There’s no doubt that the ever-changing financial industry needs access to reliable financial data APIs. This is critical to all involved, from investors to asset managers to technology firms. The announcement of IEX Cloud shutdown August 31, 2024 sent some major shockwaves throughout the financial community. Now, users are faced with the challenging task of searching for IEX Cloud alternatives.
That’s where Tiingo steps in. As an IEX Cloud alternative, it not only matches, it often exceeds the capabilities of IEX Cloud. Tiingo’s fundamental data API is designed for discovering new alpha sources. It offers access to financial analytics that make it the perfect replacement for IEX Cloud.
In this post, we’ll explore Tiingo’s key features and shed light on why it’s the standout choice for those looking for a reliable and feature-rich alternative. Let’s take a look at why it should be at the top of your list when considering an IEX Cloud alternative:
Understanding the Difference: IEX Cloud vs. IEX Exchange
Before we go any further, it’s important to understand the difference between IEX Cloud and IEX Exchange.
The IEX Exchange is a stock exchange that allows securities trading in a fair trading environment.
The IEX Cloud is a financial data API service, like the Tiingo API. It delivers market data and other financial information to its users. Importantly, IEX Cloud closed on August 31, 2024, not the IEX Exchange.
With this closure, the need of finding an IEX Cloud alternative for financial data APIs is ever-present, and this is where Tiingo really shines.
To help put this into perspective that’s easy to understand, think of all Microsoft has to offer. They offer Microsoft Office, a productivity suite, and Microsoft Azure, a cloud computing service; these two distinct products serve different purposes within the tech world.
Similarly, IEX Exchange and IEX Cloud serve different roles in the financial sector. The Tiingo IEX API is a great alternative to IEX Cloud. It continues to offer essential data that users can count on.
Tiingo’s Early Integration with IEX Exchange
Tiingo has a history with IEX Exchange dating back to 2016. This was at a time when IEX was still operating as an Alternative Trading System (ATS). Tiingo recognized IEX’s potential and unique approach to trading, and quickly moved towards integration with IEX becoming one of the first financial data providers to do so.
This positioned Tiingo as a pioneer, leveraging IEX’s data offerings and highlighting Tiingo’s commitment to adopting innovative market solutions. Through this early partnership, Tiingo showcased agility, dedication, and underscored their mission in making financial analytics accessible and effective.
Necessity-Driven Connection
This integration between Tiingo and IEX was driven by pure necessity. At the time, IEX was the only exchange offering a $0 license fee. Tiingo’s approach was proactive in incorporating IEX data. This way, it created a cost-effective solution for its users, making high-quality financial data more readily available. This strategic move was very beneficial to clients on a budget and it allowed Tiingo to maintain a competitive edge while delivering top-notch data services.
This connection didn’t stop there, as the zero-license fee structure offered by IEX gave Tiingo a way to channel more resources into technology and customer support. This boosted its overall offerings as a service. Not only did this approach attract the approval of a wider audience of small firms and individual traders, but it also provided Tiingo with an avenue to expand into new markets. This necessity-driven partnership with IEX ensured that Tiingo’s services were available to many, while reinforcing its commitment to democratizing financial data.
Technical Initiative by Tiingo
Before launching IEX Cloud, Tiingo built a connection with IEX. This demonstrates Tiingo’s technical capabilities and foresight that truly set it apart in the financial data space. Tiingo’s development team then worked closely with IEX to ensure smooth data integration.. This technical collaboration involved overcoming significant hurdles to align IEX data with Tiingo’s API framework. Additionally, it involved engineers developing advanced algorithms to process and deliver the IEX data efficiently to Tiingo’s user base.
The technical initiative also included the setting up of dependable security measures in the course of integration to safeguard user data. The Tiingo engineers did not stop there; they moved on with creating tools to speed up data fetching and processing, thereby adding value to the connection. This showed Tiingo’s ability to innovate and lead in matters concerning the technical aspects of financial data services, forming a niche for itself as a reliable service provider in the sector.
Strategic Advantage and Customer Benefits
This very early integration with IEX Exchange gave Tiingo a strategic advantage over competitors. Customer value was delivered through unique, cost-effective data services that leveraged IEX Cloud data without added licensing fees. Through this partnership, Tiingo was able to expand its data offerings to include real-time and historical market data. This resulted in reduced latency and improved data accuracy for all Tiingo users, a major win for customers.
