Free Forex Trading Tools: A Comprehensive Review

Are you tired of spending money on expensive forex trading tools? Luckily, there are numerous free tools available that can help traders remain ahead of the game. These tools can assist traders in their analysis, risk management, and decision-making abilities.

In this comprehensive review, we will explore the best free forex trading tools available in the market today.

Free Charting Software

When it comes to trading, charts are an essential part of the decision-making process. Free charting software is available for traders who want to keep track of the price movements of the forex pair they are interested in. Here are three of the best free forex charting software options available:


TradingView is an advanced charting software that is free to use and includes an extensive range of features. Some of the features include technical analysis indicators, drawing tools, and a range of charting styles. With TradingView, traders can easily customize their charts to suit their specific trading styles.


MetaTrader 4, also known as MT4, is the most widely used forex charting software in the world. The software provides traders with access to live pricing, trade execution, automated trading feature, and a range of technical indicators. Furthermore, both Windows and Mac computers support MT4.


NetDania is a well-known mobile application software for forex charting. NetDania offers unlimited free access to live forex rates, charts, and daily news. Traders can also set price alerts and receive the latest news in real-time from various news sources.

Forex News and Analysis Tools

Successful forex traders must be up-to-date with the latest news and market analysis. Several free forex news and analysis tools are available to help traders stay informed and knowledgeable. Here are three of the best forex news and analysis tools:

DailyFX News App

The DailyFX News App is a free mobile application that provides traders with up-to-date forex news and analysis. The application covers options, futures, forex, and currency news in-depth. The app also includes breaking news alerts, live trading signals, and expert market insights.


ForexFactory is an active forum for traders to share their ideas, analysis, and predictions. The website includes an economic calendar, trading lessons, and live trading discussion. Traders can also follow the activities of other traders and copy their trades using mirror trading strategies. is a popular website that provides a vast range of analysis and news from the forex market. The website has an economic calendar, technical analysis tools, news feeds, and a variety of charting tools.

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Forex Backtesting Software

Forex backtesting software enables traders to test their strategies against historical data to analyze the performance of their trading system. The following are some of the best free forex backtesting software available.

MetaTrader 4 Strategy Tester

MetaTrader 4 Strategy Tester is an integral component of the MT4 trading platform that allows traders to backtest their strategies continually. Through Strategy Tester, traders can evaluate their strategies and adjust them to reduce the risks involved.

Forex Tester

Forex Tester is an offline software that has a free trial version. With Forex Tester, traders can test their strategies based on multiple currencies and time frames without risking real money. Forex Tester also provides real-time market analysis tools.

TradingView Replay

TradingView Replay is an exciting feature that allows traders to replay the market movements and practices their strategies using historical data. The software includes a range of tools such as autoplay to fast forward to a specific date, adjustable playback speed, and dual charts for comparison purposes.

Forex Calculators

Forex calculators are essential tools that help traders make accurate calculations when trading. These calculators can help traders reduce the risk of their trades, manage their positions, and generate profit projections. Here are some of the best forex calculators:

Myfxbook Position Size Calculator

Myfxbook Position Size Calculator is an essential tool that helps traders calculate the volume of position size required when trading specific forex pairs. The calculator has an intuitive interface, and it is easy to use, making it ideal for novice traders.

Babypips Margin Calculator

The Babypips Margin Calculator helps traders calculate the margin requirements for opening trades in the forex market. The software factors in the pair, lot size, and leverage input to provide accurate margin requirements.

XM Currency Converter

XM Currency Converter is an online tool that provides traders with real-time currency conversion rates. The software includes a wide range of currency pairs, and traders can quickly convert between two currencies or multiple currencies simultaneously.

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Trading Journals

Keeping a trading journal is vital for any serious forex trader. A trading journal acts as a record of trades, and it helps traders evaluate their performance. Here are some of the best free trading journals available:


Edgewonk is a free, intuitive software tailor-made for traders to analyze their trades and improve their performance. The software enables traders to analyze all aspects of their trading, including entry and exit points, risk management, and money management.

TJS Trading Journal Spreadsheet

The TJS Trading Journal Spreadsheet is a customizable tool that traders can use to track their trades, analyze their performance, and identify areas for improvement. The software includes a trader's diary, trade expectation, and performance summary to give traders a 360-degree view of their career in forex trading.

TradingDiary Pro

TradingDiary Pro is ideal for active traders who want to track multiple portfolios, accounts, and strategies. The tool includes profit & loss analysis, charting tools, and a trade plan. Furthermore, traders can import trades from various brokers and analyze them centrally in the TradingDiary Pro dashboard.


In conclusion, free forex trading tools are essential to both experienced and novice traders who want to succeed in the forex market. Free charting software, forex news and analysis tools, forex backtesting software, forex calculators, and trading journals are just some of the best free forex trading tools available today. These tools offer traders a competitive advantage in the market without having to pay substantial amounts of money.

Remember, successful forex traders never stop learning, and the free forex trading tools listed in this review will enable traders to become successful long-term investors.