If you’re not sure about paying for FX Replay or you’re already a user and are looking for something different, then this short list will show you the best alternatives that may suit your needs better.
I’ve been using and reviewing trading software since 2007 and my goal is to give you the best FX Replay alternatives based on my experience, and help prevent you from wasting your money on inferior products.
I’ll provide both free and paid options.
Alright, let’s get into it…
The Bottom Line
If you just want a summary of the details below, here are my picks for the best free and paid alternatives.
Best Free
I’ve used MetaTrader since 2007 and it’s the best free option for Forex traders who don’t want to pay for software. Here’s how it compares to FX Replay.
- Totally free software
- Free historical data
- Manual backtesting is slow because you have to use a spreadsheet
- Easy to use interface
- Works best on Windows, but can be used on Mac and Linux via VM
Best Paid
NakedMarkets was launched in 2021 and has become one of the best backtesting software solutions for Forex traders. This is how it stacks up.
- One-time cost, no subscription fee
- Updated historical data included, no subscription fee
- Fastest backtesting solution, with drag-and-drop, no-code Rules, for partial or fully automated backtesting
- Superior analytics tools
- Works best on Windows, but can be used on Mac and Linux via VM
If you want more details, here’s what you need to know about each alternative.
Paid FX Replay Alternatives
There are many paid backtesting solutions for Forex traders.
I’ve filtered the list down to these 3 finalists.
Before I get started, you might be wondering why TradingView isn’t on this list.
Since FX Replay adds features on top of the TradingView chart interface, I won’t include TradingView on this list. FX Replay provides a lot more manual backtesting benefits compared to TradingView, so there’s no need to list TradingView.
NakedMarkets (Best Paid FX Replay Alternative)
NakedMarkets is my favorite manual and automated backtesting software.
It’s a much better choice than FX Replay.
The primary benefits are a one-time fee, superior analytics and the ability to build automated backtests without any coding knowledge.
You can read my complete review of NakedMarkets here.
Benefits Comparison
- One-time cost, no subscription fee
- Updated historical data included, no subscription fee
- Fastest backtesting solution, with drag-and-drop, no-code Rules, for partial or fully automated backtesting and strategy development
- Best analytics tools of any software on this list
- New features in the pipeline, including the ability to export strategies to MetaTrader EA format
- Easy to use interface
Downsides Comparison
- Not browser based
- Windows based or Mac/Linux via VM
Learn more about NakedMarkets here.
Forex Tester
Forex Tester is not quite as good as NakedMarkets, but it’s still a very solid choice.
I’ve used it for a long time and only switched to NakedMarkets recently.
In terms of how it compares to FX Replay, here’s what you need to know.
Benefits Comparison
- One-time software cost
- Relatively inexpensive
- Ability to backtest MetaTrader EAs
- Easy to use interface
Downsides Comparison
- Historical data subscription is paid
- Not browser based
- Windows based or Mac/Linux via VM
Soft4FX
I’m not a fan of Soft4FX, but it does fill a legitimate niche on this list.
I have purchased and used it in the past.
This is a plugin for MT4 and MT5 that will turn these platforms into manual backtesting software platforms.
Here’s how it compares.
Benefits Comparison
- Low, one-time cost
- You get free data from your MetaTrader feed
Downsides Comparison
- A little confusing to install and use
- No browser option, might not work with a VM
- FX Replay has slightly better reporting
Free FX Replay Alternatives
It’s actually a close call in the free department.
These 2 platforms both have their benefits and downsides, but after some careful consideration, here’s the one I would use if I was going to go the free route.
MetaTrader 4 or 5 (Best Free FX Replay Alternative)
These platforms are very similar, so I’ll include them together.
MT4 has more custom indicators and EA available, but MT5 is a newer platform and can be used to trade more markets.
Pick the one that you like better.
For manual backtesting purposes, they are equal.
Benefits Comparison
- Free data software
- Free historical data
- Many custom indicators and EAs available online
Downsides Comparison
- Much slower backtesting than FX Replay because you need to use a spreadsheet
- No built-in stat tracking and analysis
- Not quite as easy to use
- Not browser based, Windows is best
Traders Gym in ThinkTrader
Traders Gym is a free backtesting software that I’ve featured a couple of times on my YouTube channel.
It’s a decent free solution because it has more built-in backtesting features than MetaTrader.
But it does have some limitations that makes MetaTrader a better choice.
You can learn how to use it in this tutorial.
Here’s how it compares to FX Replay.
Benefits Comparison
- Free software
- Free data
Downsides Comparison
- Pauses often when it loses internet connection
- Not as many markets available
- Interface is not as intuitive as FX Replay
- A little clunky to use
- Not browser based
FX Replay Review
If you haven’t checked out FX Replay yet, here’s my summary review of the software and what I think of it.
Full disclosure, I’ve only tried the free version, but I have also researched it extensively.
I’ve been doing this long enough that I know what to look for.
Based on my analysis and previous experience with backtesting software, I didn’t see any reason to switch from what I currently use.
Benefits
- Available on any computer via a browser. No clunky software to install.
- They use TradingView charts, which are the best browser-based trading charts on the planet.
- The platform provides additional backtesting upgrades on top of the benefits of TradingView charts.
- Custom indicators are available, some of which are not available on other platforms.
- Wide range of markets available.
Downsides
- It is a subscription service, so if you ever decide to switch platforms, you’ll lose your backtesting data.
- Limited analysis metrics.
- No automation tools.
- The interface is a little too simple, not enough features.
Final Thoughts
So those are the best options if you’re looking for backtesting software that’s an alternative to FX Replay.
Based on my extensive research of the product, it doesn’t have the same benefits of the paid alternatives on this list.
However, I’m sure that they will be adding new features into the future, so I look forward to seeing what they come up with.
Keep in mind that technology can change quickly, so my analysis is based on the information available at the time this was written.
Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in.
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