As a trader, you’ve most likely already heard of backtesting. You might also backtest on a regular basis as a professional trader. Backtesting trading strategies allows you to apply them to historical market data and see how they perform. It is like practicing before a big fight. So, while its cruciality is undeniable, you might need a Forex backtesting software tool to test your strategy. In this article, we provide an in-depth review of the Soft4Fx Forex simulator, one of the best backtesting software tools available in 2024.
In this Soft4Fx review, we undertake a comprehensive exploration of the Soft4Fx simulator. We will delve into its features, usability, pricing, and overall suitability for traders of all levels. Most importantly, we will compare Soft4Fx to some of the best tools available for backtesting forex strategies. So, you will be able to judge how the Soft4Fx Forex simulator compares to other top Forex backtesters.
Read More: Exploring The Best Forex Backtesting Software Tools in 2024
What Is the Soft4FX Forex Simulator?
The Soft4Fx Forex simulator is a powerful Forex backtesting software. It helps traders improve their performance by backtesting trading strategies. Soft4Fx lets you simulate real-time forex trading using historical market data. It functions as a manual backtesting software that easily integrates with the MetaTrader 4 (MT4) platform. The software offers a range of features for traders to easily backtest trading strategies, analyze their performance, and find weaknesses or strengths.
Read More: CoinDCX Review 2024: The Best Crypto Exchange in India?
One of the key benefits of using Soft4Fx Forex Simulator is its ability to replicate market conditions. It allows traders to execute trades as they would in live markets. This feature makes it an ideal training ground for novice and experienced traders. The software also allows users to adjust the speed of the simulation, enabling them to focus on more important periods of time and save a significant amount of time compared to demo trading and other forms of paper trading.
Moreover, Soft4Fx provides access to current economic news releases, which can be displayed on charts and filtered by importance and currency. This is a highly valuable feature who want to backtest trading strategies in real situations.
Read More: Quotex Review 2024: How to Trade on the Quotex App?
Soft4Fx Forex Simulator Features
Soft4Fx offers comprehensive features to enhance the backtesting experience for traders of all levels. From simulating trading pairs to advanced risk management tools, here’s an overview of Soft4Fx’s key features.
Simulating Trading Pairs
Traders can simulate over 60 trading pairs. These include majors, minors, and exotic forex pairs. Additionally, Soft4Fx now includes stocks, indices, Bitcoin, and Ethereum as viable trading options. This provides a wide range of choices for backtesting trading strategies on various asset classes.
Importing Historical Data
Soft4Fx forex simulator lets users import historical data from sources like Dukascopy directly into the platform. This feature creates trading simulations that closely mimic real-life market conditions. Thus, traders can make informed decisions based on valid historical price movements.
Multiple Time Frames and Chart Types
With the Soft4Fx Forex simulator, traders can use multiple time frames and chart types simultaneously. Whether it’s analyzing short-term trends or long-term patterns, users can customize their charts to suit their preferences.
Economic Calendar Integration
The Soft4Fx simulator integrates an economic calendar directly into the Forex backtesting software. This provides insights into the impact of fundamental factors on trades. You can track economic events over the years and improve your understanding of market dynamics.
Saving and Loading Simulations
Users can save their Forex backtesting sessions within the Soft4Fx simulator. So, they can resume backtesting Forex strategies at any time. This feature allows traders to experiment with different strategies and scenarios while maintaining continuity in their analysis.
Speed Control and Rewind Function
The Soft4Fx Forex simulator also offers speed control functionality. Traders can adjust the speed of market movements during backtesting. Additionally, the rewind function lets users revisit specific moments in time. This allows detailed analysis of trade setups and outcomes.
Risk Management Panel
The risk management panel in the Soft4Fx simulator simplifies the process of entering trades by allowing percentage and pips calculations. Traders can effectively manage their risk exposure and optimize their position sizing while backtesting trading strategies.
Exporting Trading Data to Excel
The Soft4Fx backtesting software allows users to export their simulation data to Excel with a single click. This feature provides traders with the flexibility to perform in-depth analysis and generate customized reports to evaluate their trading performance.
