ForexTester Software Review

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Contributor, Benzinga
March 28, 2023
Forex Tester Software
Overall Rating:
securely through Forex Tester Software's website

ForexTester is insightful backtesting software offering traders a platform to practice forex trading and backtest strategies. Designed for all trading skill levels, from beginners to professional traders, ForexTester gives users access to 22 years of historical data. 

The platform is easy to navigate with a user interface similar to most trading screens. Traders use the platform to enter and exit trades over a chosen timeframe. You set the rules of engagement, and ForexTester reports your performance, tracking your profits and losses and logging them for future analysis. 

You can use forex backtesting for multiple trades in different timeframes, testing various strategies. Artificial Intelligence (AI) optimizes trading strategies.  

Best For
  • Forex backtesting for new traders
  • Strategic trade backtesting for expert traders
Pros
  • Allows new and seasoned traders to develop and test strategies using detailed analysis charts and tools provided by the backtesting software
  • Access to an enormous range of currency pairs
  • Simple user interface
  • Customizable screens and charts
  • Excellent customer support
Cons
  • Only suitable for use with the Windows operating system and IOS using Parellels Desktop

Forex Tester Software Ratings at a Glance

Customer Service
Security
Minimum Investment and Pricing
User Experience
Overall Rating

ForexTester Product Offering

ForexTester is an effective trading simulation and backtesting software. Traders use the platform to practice trading and test strategies before entering the forex market. ForexTester software also has a crypto tester for those who want to try their hand at crypto trading. The backtesting software helps traders to hone their skills before putting any funds at risk.

Data is loaded directly onto the ForexTester platform, so you need no internet connection to run forex backtesting. This means that you can practice your strategies anywhere and at any time. ForexTester offers users access to 10 popular forex strategies, so you can get the show on the road and start practicing as soon as you sign up. 

Users can choose one of three packages Basic, Standard and Super. If you’re unsure, you can test the software free of charge before you commit. The test is subject to limitations, but it will give you a good idea of how the system works. On the test version, you can to the software but with one month’s historical data, only the capability to run a single simulation for an hour at a time and the inability to save or load projects. The full subscription version offers much more. 

How the Forex Tester Simulator Works

The trading simulator is easy to use and works as follows.

  • Choose a historical timeframe to run your forex backtesting
  • Take a close look at prevailing market conditions during the timeframe
  • Select a currency pair
  • Open a trade
  • Analyze the results as you look forward and backward across time
  • Simultaneously test multiple currencies over several time frames to see how they compare 
  • Run detailed statistics to compare different strategic results

You define the spreads, leverage and lot size so you can test real-life scenarios before you commit your money to the strategy. If you subscribe to Super ForexTester 5, you can also set floating spreads to ensure that you simulate circumstances as they exist. 

You can upload automated strategies and use the AI backtesting software to optimize your trading plans. 

ForexTester Features

The platform offers users access to historical news records and drawing tools. If you subscribe to the Basic package, you’ll have access to 18 symbols compared to the 860 that include exotics available on the Super version. Those subscribing to the Super ForexTester 5 package can also use tick data and floating spreads. Super users can practice trading in commodities, metals, stocks, futures and indices as well as forex. 

ForexTester logs all trades so you can use the records for later analysis. You can also export all your records into a spreadsheet if you prefer to use Excel tools for further investigation. 

Customer Service

ForexTester offers multilingual customer support. You can expect telephonic assistance in English, Spanish, Japanese or Russian. There are also online chat facilities and an email address for logging queries. In the community forum, users can interact with one another. Users also have access to TeamViewer for real-time problem resolution. 

Security

Your personal information is safe and secure on the ForexTester site. ForexTester servers are protected using Secure Sockets Layer (SSL) technology. All data is encrypted before it goes through the payment gateways. ForexTester does not retain any personal payment information on its servers. 

Minimum Investment and Pricing

You will need a user license to start using ForexTester. The fee for a single license is $399, but ForexTester runs promotions from time to time, discounting license and subscription fees. Claim a special 10% discount now with your BENZ23 coupon

The Basic package is free to use. If you upgrade to the Standard or Super package, you can pay monthly, annually or with a single lifetime subscription. 

ForexTester offers a 14-day money-back guarantee. 

User Experience

Onboarding is easy and takes a few moments.  

The ForexTester platform is intuitive and easy to navigate. If you’re familiar with the MetaTrader4 or 5 platforms, you’ll quickly get used to using ForexTester as the screens are similar. You can access the software in 16 languages. 

ForexTester has loads of educational tools, including an interactive training course, video guides and a written PDF download. Users can also head to the FAQ page to find quick answers to questions.

ForexTester vs. Competitors

Many broker platforms like MT4 and Forex.com offer traders demo accounts, allowing users to test their trading skills. Demo accounts usually have an expiry date or require you to hold an amount in your account if you want to use the demo. Some charge inactivity fees. Demo accounts don’t offer the full range of tools you will receive with ForexTester. Web-based social trading platforms, like Tradingview, also give users access to trade backtesting. 

  • Forex Tester Software
    Best For:
    Forex Backtesting for New Traders
    securely through Forex Tester Software's website
  • Forex.com
    Best For:
    Fast Execution and High-Volume Traders in the U.S
    securely through Forex.com's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

    The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account

Overall Rating

ForexTester gives traders at all skill levels a tool to practice and test forex trading strategies.  Traders use historical data to track and adjust entry and exit strategies. They can simultaneously backtest several currencies in various timeframes, gaining insights for future trading. 

Users can download backtests onto a spreadsheet and use projects to save related tests for easy reference. Traders can hone their skills without risking any funds and then find a reputable broker to start making trades on a brokerage platform. 

ForexTester offers users educational tools and quick and responsive customer service in a secure environment.

Claim a special 10% discount now with your BENZ23 coupon.

Frequently Asked Questions

Q

Is ForexTester worth it?

A

ForexTester is worth it if you’re serious about trading forex and don’t want to risk your money before you have tried and tested your trading strategies.

Q

What is a ForexTester?

A

ForexTester is a forex backtester and stock market simulator.

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