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Best Free Forex Backtesting Software

Thabiso | Co-Founder Avatar

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Best Free Forex Backtesting Tools

When it comes to Forex trading, one of the most effective ways to improve your strategies and build confidence is by backtesting. Backtesting allows traders to simulate past market conditions and test their strategies without risking real money. There are tons of tools offering backtesting for algorithms or EAs then it’s hard to get manual Forex backtesting softwares.

Fortunately, with a lot of research and testing, I have found some excellent free tools available for manual backtesting that offer chart bar replay functionalities.

In this guide, we’ll explore the top five tools and analyze what makes them the best options for traders.

What Is Forex Backtesting?

Forex backtesting is the process of applying a trading strategy to historical data to evaluate its effectiveness. By analyzing how a strategy would have performed in the past, traders can identify potential flaws, optimize their techniques, and gain confidence in their approach.

This simulation helps traders avoid making costly mistakes in real trading scenarios, as they can refine their strategies under simulated market conditions.

Why Is Backtesting Important for Forex Traders?

Backtesting offers several advantages:

  • Improve your risk management
  • Helps fine-tune your strategy
  • Increased confidence
  • Boost your market understanding

Forex backtesting is more than a simulation exercise. It’s a trader’s tool for learning how to interpret market behavior and refine strategies for different conditions.

Top 5 Forex Backtesting Tools

Tool
Features
Ratings
Price
fxreply round logo
FxReply
  • Free bar replay
  • Trade execution
  • Advanced analytics
  • Build in indicators
5star
Free
TradingView Round Logo
TradingView
  • Bar replay
  • Custom/community indicators
  • Charts templates
5star
Trial
Traders Casa Round Logo
TradersCasa
  • Free bar replay
  • Trade execution
  • Advanced reports
  • Built-in journaling
4 star
Free
GoCharting logos round
GoCharting
  • Free bar replay
  • Trade execution
4 star
Free
exness round coner logo
Exness
  • Free Backtesting
4 star
Free

1. FxReply

FxReply is my top pick for free Forex backtesting tools. This software stands out because of its simplicity and Its UI is almost 100% similar to TraddingView, making it suitable for people like me who use TradingView for daily analysis.

FxReply Forex Backtesting Software

These 4 real reasons why FxReply is better than Tradingview even though it’s using the TradingView charting framework.

FxReply Features

  • Backtesting For Free
  • Trade Execution While Backtesting
  • Build in Journaling
  • FxReply Custom Indicators
  • No Historical Data Limit
  • Advance Backtesting Results Analytics
  • Strategy Listing

FxReply is by far the best software with bar reply, for backtesting your trading strategy. You will also get to use their custom build indicators for free, one that I mostly use is the Inside bar and session separator, without them my backtesting will take forever.

2. TradingView

‘TradingView is the goat of trading, its charting framework is used by most trading platforms. All the backtesting software in this top 5 list users TradingView charting engine but being too big comes with shortfalls since they are not only focusing on backtesting so it’s understood that they are not the best in that category.

TradingView Bar Reply

TradingView Bar Reply Features

  • 30 Days Free Trial
  • Import Your Own Custom Indicator
  • Get Access To Community Indicators
  • Create Templates For Tools
  • Save and Create Folders Of Your Analysis

Even though TradingView has a free version of Bar Reply it’s just not usable for most since you are only allowed to backtest from 1D upwards. The one feature that started out on TradingView is creating templates for your tools, which is no longer available from FxReply on the free version

3. TradersCasa

TradersCasa is another backtesting software that uses the TradingView charts system, it offers features that are similar to FxReply. But they have their shortfall compared to FxReply.

TradersCasa Forex Backtesting Software

TradersCasa Features

  • Free Backtesting
  • Trade Execution While Backtesting
  • Build in Journaling
  • Advance Report
  • No Historical Data Feed Limit

At first glance, you might think TradersCasa is similar to FxReply but that’s quest not true. First, the free version on TradersCasa has Ads, They currently don’t have custom indicators.