Advanced Metrics and Statistics
During and after a simulation, Soft4Fx provides access to a wide range of metrics and statistics, including balance, equity, profit factor, and more. These insights empower traders to fine-tune their strategies and improve their overall trading performance.
Lifetime Updates
Users of the Forex simulator Soft4Fx receive lifetime updates. They will have access to the latest features and improvements. This commitment to ongoing development reflects Soft4Fx’s dedication to providing traders with arguably the best forex backtesting software.
Read More: vfxAlert Review: The Best Binary Options Signals in 2024?
Soft4Fx Forex Simulator Benefits and Drawbacks
Just like any Forex backtesting software, the Soft4Fx simulator has its fair share of pros and cons. Here are the most prominent benefits and drawbacks of using the Soft4Fx Forex simulator:
Benefits of Using Soft4Fx
Comprehensive Backtesting Software: Soft4Fx allows traders to thoroughly backtest their trading strategies using historical market data. Therefore, they can easily assess the effectiveness of their Forex trading strategies in various market conditions before risking real capital.
Realistic Simulation: The Soft4Fx forex simulator provides a realistic simulation of market conditions. So, traders can experience the dynamics of live trading without the associated risks. This helps them gain valuable experience and confidence in their strategies.
User-Friendly Interface: Soft4Fx features an intuitive and user-friendly interface. It is accessible to traders of all skill levels. The backtesting Forex software is easy to navigate, allowing traders to focus on backtesting trading strategies rather than struggling with software complexities.
Customization Options: Traders can customize their backtesting parameters using the Forex simulator Soft4Fx. These include trading pairs, timeframes, and chart types. They can create an environment suited to their specific preferences. This flexibility of the Soft4Fx simulator allows traders to create backtesting sessions similar to actual trading conditions.
Lifetime Updates: The Soft4Fx Forex simulator software offers lifetime updates to its users. Traders will have access to the latest features and improvements. This commitment to continuous development improves the Forex backtesting software’s value and longevity.
Drawbacks of Using Soft4Fx
Limited Historical Data: While the Forex backtesting software provides access to historical market data, the Soft4Fx free demo version limits the amount of data available. Traders may need to pay the full Soft4Fx price to access more extensive historical data.
Platform Dependency: Soft4Fx operates as an Expert Advisor (EA) within the MetaTrader 4 platform. This means traders must use Soft4Fx MT4 expert for backtesting trading strategies. This dependency on a specific trading platform may be a drawback for traders who prefer other platforms.
Soft4Fx Lifetime License Price: While the lifetime license option offers excellent value for long-term users, the initial Soft4Fx price of $109 plus VAT may be too much for some traders. This is especially true for those on a tight budget or in relatively poor countries. You can also find Soft4Fx coupons to reduce costs.
Lack of Advanced Features: Compared to some other tools, the Soft4Fx Forex simulator may lack certain advanced features and analytics tools. Traders who require more sophisticated analysis capabilities may find the Forex backtesting software somewhat limited in this regard.
Read More: Automate Your Binary Options Trading with MT2Trading
Read More: Binarium Review 2024: What Is Binarium and How to Register?
Soft4FX Forex Simulator Pricing
While you might prefer using the Soft4FX free demo, acquiring the Soft4Fx full version comes with its perks. Take a look at the table below to find out the Soft4Fx full version’s features and pricing:
| Pricing Plan | Soft4Fx Simulator Free Demo | Soft4Fx Lifetime License |
|---|---|---|
| Features | – Only 5 trades per simulation – Only 2 sample years of data – No saving/loading | – For 1 user – For 2 Metatrader accounts – All features – One-time payment – Free updates – Unlimited trading – 10+ years of tick data – 14-day money-back guarantee |
| Price | Free | $109 one-time payment |
Is Soft4Fx the Best Forex Backtesting Software?
When comparing the Soft4Fx Forex simulator to other top Forex backtesting software tools, several factors come into play. Soft4Fx distinguishes itself with its lightweight design, seamless integration with MetaTrader 4, and comprehensive feature set.
