03.07.2024

Top 8 Forex Tester Alternatives in 2024

Forex Tester is one of the best programs on the backtesting market, operating since 2006. But no one is perfect, and sometimes it’s worth trying alternatives to find the best option for you.

In this article, we will look at 8 alternatives to Forex Tester: plugins, online testers, and programs for downloading.

1. Forex Tester Online (FTO)

If you are already using Forex Tester, then FTO may be the best and most obvious alternative. It addresses some of the shortcomings of FT. In particular, FTO has a more modern design and is available online on any device and operating system (not just Windows). FTO is the first Forex Tester alternative you should try.

Benefits:

– Works on Windows, MacOS, Linux, Android, and iOS.

– Free updated historical data.

– Advanced trade and order management.

– Professional-level backtesting analytics.

– No server response delays.

Downsides:

– Currently in Beta testing, so some features are still being developed.

Price:

– Free access for Forex Tester licensed users.

Forex Tester Online (FTO) is a new product by Forex Tester, designed for use directly in a web browser. This makes it more versatile and accessible compared to the traditional Forex Tester software.

How FTO Compares to Forex Tester

Here is the comparison text converted into a table:

Feature	FTO	Forex Tester
Accessibility	Can be accessed on any device with an internet connection, including Windows, MacOS, Linux, Android, and iOS.	Requires installation on a Windows PC, limiting accessibility.
Data Availability	Offers free updated historical data across various markets like currencies, cryptocurrencies, indexes, futures, metals, and exotic pairs.	Also provides extensive historical data, but premium data requires a subscription.
Design	New design developed in 2024.	The design is quite old-fashioned.
Backtesting Features	Has all basic features for manual backtesting. Even more features are coming after the official launch.	Already has lots of features for advanced manual and automatic backtesting.
User Interface	Features a modern, user-friendly interface that works directly in the browser, making it easier to navigate for users of all levels.	While intuitive, it is more traditional and software-based, requiring installation and updates.
Trade Management	Includes advanced trade and order management tools that allow for detailed simulation and analysis.	Trade management here is different, and FT has some features that FTO doesn’t have yet.
Analytics	Provides detailed, professional-level analytics to help traders understand and refine their strategies.	Also provides detailed, professional-level analytics to help traders understand and refine their strategies.

Overall, Forex Tester and Forex Tester Online are not just two versions of the same program. They are two completely different backtesting solutions. Forex Tester has more features, but only available for Windows and has outdated design. Meanwhile, Forex Tester Online (FTO) has more user-friendly and modern design and available online on any device. But it doesn’t have all Forex Tester’s features yet.

You can join the Beta testing program to get free access and help to improve FTO.

Join FTO Beta testing to get access

Now let’s move on to other Forex Tester alternatives.

2. FX Replay

FX Replay is one of the most popular online backtesting software. It is 100% web based and available for multiple devices on all operating systems.

However, many users write in reviews that FX Replay became too slow, and that it limits professional traders. It has less advanced features compared to Forex Tester. You can try it to form your own opinion. Also, you can use Forex Tester Online (FTO) as a FX Replay alternative.

Benefits:

– Online and web-based

– Modern user interface

Downsides:

– Slow performance and lags take place

– Limited features for advanced traders

Price:

– $35/month or $350/year

3. NakedMarkets

NakedMarkets uses high-quality, tick-by-tick historical data, allowing traders to simulate market conditions accurately. This is more detailed compared to Forex Tester, which also offers historical data but not at the same tick-by-tick level.

Customization in NakedMarkets is extensive. Traders can adjust entry, exit, and money management rules. This allows for precise strategy refinement. Forex Tester provides some customization options, but they are less extensive and harder to implement than those in NakedMarkets.

However, NakedMarkets does not offer direct integration with live trading accounts, requiring an additional step to apply tested strategies in real trading environments. Forex Tester also lacks this integration but provides comprehensive backtesting tools.

Benefits:

– Realistic simulation with high-quality tick data.

– Customizable entry, exit, and money management rules.

– Fast backtesting capabilities.

Downsides:

– Requires a purchase, with professional data costing extra.

– Complexity may overwhelm beginners.

Price:

– Software cost: $100 to $500. High-quality historical data: $30+ per month.

