Best FX Replay Alternatives in 2024: My Experience

FX Replay is a basic backtesting tool that works well but isn’t perfect, especially for advanced users. We’ll compare FX Replay with other services to see what’s good about it and what’s not. My goal was to find the best tool for active traders in 2024. I tried some of the most popular FX Replay alternatives, and this is my honest TOP 6.

Why Consider Other Options Than FX Replay

Let’s start with FX Replay itself. The platform is easy to use, with a clean design and simple controls. You can quickly find various indicators, statistics, and orders, all available online.

However, there are reasons to look for something else:

1. Slow Response. FX Replay has become slow. It doesn’t matter how good your computer or internet is, it’s just slow. Reviews on Trustpilot show that it’s not just my experience, but a common thing. It wasn’t always like this, but in 2024, it’s a big problem because it takes too long to get responses from the server.
2. Limited Tools for Experts. As traders get better and try new things, FX Replay can’t keep up. It doesn’t allow automatic trading or adding custom algorithms. It also doesn’t give enough data for detailed analysis. For example, some currency pairs have less than 10 years of data available for testing. This makes it less useful for my as an experienced trader.

Because of these issues, I ended up looking for other options that can meet their needs better. Now, let’s look at some of the popular alternatives.

FX Replay Interface

Best FX Replay Alternatives

Now let’s look at 6 alternatives. From tens of similar software solutions. I selected 6 best competing programs similar to FX Replay.

1. Forex Tester Online

I was one of the first to get access to testing FTO Beta, and now I can share my impressions.

The new Forex Tester Online (FTO) service is based on a popular backtesting tool called Forex Tester, which many Forex traders globally already use. If you’ve used Forex Tester before, you’ll likely enjoy FTO. It keeps the advanced backtesting and analytics tools but features a fresher design and works in any web browser. You can use it on Windows, MacOS, Linux, Android, or iOS. Right now, it’s probably the best alternative to FX Replay. FTO is just as user-friendly but way more efficient and quicker.

Forex Tester Online Interface

Forex Tester Online (FTO) includes additional features such as support for metals and exotic assets, provision of tick data, and functionality like tick forward, closing all orders, reversing orders, and doubling positions, which FX Replay does not offer.

Forex Tester Online is still at the Beta stage. As the product develops, FTO will get new features, namely:

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

Another product from the Forex Tester team, FTO, already offers many advanced features for professional traders, even though it’s still being developed. Even in its current state, FTO stands out as a strong alternative. This is my #1 recommendation for backtesting.

FTO

Let’s move on to some other FX Replay backtesting alternatives.

2. NakedMarkets

NakedMarkets is a Forex trading simulator aimed at both beginners and seasoned traders. It provides a realistic and detailed platform for testing strategies with historical Forex data.

Image Source: NakedMarkets

Pros

• High-Quality Data. NakedMarkets utilizes detailed tick-by-tick data, crucial for replicating the forex market accurately. This feature allows traders to assess how their strategies would perform under actual historical scenarios.
• Flexible Strategy Customization. The platform allows users to modify their trading tactics, including rules for entering and exiting trades and managing finances. This adaptability is valuable for traders aiming to enhance particular aspects of their trading plan.
• Intuitive Design. Designed with all levels of traders in mind, NakedMarkets combines simplicity for beginners with advanced analytical tools for more experienced users.
• Efficient Backtesting. Known for rapid backtesting, the platform enables extensive testing across large data sets without long waits.
• Comprehensive Risk Management. It offers thorough risk management options, aiding traders in evaluating potential losses and tweaking strategies to minimize risk.

Cons

• Cost. Unlike some platforms that offer limited free versions, NakedMarkets requires a purchase, which may deter newcomers or those hesitant to make an initial financial commitment. The software costs between $100 and $500, and high-quality historical data might add over $30 monthly.
• Potential Overwhelm for New Users. Despite its user-friendly interface, the platform’s breadth of features might be daunting for beginners not yet accustomed to the complexities of forex trading.

