September 19, 2021
forex tester

Forex Tester Review

While there are other ways for you to backtest your strategies, the best one to have, by far, is an application that is specifically designed for backtesting.

In this Forex Tester review, you'll learn what Forex Tester is and why it's one of the essential tools for traders to hone their trading system.

And, hopefully, after reading this article, you'll be able to decide whether Forex Tester will be a part of your trading arsenal.


Here's a breakdown of Forex Testers pros and cons.


  • Easy to learn and install
  • Improves trading
  • Improves understanding of charts and technical tools
  • Provides reliable historical prices
  • Reasonably priced
  • Variety of capabilities


  • Not compatible with Mac
  • No mobile version
  • Historical data is on a subscription basis
  • Limited demo version

What is Forex Tester?

Forex Tester is a desktop application for backtesting foreign exchange trading strategies. The company that developed Forex Tester is Forex Tester Software, Inc., and it has been in business since 2006. 

To date, there are four upgrades to their backtesting software with subsequent updates with each version. The focus of this review is on the latest version, which is Forex Tester 4.


We worked out a deal to lower down Forex Tester's price.

(There's no need for a coupon code. You can purchase using our partner page directly).

How does Forex Tester 4 help in trading?

Forex Tester benefits your trading by supplying you with the performance statistics of your trading strategy applied to past price data. 

The stats of your trading system from a thorough backtesting session comes with the expectation that the same probabilities will be similar in real account trading.

In other words, Forex Tester is your platform for practicing; it's where you come to grips with your trading strategy, where you make necessary adjustments or tweaks to it.

Forex Tester 4 Features

In this section, you'll read about the features of Forex Tester that make backtesting with it more convenient for traders.

Availability of Historical Data

If you buy the full version, including a subscription to historical data, you will get 18 years' worth of price data

And, with this fourth upgrade, the developers of the software also included information on past news events so that you can backtest fundamental strategies as well.

Control Over Backtesting Pace

One thing that you'll like with Forex Tester is the capability to control the pace of your backtesting sessions

You can choose to speed up the testing process, or you can simulate actual trading by deciding to trade per tick.

With the option to control the pace, you'll be able to spot your trade setups much quicker, place trades, and get the results right away.

Simulated Trading

And, as mentioned, you can also treat this as if you're trading a demo account.

Following the video above, place trades as the candlesticks move tick by tick.

New Symbols

Aside from trading currencies, the latest Forex Tester upgrade also includes more than 800 new symbols.

This allows you to backtest your strategy on other markets or financial instruments.

Aside from the major currency pairs, historical data are available for the following markets:

  • Commodities
  • Currency Crosses 
  • Cryptocurrencies
  • Exotic Currency Pairs
  • Futures
  • Indexes
  • Metals
  • Canadian Stocks
  • European Stocks
  • US Stocks
  • UK Stocks

Automatic Risk Calculation

Money management is a key part of trading, and you should carefully account for your position sizes.

If you backtest your strategy on MetaTrader 4 or TradingView, you'd need to calculate your risks manually.

However, with Forex Tester, you have the option to determine your risk automatically

In turn, you can concentrate more on the success rate of your strategy.

(Want to learn how to calculate risk and pip value manually? Check this article.)

Writing Notes

Notes serve as a record of your thoughts or rationale for taking a trade providing you something to reflect on periodically.

If you're testing multiple strategies in one session, adding notes will also assist you in identifying the strategy you used. 

However, note-taking is tedious and having a separate file to record it makes it even more time-consuming and confusing at the same time.

Forex Tester 4 has incorporated the capability to add notes directly on the platform, and the results of your trading sessions can be exported to Excel (including a Profit/Loss Chart).

Indicator List

Here is a table showing the list of indicators available on Forex Tester 4:

Trend Indicators


Volume Indicators




Adaptive Moving Average 2 (AMA2)

Accelerator Oscillator



FATL (Fast Adaptive Trend Line)




Market Facilitation Index

Average True Range


Bollinger Bands %b

Bollinger Bands

Average Directional Movement Index

Money Flow Index


Commodity Channel Index (CCI)


Awesome Oscillator

On Balance Volume


Elder`s Force Index


Bears Power



Engulfing Bar


Bulls Power


Fractals (B.Williams)






MACD new


Gann HiLo

HMA Colored





Polarized Fractal Efficiency (PFE)


Inside Bar

Keltner Channel

Rate of Change (ROC)



Linear Regression Channel

Price Daily Range



MA Crossover Signals

Relative Strength Index


Range bars

MA Colored

Solar Wind


Range Expansions Index

Moving Average

Trade dynamic index (TDI)



Moving Average+Levels

Williams' Percent Range


Time box

Parabolic SAR

Ultimate Oscillator


Pivot Points


Price Channel




Converting MT4 Indicators and EAs

Another key feature of Forex Tester that is advantageous for MetaTrader 4 users is the ability to convert indicators and Expert Advisors from MT4 format to the FT4 format. 

