breaking news ForexTester Software Review – Benzinga
Forex Testing Software Reviews at a Glance
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. The ForexTester software also has a crypto tester for those who want to try their hand at crypto trading. Backtesting software helps traders hone their skills before putting funds at risk.
Data is uploaded directly to the ForexTester platform, so you don’t need an internet connection to run forex backtesting. This means you can practice your strategies anywhere and anytime. ForexTester offers users access to 10 popular forex strategies, so you can start the show on the go and start practicing as soon as you sign up.
Users can choose one of three packages Basic, Standard and Super. If you are unsure, you can test the software for free before committing. The test has limitations, but it will give you a good idea of how the system works. On the test version, you can use the software but with one month’s historical data, only the ability to run a single simulation for an hour at a time, and no ability to save or load projects. The full subscription version offers much more.
How Forex Tester Simulator Works
The trading simulator is easy to use and works as follows.
- Choose a historical period to run your forex backtesting
- Take a close look at prevailing market conditions during the period
- Select a currency pair
- Open a business
- Analyze results by looking forward and backward in time
- Simultaneously test multiple currencies over multiple time frames to see how they compare
- Run detailed statistics to compare different strategic outcomes
You set the spreads, leverage and lot size so you can test real scenarios before committing your money to the strategy. If you subscribe to Super ForexTester 5, you can also set floating spreads to ensure that you are simulating the circumstances as they exist.
You can download automated strategies and use the AI backtesting software to optimize your trading plans.
The platform provides users with access to historical news archives and drawing tools. If you subscribe to the Basic plan, you will have access to 18 symbols compared to the 860 that include the exotics available on the Super version. Super ForexTester 5 package subscribers can also use tick data and floating spreads. Super users can practice trading commodities, metals, stocks, futures and indices as well as forex.
ForexTester logs all transactions so you can use the records for further analysis. You can also export all your records to a spreadsheet if you prefer to use Excel tools for further investigation.
ForexTester offers multilingual customer support. You can expect phone support in English, Spanish, Japanese or Russian. There are also online chat facilities and an email address to log queries. In the community forum, users can interact with each other. Users also have access to TeamViewer for real-time issue resolution.
Your personal information is safe on the ForexTester site. ForexTester servers are protected using Secure Sockets Layer (SSL) technology. All data is encrypted before passing through payment gateways. ForexTester does not store any personal payment information on its servers.
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, reducing license and subscription fees. Claim a special 10% discount now with your BENZ23 coupon.
The basic package is free. If you upgrade to the Standard or Super plan, you can pay monthly, annually, or with a single lifetime subscription.
ForexTester offers a 14 day money back guarantee.
Integration is simple and takes a few moments.
The ForexTester platform is intuitive and easy to navigate. If you are familiar with the MetaTrader4 or 5 platforms, you will quickly get used to using ForexTester as the screens are similar. You can access the software in 16 languages.
ForexTester offers many 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 brokerage platforms like MT4 and Forex.com offer demo accounts for traders, allowing users to test their trading skills. Demo accounts usually have an expiration date or require you to hold an amount in your account if you want to use the demo. Some charge inactivity fees. Demo accounts do not offer the full range of tools that you will receive with ForexTester. Web-based social trading platforms like Tradingview also allow users to access trade backtesting.
ForexTester offers traders of 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 test multiple currencies in different timeframes, thereby gaining insights for future trades.
Users can upload backtests to a spreadsheet and use projects to save related tests for easy reference. Traders can hone their skills without risking funds and then find a reputable broker to start trading on a brokerage platform.
ForexTester provides users with educational tools and fast, responsive customer service in a secure environment.
Frequently Asked Questions
Is ForexTester worth it?
ForexTester worth it if you are serious about forex trading and don’t want to risk your money until you have tried and tested your trading strategies.
ForexTester is a forex backtester and stock market simulator.