the oldest alternative data platforms, Bloomberg is also a powerhouse of features. Once signed up, you can access features like the BMAP, Enterprise IB Chat, and Terminal-wide chat function, among other measures, to amplify your trade and maximize the returns. 

Highlights Of The Platform's Unique Features:

• Ability to track the shipment of different commodities and forests that could impact agricultural yield, among other such data

• Access to up-to-the-minute news from over 120 countries

• A powerful software that leverages aspects like awareness, context, and analysis in its trading

Pros:

• Seamless communication with investors, partners, and bankers, among others

• Easy monitoring of existing structured finance deals

• Loaded with plenty of helpful functionality

Cons:

• The subscription is very expensive

Yewno | Edge

Yewno, Inc., another unique platform offering index strategies, data packages, and an investment research platform, concludes our list of alternative data platforms. One of the most useful highlights of the Yewno | Edge platform is its ability to uncover hidden risks in your portfolio. 

The platform does it by ingesting various alternative data sets to serve actionable insights based on concepts that impact markets differently. Yewno|Edge also leverages a concept-based analysis to help users formulate new portfolio strategies, allowing them to create a themed portfolio per their preferences. 

Highlights Of The Platform's Unique Features:

• The platform leverages both structured and unstructured data to extract valuable market information

• Ability to comply with data sentiments from millions of data points, speeding up your trade research

• The platform has a web-based deployment that makes it easy to use for almost every individual 

Pros:

• Access to well-researched data 

• Ability to track hidden risks in your portfolio

• AI-powered newsfeed to identify active trends

Cons:

• Does not offer any mobile options

Conclusion

This brings us to the end of our blog on the best alternative data platforms for investors in 2023. Looking at the different options, it's evident that every platform is unique and designed to cater to a set of investors. 

However, while every platform is unique for its users, AltIndex is a better option. The platform offers many features and is backed by in-depth market research, social media trends, and an AI-backed sentiment score.