Best copy trading apps in Brazil
Best copy trading platform in Brazil is RoboForex
Best copy trading platforms in Brazil:
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RoboForex (CopyFx) - Copy the strategies of professional traders. No trading experience required. User-friendly and transparent interface
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Tickmill - Analytical instruments for Forex trading and copy trading. Partnered with MyFxBook for signals. Multiple licences for safety and regulation
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AvaTrade (AvaSocial) - Leading trading platform with social and copy trading services. Multiple account types and features available
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IC Markets - Connect your account to ZuluTrade and copy successful traders. Over 90,000 signal contributors to choose from
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Pepperstone - Follow successful traders on Pepperstone's partner platforms and potentially make money by copying their trades
The system known as copy trading and its associated platforms are used by traders in the massive world of trading. These copy trading platforms are systems that assist traders and investors easily execute and replicate trades initiated by other traders automatically. Platforms for copy trading could also be used for stock trading, cryptocurrency trading, and more.
Brazilian traders frequently trade using mobile applications, and the nation is home to numerous brokers who each provide unique copy trading platforms. It's important to conduct thorough research before selecting a platform that can copy trades in order to locate the one that best matches your objectives and trading style. Check out Brazil's top 5 copy trading platforms. In this article, Traders Union specialists listed the top copy trading platforms along with their costs and trading terms.
Copy Trading Platforms in Brazil - Comparison
You can imitate a professional investor's financial portfolio and active trades by using Forex copy trading. Due to the fact that your chosen trader will choose the assets to buy and sell, you are able to invest in a manner that is really passive. In the table below, TU specialists have compared the top 5 copy trading platforms available to traders in Brazil:
| Minimum Deposit | Markets | ||
|---|---|---|---|
|
RoboForex (CopyFx) |
$100 |
Assets for copy trading
Over 12.000 assets Forex, stocks, ETFs, crypto |
|
|
Tickmill |
$100 |
Assets for copy trading
Forex, Stocks, Crypto, Bonds |
|
|
AvaTrade (AvaSocial) |
$100 |
Assets for copy trading
Crypto, Forex, Stocks, ETF, Bonds, commodities, and CFDs |
|
|
IC Markets |
$200 |
Assets for copy trading
Forex, CFDs, commodities, Crypto, Stocks, Bonds |
|
|
Pepperstone |
$200 |
Assets for copy trading
Forex, Stocks, Crypto, Bonds |
RoboForex (CopyFx)
RoboForex lets traders earn passive income through automated trading. Offering over 12,000 instruments and eight asset types, RoboForex offers the best copy trading platform for traders with minimal trading experience.
Usability
On RoboForex, you can specify the copy trading options based on your preferred functions. Thus, only the transactions pertaining to your specified parameters will be copied.
With a minimum investment of $10, you can invest in indices, commodities, stocks, Forex, and cryptocurrencies.
Safety and regulation
Since RoboForex is registered in Belize, it has a licence from IFSC, which is the local regulator. As compared to other brokers in this list, RoboForex is not as highly regulated.
Copy trading features
RoboForex has a Traders Rating tab where you can find the top traders to copy. If you have any specific asset or instrument preferences, you can filter the results based on your desired factors.
The broker offers different search parameters, including the lifespan of the account, profitability, and risk level.
You can check a particular trader's transaction history and later their open transactions once you've subscribed to a signal provider.
Tickmill
Tickmill is a trading platform slowly making a name for itself in the industry. It offers various analytical instruments for Forex trading and copy trading as an opportunity for additional income. Let's closely look at what it has to provide a user.
Usability
Tickmill doesn't offer its users a proprietary trading platform and relies on its partner's MyFxBook trading platform to offer services. You'll have to open accounts on both sites as the partner offers the signals.
The copy trading platform also has a high entry threshold, with the minimum investment for copying at $1,000. In addition, you'll have access to 162 strategy providers and markets such as Forex, CFDs on precious metals, indices, and bonds.
Safety and regulation
The number of licences held by Tickmill shows that it is safe, in our opinion. In addition, they have licences from highly respected regulators such as FCA (UK), CySec (Cyprus) and FSCA (SAR).
Other jurisdictions where they are licensed include Labuan (Labuan FSA) and Seychelles (FSA), and the licences held include:
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FCA – 717270
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CySec – 278/15
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FSCA – FSP 49464
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Labuan FSA – MB/18/0028
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FSA – SD008
Copy trading features
You'll need a Tickmill and MyFxBook account to copy trade. First, open your MyFxBook account by providing the necessary information and link it to your Tickmill through the MetaTrader 4 option in the account section.
To find a trader to copy, use the search directly on MyFxBook. You can seek traders using the following indicators:
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Gain
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Drawdown
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Pips
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Discussion (reviews)
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Test ended
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Modelling quality
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Chart
You'll also access a trader's statistics to look deeper before copying their trade.