In general, Forex Tester is better compared to NakedMarkets. Although it is a little more expensive, the difference is not that significant to consider this program as an equivalent Forex Tester alternative.

4. MetaTrader 4 and 5

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are widely-used trading platforms that include basic backtesting functionalities. These platforms are popular due to their availability and versatility, but they come with some limitations.

Both platforms are free to use and come with free historical data. They are widely supported by many brokers, making them easily accessible.

MT4 and MT5 allow users to download historical data and use numerous custom indicators. Traders can manually backtest their strategies using the built-in strategy tester. However, the data quality and the backtesting process can be slow and cumbersome. In contrast, Forex Tester offers comprehensive historical data and supports custom indicators, but updating data often requires a subscription.

The backtesting process is generally slow, which can be frustrating for traders who want to quickly test multiple strategies.

Cost:

– Free to use with no ongoing costs for the basic platform and historical data.

Benefits:

– Free to use with free historical data.

– Numerous custom indicators available.

– Can be used offline once data is downloaded.

Downsides:

– Slow backtesting process.

– Requires manual tracking of trades using a spreadsheet.

To sum up, MT4 and MT5 backtesting features are more traditional and simple, especially when scrolling back to old dates. This may be enough for beginners, but not enough for the rest. Meanwhile, Forex Tester provides a more advanced backtesting interface with lots of features for experienced traders.

5. TradingView

TradingView is a popular platform among traders for its advanced charting capabilities and ease of use across various devices. While it offers some backtesting features, it also has significant limitations when compared to dedicated backtesting software like Forex Tester.

A significant advantage is that it runs on any operating system, including Windows, MacOS, Linux, Android, and iOS. This cross-platform functionality makes it highly accessible. But at the same time, you can use Forex Tester Online, which is developed by Forex Tester team and also available on any platform.

Benefits:

– Runs on any operating system.

– Smooth charts and user-friendly interface.

– Replay feature for simulating live market conditions.

Downsides:

– Limited historical data for lower timeframes.

– Ongoing subscription fee.

Price:

– Free basic access, subscription plans cost from €12.95 to €599.95 per month.

Overall, while TradingView is good for charting and casual testing, and it also has many other features for traders, besides backtesting. TradingView is good for traders who want to interact and trade in real-time but might not fit those looking for intense strategy testing like Forex Tester offers.

6. Soft4FX

Soft4FX is a Forex backtesting simulator that operates as a plugin for MetaTrader 4. However, it has a significant limitation — its dependency on MT4. If you are using MT5, you will not be able to connect this plugin.

Benefits:

– Low cost with a lifetime access option.

– Uses the popular MetaTrader 4 platform.

– Advanced trade and order management.

Downsides:

– Limited analytics.

– Only available for Windows and MetaTrader 4.

Price:

– $109 for lifetime access

Overall, this program is relatively cheap compared to its competitors and quite easy to use. However, its limitation on MT4 is a big drawback.

7. BacktestZone

BacktestZone is a free web-based backtesting software designed for ease of use and accessibility. Being web-based, just like FTO, BacktestZone can be accessed from any device with an internet connection, removing the need for software installation.

Benefits:

– Fully featured with end-to-end backtesting solutions.

– Accessible on various devices.

Downsides:

– Detailed pricing information not readily available.

Price:

– Free

8. Traders Gym (ThinkTrader)

Traders Gym is a free backtesting tool within the ThinkTrader platform, offering a simple interface and essential features.

Available as part of the ThinkTrader platform. Unlike Forex Tester, this tool is fully online and requires an internet connection to use. It is accessible through the ThinkTrader app, which can be used on various devices.

Benefits:

– Free to use with historical data.

– Good-looking interface.

Downsides:

– Requires an internet connection.

– Limited historical data and key features.

Price:

– Free for live ThinkTrader account holders.

Conclusion: Best Forex Tester Alternatives

There are several good Forex Tester alternatives that you should try. If you were looking for Forex Tester alternatives just because it’s not available for MacOS, the most obvious thing you can do is try backtesting in FTO (online on any device). It’s free for now. Alternatively, follow this guide to install Forex Tester for MacOS. Apply this discount coupon to get an additional discount on Forex Tester. After that, you can try other programs described in this article.