7 Best Forex Backtesting Software 2024 (#1 Forex Tester)

by Chris Von Wilpert, BBusMan • Last updated November 23, 2023

Expert Verified by Leandro Langeani, BBA

Disclosure: We test and review software products based on an independent, multi-step rating methodology. When you buy through links on our site, we may earn a commission. Read full disclosure and rating methodology.

Today there are 73 different forex backtesting software. We spent 125 hours comparing the top 50 to find the seven best you can use to backtest your forex strategies.

What is the Best Forex Backtesting Software?

  1. Forex Tester — best of the best
  2. Forex Simulator — best for MetaTrader 4 users
  3. TradingView — best for web backtesting
  4. Ninja Trader — best for futures backtesting
  5. MetaTrader 4 — best for automated trading backtesting
  6. Excel — best for spreadsheet-based backtesting
  7. Trend Spider — best AI-driven pattern recognition

Our Verdict — Best Of The Best

Price: Starts at $149

Forex Tester is a high-speed, high-accuracy backtesting software for forex traders. We think it’s the best because of its realistic market simulation, lightning-speed testing, and high-quality historical market data.

The Best Part:

  • It's turbo-charged! Forex Tester lets you race through backtesting and see candlestick charts reacting in real-time. It’s like a demo account on steroids.

The Worst Part:

  • Weak reporting features. Forex Tester does give you a basic rundown of your backtesting results, but if you're looking to dig deep into the metrics, it's not so straightforward. You'll need to export your data to Excel to crunch the numbers for a more comprehensive analysis.

Get it if you want speedy, risk-free software to fine-tune and backtest your forex strategies.

I recommend you start with their 1-hour free trial to give Forex Tester a shot, then get the ‘Forex Tester and Lifetime package Super Data’ for $539.

(1-hour free trial)

Best For

Forex Tester is best for forex traders who want to swiftly and safely test their trading strategies without risking their hard-earned money.

Top Features

  • Back to the future. Forex Tester travels back in time to see how your strategy would have performed — allowing you to test strategies against years of real market data.

  • Chart drawing. Highlight key points directly on your backtesting charts using Forex Tester's built-in graphic tools.

  • Risk-free lessons. Experience placing Buy and Sell orders just like the real thing, so you get hands-on experience without any risk.

  • Refines your strategies. Forex Tester enables you to learn from your backtesting efforts, with tools such as trend and volume indicators, oscillators, and more.

  • It’s budget-friendly. Forex Tester makes high-quality backtesting affordable for anyone with its affordable pricing, starting at just $149 one time.

Pricing

Forex Tester offers four pricing plans:

  • Forex Tester and Basic Data: $149 one-time payment, for those getting started with backtesting and looking for basic data to analyze their strategies.
  • Forex Tester and monthly Super Data Subscription: $149 one-time payment, plus $29.99/month for regular traders who want monthly access to premium quality historical data updated daily.
  • Forex Tester and annual Super Data Subscription: $100 one-time payment, plus $199/year for committed traders who want a discounted yearly plan to access premium quality historical data for backtesting.
  • Forex Tester and Lifetime package Super Data: $539 one-time payment, for professional traders who want lifetime access to Forex Tester’s Super Data and free lifetime updates.

Annual subscriptions provide a 45% discount.

Try Forex Tester today with a free 1-hour trial.

Our Verdict — Best For MetaTrader 4 Users

Price: $109

Forex Simulator is a powerful plugin for Metatrader 4 users who want to backtest their forex strategies. We think it’s the best for MetaTrader 4 users because of its seamless compatibility with MetaTrader 4, visual trading features, and numerous charting options.

The Best Part:

  • It’s built into MetaTrader 4. Forex Simulator is seamlessly integrated into MetaTrader 4, adding an extra layer of functionality with its ability to conduct detailed backtesting for your trading strategies.

The Worst Part:

  • Limited compatibility. The Forex Simulator is exclusively designed for MetaTrader 4, which makes it a no-go for traders on other platforms.

Get it if you're looking for an effective way of practicing forex trading strategies within MetaTrader 4 before applying them in real-time trading scenarios.

I recommend you get started with Forex Simulator’s Free Demo, then get the Lifetime License for $109.