As a positive trickle-down effect, the cost savings from the IEX partnership were passed down to Tingo’s customers, further enhancing their overall value proposition. Consequently, Tiingo began to attract and retain a diverse customer base that includes to this day retail traders, institutional investors, and fintech companies. Through this strategic advantage, Tiingo helped build a reputation for reliability and affordability in the financial data industry, empowering its customers with decked out trading and investment decision-making capabilities.
Foundation for Future Enhancements
The early integration with IEX laid a very strong foundation that continues helping in service enhancements at Tiingo. This partnership established a strong, ongoing relationship with IEX Exchange. Tiingo uses this to continually improve and expand its data services. The initial legwork allowed Tiingo to innovate and pave the way within the industry, whether consumer-centric or otherwise, ensuring its offerings evolve.
Through this collaboration with the IEX Exchange, Tiingo developed new data products and features that meet its users’ needs. The strong relationship with IEX enables Tiingo to remain as a trusted and reliable data provider that’s committed to regular updates, additional data sources, and constantly improving analytical tools. This early integration also paved the way for Tiingo to look into cutting-edge technologies like machine learning and AI for data analysis and predictions. This helped ensure its services remained at the forefront of the financial data industry.
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With Tiingo as an alternative to IEX Cloud, users have a system where they can make complex data requests and no longer worry about the impact of higher usage costs or a restriction on limits.
Key Advantages of Tiingo Over IEX Cloud
Simplified Query System
There are many advantages that make the Tiingo API stand out as an incredible alternative to IEX cloud. The API is designed to simplify the process of data queries. This gives users a system where they can make complex data requests without worrying about the impact of higher usage costs or reduced limits.
This approach is particularly helpful for users who need to access large datasets or perform complex data retrievals. Unlike other APIs, Tiingo keeps it straightforward, where one query equals one request, no matter how complex it is. This makes data retrieval more cost-effective while eradicating the need for users to manage or optimize their queries to avoid extra charges.
Whether you’re pulling years of end-of-day pricing data or conducting a detailed analysis on a specific stock, Tiingo removes the complexity of the process and ensures you can handle it without worrying about escalating costs. This reduces the administrative burden, frees up more time and resources for actual data analysis.
Examples:
Downloading the entire history of AAPL end-of-day price data counts as just one query.
Users can request complex, multi-dimensional data without facing additional charges or hitting restrictive limits.
Higher Limits and Fixed Pricing
Another key advantage with Tiingo is that it offers a higher data usage limit compared to the IEX Cloud API. This makes it a more scalable solution for businesses, no matter the size. For instance, Tiingo’s highest tier can handle millions of requests, which is ideal for both startups and large financial institutions alike. This flexibility ensures that as your data needs grow and Tiingo can grow with you, there’s no concern of running into restrictive caps.
Another notable feature here is the transparent and fixed pricing model you get with this IEX Cloud alternative. There are no hidden fees or unexpected charges. Users can easily understand their monthly costs and plan their budget accordingly. This predictability is vital, especially for startups and smaller companies that need to manage their expenses closely . And with Tiingo’s straightforward pricing structure, financial planning is more accurate, so your data costs won’t fluctuate and unexpectedly disrupt your budget.
Examples:
An academic researcher can download large historical datasets for comprehensive market trend analysis without worrying about exceeding usage limits.
Financial institutions can perform in-depth intraday analysis across multiple years, aiding in the identification of market patterns and anomalies.
Extensive Historical Data
When looking at advantages for alternatives for IEX Cloud data, Tiingo offers access to a wealth of historical data. This API provides end-of-day (EOD) data going back to 1962 for active tickers. With this extensive dataset, users can perform long-term analysis and identify trends that have occurred over several decades. This makes it a powerful research tool for those in academics and trade. Additionally, Tiingo documentation provides detailed intraday data with 1-minute OHLCV (Open, High, Low, Close, Volume) bars that date back to 2017 from the IEX Exchange. This granular level is especially valuable for users who need to conduct detailed backtesting or develop trading strategies based on historical market movements.
The depth of Tiingo’s historical data does not stop here, as it’s further enhanced by the platform’s internal algorithm using mid-price proxies for the most accurate charting and OHLCV bars. This means that in addition to being data comprehensive, it’s also reliable and accurate, hence users can have full confidence when they need to make informed decisions. Whether you’re analyzing market trends over 10 years or performing granular analysis of intraday movements, Tiingo’s historical data is rich and reliable.
Examples:
Traders can perform long-term analysis using EOD data dating back to 1962.
