8 Best Soft4fx forex simulator Alternatives for Backtesting

Soft4FX has been a popular choice for Forex traders, particularly those using MetaTrader 4 for backtesting and strategy development. However, as technology and trading requirements evolve, it’s clear that some traders need alternatives that offer more advanced features and a modern interface.

If you’re exploring options beyond Soft4FX, you’re not alone. In this guide, we’ll break down the top Forex simulators and backtesting platforms of 2024, detailing their capabilities, pros, and cons to help you find the best fit for your trading needs.

How to Select a Suitable Alternative to Soft4fx

To curate this list, we considered several key criteria that are essential for effective trading and backtesting:

1. Accuracy and data quality: a top-notch simulator must provide access to high-quality, historical tick data. This ensures that strategy testing reflects real market conditions, helping traders avoid unrealistic expectations.
2. User interface and ease of use: for traders to quickly adapt and utilize a platform, a user-friendly interface is crucial. Platforms with customizable layouts and intuitive navigation scored higher.
3. Versatility: the best platforms go beyond Forex, supporting multi-asset classes like cryptocurrencies, stocks, and commodities. This diversity allows traders to test a wider range of strategies.
4. Customization and programming options: advanced traders often require scripting languages or coding support to automate their strategies. Platforms offering extensive programming capabilities and community-developed tools were given special attention.
5. Integration and broker support: the ability to connect directly with brokers for smooth transitions between simulated and live trading is a vital feature for those looking to turn their backtested strategies into real-world trades.
6. Reviews: in the end, the most important thing is what actual traders think about a platform. So we took it into account.

Based on these factors, we selected the best alternatives to Soft4FX, ensuring a comprehensive look at each platform’s strengths and limitations.

Top Soft4FX Alternatives

When Soft4FX no longer meets your trading needs, it’s essential to explore platforms that provide better flexibility, advanced features, and modernized interfaces. We evaluated various options and identified the best Soft4FX alternatives in 2024 based on their functionality, user experience, and versatility.

Here’s a breakdown of the most effective trading and backtesting platforms available:

• Forex Tester Online (FTO)
• TradingVie
• QuantConnect
• GoCharting
• StockCharts
• Backtrader
• NakedMarkets

1. Forex Tester Online (FTO)

Forex Tester Online extends the capabilities of the traditional Forex Tester software into a cloud-based solution. This version is designed to be more accessible across devices and operating systems, making it an appealing option for traders who prefer flexibility.

Pros:

• Advanced tools. Offers comprehensive backtesting features, including multiple order types and strategy reversal options.
• Realistic environment. Forex Tester Online simulates real trading in the most detailed and realistic way.
• Multi-asset support. Supports a range of assets beyond Forex, including metals and exotic currencies.
• Data quality. Provides access to over 20 years of high-quality tick data for accurate historical testing.
• Support for 60 languages. Forex Tester Online is available in all major languages and most of the popular languages of the world.

Cons:

• Beta limitations. As a beta product, some features are still under development and not yet fully functional. New features will be added in the future updates.

During our tests, we found that transitioning to Forex Tester Onliune from other platforms like Forex Tester or Soft4FX Forex simulator was straightforward. The platform’s cloud-based format improves responsiveness and accessibility, but the limited availability of some tools due to its beta status might be a drawback for users looking for a fully developed product.

Despite this, it remains one of the most advanced options currently available, especially for those who prioritize speed and accessibility in their backtesting processes.

2. TradingView

TradingView is known for its charting features, but it also supports strategy testing through its coding language, Pine Script. Unlike Soft4FX, TradingView isn’t a dedicated backtesting tool, but it offers enough flexibility for traders comfortable with coding and technical analysis.

Pros:

• Top-notch charting. Provides some of the most detailed charting tools available, which is crucial for precise analysis.
• Active community. Access to scripts and strategies shared by a large community of traders.
• Multi-market compatibility. Works with Forex, stocks, and cryptocurrencies.

Cons:

• Limited backtesting features. It lacks many of the specialized tools found in dedicated backtesting platforms like Soft4FX.

In comparison, TradingView is more versatile than Soft4FX but isn’t as focused on backtesting. It’s better suited for traders who value charting and community interaction over deep testing capabilities.

