Best Online Forex Brokers in Brazil
Best Forex Broker in Brazil - RoboForex
Top 5 forex brokers in Brazil:
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RoboForex - best for beginner traders with low fees and copy trading tool
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Exness - suitable for active traders: competitive pricing, ECN model
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Octa - best for passive investing (dedicated copy trading app, free daily trading ideas)
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FxPro - best for Forex and CFD traders
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IC Markets - extra tight spread from 0.1 pips
Brazil, the largest country in both South and Latin America, has a population of more than 217 million people, making it a potential Forex trading hub. Additionally, it is one of the Forex trading communities that is growing the fastest globally. Finding a list of the best Forex brokers in Brazil can be challenging because the country's Forex market is very regulated. This is especially true when looking for reliable brokers who accept Brazilian traders and let them invest in the Brasileiro real, the country's official currency.
So, which brokers are available to you as a trader from Brazil? Which brokers are the best to work with, more importantly? In this article, TradersUnion analysts have compiled a list of the top brokers in your area.
Best brokers for Forex trading in Brazil compared
TradersUnion experts have prepared a review of the best 5 brokers in Brazil for 2024 below. Let’s check them out:
RoboForex
RoboForex has been in operation since 2009, and the brokerage firm is regulated by the International Financial Services Commission (IFSC). RoboForex offers its clientele exclusive trading platforms and technologies, with more than 12,000 trading instruments and eight asset types available.
RoboForex offers fast order execution and optimal trading conditions. Trading with RoboForex will involve fees starting at $3 USD, spreads ranging from 0.01 pips to 1.3 pips, and commission-free trading depending on the account traders select.
The minimum deposit amount required to open a RoboForex account is $10 USD. RoboForex provides five different live trading accounts, Prime, ECN, R.StocksTrader, ProCent, and Pro. The brokerage company offers quality services to both beginners and seasoned traders. RoboForex also offers negative balance protection and market-leading insurance.
Currently, RoboForex has clients in the EU and EEA countries that are very active in trading assets. Furthermore, advanced trading is available on the cTrader and the RTrader trading options. Traders get to select from a host of trading instruments for optimal outcomes. You may also be interested in reviews about RoboForex from clients in Brazil.
Features
CopyFX is a copy trading assistance for currency pairs and commodities
Demo accounts for trading practice
Free VPS server
Maximum leverage up to 1:30
👍 Pros
•Plethora of trading instruments
•Tight spreads from 0 pips
•Fast order execution
•5 account currencies (EUR, USD, CNY, RUB, and GOLD)
•Instant withdrawal of funds
👎 Cons
•Don't accept clients from the US, Canada, Australia, or Japan
•No fixed spread accounts
•Not FCA Regulated
Exness
Exness is a well-respected global online forex brokerage company dedicated to delivering retail foreign exchange services, establishing partnerships, and offering corporate solutions worldwide. Founded in 2008, this firm has established itself as a prominent player in the industry. The broker operates legally in more than 130 countries, fully complying with local laws in all jurisdictions.
The broker is regulated by licences from the Cyprus Securities Commission, the Office of Financial Regulation and Supervision of Great Britain, and the Office of Financial Regulation and Supervision of the Republic of Seychelles. The broker offers several types of accounts, depending on the needs of traders: cent - for a novice, standard, and professional accounts.
The Exness broker offers clients the ability to trade over 150 instruments with dynamic spreads. Exness also offers to trade on stable spreads, but only for certain currency pairs. Exness has a tight but competitive spread compared to what other exchange platforms or brokers offer in the market. The broker’s spread starts as low as 0.0 pips. This includes trading the EUR/USD pair.
The minimum deposit for a standard account depends on the payment system and $500 for a professional account. As opposed to other brokerage firms, Exness offers 1:2000 on all accounts, one of the highest leverage levels to be provided.
You may also be interested in reviews about Exness from clients in Venezuela.
Features
Tick History ensures that investor orders are executed at actual market prices and is publicly accessible
Traders Calculator provides customers with accurate transaction cost checks, promoting transparency
Expert Advisor feature is available on both MT4 and MT5 trading terminals. This program assists traders in making informed decisions by providing valuable insights and analysis
24-hour remote terminal known as the Virtual Private Server (VPS). This enhances the efficiency and quality of the trading connection, enabling uninterrupted trading operations
Additionally, Exness offers the Exness Academy, which caters to both novice and expert traders. This platform allows users to explore a wide variety of new trading techniques and stay updated with daily market surveys, utilizing the provided resources
The Social Trading mobile app is a platform that allows investors to replicate active traders to profit from profitable trades
The Exness app is one of the most convenient methods to access the Exness platform on the go. Users can get any information related to the financial markets with just one click
👍 Pros
•It's a well regulated broker
•Client funds are kept in segregated accounts
•Dealing-Desk Broker
•Tight spreads
•Has Multiple Trading Platforms
👎 Cons
•Professional accounts need to have a high minimum deposit
•The market choices are narrow
Octa
Octa is a large multi-asset broker established in 2011 that has grown significantly to become very popular among traders worldwide, including in Brazil.