While competitors may offer more elaborate interfaces or additional gimmicks, the Forex simulator Soft4Fx focuses on providing essential tools for effective backtesting without unnecessary distractions. Ultimately, the suitability of Soft4Fx depends on the individual trader’s preferences and requirements. Take a look at the comparison table below for more details:
| Software | Pros | Cons | Best Plan’s Price |
|---|---|---|---|
| Soft4FX | + Affordable+ Easy to use+ Supports multiple assets+ Dual license for two secondary computers | – Clunky interface- Minimal reporting and analytics- Only available for Windows | $109 + VAT one-time payment |
| FX Replay | + Easy to use+ Lots of tools+ User-friendly design | – Limited to 14 currency pairs/instruments- Only one pair/instrument per backtesting session- Up to 5 indicators per session- No custom indicator support- Limited to TradingView platform | $35 per month |
| Forex Tester 5 | + Versatile timeframe testing+ Realistic market replay+ Built-in optimizer | – Occasional bugs affecting performance- Lack of comprehensive reporting system- strategy optimizer may not be as useful for manual traders | $1080 one-time payment |
| TraderEdge | + Powerful backtesting and analysis tools+ Customizable indicators and strategies | – Requires Learning curve for manual backtesting- Less well-known, with limited resources and support- May not be as user-friendly for beginners | $44 per month |
| Tradewell | + Comprehensive backtesting and analysis tools+ User-friendly interface+ Customizable indicators and strategies | + Doesn’t support backtesting entry and exit conditions involving multiple indicators+ confusing user interface | $60 per month |
Read More: TraderEdge Review 2024: The Most Affordable Backtesting Software
Soft4FX Reviews and User Feedback
Users on Trustpilot have mixed opinions about the Soft4FX Forex simulator. The most common complaints about Soft4FX on Trustpilot are related to the clunky interface and minimal reporting and analytics. Some users have also expressed frustration with the fact that Soft4FX is only available for Windows. However, it is important to note that there are also positive reviews of the software on Trustpilot, with users praising its affordability and ease of use.
On the other hand, positive reviews of the Forex simulator Soft4FX on Trustpilot are related to its affordability, ease of use, and ability to enhance trading experience. Some users have praised the software for its ability to save time and effort in testing strategies, while others have appreciated the dual license for two secondary computers. Additionally, some users have found the software to be a valuable tool for improving their trading skills.
Overall, the reviews on Trustpilot suggest that Soft4FX may be a useful tool for some traders, but it may not be the best fit for everyone. Therefore, you can try the Soft4Fx free demo before purchasing the lifetime license.
Read More: Pocket Option Review 2024: Everything You Need to Know
Conclusion
As a Forex trader, backtesting trading strategies is essential. In this article, we provided a detailed Soft4Fx review. The Soft4Fx Forex simulator platform is one of the best backtesting software tools available. It offers an easy-to-use interface and access to various asset classes.
Moreover, the Soft4Fx price is relatively cheaper than other popular Forex backtesting software tools. At $109 for a lifetime license, the Soft4Fx full version is the most budget-friendly option you have. Yet, you can use the Soft4Fx simulator free demo to test if the platform is truly an answer to your needs.
Click on the button below to try the Soft4Fx free demo:
FAQ
Is Soft4FX free download available?
Yes, Soft4FX free download is possible for those using the free demo version of the Forex backtester. This is very beneficial for traders as they can test before purchasing the Soft4Fx full version.
Is there an accessible version of the Soft4Fx forex simulator MT5?
No. The Soft4Fx MT5 version is not available. The Soft4FX Forex simulator is primarily designed to work with the MetaTrader 4 (MT4) platform. So, it is not possible to use Soft4Fx for MT5.
Is a Soft4Fx Mac version available?
No. There is still no Soft4Fx Mac version. The Soft4FX Forex simulator is currently available for Windows operating systems and may not be directly compatible with Mac.
What is the price of the Soft4Fx Forex Simulator?
Soft4Fx Price for lifetime access is $109 (one-time payment). It offers traders a cost-effective solution for backtesting forex trading strategies.
Where can I download the Soft4Fx Forex Simulator?
You can simply use the Soft4Fx download page by searching the term “Soft4Fx download” on your browser. Meanwhile, you can also click on the Soft4Fx download button below to navigate to the webpage.
Read More: Binary Options Beginner’s Guide: How To Make a Fortune?