3. GoCharting

GoCharting is a cloud-based charting platform designed for various markets, including cryptocurrencies, Forex, and stocks. It’s equipped with advanced technical tools, making it more versatile compared to Soft4FX, which primarily focuses on Forex.

Pros:

• Real-time data. Supports data visualization from over 100 exchanges and 22,000 trading pairs, giving traders access to live updates and order flow analysis.
• Advanced technical indicators. Offers over 150 technical indicators, volume profiles, and market profile tools, allowing for detailed market analysis​.
• Customization and cloud access. Users can create and save multiple watchlists, portfolios, and customized charts directly on the cloud, accessible across devices​.
• Backtesting and paper trading. Includes a bar replay feature and a paper trading module for strategy testing without financial risk​.

Cons:

• Subscription fees. While some features are available for free, advanced tools require paid plans.
• Overwhelming for beginners. The platform’s extensive feature set might be too complex for those new to trading​.

Compared to Soft4FX Forex simulator, GoCharting offers a broader scope by integrating multiple markets and providing cloud-based access. However, it doesn’t have the same depth in Forex-specific backtesting tools, making it less specialized for Forex traders focusing only on strategy testing.

4. StockCharts

StockCharts is a web-based charting service focused primarily on equities, making it less suitable for Forex traders compared to Soft4FX. It offers tools for visual analysis, but lacks specialized features for backtesting Forex strategies.

Pros:

• User-friendly interface. Designed to be straightforward, it’s accessible for both beginners and experienced traders​.
• Variety of chart types. Includes different chart formats like Point & Figure, Kagi, and Renko, useful for technical analysis in stock trading​.
• Browser-based access. No installation required, allowing access from any device with internet access​.

Cons:

• Limited to stocks. Focuses mainly on stock analysis and has limited support for Forex trading, unlike Soft4FX​.
• Basic backtesting tools. Lacks the comprehensive backtesting features that Soft4FX offers for Forex strategies​.

StockCharts is a good choice for equity traders who need clear and customizable charting options. However, its lack of support for Forex and minimal backtesting tools mean it doesn’t offer the same functionality as Soft4FX for Forex-focused users.

5. QuantConnect

QuantConnect is a cloud-based platform designed for algorithmic trading. It supports multiple programming languages like C# and Python, making it more flexible than Soft4FX for those with coding skills.

Pros:

• Customizable. Offers a wide range of customization options for building and testing strategies.
• Broker integration. Can connect with various brokers for live trading based on tested strategies.
• Multi-asset testing. Works with stocks, Forex, and other markets.

Cons:

• Complex setup. Requires programming knowledge, which isn’t needed with Soft4FX, Forex Tester Online, and many other alternatives.

QuantConnect is a solid option for traders who want to go beyond simple backtesting. It’s more advanced and offers more tools than Soft4FX, but it’s not suitable for those without coding skills.

6. Backtrader

Backtrader is an open-source Python library designed for backtesting trading strategies. It offers a high degree of flexibility, allowing traders to create and test strategies with various data sources and custom indicators. Backtrader is suitable for traders with programming skills and is highly adaptable, but it differs significantly from Soft4FX, which is more straightforward and doesn’t require coding expertise.

Pros:

• Flexibility. Users can implement and combine multiple indicators, data feeds, and execution methods, making it suitable for complex strategies. It supports different data formats, including CSV files and live feeds from brokers​.
• Multi-timeframe analysis. Supports simultaneous use of multiple timeframes and data resampling, useful for testing strategies that rely on various data intervals​.
• Community support. Being open-source, it has an active community that contributes to its development, offering extensive documentation and examples​.

Cons:

• Coding requirement. Unlike Soft4FX, which is plug-and-play, Backtrader requires Python programming skills. Beginners might find the learning curve steep​.
• Complex setup. Setting up data feeds and creating strategies requires technical knowledge, making it less accessible for traders who prefer visual or drag-and-drop interfaces​.

Backtrader is powerful but not as user-friendly as Soft4FX. It’s ideal for quantitative traders or those who prefer programming flexibility over simplicity.

7. NakedMarkets

NakedMarkets is a comprehensive backtesting platform designed for both manual and automated trading. It offers a modular, no-code interface that simplifies the creation of strategies, making it accessible to those without programming skills. Compared to Soft4FX, NakedMarkets provides more advanced analytics and a broader market focus, but it is not limited to Forex alone.

