Metatrader alternatives for trading and backtesting 

MetaTrader is a popular trading platform used by many traders around the world. It helps traders analyze financial markets and execute trades. However, some people find MetaTrader has limitations. These include usability issues, limited backtesting features, and problems running it on Mac computers. Because of these issues, traders often look for a MetaTrader alternative.

MetaTrader 5 (MT5) offers real-time trading, technical analysis, and automated trading with expert advisors (EAs). But some users feel that MT5 is not user-friendly enough and lacks certain features they need. This leads them to search for MT5 alternatives that provide a better trading experience.

In this article, we will look at several MetaTrader alternatives. These include:

– Forex Tester Online (FTO);

– TradingView;

– eToro;

– NinjaTrader;

– Active Trader Pro;

– Thinkorswim

We will explain the key features and benefits of each platform.

Why People Are Looking for MetaTrader Alternatives for Backtesting

Limitations of MetaTrader

Many traders look for MetaTrader alternatives because of its limitations. MetaTrader is great for trading, but some find it lacking as a backtesting tool. This makes them seek out other metatrader backtesting software.

Usability Issues

MetaTrader 5 (MT5) can be hard to use for some traders. The interface is not always user-friendly. This can make it tough for beginners to backtest in MT5. They often look for simpler platforms like MetaTrader.

Compatibility Problems

Running MetaTrader on a Mac can be tricky. Many traders face compatibility problems with MT5. They look for MT5 backtesting software that works better on their devices.

Better Options Available

There are many apps like MetaTrader that offer better trading experience or more backtesting features. This doesn’t mean that you should leave MetaTrader, but you can use several tools at the same time. This will make your trading more rational and rational.

8 Best Metatrader Alternatives in 2024

In this section, we will explore some of the best MetaTrader alternatives.

1. Forex Tester Online (FTO)

Forex Tester Online (FTO) is based on the popular Forex Tester tool, used by many Forex traders worldwide. If you liked Forex Tester, you will appreciate FTO even more. It has the same advanced tools for backtesting and analytics but with a modern design. The best part is, you can use it directly through your browser on any device — Windows, MacOS, Linux, Android, or iOS. This makes FTO a practical and fast option for backtesting.

FTO supports various asset types including currencies, crypto, indexes, futures, metals, and exotic pairs. It offers up to 21 years of historical data, allowing for thorough backtesting in MT5. The platform includes essential features like order history, speed management, indicators management, and trading stats. Unique tools include tick data, tick forward, and the ability to reverse orders or double positions.

FTO stands out as a powerful addition to MetaTrader when it comes to testing Forex strategies. Do backtesting on FTO — and execute trades on Meta Trader. This would be a great tandem.

FTO is currently in its Beta stage. You can join the Beta testing program to access FTO and contribute to its improvement. Joining the Beta program is free for now.

Alternatively, you can purchase Forex Tester and get immediate access to FTO Beta. Use the promo code MTAL10 to get a 10% discount on Forex Tester — and gain access to FTO Beta immediately.

Now let’s move on to other MT5 alternatives.

2. TradingView

TradingView is a powerful platform favored by many traders for its advanced charting capabilities and social trading features. Unlike MetaTrader, which is primarily a downloadable application, TradingView operates entirely through the web. This allows for seamless access across different devices and operating systems, making it highly convenient for traders who need flexibility.

TradingView vs Meta Trader 5

User Interface

TradingView’s interface is modern and intuitive, making it easy for beginners to start. MetaTrader’s interface, while comprehensive, can appear outdated and more complex, posing a steep learning curve for new users.

Community and Social Features

TradingView excels in its social trading capabilities. Users can follow other traders, share insights, and discuss strategies, fostering a collaborative environment. MetaTrader lacks this social aspect, making TradingView superior for traders who value community interaction.

Backtesting and Strategy Testing

Both platforms offer backtesting features, but TradingView integrates it more smoothly with its Pine Script. This allows traders to quickly develop and test strategies directly within the platform. MetaTrader 5’s strategy tester, although powerful, is more cumbersome and less user-friendly, often requiring more technical knowledge to operate effectively.

TradingView is frequently praised in reviews for its advanced charting capabilities and user-friendly interface. Experts highlight the platform’s ability to cater to both beginners and advanced traders, thanks to its customizable features and extensive market data. The social trading aspect is often cited as a major advantage, providing a collaborative environment that enhances the trading experience.

In contrast, MetaTrader is often recommended for its trading capabilities and widespread use among forex traders. However, reviews often mention its steep learning curve and the need for additional software to access its full potential.

3. eToro

eToro is a well-known trading platform that has gained popularity for its unique social trading features. Unlike MetaTrader, which is primarily focused on providing advanced technical analysis tools and automated trading capabilities, eToro emphasizes a more social approach to trading. This makes eToro a distinctive MetaTrader alternative for those interested in community-driven trading experiences.

