FX Replay Alternatives to Try in 2024: Comparison With 7 Competitors

FX Replay is a fairly good backtesting service. However, nothing is perfect. And when it comes to professional testing, in addition to known benefits, it has certain disadvantages. In this article we will try to honestly compare it with FX Replay alternatives, highlight the advantages and find the cons.

Let’s find the best backtesting solution for active traders in 2024!

Why Look for a FX Replay Alternative?

So, before moving on to alternatives, let’s talk about FX Replay itself. Let’s start with compliments.

This service is very convenient, has a good design, and a simple interface. You can easily find all indicators, all statistics, and all orders. The service also works entirely online through a browser. It generally has good UX.

Then why look for alternatives? Well, FX Replay has two serious drawbacks that turn off many users.

FX Replay has become too slow

Its operation does not depend on the trader’s equipment or the quality of the Internet connection. Many users on Trustpilot are complaining about this problem in FX Replay reviews. By tracking the history of reviews, you can see that FX Replay did not cause discomfort until a certain point. But in 2024 it became very difficult to work with it. It takes too long to wait for a response from the server.

FX Replay functionality limits professional traders

As experience grows and new tools and strategies are tried, it becomes clear that FX Replay no longer meets all the needs of an advanced trader. The lack of automatic strategies, or the ability to add custom auto trading algorithms, insufficient statistics and data for in-depth analysis become significant disadvantages. And one more important drawback is limited data: some pairs have less than 10 years and sometimes even less than 3 years of available range to test on.

That is, FX Replay is good for beginner traders, but not advanced enough for top traders.

Therefore, many users eventually start looking for FX Replay alternatives. Let’s look at a few popular options.

Best FX Replay Alternatives

In this article, we will review 7 other most popular backtesting solutions on the market.

1. Forex Tester Online

The new Forex Tester Online (FTO) service is based on the Forex Tester tool, which is already used by tens of thousands of Forex traders around the world. If you have already tried Forex Tester, you will definitely like FTO.

It retains the advanced tools for backtesting and analytics, but has a more modern design and the ability to work directly through the browser on any device: Windows, MacOS, Linux, Android or iOS. Today, this is perhaps the best FX Replay alternative. FTO is just as convenient, but much more practical and faster.

Forex Tester Online (FTO) vs FX Replay

Let’s compare some features of FX Replay and Forex Tester Online

• Analytics export + Trading History export,
• Automatic testing (EAs),
• Text notes,
• Watchlist,
• Custom EA,
• Custom Indicators,
• Education Materials,
• Advanced analytics.

Another product developed by the Forex Tester team, FTO already today has many more advanced features for professional traders. Even still being under development, FTO is already a great alternative.

Overall score: 9/10.

Right now, you can join the Beta testing program to get access and help to improve FTO.

Join FTO Beta testing

Apply FXRA10 promo code to get a 10% discount on Forex Tester:

Get Forex Tester with a discount and access FTO

Now, let’s look at a few other FX Replay alternatives.

2. NakedMarkets

NakedMarkets is a Forex trading simulator that targets both novice and experienced traders, aiming to offer a realistic and detailed environment for strategy testing using historical Forex data.

Advantages

1. Realistic simulation. NakedMarkets uses high-quality, tick-by-tick data, which is crucial for accurately simulating the Forex market. This allows traders to see how their strategies would have performed in real historical conditions.
2. Customization. Users can customize various aspects of their trading strategy including entry, exit, and money management rules. This level of customization is important for traders who want to refine specific elements of their trading approach.
3. User interface. The platform is designed to be intuitive and user-friendly, catering both to beginners who need ease of use and to active traders who require in-depth analytical tools.
4. Backtesting speed. NakedMarkets is known for its fast backtesting capabilities, which means traders can run multiple tests over large sets of data without significant delays.
5. Risk management tools. Incorporating robust risk management tools helps traders understand potential losses and adjust their strategies to mitigate these risks effectively.

Disadvantages

1. Cost. Compared to some other simulators that might offer free versions with limited capabilities, NakedMarkets requires a purchase, which might be a barrier for those just starting out or looking to experiment without financial commitment. The software itself might only cost between $100 and $500. But professional quality historical data can cost you $30+ per month.
2. Complexity for beginners. While it is user-friendly, the depth and range of features might overwhelm beginners who are not yet familiar with Forex trading complexities.

Overall score: 7/10.

3. Soft4FX

Soft4FX specializes in developing software for Forex traders. Their simulator is an add-on that functions as an Expert Advisor (EA) for the popular trading platform MetaTrader 4 (MT4).

Advantages

1. Ease of use. By operating within MT4, users who are already familiar with this platform will find it easy to start using the simulator without the need to learn new software.
2. Reasonable price. Soft4FX Forex Simulator costs $109 for lifetime access, which is relatively affordable.
3. Versatility. It allows for day trading practice as well as longer-term trading simulation, giving it versatility for different trading styles.

Disadvantages

1. MT4 dependency. The main limitation is its dependency on MT4. Users of other trading platforms like MT5 or various web-based platforms cannot use this simulator without switching to or also running MT4.
2. Limited to Forex. Like many simulators focused on Forex, it does not support backtesting strategies on other asset classes such as stocks or cryptocurrencies.
3. No live trading features. The simulator is strictly for backtesting and practice; it doesn’t offer features to transition strategies directly into live trading, which can be a drawback for those looking to seamlessly move from testing to real trading.
4. Outdated design. This program is long overdue for updating.

Overall score: 5/10.

4. Tradewell.app

Tradewell.app appears to be a trading platform that focuses on providing access to various financial markets including cryptocurrencies, stocks, and, of course, Forex.

Advantages

1. Versatility in trading options. By covering various markets, tradewell.app offers traders the flexibility to engage in multiple types of trading activities all on one platform.
2. Educational resources. Just like Forex Tester, Tradewell.app typically includes educational materials and resources, which can be particularly beneficial for new traders.
3. Good free version. The free version has a large number of limitations in functionality, but is not limited in time, and is quite usable.

Disadvantages

1. Newer platform. As a relatively new or less known entity in the trading space, it might lack the established trust and reputation that come with longer-standing platforms.
2. Limited customizability. Depending on the depth of features offered, advanced traders might find the platform’s capabilities somewhat limited compared to specialized or more sophisticated trading platforms.
3. Limited functionality. This platform is quite limited in comparison to both FX Replay and Forex Tester Online.
4. No life-time access and expensive subscription. Its subscription costs from $30/month (Plus) to $60/month (Professional). So full paid access costs $720 per year, making Tradewell the most expensive tool in the list.

Overall score: 5/10.

5. TradingSim

TradingSim is a comprehensive market simulator designed primarily for those looking to practice and improve their day trading skills without financial risk. The platform provides an opportunity to simulate trading on various US stock markets using historical data.

Advantages

1. Ease of use. The platform is designed to be user-friendly.
2. Decent functionality. This platform offers a fairly wide range of backtesting features to choose from.
3. Educational resources. TradingSim includes a variety of educational blogs, tutorials, and lessons aimed at enhancing users’ trading knowledge and skills.

Disadvantages

1. Limited data. The access to just 3 years of historical data is a significant disadvantage, as it doesn’t allow test strategies on other time ranges.
2. Limited asset classes. The focus is primarily on stocks and ETFs. Traders interested in other markets like Forex, commodities, or cryptocurrencies will not find these available on TradingSim.
3. No lifetime plan. Access to TradingSim is subscription-based. This is bad for those who think long-term. The access costs from $33/month for Pro to $37/month for Premium.

Overall score: 7/10.

6. TradingView

Just to make this list full, let’s also consider TradingView. This is one of the most popular trading apps in the world with over 50 million traders using it. It is not designed for backtesting specifically, but yes, you can use TradingView for testing your Forex strategies.

TradingView is a popular platform among traders for its charting capabilities, technical analysis tools, and collaborative features. It also provides a powerful scripting language called Pine Script, which traders use to create custom indicators.

Сonclusion

FX Replay is one of the best online backtesting tools available today. However, it has its drawbacks, such as lags, limited data volume, lack of automatic trading; it is also missing a number of other advanced features.

The considered alternatives, such as TradingSim, Tradewell.app, Soft4FX and NakedMarkets, are sometimes ahead of FX Replay in terms of functionality, but also have their drawbacks (lack of online testing, outdated functionality, limited number of assets, incompatibility with new versions of Meta Trader, and so on).

Forex Tester Online is still in the early Beta testing stage, but is already ahead of FX Replay in some important features. More useful advanced features will be added in the near future, including the features available in Forex Tester. So far this is the most interesting FX Replay alternative that definitely deserves your attention.

FAQ

What is similar to FX Replay?

You can also consider: Traders Gym in ThinkTrader, Forexthrive.com and TraderEdge.

How far back can you go on FX Replay?

The time range depends on the currency pair. Some only let you test over a period of 3-5 years (for example, ETH-USD). Some other let you go further, up to 20+ years (for example, USD-EUR).

Is there a free alternative to FXreplay?

Right now, FTO is at the Beta testing stage, so you can access FTO Beta for free.
This is a browser-based program for professional backtesting. It has many of the features that FX Replay has, and even some features that FX Replay does not (such as tick data).

Apply FXRA10 promo code to get a 10% discount on Forex Tester