Octa is a brokerage firm with several divisions, serving clients from different parts of the world. For traders in the EU, Octa is regulated by CySEC under the license number 372/18. It has been providing secure and reliable services to European clients since 2018.
With a strong global presence, the broker is known for its commitment to transparency, security, and client satisfaction.
The broker has continuously worked on improving its offerings tailored for Brazilian clients over the past years and was recognized by World Finance magazine as Most Reliable Broker in Brazil for 2023.
The broker primarily focuses on Forex trading and offers major and minor currency pairs to trade. It also provides CFDs on a range of underlying instruments including stocks, indices, commodities and cryptocurrencies.
Clients can choose from MetaTrader 4, MetaTrader 5 and the proprietary OctaTrader trading platforms, available on desktop and mobile. Octa also runs an copy trading program allowing traders to automatically copy positions of other experts.
Minimum deposit requirement for any account is $25. To fund trading accounts, Octa accepts popular payment methods including debit/credit cards, e-wallets, and crypto. Depositing and withdrawing is fast and easy with co fees applied.
Features
Standalone copytrading app
Status program with additional benefits
A wide range of analytical and educational resources
Spread from 0.6 pips
97.5% of orders executed without slippage
300+ trading instruments
👍 Pros
• License of a reputable authority
• Low minimum deposit requirement
• Leverage up to 1:500
• Competitive spreads
• Margin call / Stop Out levels only 25%/15%
👎 Cons
• Limited range of trading instruments compared to some other brokers
• No cent account
FxPro
FxPro is a cutting-edge trading platform that provides advanced trading tools, a wide range of trading instruments, and exceptional liquidity. It operates under the strict regulation and oversight of reputable financial authorities, including the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySec), the Financial Sector Conduct Authority, and the Securities Commission of the Bahamas.
FxPro offers clients access to contracts for differences on six asset classes: forex, shares, spot, futures, spot metals, and spot energies. The broker offers access to top-tier liquidity and advanced trade execution with no dealing desk intervention. It offers more than 2100 trading instruments, and negative balance protection.
Furthermore, FXPro offers access to a range of account types with excellent trading conditions and ultra-fast execution. The minimum deposit amount required to open an FXPro account is $100 USD. FXpro is available to French traders. Trading with FxPro will involve fees starting at $3.50 USD, spreads starting at 0.06 pips, and commission-free trading depending on the account traders select.
Features
It offers a VPS, or virtual private server, which makes it an optimal MT5, MT4, and cTrader platform
The proprietary mobile trading app is FxPro Direct, which allows clients to trade on their mobile phones
FxPro offers a free economic calendar or Forex calendar, enabling traders to stay up-to-date with the markets
MetaTrader suit
👍 Pros
•No dealing desk intervention
•Сompetitive spreads with no commission
•Ultra-Fast execution
•Deep Liquidity
•FxPro offers negative balance protection
👎 Cons
•High trading fees in comparison to other trading platforms
•The educational section of the platform lacks information on the fundamentals of CFDs and Forex
IC Markets
IC Markets, a regulated Forex and CFD broker headquartered in Australia, is renowned as one of the biggest Forex brokers in Brazil. With its exceptional trading platforms, it provides online trading solutions catering to traders of all kinds. In addition to forex trading, IC Markets facilitates the trading of futures, stock indices, and commodities, enticing traders with its advantageous features such as high leverage, low spreads, and minimal commission fees.
IC Markets offers cutting-edge trading platforms, low latency connectivity, and superior liquidity. Trading with IC Markets will involve fees starting at $3 USD, spreads starting at 0 pips, and commission-free trading depending on the account the trader selects.
The Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Authority (FSA), and the Securities Commission Bahamas (SCB) are just a few of the international regulatory bodies that have authorized and overseen the broker.
Features
IC Social is a social trading platform that enables investors to copy trades
A demo account for trading practice
Multiple trading platforms provide traders with profitable trading conditions
Wide range of assets for trading forex pairs and CFDs, indices, stock options, exchange-traded funds, and futures
API trading feature that enables both institutional and high-volume traders to access their liquidity providers
👍 Pros
•Straightforward registration process
•Low spreads and commission fees
•Raw spread and standard account
•No commission fees on deposits and withdrawals
•Fully regulated
•Educational and research materials
👎 Cons
•No negative balance protection for traders outside the European Union
•Delay in payments for a couple of days
Read also about IC Markets reviews from clients in Venezuela.
