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🏦 Min. Deposit | USD 100 |
🛡️ Regulated By | FCA, CySEC, ASIC, FMA |
💵 Trading Cost | USD 8 |
⚖️ Max. Leverage | 30:1 |
💹 Copy Trading | No |
🖥️ Platforms | Plus500 |
💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices |
Last Updated On May 10, 2023
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
Note: Plus500 no longer accepts clients from Nigeria. This review is for informational purposes only.
Founded in 2008, Plus500 is a well-regulated market maker that is publicly traded on the London Stock Exchange. It offers a wider range of tradable instruments than is available at other CFD providers, including over 70 Forex pairs, cryptocurrencies, indices, commodities, shares, options, and ETFs.
Although Plus500 only offers one live account, which is limited compared to other CFD providers, its trading costs are average, with spreads starting at 0.8 pips on the EUR/USD, no commissions, and a minimum deposit requirement of 1500 ZAR (100 USD).
Additionally, unlike other CFD providers that provide support for a variety of trading platforms – such as MT4, MT5, or cTrader – Plus500 only offers support for its proprietary platform. The platform is web-based with no need for any downloads or setup, making it a good choice for beginner traders, but Plus500 does not offer hedging, scalping, or copy trading.
Plus500’s education and market analysis materials are virtually non-existent, making it a poor choice for beginner traders, but its award-winning customer service is available 24/7, which is exceptional for an industry where trading is usually offered 24/5.
🏦 Min. Deposit | USD 100 |
🛡️ Regulated By | FCA, CySEC, ASIC, FMA |
💵 Trading Cost | USD 8 |
⚖️ Max. Leverage | 30:1 |
💹 Copy Trading | No |
🖥️ Platforms | Plus500 |
💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices |
Plus500 was founded in 2008 and has grown into one of the largest online CFD providers in the world – not only is the company publicly traded on the London Stock Exchange, meaning an additional level of scrutiny, but eight national authorities also regulate its subsidiaries:
Traders will be trading under the subsidiary, Plus500AU Pty LTD regulated by ASIC. ASIC is considered one of the strictest regulators in the world. As such it restricts maximum leverage to 30:1 for Forex trading, and ensures that brokers provide negative balance protection, which means that traders can never lose more money than they have in their trading accounts. In addition, all brokers are required to segregate client funds from their operating capital and cannot offer bonuses or promotions.
As per ASIC regulations, all client funds are kept in segregated accounts, Plus500 also offers negative balance protection, and restricts leverage to 30:1.
While the additional protection offered by ASIC regulation is welcome, some traders may find the low leverage levels restrictive.
Plus500 does not highlight any industry recognition it has received, but it has won numerous awards for its services over the years.
Considering the strict regulatory oversight, the long track history, and the fact that it is listed on a public stock exchange, we deem Plus500 a trustworthy and safe CFD provider.
Plus500’s Forex trading fees are average compared to other similar CFD providers.
There is no account choice at Plus500, which is unusual as most of its serious competitors have several account types with tighter spreads linked to higher deposit requirements. Click here for more details on Plus500’s single account.
While Plus500 is a market maker, as soon as a client places a trade on the platform, an automated system (with no human interference) sets a hedging trade to protect Plus500 against any potential loss. Because it is a closed system where Plus500 is the counterparty, there are few requotes and fast trade execution.
Plus500 has a simple account structure with trading costs close to the industry average. Plus500 states that its revenue is derived from the spread, but it is not transparent about how the spreads are derived, and it does not publish the average spreads on its site.
Plus500’s accounts were assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:
Spread x Trade Size + Commission = Total Trading Cost (USD)
The account-opening process at Plus500 is easy, hassle-free, and fully digital.
Most traders can open an account at Plus500 but will need to meet the minimum deposit amount of 100 USD to do so.
Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day.
How to open an account at Plus500:
Once all the documents have been received, the account will be ready for trading within one day.
Overall, Plus500’s account opening process is fast, hassle-free, and fully digital compared to other similar brokers.
Plus500 offers only one account type, whereas most CFD providers will provide at least two or three, but its account is suited to both beginners and more experienced traders.
With a single registration, Plus500 clients can open both a real and a demo account, and trading is only offered on Plus500’s proprietary platform.
Plus500’s account is suited to both beginners and more experienced traders. We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek. Plus500’s account has a reasonable minimum deposit requirement of 100 USD, putting it within the reach of beginner traders.
