Which Backtesting Software is Best for Systematic Traders?

Wealth-Lab VS MetaTrader 5: Which Trading Software is the Best? - Table of Contents

Wealth-Lab VS MetaTrader 5: Comparing Backtesting Software for Systematic Trading

If you’re serious about systematic trading and want deeper control over strategy development, portfolio-level backtesting, and advanced scripting, Wealth-Lab is the better backtesting software. MetaTrader 5 shines for automated execution in forex and CFDs, but its strategy testing is more limited for equity traders.

If you’re frustrated by inconsistency in your trading and tired of jumping between tools that don’t quite fit, then keep reading. This detailed breakdown will help you make a clear decision and take a step closer to becoming a confident, rules-based trader.

Wealth-Lab VS MetaTrader 5 at a Glance:

Short on time? Here’s how Wealth-Lab VS MetaTrader 5 compare side by side.

Feature	Wealth-Lab	MetaTrader 5
Operating System	Windows only	Windows, Mac (via Wine/VM), Web, Mobile
Broker Integration	IB, Tradier, Alpaca, Kraken (via plugins)	Broker-native execution, especially for forex
Programming	C# (.NET), drag-and-drop	MQL5 (C-like scripting)
Backtesting	Multi-strategy, portfolio-level	Single-symbol, strategy tester
Charting	Advanced interactive charts	Basic for equities, good for forex
Cost	~$39.95/month	Free via brokers
Optimization	Walk-forward, Monte Carlo	Basic parameter optimization
Ideal For	Systematic stock/ETF/crypto traders	Forex and CFD traders, autotrading

Platform Overview, Cost & Compatibility

Wealth-Lab is a Windows-only desktop platform that targets system developers who want flexibility, control, and speed. While it doesn’t run natively on Mac, it can work through Parallels or Bootcamp. Wine is technically possible but not recommended due to stability issues.

MetaTrader 5 offers broader access: Windows, macOS (via Wine or VM), browser-based access, and mobile apps. It’s free through most brokers, which is appealing for cost-conscious traders, but that convenience comes with limits.

If your goal is deep backtesting and strategy development, Wealth-Lab is purpose-built. If you prioritize broker-native execution and access across devices, MetaTrader 5 might win the convenience war.

Wealth-Lab Main View:

MetaTrader 5 Main View:

Market Access & Data Support in Wealth-Lab VS MetaTrader 5

Wealth-Lab supports equities, ETFs, crypto, and forex via integrated data feeds or plug-ins (e.g., Norgate, Kraken, Binance, IB). It’s versatile and suits traders who want access to different asset classes and data providers.

MetaTrader 5 is dominant in forex and CFDs. Most of its data comes from brokers, which can limit historical depth and quality. You won’t find deep equities support unless your broker provides it.

Systematic traders who want clean, point-in-time stock data and rich historical depth will find Wealth-Lab far more aligned with their needs

Wealth-Lab Backtesting Interface:

MetaTrader 5 Backtesting Interface:

Building & Customizing Trading Strategies

Wealth-Lab offers a full scripting environment using C# (.NET), with visual tools like drag-and-drop building blocks and strategy templates. This allows you to build, tweak, and stress-test your trading strategies with clarity and control.

MetaTrader 5 uses MQL5, which is powerful but more oriented toward expert advisors (EAs) and indicators in forex. The learning curve is steep, especially for non-programmers, and the workflow is less structured for stock system traders.

If you want to build systematic strategies efficiently and test ideas across markets, Wealth-Lab gives you a significant edge.

Check Out: Trading System Development

Wealth-Lab Code Editor:

MetaTrader 5 Code Editor:

Backtesting Performance, Speed & Realism

Backtesting is where these platforms really diverge.

Wealth-Lab delivers fast, realistic portfolio-level backtesting. It supports multi-strategy testing, walk-forward analysis, intrabar simulations, and slippage modeling. For traders who want to simulate real-world execution, this level of detail matters.

MetaTrader 5 supports backtesting, but only on a per-symbol basis. There’s no true portfolio-level testing. You can test EAs on individual pairs or instruments, but simulating diversified systems across multiple assets is extremely limited.

For systematic traders seeking consistency and realistic expectations, Wealth-Lab wins by a large margin.