The ads are really a deal breaker since they are popup ads filling almost full screen and have to wait a few minutes before continuing backtesting, other than that they offer great features just for free.

4. GoCharting

GoCharting Is a bit confusing to get around, non the less they offer a free backtesting bar reply using the TradiView chart engine but with some custom modifications.

GoCharting Forex Backtesting Software

GoCharting Fetures

  • Free Backtesting
  • Trade Execution While Backtesting

Gocharting is trying but the UI is very confusing and I don’t understand why are they trying to change the TradingView default UI that’s just a deal breaker for me since I want to use a platform that is similar to what I user form my daily analysis.

similar to TradeCasa, GoCharting does not have custom-build indicators, They also have ads but their ads are not as annoying as the ones in TradeCasa. They also have a historical data limit for the free plan.

5. Exness Terminal

Exness terminal is totally unusable for me which is why I have put it on last, although they are better compared to other free backtesting tools like JForex4 and Ctrader which they are using different charting engines and is confusing for beginners.

Exness Forex Backtesting Software

Exness uses the TradingView chart engine but lacks most features that are found in FxReply, TradingView Bar Reply, TradeCasa, and GoCharting.

Exness Terminal Features

  • Free Backtesting

I would say that the only feature they have is “Free Backtesting” Other than that they are completely missing a lot of features.

What Exness Terminal Dont Have:

  • Dont Have Trade Execution During Bar Reply
  • Limited Historical Data Feed
  • Limited To 1 Time Frame During Backtesting
  • No Option To Change Your Time Zone

For me what Exness Terminal doesn’t offer is just a No No, especially changing timeframes during the backtesting is the one thing a backtesting software should at least offer.

What to Look for in a Forex Backtesting Software

Selecting the right Forex backtesting software is important for optimizing your trading strategies and ensuring consistent results that is why a TradingView Based Chart framework is a requirement for me because I use TradingView for my daily analysis in Live Trading.

With so many different tools available, understanding which features matter most for your strategy can help you choose a platform that fits your needs.

Below are the essential factors to consider when evaluating a Forex backtesting tool.

  • TradingView Chart Framework
  • Trade Execution During Backtesting
  • Unlimited Access to Historical Data
  • Multi-Timeframe Access During Backtesting
  • Advanced Backtesting Analytics
  • Custom Indicators
  • No or Few Ads

As you can see from this list Exness Terminal doesn’t fit well with my requirements, which is why am never using Exeness Terminal for backtesting.

Conclusion

FxReply takes the crown as the best free backtesting software for its powerful combination of features, including trade execution, custom indicators, and advanced analytics, all available for free.

While TradingView remains the goat in charting platform, its backtesting capabilities in the free version are limited compared to FxReply


FAQ

FAQs About Free Forex Backtesting Tools

What makes FxReply the best Forex backtesting tool?
FxReply is the best because it uses 100% TradingView-like UI, making it familiar to TradingView users, while offering features that TradingView lacks.
Can I use TradingView to backtest Forex for free?
Yes, TradingView offers a free plan with bar replay functionality. However, it’s limited to daily (1D) timeframes and lacks features like trade execution during backtesting and detailed analytics, which are essential for optimizing strategies.
Why does TradersCasa rank below FxReply?
While TradersCasa offers similar features to FxReply, such as free backtesting, journaling, and no historical data limits, it falls short due to annoying popup ads and the absence of custom indicators.
Is GoCharting a good choice for Forex backtesting?
GoCharting provides free backtesting and supports trade execution, but its heavily modified UI is confusing.
Why is Exness Terminal not recommended for serious backtesting?
Exness Terminal has significant drawbacks, including a lack of key features like trade execution, timeframe switching during backtesting, and time zone adjustments. These limitations make it unsuitable for Forex backtesting, though it does offer free bar replay.

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