All it takes is to upload the indicator file to the FT4 platform, and it will convert it to the format suitable for it.

Testing Multiple Currencies and EAs

You can also perform backtesting on more than one currency pair on multiple timeframes.

This allows you to backtest some strategies manually while simultaneously running an automated one on other charts.

Customer Support

The website of Forex Tester 4 contains a lot of free resources and instructions to help you get started.

They also have a forum where you can find various topics ranging from troubleshooting to general questions about Forex Tester.

The response time they give to questions takes less than a day. 

They also provide a new registration key in case you want to transfer the software to another computer.

What's not to like about Forex Tester?

  • The demo version offers only one month of historical data, and you can't save your backtesting sessions.
  • It's not compatible with Mac, so Mac users can't use it unless they have a separate Windows PC, or if they create a virtual machine with Parallels Desktop or with VMWare Fusion and install Windows on it (you can find tons of resources online for you to learn how to do this correctly. But if you have issues, the Forex Tester team offers technical assistance).
  • There's also no mobile version of Forex Tester 4 so those who are looking to test they're strategies on their iPad or iPhone or Anroid devices would have to use only a desktop.
  • Historical Data is a separate purchase, but there is an option to opt-in for a lifetime data subscription so that when there's a new version of Forex Tester, you only have to purchase the latest software.

Is Forex Tester Worth It?

The answer is yes because the advantages of using Forex Tester far outweighs the cost of its license key.

Since it benefits both beginners and experienced traders in improving their overall trading experience and trading skills, which has a direct impact on profitability, Forex Tester is worth the investment.


For beginners, Forex Tester helps in getting more comfortable with placing and closing orders, understanding risk management, laying over technical strategies and studies, and navigating through trading platforms. For those who are more experienced, Forex Tester aids in fine-tuning trading systems, refining EAs, and testing out new strategies.

forex tester 4

32 thoughts on “Forex Tester Review

  1. Forex Tester has been so helpful in my Forex trading. I feel it has been one of the few most valuable softwares that has helped me to stay profitable in my trading. Because it uses 15 years of historical data, you can get accurate testing when you simulate your trades. It helps you maximize your profits. 

    I have tried other back testing softwares and this has been the most sophisticated by far. It really helped me boost my profits when trading. Thanks!

  2. I think this is one of the best tools available for those of us still trying to understand Forex Trading. If this can allow me to practice, then it is a big welcome. I like that I can control the speeds, with this, I will be able to slowly trade and see how my options are likely to turn out.

    I also like that there is available resources to help me navigate and get my answers to whatever questions I have.This eliminates fear and uncertainty especially for a beginner like me.

    Thank you for suggesting the Forex Tester. 

  3. I just recently heard about forex trading for the first time so it was nice to come across your information about a program that can help make forex trading easier and more successful. The fact that it isn’t compatible with Mac is a definite downside for me because I am a Mac user. All of the information that you give about it though makes it sound like it would be worth having a PC if forex trading ever becomes something that I want to do. Thank you for the great information.

  4. Wow! I heard quite a lot about this forex tester but I thought it was not worth it but them, having read through this review, I am convinced about the performance of this software and definitely, it is worth giving a try to. I like the fact that it can be used to backrest and to ascertain the strategy before applying them on the real chart, this would really help to reduce any form of loss as the level of putting winning stakes would be higher in the market. Great one and. I’m definitely trying it out.

  5. I dont deal forex but my brother does, it is good that one can see a platform that helps in the aspect of learning risk management because we all know that forex is all about taking calculates risks. With this platform that’ll I’ll show my brother he’ll be able to take risks that pay him. Tbis is a very useful tool that you have shown here and I’m happy they have a responding support system.