AvaTrade (AvaSocial)
AvaTrade is a world-renowned name in the world of social trading and copy trading. It is regulated by the top seven global authorities, including the Central Bank of Ireland.
Usability
AvaTrade works with three other copy trading platforms, namely MQL5, DupliTrade, and ZuluTrade. In this way, it gives the users access to thousands of investors and signal providers.
With a minimum investment of $100, you can invest in indices, cryptocurrencies, stocks, bonds, Forex, CFDs, and 1,250 other markets.
Safety and regulation
AvaTrade is the best copy trading app in terms of regulation and safety since it has licenses from many top regulators worldwide, including:
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British Virgin Islands Financial Commission
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Financial Regulatory Services Authority (FRSA)
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Japan FSA
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South African Financial Sector Conduct Authority (FSCA)
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ASIC
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Central Bank of Ireland
Copy trading features
Once you've registered on AvaTrade, you can check the ranking of each copy trading signal provider on the platform.
The broker lets you see the history of a user's trades and their approach to risk management.
You can then subscribe to your preferred trader's signals.
AvaTrade also lets you diversify your trade by subscribing to multiple signals. Depending on your risk tolerance, you can set the risk parameters at which copy trading will be stopped.
IC Markets
IC Markets is one of the most cost-effective trading platforms in the market due to its low commission rates. Plus, it has phenomenal order execution features and multiple opportunities for you to earn passive income.
It also offers additional copy trading services in partnership with Autotrade, MyFxBook, and ZuluTrade.
Usability
IC Markets doesn't own a proprietary copy trading platform and offers its services through strategic partnerships with top social trading platforms - ZuluTrade and MyFxBook Autotrade.
While IC Markets is cost-effective, it compares poorly to other trading platforms in terms of minimum deposits; it requires a minimum of $200.
Safety and regulation
We believe IC Markets is a reliable and safe platform for social trading. First, the headquarters are based in Australia, licensed by respected Australian regulators like the Australian Financial Services License (AFSL No. 335692).
The social trading platform is also licensed in the European Union by the Cyprus Securities and Exchange Commission (CySEC License Number 362/18). In addition, their partner ZuluTrade social trading platform is licensed by the Cyprus Securities and Exchange Commission.
Copy trading features
Since IC Markets has no proprietor platform, you'll have to utilize one of the partners. The easiest way is to use ZuluTrade.
You'll first open an account on ZuluTrade and provide the necessary information. Then, verify the account since you can't trade with an unverified account.
Once you log in, you'll access the most successful signal providers in the Top Traders section. They are divided into various categories like return growth dynamics, number of copiers, and the amount under management.
You can also search for traders using filters such as criteria such as performance, slippage, and experience.
Pepperstone
Pepperstone is a leading copy trading platform that offers users an opportunity to make money by copying successful traders. The firm provides access to well-known platforms- MyFxBook, MQL5 and DupliTrade.
Usability
Pepperstone doesn't offer users the opportunity to copy trade on their platform. However, you'll get to copy trade on their partner's platforms. As such, you'll open accounts with Pepperstone and one of the partners.
The minimum investment for copy trading is $1000, and you'll have access to 182 strategy providers and markets such as Forex, CFDs on stocks, stock indices, and commodities.
Safety and regulation
Pepperstone holds licences from highly respected regulators, meaning its services are legit. Some of the licences they have include:
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Australia – ASIC AFSL No. 414530
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UK – FCA No. 684312
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Germany – BaFin No. 10151148
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Cyprus – CySec No. 388/20
Copy trading features
To trade on Pepperstone, you must connect it to your preferred partner. If you decide to use MyFxBook, you'll need to open an account by providing the required information. Then, head to the portfolio and choose a trading platform. Select MetaTrader 4 and choose Pepperstone.
For copy trades, specify your name and the rest of the fields are filled by traders who want to become strategy providers. Save, and you can start selecting traders.
You'll use strategies to get a trader you want to copy or leverage filters through indicators like:
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Name
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Gain
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Drawdown
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Pips
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Discussion
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Test Ended
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Modelling Quality
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Chart
You'll access all the traders who offer their trades to be copied.
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.
What is Copy Trading?
Copy trading is an increasingly popular kind of social trading. This strategy allows new traders to either automatically or manually copy the trades of professional traders on the Forex and other financial markets.
In 2010, eToro was the first major broker to provide a copy trading platform. The creators combined the features of a social network for traders with a platform for copying trades.
Modern copy trading platforms have features that let users subscribe to traders and start copying their trades, either with a small amount of money or their whole account balance. Each position created by the copied trader, including stop-loss and take-profit orders, is immediately executed on the account of the copier. It is also possible to generate a portfolio analogue from multiple signal providers.