Check out: Backtesting | Drawdown

Wealth-Lab Backtest Report:

MetaTrader 5 Backtest Report:

Strategy Optimization & Stress Testing Tools

Wealth-Lab supports walk-forward testing, Monte Carlo simulations, parameter sweeps, and stability tests. This is critical to avoid curve fitting and build confidence in your edge.

MetaTrader 5 offers parameter optimization but lacks depth. There’s no built-in walk-forward testing or out-of-sample modeling unless coded manually.

If robustness testing matters to you (and it should), Wealth-Lab is the clear choice for traders with an analytical mindset.

Check Out: Trading System Optimization

Wealth-Lab Walk-Forward Optimization:

MetaTrader 5 Genetic Optimization:

Charting Features, Signal Exploration & Live Execution

MetaTrader 5 is designed for live execution. It’s great for placing trades via EAs or manually through its terminal. For real-time forex trading, it’s fast and functional.

Wealth-Lab offers superior charting and scanning for stocks and ETFs, including sector rotation, ranking, and custom scans. While it’s not as execution-centric, it does support live trading via connected brokers and automation through scripts.

If your focus is execution in forex, MetaTrader 5 is solid. If your focus is designing, testing, and deploying systematic trading strategies in equities or crypto, Wealth-Lab offers far more analytical power.

Check Out Order Types | Automated Trading Systems

Wealth-Lab Automation Set Up:

MetaTrader 5 Automation Set Up (Expert Advisor):

Support, Documentation & Learning Resources

Wealth-Lab has detailed, updated documentation with strong community support, active forums, and plugin developers.

MetaTrader 5 has large community forums and thousands of EAs, but documentation can be inconsistent or outdated. This adds complexity for traders new to coding or system design.

Clarity matters. And in this category, Wealth-Lab provides a cleaner learning curve for serious traders.

Wealth-Lab Forum Front Page is illustrated down below:

MetaTrader 5 Forum Front Page is illustrated down below:

Wealth-Lab VS MetaTrader 5: Which One Should You Use?

If you’re building serious, systematic strategies and want realistic, robust, multi-market testing with professional-grade tools, Wealth-Lab is the better trading software.

MetaTrader 5 serves a different use case. It’s free, broker-integrated, and effective for autotrading forex, but not ideal for multi-strategy stock or crypto system traders.

Our Recommendation

If you’re focused on execution-heavy forex or CFD trading, and you’re already embedded in a broker’s MT5 environment, stick with it.

But if your priority is building wealth with confidence, managing risk across markets, and becoming a true systematic trader, Wealth-Lab will get you there faster.

Still, both platforms fall short of one thing: Alignment with your personal trading goals, risk tolerance, and lifestyle.

That’s why the real edge comes from learning how to build and run the right systems for you.

Want The Rest of the Puzzle?

Backtesting software is just one piece. The real transformation happens when you align your tools, your systems, and your psychology with your goals.

If you’re tired of chasing tips and want to build wealth systematically, the next step is clear: The Trader Success System.

Inside, you’ll discover:

Proven trading systems
A step-by-step backtesting framework
Position sizing tools
Automation strategies that let you trade in 30 minutes or less

Join The Trader Success System Now

Trading and Backtesting Software Review List

Check our our Trading and backtesting software review hub

Multicharts-backtest-report | enlightened stock trading

Adrian Reid Founder and CEO

Adrian is a full-time private trader based in Australia and also the Founder and Trading Coach at Enlightened Stock Trading, which focuses on educating and supporting traders on their journey to profitable systems trading. Following his successful adoption of systematic trading which generated him hundreds of thousands of dollars a year using just 30 minutes a day to manage his system trading workflow, Adrian made the easy decision to leave his professional work in the corporate world in 2012. Adrian trades long/short across US, Australian and international stock markets and the cryptocurrency markets. His trading systems are now fully automated and have consistently outperformed international share markets with dramatically reduced risk over the past 20+ years. Adrian focuses on building portfolios of profitable, stable and robust long term trading systems to beat market returns with high risk adjusted returns. Adrian teaches traders from all over the world how to get profitable, confident and consistent by trading systematically and backtesting their own trading systems. He helps profitable traders grow and smooth returns by implementing a portfolio of trading systems to make money from different markets and market conditions.

See Full Bio

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Wealth-Lab VS MetaTrader 5: Which Trading Software is the Best?