  6. Wow, this is very convincing for anyone who is willing to make success in their forex business like myself. I’ve been into forex trading for quite some time now and I seem to be getting it wrong most times. I love the quality of thus forex tester, uts ability to calculate rusk puts it way ahead of other applications I’ve tried so far. I’ll give it a try and like you said its advantages are just so good you’d overlook its disadvantages

  7. Hello there!

    It was a nice review on Forex Tester 4. While reading the review, I was feeling the lack of the software in my online business. I did not heard about FT before reading your article. Glad to see that they have updated it four times since the start. So, I believe it will be more handy and buggless.

    So, thinking to pirchase that soon 🙂

    Well, I have a query: Dont they have any Android app? 

    thanks a lot for the review.


    1. Hi Monalisha,

      Unfortunately, there’s no Android app for it yet.  But in my opinion, the screen of our phones is too tiny to backtest strategies anyway.



  8. It would be of great help for those who are in Forex Trading business especially for beginners. It’s a useful tool to practice different trading ideas.  This would most likely give you a more substantial strategy in doing this business. With Forex tester, you don’t need to learn a programming language related to specific platforms. Another thing that is great about it is that you’ll get news for Fundamental Analysis and Historical News Service so you can make forecasts closer to reality. The best part for me is the risk analysis which I think is very essential to know your next move and decision in Forex. 

  9. I am late to the investing world, as in decades late and I’m wondering if this would be good for me or if I need a real live smart person to help me get my investing on the right track since I have a short amount of time left.

    The other question I have is how much money do you need to have to start investing? I have see some sites that want a significant amount of money, and its usually more than I have to begin.

    1. Hi Rick,

      Well, let’s get one thing clear first: Trading and investing are not the same.  With currencies, it’s best to trade with a sum that you will not lose some sleep over.  With investing, try to be clear with the asset you’re looking at?  Obviously, for something like land or real estate, you’d need more money down.

  10. I’ve been looking into alternative investment strategies and forex trading is one of them but didn’t really know how to get started. This looks like exactly the kind of tool that would be really helpful in getting up and running. Thank you very much for such and informative and helpful review – I think I will have to give this a try.

  11. As from my experience, it is one of the most useful tools for traders in general , and almost the best backtesting software in particular. I`ve tried to use several backtester including free and paid ones, so I can say that this one has an optimal price/quality balance. It is quite easy to use it even for newbie, but it already has all features necessary to test a strategy or an idea. Its main advantage is the possibility to work with different timeframes simultaneosly and to change speed during testing process.

    Another important aspect to metion is the customer support team that works great, that is quite rare for product like this.

  12. For what is worth, this is really a detailed information about Forex tester and i can say that I have never heard of it before but surely, I got convinced on the potentials it offers. Made to mirror the performance on MT4, this would be the perfect testing ground before making any decisions towards taking any trades. Wow! this is really massive to know of. Thanks for sharing this.

  13. Thank you for this informative review. I was using Forex Tester when I was starting in with the trading. Back in the day, we were bombarded with Forex as a way of making extra money with little to no effort. The best thing about this program is the fact that you can not fail. You have imaginary credit and you are using the market with virtual credit. 

    That is how I learned the basics.


  14. It’s very thoughtful of you to share this information about Forex tester 4. I’m actually a beginner in Forex trading and lately, I’ve been looking out for softwares that can help me develop my abilities in the market. It’s nice to hear that it will help me improve my trading skills and also my trading experience, if this is made possible, it’s no doubt that I’ll have high chance of profitability. I’ll check Forex tester 4 out and I’m sure it’ll be of help to me. Thanks for the information, it’s really helpful.

  15. Going by everything I have read here about forex tester, I can only say that it is a very great platform that i think would really be a good add on for any trader especially the newbies to groom theirself in the knowledge of the forex market. Thanks so much for sharing this out. I will check this out ASAP

  16. I have done forex trading in its various forms over the past 10/12 years, but I gave it up about 9 months ago. One of the reasons being the frustration of coming up against the big players and the way that historical information can be used against you. If I had known about the forex tester I would have taken a really close look. Now that I have read this very well put together review I might still do that – it could be a game changer.

  17. I think this platform is specifically important for those who are just starting off in forex trading. I like the fact that you can share the important information that is contained on the platform. I am thinking of starting forex so this will be a great way for me to test the strategies I have learnt so far. Thanks.