3. Tradewell.app

Tradewell.app is a trading platform that lets users trade cryptocurrencies, stocks, and Forex.

Tradewell.app Interface

Pros

• Covers Many Markets. You can trade different types of assets all on one platform.
• Helpful Learning Resources. Just like Forex Tester, Tradewell.app includes guides and tutorials, great for new traders.
• Decent Free Version. The free version has some limits but is indefinitely usable and pretty good.

Cons

• New on the Scene. Since Tradewell.app is fairly new, it doesn’t have the same level of trust as older platforms.
• Limited Customization. More experienced traders might find the platform a bit basic.
• Fewer Features. It doesn’t have as many tools and options as FX Replay or Forex Tester Online.
• No Lifetime Access, Pricy Subscriptions. It costs between $30 to $60 a month, which adds up to as much as $720 a year, making it the priciest option we’ve talked about.

4. Soft4FX

Soft4FX creates software tailored for Forex traders. Their key product is a simulator that integrates as an Expert Advisor (EA) for the well-known MetaTrader 4 (MT4) trading platform.

Soft4FX Interface

Pros

• User-Friendly. Since it operates within MT4, those already acquainted with this platform can easily adopt the simulator without having to navigate a new system.
• Cost-Effective. The Soft4FX Forex Simulator is priced at $109 for lifetime access, making it a budget-friendly option.
• Flexible Trading Options. The simulator supports both short-term day trading and long-term strategies, catering to various trading preferences.

Cons

• Dependence on MT4. A significant drawback is its reliance on MT4, limiting its use to those who do not use MT5 or other web-based trading platforms.
• Forex Only. The simulator is restricted to Forex trading and does not allow for backtesting strategies in other markets like stocks or cryptocurrencies.
• No Live Trading Capabilities. Designed solely for backtesting and practice, the simulator lacks features that facilitate a smooth transition to live trading.

5. TradingSim

TradingSim is a market simulator that’s great for those who want to practice day trading U.S. stocks without risking real money. It uses historical data to let users simulate trades.

TradingSim Interface

Pros

• User-Friendly. The platform is easy to navigate.
• Solid Features. TradingSim provides a good selection of backtesting features.
• Learning Tools. There are plenty of educational resources like blogs, tutorials, and lessons to help improve trading skills.

Cons

• Limited Historical Data. Only offering three years of data is a drawback because it doesn’t let traders test strategies over longer periods.
• Narrow Focus. It’s mainly for stocks and ETFs. If you’re interested in Forex, commodities, or cryptocurrencies, this platform won’t cover those.
• Subscription-Only. There’s no option to buy a lifetime plan. You have to pay monthly, ranging from $33 for the Pro plan to $37 for the Premium plan, which might not be ideal for long-term users.

6. TradingView

To complete my overview, let’s include TradingView. It’s among the world’s most used trading apps, with a community of over 50 million traders. While it’s not primarily designed for backtesting, TradingView can still be utilized to test Forex strategies.

TradingView stands out for its superior charting abilities, technical analysis tools, and the opportunity for user collaboration. It also features Pine Script, a robust scripting language that enables traders to develop their own indicators.

TradingView Interface

Having a TradingView account is highly recommended as part of your trading toolkit. However, it’s important to note that it doesn’t provide the same specialized backtesting capabilities as platforms like FX Replay, FTO, or Forex Tester.

To sum up

FX Replay is a strong online backtesting tool, but it’s not perfect. It can be slow, has limited data, and lacks some advanced features like automatic trading.

Other options like TradingSim, Tradewell.app, Soft4FX, and NakedMarkets sometimes do better than FX Replay in terms of features. But they also have issues, such as no online testing, outdated features, only a few types of assets to trade, and problems working with the latest Meta Trader versions.

Forex Tester Online is my personal leader. It’s still being tested but already has some better features than FX Replay. It plans to add even more useful features soon. Right now, it’s an interesting option worth checking out if you’re looking for something other than FX Replay.

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