Researchers can access detailed intraday data from 2017 onward, allowing for precise backtesting and strategy development.
Commitment to Quality and Reliability
Quality and reliability are best reflected in Tiingo’s concentration on a single-API delivery approach. Rather than spreading resources thin by offering multiple services, Tiingo focuses on doing one thing exceptionally well, and that’s providing reliable and accurate data through the Tiingo API. Through dedication, users receive consistent high-quality service that they can rely on for their data needs. At Tiingo, the focus on reliability goes hand in hand with improvements based on user feedback. The company truly listens to what its users have to say and implements changes to meet their evolving needs, ensuring that this API remains useful for all.
Additionally, Tiingo offers dedicated support and resources to help users unleash the API’s potential. So whether you’re a developer looking to integrate the API into your system or a researcher who wants to use the same in data analysis, Tiingo’s support team is always ready to help you every step of the way. This, along with the company’s commitment to quality, makes Tiingo a partner you can count on for all your financial data needs.
Detailed Tiingo Documentation
When looking at alternatives to IEX Cloud, the Tiingo documentation is known for being highly detailed and user-friendly. It aids developers with its easy integration and further use of the Tiingo Cloud API. From the extensive guides to examples within the documentation, they include basic integration to advanced usage scenarios to bring users up to speed with the API quickly. With Tiingo, even a person with limited technical experience can easily navigate the document with ease and make the most out of the power of this API.
Additionally, all API enhancements and the development of new features are added to the documentation regularly. This means users will always have the most up-to-date information at their fingertips. This commitment to providing clear, accessible, and current documentation truly sets Tiingo apart and makes it the preferred choice among developers and data analysts alike.
Image Credit: Tiingo
Tiingo’s documentation is very detailed and user-friendly, catering to both beginners and advanced users alike.
Examples:
The Tiingo documentation includes step-by-step guides for API integration, complete with code examples.
Developers can find detailed tutorials on how to implement advanced data retrieval techniques, ensuring they make the most of the API’s capabilities.
Long-Term Stability and Profitability
When looking at advantage points, it’s important to take note of how well-established Tiingo is. Tiingo is a stable and profitable company operating with a decade of uninterrupted service in the financial data industry. This track record speaks volumes in terms of reliability and the company’s commitment to delivering Tiingo API service that users can rely on in the long run. This minimizes the risk of API service disruption since users can be assured of Tiingo’s financial stability and consistency of service throughout the years. In the fast-paced world of finance, where access to accurate and reliable data is paramount, having an API that you can depend on is crucial.
In the decade-long span, amidst high volatility and challenges in the market, Tiingo has provided high-quality service and proved its strength and commitment to its users. Moreover, Tiingo’s ongoing development efforts and regular updates are in place to ensure that the API remains competitive and aligned with user needs. That is the established track record of high standards and user satisfaction over time, making Tiingo a trustworthy partner for any entity that relies on financial data.
Examples:
During periods of market volatility, Tiingo has maintained reliable data delivery, supporting critical operations for its users.
The company’s consistent updates and enhancements have kept the API relevant and competitive in a constantly evolving market.
Image Credit: Tiingo
The need for the best IEX Cloud alternative is pressing, so go for Tiingo, and find an entire suite of features that are a cut above the rest when compared to others out there.
Why Tiingo is the Best Alternative to IEX Cloud
As we look ahead, the need for reliable IEX Cloud alternatives is more pressing, and growing increasingly urgent. However, Tiingo Cloud API has emerged as the best choice. Tiingo provides an entire suite of features that are at par or, many times, better than what IEX Cloud can offer.
Tiingo’s features make it a cut-above-the-rest, and an option that really standouts out among the rest because of its:
- User-Friendly API: Simplified query system and fixed pricing.
- Extensive Data Coverage: Historical data depth and reliability.
- Proven Track Record: Commitment to quality and long-term stability.
The API’s robust functionality, combined with the longstanding history of integration with the IEX Exchange since 2016 showcases Tiingo’s dependability and experience in the finance sector. No query weighting, higher usage allowances, and a commitment to quality and long-term stability make Tiingo not just a replacement from IEX Cloud but an upgrade. If you’re searching for a reliable, feature-rich financial data API, Tiingo is your go-to pick. With a proven track record, a solid data offer, and a clear commitment to unstoppable user satisfaction, Tiingo is the best IEX Cloud alternative, ready to support its users to get the data needed to succeed.
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