While experienced traders often prefer higher minimum deposits and tighter spreads, in exchange for a commission per lot, Plus500 offers a low-cost trading environment and a wide choice of tradable assets (click here for more on Plus500’s available assets), making it appealing to more experienced traders. Plus500 also offers professional accounts for more experienced traders who meet certain criteria, but this is not available for residents of Nigeria.
Plus500 prohibits hedging and scalping and does not support copy trading on its proprietary platform.
Retail Account
A market maker, Plus500’s retail account is commission-free and has spreads that start at 0.8 pips on the EUR/USD, which are average compared to most other CFD providers. Maximum leverage (under ASIC regulations) is up to 30:1, and the minimum deposit requirement is reasonable, at 100 USD. Trading is only offered on the Plus500 proprietary platform, which is limited compared to most other brokers but traders can choose between a wide range of tradable assets, including over 70 Forex pairs and indices, ETFs, commodities, share CFDs, cryptocurrencies, and currency indices (click here for more details on Plus500’s assets).
Demo Account
The demo account allows traders to practice trading and get used to the Plus500 platform before depositing real money. The Plus500 platform is different from that of other CFD providers, so it is advisable that new clients take the time to get comfortable with the platform before committing to a deposit. While many traders enjoy the clean design of the Plus500 platform, others may prefer a more traditional layout. Demo accounts do not expire and are loaded with virtual funds that can be topped up by request.
Overall, although Plus500 only offers a single live account, its trading costs, low deposit requirements, and wide range of assets make it appealing to both beginners and experienced traders alike.
Plus500 charges low deposit and withdrawal fees compared to other CFD providers and offers a wide variety of deposit and withdrawal methods.
A well-regulated CFD provider, Plus500 ensures that all Anti-Money Laundering rules and regulations are followed. As such, all non-profit funds are returned to the original deposit source. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name.
Deposits and withdrawals can be made securely at Plus500 using major debit cards and credit cards (including Visa and MasterCard), bank wire transfer, and leading payment services such as Skrill, Neteller, and PayPal. Plus500 does not charge deposit or withdrawal fees.
Deposits and withdrawals are generally commission-free, but Plus500 requires a minimum withdrawal amount of 1500 USD (100 USD) for Skrill, Neteller, Paypal, and credit cards; and 3000 ZAR (300 USD) for bank transfers. Withdrawals below this amount incur a 10 USD fee. Withdrawals are processed in one to three days, which is about average.
How do you withdraw money from Plus500?
Overall, Plus500 provides various payment methods, and its processing times are the same as other CFD providers. Traders will be pleased that no commissions are charged on deposits or withdrawals.
Plus500 offers 15 base currencies, which is a much wider range than is available at other CFD providers, including accounts denominated in NGN.
The base currencies available at Plus500 include USD, GBP, EUR, CHF, AUD, JPY, PLN, HUF, CZK, CAD, TRY, SEK, NOK, ZAR, and SGD.
Plus 500 does not offer accounts denominated in NGN. In this case, Plus500 will charge a Currency Conversion Fee for all trades on instruments denominated in a currency different from the currency of your account. The Currency Conversion Fee is up to 0.7% of the trade’s realised net profit and loss, which is higher than fees charged by other CFD providers.
Overall, Plus500 offers a wider range of base currencies than other brokers, but not NGN accounts and charges higher currency conversion fees than other similar CFD providers.
Unlike most CFD providers, Plus500 only provides its own trading platform, which cannot be customised and does not allow for algorithmic trading.
Unlike most CFD providers, Plus500 only offers its proprietary trading platform. This could be a concern as most similar providers also offer MetaTrader 4 or 5 in conjunction with any first-party software.
The Plus500 web trader is web-based and offers a streamlined trading experience, appealing to traders who want to avoid the complexity of third-party platforms. The platform looks fantastic, is very easy to use, and has a solid reputation in the trading community. Exceptionally, it is available in over 30 languages.
The simple interface allows users to create watchlists, analyze charts, place and monitor trades. Technical analysis charts offer more than 100 technical indicators available in multiple timeframes. Traders can set automated price and percentage alerts that will inform them when a certain price has been reached or when a price has increased or decreased by a chosen percentage. Traders can also view trader sentiment and set alerts to inform them when a predefined percentage of traders are buying or selling an instrument. All of these alerts can also be sent via email and SMS.