How to Choose a Copy Trading Broker in Brazil
Brazil, which has the biggest economy in Latin America and is the most popular investment location in South America, has a fully developed financial market. With some of the largest trading platforms on the continent, the nation offers prospects for copy trading. To help you find the finest copy trading broker in Brazil, TU experts have put together the following guide:
Look up forex firms that accept Brazilian clients for copy trading
Select an interactive trading platform with a larger network since a larger network offers its users better options. They also have more options for their clients to choose from, giving them more chances to acquire investors
Examine the trading costs and terms offered by the broker because some brokers may charge higher spreads when providing this type of assistance, which could significantly affect the outcome
Select a platform with a high level of technological efficiency. The best trading platforms make it possible for you to increase your chances of success by providing detailed parameters for the choice of traders and guidelines for risk management
Due to the fact that many brokers, even those with a dubious reputation, provide copy trading tools, choose a platform that is well-regulated
Keep an eye out for a platform that is accessible. It is most important that the managers' entire statistical data set be made available to the public and capable of being independently audited
Is Copy Trading Legal in Brazil? Is it Safe?
In Brazil, copy trading is legal and secure. Such services can be provided to local clients by authorised brokers. However, traders would be better off selecting regionally or internationally regulated firms.
Should I pay copy-trading taxes in Brazil?
Yes, you do. In general, you must pay capital gains tax on the profits made when you sell an asset that is liable for capital gains tax for a higher sum than you paid to buy the asset. According to the basic principle, capital gains tax applies to interest revenue from investments made abroad as well as to assets traded in foreign markets. Based on the overall capital gain amount, the capital gains tax rates range from 15% to 22.5%.
How much can I earn?
Your earnings as a copy trader can depend on various factors. As a beginner, you will find it difficult to copy the trades of professional traders, hence, you may end up making low earnings. However, after choosing and copying professional traders, you might earn more.
As it said above, usually the best professional traders can make from 5% to 30% per month, however such a range is not constant. Remember that the risk of loss remains in any kind of investment.
Is Forex copy trading risky?
Copy trading carries a certain amount of risk, just like any other type of trading on the financial markets. There are many things that must be considered. Due to the inherent market risk involved, it is possible that you could lose the money you have invested if the assets your selected trader has purchased and sold turn out to have been unsuccessful. Making a portfolio with multiple managers and establishing a maximum drawdown limit are easier ways to lower risks.
How can I find good traders to copy?
It's hard to pick successful traders to copy. On every single social trading site, there are skilled traders to auto-copy from, but finding them takes some effort and expertise. Most of them have high-risk user profiles, poor money management abilities, and are inexperienced. Experts from the Traders Union advise considering a number of important factors when choosing reputable copy traders. Let's examine them using the eToro copy trading platform as an example:
Look for reliable traders; Investigating how much other people trust a certain social trader is the quickest approach to recognizing one. To receive signals from the trader, look at the sums that other individuals have invested with them. Also, you may want to think about the gains those followers are making from copying that signal provider. This information is found on their profile page. A stronger performance measure than the total number of copiers is the amount of funds invested in the trader
Examine the traders' profit charts carefully; Evaluate a trader's performance since the longer a trader has a profitable track record, the more likely it is that his or her achievement is not the result of pure luck but rather a result of competence. Working with someone whose profits have been rising continuously over time is what you want. Profits ought to grow gradually and steadily
Analyze the trader's risk exposure; You should educate yourself on some of the technical aspects of copy trading. One of these is known as the risk score, which is determined on a scale from 0 to 10 by the majority of social trading platforms. You should seek out traders with stable risk scores that do not vary much over time. Through the creation of its own analytical algorithm for risk assessment, eToro has significantly simplified this work. You can choose traders based on their level of risk by using the filter. You can pick traders based on their risk tolerance by using the filter
The quantity of copiers is the next consideration you should make. There is a reason to exercise caution if the trader lacks interest. They might not be as promising as they appear
Summary
There you go! You can now begin looking for the appropriate social trader to follow. Remember that past outcomes are not necessarily indicative of future ones, which means there are no guarantees when investing. Social trading experiences the same thing. The objective is to determine which individuals have a higher likelihood of doing what they have in the past.
FAQs
What platform is the most effective for copy trading?
The best copy trading platform on the market will provide a range of trading techniques, comprehensive research resources, data, and historical records of each trader's performance. That group includes websites like Pepperstone, Tickmill, IC Markets, AvaTrade's AvaSocial, and CopyFx from RoboForex.
Does Brazil allow forex trading?
Yes of course! Residents of Brazil enjoy engaging in forex trading. Although it is advisable, forex brokers are not needed to obtain authorization from the Securities and Exchange Commission of Brazil in order to serve Brazilian citizens.
Is copy trading illegal?
No, it is not illegal to copy trade. In fact, it is permitted on a large number of reputable, regulated brokers and trading sites. It is regularly used by inexperienced, experienced, and even institutional traders. Copy and social trading are legal in almost all countries.
In Brazil, do traders pay taxes?
Yes, they do. Normally, as a trader, you must pay capital gains tax on the profits if you sell an item subject to investment gains tax for more money than you originally paid to buy the asset.
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).