The Investors Exchange, known as IEX, recently released a data feed for developers. When they did, they released a comparison chart explaining the difference between their platform and their competitors. The data in this chart is wildly inaccurate and we have seen many users waste time exploring the IEX Cloud only to switch back to Intrinio. So, in this article, you will find relevant comparisons between Intrinio and IEX that will save you a lot of time when deciding on a data provider.
IEX Cloud vs. Intrinio: Price
IEX claims that Intrinio costs $3,175/mo while IEX Cloud costs $9/mo. This is grossly misleading. Most Intrinio users with paid plans pay between $40/mo and $110/mo.
If you click “Pricing Details”, you will notice that billed monthly, IEX’s “Scale” plan costs $699/mo. That’s quite a jump from $9. If you have an established business or demanding application with display or redistribution needs it seems likely you will end up paying quite a bit more than $9/mo.
Notice the disclaimer IEX puts on its comparison:
At Intrinio, all users can start for free using our Sandbox to pull data and build integrations. We provide free data to startups. Most businesses, including startups, small to medium businesses, and large enterprises pay between $249/mo and $600/mo.
Intrinio could release a comparison chart comparing our free plans with IEX $699/mo plan but that would be misleading, embarrassing, and a waste of time for users. Instead, we recognize that licensing data is complicated and so we work to provide clear, transparent pricing on our data feeds or quick, hassle free price quotes when we can’t publicly display the cost of a plan.
IEX Cloud vs. Intrinio: Transparency
IEX doesn’t disclose its data sources. Intrinio does. This is very important if you are investing time in an integration or buying data for your business. When you don’t know the source of your data you are building on a shaky foundation.
Just reading IEX Cloud’s terms reveal the problem. The “Primary Partner”, a third-party data provider, that allows IEX to resell their data, places some pretty hefty restrictions on how the data can be used and by whom. Will the 3rd party revoke your business access? Could they sue your company if you misuse their data? What if they require a separate agreement? It’s hard to tell because we don’t know who the 3rd party is.
From IEX Cloud's terms of service:
Another problem with the lack of transparency for IEX Cloud users is data quality. If there is a problem with the data, IEX will have to go to some other provider on your behalf.
With Intrinio, you always know whose data you are buying and this means that there won’t be sudden disruptions of service, data quality issues that can’t be solved quickly, or surprises for your business further down the line.
As stated above, Intrinio is very transparent with its pricing. You can always get a quote within 1 business day or self-sign up for data licenses that are easy to understand. We work with 3rd party data providers on your behalf when necessary and are always transparent about connecting business users with data providers.
From IEX Cloud terms of service:
IEX Cloud vs. Intrinio: Developers
Intrinio offers SDKs in major languages and a simple rate per minute (RPM) cap on API calls with a ticketing system available for developer issues that can be resolved by Intrinio developers.
IEX Cloud requires users to file Github issues and has several models for throttling API calls as well as a variable usage model for different types of data:
Intrinio has worked for years to simplify our API limits, generate SDKs, and support developers in real time, with real people. You just have to check our docs to see that we have made it easier than other providers.
IEX Cloud vs. Intrinio: Stock Prices
IEX Cloud offers real-time stock prices from IEX. Intrinio offers real time and 15-min delayed prices from IEX, BATS, NASDAQ, NYSE, OPRA, CBOE, UTP, CTA, and others as well as end of day prices from around the world.
Why does this matter? IEX is one of the smaller exchanges, by trade volume, in the United States. This can lead to significant drift from the national best bid best offer (NBBO). In practical terms, this means that IEX stock prices might not be the right solution for charting, real time trading, or other applications.
For some users, IEX stock prices are great. Other exchanges are more expensive and if you are just starting out or don’t mind low trade volume, especially in illiquid stocks, it is a good solution.
For serious applications that require a more high-volume solution, Intrinio can provide a wider variety of choices at a lower cost than most providers. This allows users to grow up with Intrinio, testing and graduating from one source of stock prices to another that becomes a better fit.
IEX Cloud vs. Intrinio: Support
Test out IEX support. Then try Intrinio. Intrinio has been building a name for itself based on fanatic customer support for years. We have robust and timely data quality ticketing, free chat support for all users (even on the weekends), and affordable premium support.
If you work with Intrinio and need help with your code, debugging Excel, data quality, finding the right license, beta testing, figuring out what the data you need costs, you name it, we have knowledgeable nice folks who are eager to help you succeed.
IEX Cloud vs. Intrinio: Data Quality
IEX Cloud doesn’t allow public benchmarking of its data. This is telling. Why would a high-quality data provider want to hide tests of its data? Could it be that the data is low quality or that IEX 3rd party vendor restricts it?
Intrinio is an industry leader in standardizing as reported financial statements. We welcome users to use IEX Cloud’s free financial statement data and to compare that data to Intrinio’s. Let us know what you think- we aren’t hiding. Try the same thing with IEX Cloud's analyst estimates and Intrinio's estimates- we get them from Zacks.
IEX vs. Intrinio: Competitive Market
IEX operates a stock exchange. On the side they decided to try and sell data to developers. Intrinio has been focused on selling financial data to developers for years and that’s really all we care about.
Honestly, we are flattered that IEX considers Intrinio its competition. IEX raised roughly 15x the capital financing Intrinio did and has far more employees. IEX’s real competitors are NASDAQ and NYSE, not Intrinio, Polygon.io, and Alpha Vantage.
Bloomberg, FactSet, Thompson Reuters, Capital IQ- These would also be reasonable competitors for a large, well-funded data provider. But hey, we appreciate being called out and we are glad to know that IEX thinks so highly of us.
If you test out the IEX Cloud and decide you’d like an alternative, Intrinio is here for you. We will even provide a $100 credit for users who switch from a paid plan on IEX Cloud to an Intrinio subscription.