(free demo)

Best For

Forex Simulator is best for forex traders who are on MetaTrader and want an effective way to test their strategies before taking on actual financial risks.

Top Features

  • Travels back to specific days. Ever wished you could rewind the market? Forex Simulator lets you revisit any selected day and backtest your forex strategy in the market as if it was happening live.

  • Pause and play at will. Need a break or want to analyze a specific moment? You have full control over the simulation speed with options to pause, resume, fast-forward, or even watch the charts at real-time market speed.

  • Just like real trading. Practice makes perfect… Open and close forex trades, place pending orders, modify orders — all without risking your money.

  • Backtesting analysis. Want to dig deeper into your strategy’s performance during backtesting? Forex Simulator allows you to export your results to Excel or even create an MT4-style HTML report for further analysis and review.

  • Detailed stats. Just like Metatrader, Forex Simulator provides a comprehensive set of metrics including profit/loss, equity balance, drawdown, and more.

Pricing

Forex Simulator offers two pricing plans:

  • Free Demo: Free forever, for beginners who want to dip their toes into forex backtesting along with their MetaTrader 4 account.
  • Lifetime License: $109/month for forex traders who want comprehensive backtesting capabilities right within MetaTrader 4.

Try Forex Simulator today with a free demo.

Our Verdict — Best For Web Backtesting

Price: Starts at $14.95/month

TradingView is the best platform to manually backtest your forex strategies on the cloud. We think it’s the best for web backtesting because of its cloud-based platform, modern interface, and extensive backtesting tools.

The Best Part:

  • It's so easy to use. TradingView's modern interface is a breeze to use for beginner and pro traders alike, with its clean design that's as easy on the eyes as it is to navigate. 

The Worst Part:

  • Lack of reporting for manual tests. TradingView misses the mark by not providing a report generation feature after conducting manual backtesting, making it harder to analyze and optimize your forex strategy without technical knowledge.

Get it if you want an online backtesting software that you can access on your web browser to swiftly test your forex trading strategies.

I recommend you get started with their 30-day free trial, then get the Premium plan for $599.40/year.

(30-day free trial)

Best For

TradingView is best for traders who want an intuitive web interface while still being able to perform complex backtesting.

Top Features

  • Web-based backtesting. Enjoy the convenience of running your forex strategy backtests directly on TradingView's online platform, no downloads required.

  • Quality historical data. You can leverage years of comprehensive and neat trading data collected by TradingView for thorough and reliable forex backtesting.

  • Price alerts system. Set up active price alerts to keep track of specific market movements during your backtesting process.

  • Compares trading strategies. TradingView allows you to overlay and compare multiple trading strategies on a single chart, making it easier for you to pick your next winning forex strategy.

  • Code-based backtesting. Use Pine Script, TradingView’s proprietary scripting language, to code and backtest your custom forex trading strategies.

Pricing

TradingView offers five pricing plans:

  • Free: Free forever, for beginners who want to try out TradingView’s forex backtesting features.
  • Pro: $14.95/month for regular forex traders who want to delve deeper into strategy testing and trading with more charts and increased alert limits.
  • Pro+: $29.95/month for forex day traders who want advanced backtesting and trading tools including exotic intraday chart types and custom formulas.
  • Premium: $59.95/month for professional forex traders who want comprehensive backtesting and trading capabilities and high-precision data.
  • Ultimate: $499.95/year for professional forex day traders and forex creators who require all top-tier features besides opting into professional data.

Annual subscriptions provide up to a 16% discount.

Try TradingView today with a free 30-day trial.

Our Top Three Picks

Here’s a quick summary of our top three picks:

  1. Forex Tester — best of the best
  2. Forex Simulator — best for MetaTrader 4 users 
  3. TradingView — best for web backtesting

Here’s a quick comparison of our top seven picks:

Tool

Entry Offer

Pricing

Forex Tester

1-hour free trial

Starts at $149

Forex Simulator

Free demo

$109

TradingView

30-day free trial

Starts at $14.95/mo

Ninja Trader

Free plan

Starts at $99/mo

MetaTrader 4

None

Free forever

Excel

30-day free trial

Starts at $9.99/mo

Trend Spider

7-day free trial

Starts at $39/mo

Here are the top 50 Forex backtesting software we considered in this review:

  1. Forex Tester
  2. Forex Simulator from Soft4Fx
  3. TradingView
  4. Ninja Trader 
  5. MetaTrader 4
  6. Excel
  7. Trend Spider
  8. QuantHouse
  9. TradeStation
  10. Microsoft Excel
  11. NakedMarkets
  12. cAlgo
  13. Zorro Trader
  14. Dukascopy JForex
  15. ThinkorSwim
  16. MultiCharts
  17. ProRealTime
  18. FX Blue
  19. QuantConnect
  20. AmiBroker
  21. Wealth-Lab
  22. Sierra Chart
  23. Smart Forex Tester
  24. QuantTerminal
  25. Backtrader
  26. Forex Simulator
  27. MotiveWave
  28. Birt's Tick Data Suite
  29. Wave59 PRO2
  30. StrategyQuant
  31. Quant Analyzer
  32. ForexSB
  33. eSignal
  34. R
  35. Python's Backtrader library
  36. Quantler
  37. FastTrack
  38. Adaptive Trader Pro
  39. AlgoTrader
  40. MathLab
  41. CQG Integrated Client
  42. TSLab
  43. Tradecision
  44. NeuroShell Trader
  45. Microsoft Power BI
  46. PyAlgoTrade
  47. Market System Analyzer
  48. Visual JForex
  49. Investopedia Simulator
  50. MetaStock

Where can I backtest a Forex strategy?

The currency pair you select for trading in the forex market can greatly influence your trading performance. A crucial step before executing trading ideas is backtesting. There are several platforms where you can backtest your Forex strategy. One of the most popular among experienced traders is the Forex Tester, recognized as one of the best backtesting software solutions. It offers a wide range of features such as real-time data simulation, allowing you to test your strategies on historical price movements. Another option is the Forex Simulator, especially beneficial for those using the MetaTrader 4 platform. Finally, TradingView provides a web-based backtesting solution with high-quality historical data.

Is there free software to backtest a trading strategy?

Certainly! For traders wanting to explore the world of backtesting without initially investing, TradingView offers a free plan which allows beginner traders to experience basic features of their platform. This plan, although limited, can be a good starting point for those looking to improve their trading skills. Similarly, Forex Simulator also offers a free demo version that can be beneficial for MetaTrader 4 users. Both these platforms give a taste of their key features and can be upgraded for more in-depth analysis and additional features.

What is the backtesting tool for MT4?

For those dedicated to the MT4 platform, the Forex Simulator stands out. It's specifically designed as a plugin for MetaTrader 4, allowing users to backtest their forex strategies seamlessly within the platform. The simulator provides real-time simulation of the forex pairs' historical price, enabling traders to experience actual trading days and conditions. Given its compatibility with MT4, it's a must-have tool for traders using this platform to enhance their trading process and validate potential trading strategies.

Can you backtest on MT4?

Yes, MT4 (MetaTrader 4) inherently offers a backtesting platform using its Strategy Tester function. This function allows traders to test expert advisors on historical price data. The process involves selecting your preferred currency pair, defining the time frames, and then running the test. However, while MT4's built-in tool provides a basic backtesting experience, platforms like the Forex Simulator enhance this process with its additional features and more detailed data for a more comprehensive backtesting experience.

Can you backtest on TradingView?

Absolutely. TradingView is a versatile platform renowned for its depth backtesting and analysis features. It provides a cloud-based platform for manual backtesting of forex strategies. TradingView stands out because of its intuitive interface, allowing both beginner and retail traders to leverage years of historical backtesting. With TradingView, traders can implement custom indicators, conduct technical analysis, and adjust strategy parameters. The platform also uses its proprietary scripting language, Pine Script, to enable users to code and test their own custom strategies. Its advanced features cater to a wide range of traders, from beginners testing a daily chart to experts analyzing specific market conditions.

The Bottom Line

To recap, here are the best forex backtesting software to try this year:

  1. Forex Tester — best of the best
  2. Forex Simulator — best for MetaTrader 4 users 
  3. TradingView — best for web backtesting
  4. Ninja Trader — best for futures backtesting
  5. MetaTrader 4 — best for automated trading backtesting
  6. Excel — best for spreadsheet-based backtesting
  7. Trend Spider — best AI-driven pattern recognition

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