How eToro Compares to MetaTrader

Social Trading vs. Technical Analysis

eToro’s strength lies in its social trading features, allowing users to copy trades and engage with a community of traders. MetaTrader, on the other hand, excels in providing advanced technical analysis tools and automated trading via expert advisors (EAs). Traders looking for in-depth analysis and automation might find MetaTrader more suitable.

Ease of Use

eToro offers a more user-friendly experience with its clean and intuitive interface. MetaTrader, while powerful, has a steeper learning curve and can be overwhelming for beginners. eToro’s straightforward design is more accessible for new traders.

Asset Diversity

eToro offers a broader range of asset classes, including stocks and cryptocurrencies, alongside traditional forex trading. MetaTrader primarily focuses on forex and CFDs, which might limit traders looking to invest in a more diverse portfolio.

Community and Education

eToro’s social trading and educational resources provide a supportive environment for traders. MetaTrader lacks these social features, making it more isolated in comparison. eToro’s community-driven approach can be particularly beneficial for those who prefer learning through interaction and observation.

eToro is a strong MetaTrader alternative, especially for traders who value social trading and a user-friendly interface. Its diverse asset classes and supportive community make it an excellent choice for beginners and those looking to diversify their investments. However, for traders who need advanced technical analysis tools and automated trading capabilities, MetaTrader remains the better option.

4. NinjaTrader

NinjaTrader is a well-established trading platform designed for advanced traders who need comprehensive charting, analysis, and automated trading capabilities. It is a strong MetaTrader alternative, particularly for those looking for a more customizable and feature-rich trading experience.

Key Features and Benefits

NinjaTrader offers several advanced features that set it apart:

Advanced Charting

NinjaTrader provides highly customizable charting options with a vast array of technical indicators. The platform’s advanced charting capabilities are considered superior to those of MetaTrader, offering more flexibility and detail.

Strategy Development and Automation

NinjaTrader excels in strategy development and automated trading. It allows traders to build, backtest, and deploy automated trading strategies using its powerful NinjaScript programming language. This is similar to MetaTrader’s expert advisors (EAs) but offers more customization.

Market Data and Analysis

NinjaTrader provides access to a wide range of market data, including real-time and historical data. Its market replay feature allows traders to simulate trading in a real-time environment, which is a unique benefit not fully matched by MetaTrader.

Order Execution and Management

NinjaTrader offers advanced order execution and management tools, including advanced order types and trade management capabilities. This provides greater control over trades compared to MetaTrader.

How NinjaTrader Compares to MetaTrader

NinjaTrader’s customization options for charts and indicators are more extensive than MetaTrader’s. Traders who need highly specific and detailed analysis tools may find NinjaTrader more suitable.

Both platforms support automated trading, but NinjaTrader’s NinjaScript offers more flexibility and power than MetaTrader’s MQL language. NinjaTrader’s strategy testing and backtesting features are also more integrated and user-friendly.

To sum up, NinjaTrader is a strong MetaTrader alternative for advanced traders. It offers a lot of customization, advanced charting, and powerful automation tools. While MetaTrader is still a good choice, NinjaTrader’s flexibility and unique features, like market replay, make it great for those wanting a more advanced platform. Choosing between the two depends on what you need and how experienced you are.

5. Active Trader Pro

Active Trader Pro is a trading platform offered by Fidelity, designed for active traders who need real-time data and advanced trading tools. It is a strong MetaTrader competitor, especially for traders who want a robust platform backed by a major brokerage.

How Active Trader Pro Compares to MetaTrader

Broker Integration

Active Trader Pro is directly integrated with Fidelity’s brokerage services, offering seamless account management and trading. MetaTrader requires choosing a compatible broker, which can add an extra step.

User Interface

Active Trader Pro’s interface is user-friendly and designed for quick access to important tools. MetaTrader’s interface, while powerful, can be more complex and intimidating for beginners.

Data and Research

Active Trader Pro provides comprehensive research tools and real-time data directly within the platform. MetaTrader also offers real-time data but relies more on third-party plugins for in-depth research.

Active Trader Pro is a strong MetaTrader alternative, especially for those already using Fidelity. It offers real-time data, advanced charting, and extensive research tools. While MetaTrader is powerful and flexible, Active Trader Pro’s user-friendly design and direct integration with Fidelity make it a great option for active traders.

6. Thinkorswim

Thinkorswim is a trading platform provided by TD Ameritrade, designed for advanced traders who need comprehensive tools for trading and analysis. It is considered a strong MetaTrader competitor due to its robust features and integrated brokerage services.

Other MT5 Alternatives for Backtesting

7. Forex Tester

Forex Tester is a dedicated backtesting software designed to help traders practice and refine their trading strategies in a risk-free environment. Unlike MetaTrader, which is primarily a trading platform with some backtesting capabilities, Forex Tester focuses entirely on backtesting and simulation. This makes it a powerful tool for traders who want to improve their strategies before implementing them in real markets.