However, unlike platforms such as MT4 and MT5, the Plus500 platform is not customisable, and traders who are used to setting up their own charts over a bespoke workspace will be disappointed. In addition, the platform does not offer the execution speeds of the Metatrader platforms, nor does it offer algorithmic trading.
Another disadvantage of using the Plus500 platform versus third-party platforms is that none of the trading tools available on the Metatrader can be integrated directly into the Plus500 platform. Additionally, traders who use third-party platforms such as the Metatrader suite can take their own customised version of the platform with them should they choose to migrate to another broker.
Overall, Plus500’s platform is a good choice for beginner traders because of its simple and intuitive interface, but compared to third-party platforms such as MT4 and MT5, it lacks the execution speeds and doesn’t allow for automated trading via expert advisors or other trading algorithms.
Plus500’s mobile trading platform is average compared to other CFD providers.
Available on iOS and Android, Plus500’s mobile app offers all the same functionality as the web-based platform and is similarly user-friendly and uncomplicated. It allows traders to open and close positions and has the same indicators and charts.
Plus500 offers a limited range of trading tools compared to other similar CFD providers.
Plus500’s trading tools include unique risk management tools, some of which come at an extra cost. However, unlike other similar CFD providers, it does not offer any additional sentiment indicators or analytics services such Autochartist or Trading Central, and the proprietary platform also does not integrate with any third-party tools. See below for more details on the various tools:
The risk management tools include:
Overall, Plus500’s trading tools are limited compared to other CFD providers, but its risk management tools are excellent.
Plus500 offers a wider range of assets compared to other similar CFD providers and offers trading on over 70 currency pairs.
Plus500 offers a wide range of financial instruments for CFD trading (click here for more details on CFD trading), including Forex, options, indices, shares, commodities, options, and ETFs.
Overall, the range and depth of assets available to trade are impressive and much more than is normally seen at other similar brokers and it excels in its Forex offering.
Plus500 offers very little in the way of educational and market analysis materials compared to other similar CFD providers, making it a poor choice for beginner traders.
Plus500’s educational materials are limited compared to other CFD providers.
Many other CFD providers offer courses, videos, e-books, quizzes, and more to help clients learn about the markets in which they are investing, but this is not the case at Plus500.
Plus500’s educational materials include a set of Trader’s Guides covering topics such as ‘What is CFD Trading,’ ‘Slippage When opening a Position,’ and more. It also provides a set of ‘how-to’ videos to learn more about online trading with Plus500’s platform. All videos are accompanied by an article on the respective topic.
Overall, the education section could be improved with a greater variety of materials in addition to providing sections for beginner and more experienced traders. Beginner traders would also benefit greatly from being able to attend webinars on CFD trading basics and risk management.
Plus500’s market analysis materials are limited in scope compared to other similar CFD providers, but the materials are curated by Plus500’s in-house team.
Plus500 offers a good selection of market analysis materials written by an in-house research team. These include a Market Insights blog and an Economic Calendar. The Market News is updated daily, providing traders with good insight into various market events. The materials are well-written and useful, but the articles are short. Plus500’s Economic Calendar has filters which can select for company or macro-events.
Overall, while the market analysis provided is updated daily, the materials are brief and limited compared to most other large international CFD providers. Plus500 should consider partnering with some third-party providers to offer more useful market analysis.
Plus500’s customer support is excellent compared to other CFD providers – with support available 24/7 on live chat and via email.
Plus500 offers 24/7 customer support via email, online chat, and WhatsApp message in 31 different languages. This is a much higher level of service than is commonly available. The only way customer support could be improved is by offering phone support for more complex queries and troubleshooting.
For the purposes of this review, we found the live chat support responsive and polite, but uninformed. It was difficult to get information on Plus500’s average spreads.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Plus500 offer. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Plus500 would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Plus500 is a leading brand in the CFD trading industry and has a loyal following of traders. Its trading costs are average, but the low minimum deposits and wide range of tradable assets make it appealing to both beginner and experienced traders alike. Traders may be disappointed in the limited choice of trading platforms and tools available for trading, but Plus500’s support is available 24/7 via email and live chat. Another drawback is the limited education and market analysis materials, forcing beginner traders to self-educate elsewhere.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.
Find out how Plus500 stacks up against other brokers.
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