Benzinga Pro Review
- Ease of Use
Benzinga Pro is a real-time news streaming services packed with trade alerts, market screeners, audio alerts and much more. See how this stock market news platform compares to the competition.
About Benzinga Pro
Benzinga Pro is the real-time news streamer launched by the team at Benzinga. Benzinga is a well-known market news source that was originally founded in 2010 by Jason Raznick. While the main Benzinga site operates as a news source (like CNBC or MarketWatch), Benzinga Pro operates as a news platform designed for fast-paces traders who need access to the right information at the right times.
Benzinga Pro Platform Features
Benzinga Pro is a web-based platform that will work on both Windows and Mac computers. The interface is simple, efficient, and easy-to-use. Don’t let the fact that it’s web-based deter you because the platform is feature-packed. This is actually one of the most efficient web platforms I’ve used in awhile. Unlike some platforms that were designed for desktop use and migrated to the cloud, Benzinga Pro was designed specifically for web-use and it shows. The platform is fast and well organized.
Benzinga Pro allows traders to create multiple workspaces. Think of these as tabs within the browser tab. You can use these different workspaces to organize the different modules. For example, you may have a news stream work space, a screener work space, and a watch list workspace. The workspaces make it very easy to keep your workspace (pun intended) organized.
Each workspace can be organized even further by splitting content into different screen areas (i.e. halves or quarters). You can have up to four screens in each work space, which can be helpful for traders with less screen real estate. Even if you have multiple monitors, it’s definitely more efficient to split the screens.
One thing I really like about the platform is the ability to open modules as their own windows. When you open a new module, you can choose to open it within the workspace or as a new window. Once again, this is great for conserving screen real estate.
For example, I have my workspace that I use as more of a research tool for charts, fundamentals, and specific news. I also have the streaming news setup as its own window. The streaming news is always present on my screen (as its own window) whereas the workspace is open in a tab that I rotate in and out of.
Themes & Settings
The default theme for the platform is dark, but you can choose between Dark, Light, High Contrast, and Antique. Personally, I think that the “Dark” theme is easiest on the eyes but some traders may prefer a lighter theme.
You can also change the text size and headline height for further customization.
The main feature of Benzinga Pro is its ability to deliver real-time streaming news. That said, the tool is more than just a simple newswire and goes as far as offering trade alerts and audio alerts.
The news streamer is the gem of this platform and Benzinga Pro is one of the better news streaming tools for the price. That said, it’s really important that you get your settings right.
The key with market news is actionability. You want to be able to find tradable news with ease. If you use the “straight out of the box” settings, you will be overloaded with information. There are tons of different news alerts and many won’t be relevant to your trading style. Of course, you can change the settings to filter the results. You can choose from sources, categories, and sectors. You can also choose to create newsfeed for your own watch lists, which can be particularly beneficial if you build your watch lists strategically (i.e. separated by sector, price range, time frame, etc.). Here are the available filters:
- Benzinga Signals
- Benzinga Wire
- Jiji Press
- Partner Links
- Press Releases
- Transcript Summaries
- Market Moving Exclusives
- Analyst Ratings
- IPOs & Offerings
- Insider Trades
- Market Updates
- Short Sellers
- Small Cap
- Stock Splits
- Trading Ideas
Sectors (Each of which can be filtered into sectors within sectors)
- Basic Materials
- Consumer Cyclical
- Financial Services
- Real Estate
- Consumer Defensive
- Communication Services
To make this platform as resourceful as possible, choose a blend of filters that meets your trading style (i.e. Analyst Ratings in the Tech Sector).
The newsfeed streams in real-time and color codes tickers and prices based on the day’s price action (red = down. green = up).
Additionally, you can set a variety of notifications and alerts, including audio, desktop and email.
The Benzinga Pro newsfeed offers more than just news. You will also have access to other actionable information such as block trades, options alerts, stocks moving on volume and more.
Of course, you can disable these if you want a pure news platform but I found them to be beneficial.
Most traders are focusing on ten things at once. It’s easy to neglect a certain window and miss out on an important move. To combat this, Benzinga Pro offers a feature called “Squawk” which is essentially an audio newsfeed.
The audio newsfeed provides audio news updates in intervals. It’s not a non-stop stream and it definitely values quality of alerts over quantity. Think of this stream as CNBC minus all of the fluff. I actually really like this tool because it adds a new element to trading.
At any given moment I have multiple trading platforms running and a minimum of 10 tabs open in my browser. Audio alerts help me absorb more information without having to open another window.
While the main feature of Benzinga Pro is definitely the newsfeed, the platform also doubles as a research tool. There are a few main ways I use Benzinga Pro for research.
First, you can use the news search function to find relevant news. You’ll have to play around with a variety of searches to find the information you need but it’s very helpful once you figure it out (i.e. “acquire” delivered better results than “acquisition.”)
Second, I use the platform to get a quick “snapshot” of a stock. You can flip through company statistics, charts, financials, and more. Basically, it serves as a more refined Yahoo Finance, in this regard.
Lastly, I use the platform to stay on top of earnings reports. Benzinga Pro offers a nice earnings calendar that is easy to analyze and sort.
The Benzinga Pro platform has a built in stock screener that allows traders to find gainers and losers for intraday or daily time period. You can filter between gainers and losers and over the past 15 minutes, 30 minutes, or day. These results can be filtered even further based on stock price, market cap, and sector.
The screener updates every minute and results can be filtered by metrics such as percent change, volume, and more.
The screener is a nice tool to have in one of your workspaces if you want to get a broader view of the market. You can see where the action is and find the most volatile and liquid stocks. That said, the tool doesn’t really compare to scanners like Trade Ideas and EquityFeed. It’s more of a market snapshot than a scanner (and results are not delivered in real-time)
Benzinga Pro Pricing
Benzinga Pro offers straightforward pricing plans. You can choose the “Basic” plan for $99/month or the “Essential” plan for $147/month. You can save 20% on both plans by choosing an annual subscription.
If this is your first time signing up for a news streaming service, I recommend starting with the “Basic” plan. While you will be limited in certain regards (i.e. no audio alerts), you will save $150/month and still have access to a lot of great tools. This will also give you some time to test out the platform and form an opinion.
More advanced traders who have used streaming news in the past and focus heavily on news and fundamental catalysts will probably prefer the “Essential” plan. I currently use the “Essential” plan and enjoy the additional features.
Use the code “DayTradeReview” to save 25% on any subscription.
What Type of Trader is Benzinga Pro Best For?
The Benzinga Pro platform is ideal for intermediate-advanced traders. Beginner traders will not be able to digest the sheer volume of information provided by the Pro platform. If you’re simply looking for straightforward trade ideas, a service like Motley Fool would be more appropriate.
The platform best for day traders who require the “real-time” component of this tool and incorporate news into their trading strategy. The platform has minimal value for traders who purely trade off technicals.
- Well-designed platform
- Customizable newsfeed with great sources and filters
- Browser-based platform works on any device and operating system
- Audio alerts are beneficial
- Simple Earnings Calendar
- Desktop and Audio Notifications
- The price difference between the Basic and Essential plan is steep, especially for traders who only want a few of the Essential Features
- Maximizing the value of the platform requires customization