  18. Hello, thank you for this very informative review of Forex Tester. Recently, I’m looking for the similar products that can do similar tasks for me. I do the research a period of time but I find the software is so confusing so I can’t make any decision until now. Importantly, I know nothing about that so I have to learn it from zero. You know, the related product always sees at Amazon or eBay that is so untrustable.

    Luckily I landed on your site. I can see you spend a lot of time to review it that impresses me a lot. What you write is in-depth. It saves me a lot of time. You introduce each of the functions very detail so I don’t need to research it online to find the function of them.

    After reading your post, I think I don’t need to spend more time on other software and I will definitely try it very soon. I hope it will make me earn more. Thank you so much. I believe your post has already helped many people to save their money. Please keep sharing with us.

  19. Thanks for your thorough review of the Forex Tester application. I was looking for a tool like this, so your article is very timely. Such a tool is very handy to have and use in so many ways but it can be hard to find one that really delivers as advertized based on my experiences to now.

    The Forex Tester is full-featured and has all the things I am looking for. The latest version is the one I will select based on the 18 years of historical data it includes. This was I can test out my strategies and see how they would have worked prior to me investing any real money.

    Of course, you cannit predict the future, but having the ability to test and see what the results would have been can help you tweak to take as much risk out as possible. You can then not stress out too much when real dollars are in play. There are many more positives than negatives, and I am sold on this tool. Great review, you have presented the solution I need. 

    1. Awesome to hear that Dave and you’re right about the precise use of this tool — it’s not for predicting the future.  It’s simply a tool to help you understand the performance of your strategy based on historical data.

  20. i think been able to make money at any given point in time is what every one desires and forex tester is meeting up to that realm. but then i think the beginners dont enjoy as much benefits as the experienced even if we paid. i remember i felt like i was wasting my money when i decided to upgrade immediately. overall i want to thank you for this review.

  21. Thank you for your information on Forex Tester. I did not realize the importance of this until reading your article.  I feel like this would be even bigger if they took it to the app arena but I guess for now, it is not to be.

    I believe that anything online, like trading, should have something like Forex Tester. When do you think it will be released on an app format? 

    1. Hi Brendaliz, 

      There’s no news about an app version, but we’ll let you know once there is. 🙂

  22. What an enjoyable, educational great read! I have an interest in trading this but never really knew where to begin and this looks like just what I need to ease myself into the process step by step.  The added real visual  graphs and birds eye view of various resources available is inviting. I enjoyed the various market blogs as the information in those alone taught me something new and clarified some areas I was foggy in. Trading can be a true monster but it can also be a delight. I’m glad I came across this information.

  23. The Forex Tester seems to have your approval for a learning platform.  Is this one you have used?  As you build a history, on the platform and it compares your statics to give you an idea of how to use the learning tool to improve, is there a level you should get to start actually trading?  

    The Demo of a free month sounds good as it is free, but my past dabbling into the market makes me know that it takes longer than a month to get a clear understanding of how to be in the market.   So with this in mind, would you recommend the free month to get a feel before buying the Forex Tester at $269?  Would it make the whole process go faster, or slow it down?

    Thanks for the information about the tools to learn to trade in the market.  

    1. Hi Sami,

      Thanks so much for your comment. 

      Yes, it wouldn’t have our approval if we haven’t used it ourselves. 

      About your question regarding a specific level you need to attain, we think that regardless of how confident you become with trading, backtesting is an indispensable practice when you’re tweaking or testing a new strategy.

      Agree. It takes more than a month to understand the market, but if you’re really looking to speed up your learning then the best choice wouldn’t be the free version.

      In case, you’re interested in something that’s completely free, we listed three alternative options in this post: Best Forex Backtesting Software For Beginners

  24. Hello there! this is an amazing review you have got here. I am very sure the quality informations here will be of great help to anyone who come across it. For discretionary traders, the ability to replay price action is important. And Forex Tester does this well. Though I’m still in the trial stage but I love it!

  25. helllooo Intellinvestors Team, thanks alot for sharing such an amazing content with us all, i was actually doing some research online when i saw these post, i really want to commend your effort in bringing up these article together, i reallly do fancy these post alot, i already saved these post so as to come back for future referencing

Leave a Reply

Your email address will not be published. Required fields are marked *