Rules and Regulation
Regulation and licensing in Brazil
In Brazil, the Forex market operates under the oversight of the Central Bank of Brazil. This institution plays the main role in regulating and supervising financial activities, including foreign exchange transactions. Its responsibilities encompass formulating monetary policies, issuing currency, and managing the nation's foreign exchange reserves. By implementing measures to control exchange rate fluctuations and enforce compliance with regulations, the Central Bank ensures stability in the Forex market.
Requirements for licensing in Brazil
To be licensed to operate in Brazil, Forex firms must adhere to specific requirements:
- firms are mandated to maintain a minimum capital threshold set by regulatory authorities.
- appointing compliance officers to ensure adherence to regulatory standards and protocols.
- implementing stringent AML measures to prevent illicit financial activities.
- business plans and financial statements: Providing detailed business plans and financial statements for regulatory scrutiny and transparency.
- mandatory registration with relevant authorities to ensure accountability and transparency in operations.
Investor protection in Brazil
Brazil has several entities engaged in protecting investors and maintaining market integrity:
- Central Bank of Brazil: Responsible for overseeing Forex activities and ensuring regulatory compliance.
- Securities and Exchange Commission of Brazil (CVM): Ensures fair trading practices, market transparency, and investor protection.
- Brazilian Financial and Capital Markets Association (ANBIMA): Sets industry standards, promotes investor education, and supports market development.
- Brazilian Association of Financial and Capital Market Entities (ABRASCA): Represents the interests of investors and financial market participants, advocating for investor rights and market integrity.
- Investor Education and Protection Program (PROTEC): Offers educational resources and support to investors, fostering financial literacy and awareness.
These organizations collaborate to safeguard investor interests by enforcing regulations, conducting market surveillance, promoting transparency, and providing educational initiatives.
Forex taxation in Brazil
Forex trading in Brazil is subject to taxation by the National Treasury Secretariat (STN). Income generated from Forex transactions falls under the Brazilian tax code, with tax rates varying based on individual tax brackets. Traders are required to accurately report their Forex income, and certain transactions may be subject to withholding tax. CVM authorization, meeting the regulatory requirements set by the commission, financial stability, compliance with anti-money laundering regulations.
How to start trading forex in Brazil
TU analysts have created the following guide with every step you need to know to trade forex in Brazil:
The first step is choosing the best broker in Brazil
Analyse its trading conditions and sign up for an account
Deposit funds from your bank account or credit card into your brokerage account. Make sure you know the minimum deposit amount for that specific broker. If you are a new trader, you can start with a small account. In addition to that, you can start with the demo if you are a newbie
Start trading! Try out different strategies like shorting, buying the dips, or buying the rumour to sell
What is the best time to trade forex in Brazil?
Based on research by a team of experts from the Traders Union, liquidity and price fluctuations are most active on Thursdays and Fridays, while Tuesdays and Wednesdays are most stable. Trading activity on Mondays mostly depends on various economic factors and statistics published that day. If there are many actions, Tuesday and Wednesday will likely have an equal activity level. Thursdays and Fridays are the most volatile and liquid days.
TU experts were able to specify that the best time of day for Forex trading is between 6.00-12.00 GMT and 18.00-0.00 GMT. This is when the percentage of profitability is at its peak.
Best Forex pairs for clients from Brazil
Trading forex currency pairs allows you to make a healthy profit, but your experience, risk appetite, and trading strategy will determine the best pairs to trade. Nevertheless, trading major currency pairs like the EUR/USD, USD/JPY, and USD/CAD is the best option for beginners, as they are the most actively traded pairs and have high liquidity.
What are the best Forex brokers for beginners in Brazil?
Brokers like Roboforex, FxPro, and IC Markets with low minimum deposits, special accounts (demo accounts, cent accounts), passive income options (copy trading, PAMM trading capabilities), and good educational materials are best for Brazilian beginners.
FAQs
What is the safest Forex broker?
Brokers with local regulations, deposit insurance, and negative balance protection for their users are the safest.
How to trade forex in Brazil?
Select a broker regulated by the BCB or any EU regulator, analyze its trading conditions, make deposits, and you are good to go!
Is forex trading safe in Brazil?
Forex trading is safe in Brazil as long as you are using a well-regulated broker.
Do I pay taxes for forex trading?
Yes, forex trading is taxed in Brazil. The tax rate applied to foreign exchange transactions may be applied at a maximum rate of 25%.
Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).