Pros:

• No-code automation. Traders can build and automate strategies using a visual drag-and-drop interface without coding, setting it apart from both Soft4FX and Backtrader​.
• Professional analytics. NakedMarkets includes in-depth analytics, such as Monte Carlo simulations, risk breakdowns, and performance over different timeframes and assets. This level of detail goes beyond what Soft4FX Forex simulator provides, offering a comprehensive view of strategy performance​.
  Free historical data. The platform provides free, high-quality historical data, saving users the ongoing costs often associated with backtesting platforms​.

Cons:

• Platform specific. NakedMarkets is primarily Windows-based and does not support browser-based or macOS environments without a virtual machine, which limits its flexibility​.
• No MetaTrader integration. Unlike Soft4FX, which integrates seamlessly with MetaTrader, NakedMarkets doesn’t yet support exporting strategies directly to MetaTrader formats. This may require additional steps for traders who want to use their strategies on MT4 or MT5​.

NakedMarkets offers a more comprehensive, user-friendly approach compared to Soft4FX, especially for those interested in automated and multi-market strategies. However, for traders focused exclusively on Forex and seeking a straightforward tool, Soft4FX might still be more suitable.

8. Forex Tester

Forex Tester is a specialized backtesting software designed for Forex traders to practice and refine their strategies in a simulated environment. Forex Tester focuses entirely on simulation and backtesting, making it a more dedicated tool for strategy development. This difference between them makes it comparable to Soft4FX but with some notable distinctions in terms of features and functionality.

Forex Tester 5 vs Soft4FX

Forex Tester offers a more comprehensive suite of features tailored for serious backtesting. It supports multi-chart views, automated backtesting, and detailed performance metrics, giving it an edge in terms of analysis depth.

Pros:

• Deep trading simulation. Forex Tester simulates real trading conditions, including broker-specific settings like spreads, swaps, and commissions. This feature offers a realistic trading experience that helps traders prepare for live market conditions.
• Manual and automated backtesting. It allows both manual testing and the use of automated methods, giving users the flexibility to validate strategies using extensive historical data​.
• Comprehensive performance analysis. The platform provides detailed statistics, enabling traders to assess the effectiveness of their strategies by examining metrics such as profitability, drawdowns, and trade frequency.
• Access to extensive historical data. Forex Tester offers up to 23 years of accurate historical data, providing traders with a broad timeframe for testing under various market scenarios.
• Multi-chart analysis. Users can monitor multiple charts simultaneously, viewing different timeframes or assets side by side, which enhances strategy development​.
• Customization and speed control. Traders can adjust the simulation speed, pause the test, and zoom into specific periods, offering control over the testing process that allows for precise analysis​.

Cons:

• Windows only. Forex Tester is available exclusively for Windows, which limits accessibility for macOS and Linux users unless they use a virtual machine. It also requires installation, unlike Soft4FX, which works as a MetaTrader plugin​.
• Offline software. While it provides a comprehensive desktop experience, it lacks the flexibility of being accessible online. In contrast, Forex Tester Online offers similar features but can be used directly in a browser on any device, making it more versatile​.

Summary

When choosing an alternative to Soft4FX Fores simulator, think about your platform needs and trading style. Forex Tester Online is the best for traders needing online, browser-based backtesting on various assets, making it accessible from any device. Forex Tester is ideal for Windows users who want detailed simulations with advanced analytics, perfect for professional strategy development​.

If coding flexibility is important, Backtrader offers deep customization but requires Python skills. For a no-code, visual approach, NakedMarkets is great for both manual and automated testing, though it’s Windows-only and needs installation​. Choose based on your preferred setup and trading focus.

FAQ

How to Run Soft4fx on a Mac?

To run Soft4FX on a Mac, use Parallels Desktop to create a virtual Windows environment and “crack” Mac. Once Parallels is set up with Windows, install Soft4FX within this environment as you would on a PC.

Are there any free alternatives to Soft4FX?

TradingView offers free charting and basic strategy testing using Pine Script, though it is limited in dedicated backtesting capabilities. Backtrader, as an open-source library, is also free but requires Python programming skills for effective use.

Do these platforms provide educational resources for new traders?

Platforms like GoCharting offer educational webinars and a community forum for learning and development. Forex Tester Online and TradingView also provide tutorials and documentation to help users get familiar with the tools.