Key Features:

– Deep Trading Simulation: Forex Tester allows traders to simulate trading in a realistic environment, replicating real market conditions with broker-specific settings such as spreads, swaps, and commissions.

– Manual and Automated Backtesting: Traders can manually backtest their strategies or use automated methods to validate their approaches with extensive historical data.

– Comprehensive Analysis:The software provides detailed statistics and performance analysis, helping traders identify strengths and weaknesses in their strategies.

– Historical Data: Forex Tester offers up to 23 years of accurate historical data, enabling thorough testing across different market conditions.

– Customization and Speed Control: Users can customize the simulation speed, pause to analyze patterns, and control the pace to skip or focus on specific periods.

-Multi-Chart Analysis: The platform supports simultaneous multi-chart analysis, allowing traders to view different assets and time frames at once.

– Technical Indicators and Algo-Trading: With over 60 built-in technical indicators and the ability to upload custom indicators and algorithmic strategies, Forex Tester is versatile and adaptable.

By the way, using the promo code MTAL10, you can get a 10% discount on Forex Tester — and gain access to FTO Beta.

8. FX Replay

FX Replay is an online backtesting service that is known for its convenience and user-friendly interface. It allows traders to practice and test their trading strategies directly through a web browser, making it accessible from any device. However, it has some limitations that make traders look for alternatives.

Key Features:

– Online Access. Just like FTO, FX Replay works entirely online, so traders can use it from any device without installing software.

– User-Friendly Interface. The platform is designed to be easy to navigate, with all indicators, statistics, and orders readily accessible.

– Performance Issues. Users have reported that FX Replay has become slow, causing delays in response times from the server. This can be frustrating and hinder effective backtesting.

– Limited Features. FX Replay does not support automatic trading strategies or custom algorithmic trading, which limits its use for advanced traders looking for more sophisticated backtesting tools.

Conclusion

Both Forex Tester and FX Replay offer alternatives to MetaTrader for backtesting, each with its own strengths and weaknesses.

If you need a MetaTrader backtesting software alternative to to strengthen your toolset, the best options would be:

1. FTO: online and convenient. Still in Beta development.
2. Forex Tester: offline, but having lots of advanced features for professional traders.
3. FX Replay: online and easy to use, but lacking some important backtesting features.

Any of these 3 programs will help you to backtest your strategies better than you can in Meta Trader.

Summary of Metatrader competitors

– Forex Tester Online (FTO). A modern, web-based backtesting tool in Beta. Offers advanced features and is accessible on any device.

– TradingView. Excellent for robust charting and social trading. Great for community insights and collaboration.

– eToro. Known for social trading features, allowing trade copying. Ideal for those preferring a community-driven approach.

– NinjaTrader. Offers extensive customization and advanced automation. Suited for experienced traders needing sophisticated tools.

– Active Trader Pro. Provides real-time data and integrated brokerage services. Best for active traders with a user-friendly interface.

– Thinkorswim. Advanced charting and integrated research. Great for traders valuing broker integration.

– Forex Tester. Ideal for detailed simulations and comprehensive analysis with extensive historical data. Best for advanced backtesting.

– FX Replay. Convenient and user-friendly, good for beginners.

Each platform has unique strengths. We hope this article helped you to choose based on your specific trading needs.

FAQ about MetaTrader alternatives

What is MetaTrader?

MetaTrader is a popular trading platform used for analyzing financial markets and executing trades. It offers tools for technical analysis, automated trading through expert advisors (EAs), and real-time market data. MetaTrader is widely used by forex traders and is known for its robust features and flexibility.

Is backtesting free on MetaTrader 5?

Yes, backtesting is free on MetaTrader 5. The platform includes a built-in strategy tester that allows traders to backtest their trading strategies using historical data. However, some advanced features and tools may require additional plugins or paid services.

Can I use an MT4 or MT5 demo account for backtesting?

Yes, you can do it, but the functionality is very limited. This is why many traders use backtesting software.

How to manually backtest on MetaTrader 5?

To manually backtest on MetaTrader 5, follow these steps:

1. Open the MetaTrader 5 platform.
2. Go to the “View” menu and select “Strategy Tester.”
3. Choose the trading strategy you want to test.
4. Set the parameters for the backtest, including the timeframe and currency pair.
5. Click “Start” to run the backtest.

Analyze the results using the provided statistics and charts.

What is the strategy tester software for MT5?

The strategy tester in MetaTrader 5 is a tool that allows traders to test and optimize their trading strategies using historical data. It simulates market conditions and provides detailed performance reports, helping traders refine their strategies before using them in live trading.

How to Run MetaTrader on a Mac?

To run MetaTrader on a Mac, you can install software that allows Windows applications to run on MacOS. One of such solutions is Parallels Desktop. Watch this video guide if you need help with downloading and installation.

Or you can just use one of the MT5 alternatives, which are all available for Macbook.

Use the promo code MTAL10 to get a 10% discount on Forex Tester — and gain access to FTO Beta immediately: