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Forex Tester Review: Best Backtesting Software on the Market?

Forex Tester Review

Are you hopelessly searching the web for good backtesting software to aid you on your trading journey? Well, look no more! Our Forex Tester review is here to present an amazing tool that can aid you. 

If you change your mind and you’re looking for a reliable broker, Eightcap is a great choice! Regulated by several reputable authorities, this broker’s reputation stays impressive. 

But for now, our focus stays on Forex Tester and its features, abilities, costs, reviews, and many more! Keep reading to find out everything you need to make informed decisions. 

About Forex Tester

The Forex Tester trading simulator simulates real-time trading by testing FX and investing strategies over an extended period utilizing historical data and fake US dollars as margins. It allows you to be flexible with how you want to skip or rewind, pause, and change the tempo of the simulation. 

The firm has been around for a long time, since 2006. The team of Forex Tester Software, Inc. company is a group of traders, competent programmers, and support specialists. The software, which they’re sharing with other traders was initially developed for improving their trading skills but later evolved into a tool that can help traders of all types.

Company Type Trading Tool
Legal name Forex Tester Software, Inc. 
Regulation Not expected
Registered in N/A
Established 2006
Website new.forextester.com
Financial Authorities Warnings
  • No official warnings
Contacts
Fees
  • The Forex Tester and Basic Data $299 – a one-time fee that is always charged
  • Super Data Monthly $29.99
  • Super Data Annual $249 per year
  • Super Data Lifetime $499
If Active on Social Media: Yes
Investor Protection: None
Activity areas United States, United Kingdom, Japan, South Africa, India;
Main threats
Main perks Great reviews; Great beneficial features; 

Legal Information

Forex Tester provides software that can aid forex traders, therefore no regulation is expected, unlike for Prestige Coins. Companies like this are not offering trading and financial services, instead, they provide tools to assist you. In the sense of security, Forex Tester and similar companies can provide a different level of protection. 

They provide access to a safe server. All provided credit/sensitive data is encrypted and sent through Secure Socket Layer (SSL) technology to the payment gateway provider’s database. Only those authorized with special access rights can access these systems, and they are obligated to maintain the confidentiality of the data.

Forex Tester Features

Starting is easy. Configure the settings, like the time frame and indicators, and then start your test. For a step-by-step guide, consider watching the tutorial video on Forextester.com. Evaluate the efficacy of advanced technical indicators and algorithmic trading tactics through the Forex Tester backtesting software. They offer a free demo version instead of a time-limited trial. The limitations of the demo version are as follows:

  • You can test 1 month of historical data only
  • You can’t save and load projects and desktops in the demo version
  • It is possible to run tests for 1 hour until the test is interrupted 

They offer real trading conditions, you can set your broker’s spreads, swaps, commissions, leverage, and other trading conditions to get a deep trading simulation in a lifelike environment. After you open multiple chart setups for several assets on different time frames, you can analyze them simultaneously.

Using a graphical tool that displays the entry price as well as customizable take-profit and stop-loss levels, you can evaluate and optimize the reward-to-risk ratio of a trading position. Use the more than 60 integrated technical indicators with configurable parameters and settings to create your own chart configuration. 

The best thing is that you can use the software on the go, as the app is available on the Forex Tester download page for both Android and iPhone users. 

Forex Tester Plans

There are monthly and annual plans you can choose from and if you start enjoying the software, you could also purchase a lifetime package. The plans are divided into Basic and Super Data, where the difference in features is visible. See below for more information and the Forex Tester price: 

Basic Data:

  • medium quality data
  • 1-minute data
  • 1-minute data
  • 4-digits data
  • 22-year data history
  • 16 currency pairs
  • 2 assets

Super Data $29.99/month, $249/year, or $499 lifetime: 

  • Premium quality data
  • Tick Data (1-second data)
  • Floating spread
  • 1-minute data
  • 5-digits data
  • 131 currency pairs
  • 723 assets
  • News – for 9 currencies
  • Daily update

Traders Share Their Experiences

There are almost 50 comments on Trustpilot and all but one are positive 4- and 5-star reviews. The only 2-star review is a longer comment that highlights everything they experienced as an issue. We summarized everything into key points for you: 

  • Working with multiple screens is glitchy
  • A package with the first month of free data has only low-quality data when it comes to lower timeframes
  • Can’t import modern MetaTrader indicators, Forex Trader 5 can only read older indicator files
  •  Can’t set the default behavior for news on a chart. If you backtest EURUSD, it is unlikely that you need to have news related to CHF on the chart
  • Confusing settings regarding session start hour with no proper tooltip

Besides some resolvable issues, it seems that this company is an amazing choice and many traders agree. You won’t waste any time with Forex Tester and we encourage you to give them a try. 

Payment Options and Process

The payment process and options seem a bit too complicated. You can make the prepayment through PayPro with credit/debit cards including Visa, Master, JCB, or with a wire transfer. Additionally, payment is also possible through a PO (Purchase Order), which is preferable for companies. 

The payment systems are PayPal and Konbini payment and there are no fees, however, your bank may charge one if you choose to pay with a wire transfer. There is a 14-day money-back guarantee in addition to a demo account if you don’t like the product for whatever reason. 

Weighing the Pros and Cons

Pros Cons
  1. Comprehensive Backtesting Tool
  2. Established Company
  3. Flexible Pricing Options
  4. Real Trading Conditions Simulation
  5. Technical Analysis Tools
  6. Positive Reviews
  7. Data Quality
  1. Minor Technical Issues
  2. Compatibility Constraints
  3. Complex Payment Process
  4. Demo Limitations
  5. Limited Data Import

Can I Make Money While Trading Online?

In conclusion, Forex Tester is an amazing choice for Forex traders who are leaning toward trading results to analyze performance and identify weak and strong points to optimize their strategies. However, if you believe in AI-powered tools as much as we do, we suggest trying AI.F. 

  1. Fundevity (AI.F) is an AI-driven trading software aiming to provide traders with an edge in the financial markets. Its ability to process billions of data at high speeds, analyze market information, identify patterns, and stay updated with current and historical news is not everything that AI.F offers.

Don’t miss out on the opportunity to experience the advantages of AI.F, especially with the increasing dominance of AI in the trading market. We encourage you to try AI.F risk-free with a 14-day free trial. Call us right now and start your profitable trading journey with the help of our AI analysis bot. 

FAQ Section

What is Forex Tester?

Forex Tester is a trading simulator that simulates real-time trading by testing FX and investing strategies over an extended period utilizing historical data and fake US dollars as margin.

Is Forex Tester Safe?

Forex Tester highlights security precautions including SSL encryption for payment details and safe data storage.

How Long Does Forex Tester Free Trial Last?

A free demo version of Forex Tester is available, although it only has access to a month's worth of historical data, cannot save projects, and has test interruptions after an hour. For unhappy customers, they also provide a 14-day money-back guarantee.

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