The Securities and Exchange Commission (Comissão de Valores Mobiliários, or CVM) is the primary regulatory body overseeing the securities market in Brazil, including the activities of stock exchanges, public companies, financial intermediaries, and online traders.
Established in 1976, the CVM is an independent agency operating under the Central Bank of Brazil. It plays a crucial role in ensuring Brazil’s financial markets’ integrity, transparency, and efficiency.
In addition to overseeing the B3 stock exchange and over-the-counter markets, the CVM is a staunch defender of investors’ rights. It acts as a shield, protecting traders from fraudulent securities issuance and illegal market activities, earning it ‘yellow-tier’ status in our Regulation & Trust Rating.
However, the CVM does not maintain a public directory of authorized brokers. Instead, we’ve listed the top brokers operating internationally and who are regulated by other reputable financial bodies.
Best Regulated Brokers For Brazilian Traders
Following hands-on testing, these 6 regulated trading platforms emerged as the best:
-
- Demo account
- Regulator: FCA, ASIC, FSCA, VFSC, CIMA
- Min. deposit: $50
-
- Demo account
- Platforms: xStation
- Min. deposit: $0
69-80% of accounts lose money when trading CFDs with this provider. -
- Demo account
- Platforms: WebTrader, App
- Min. deposit: $100
81% of retail CFD accounts lose money. -
- Demo account
- Min. deposit: $0
- Min. trade: 0.01 Lots
-
- Demo account
- Regulator: FCA, CySEC, FSA, DFSA, FSCA
- Platforms: Tickmill Webtrader, MT4, MT5, TradingView
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- Demo account
- Regulator: FCA, ASIC, FMA, DFSA, FSC
- Platforms: Axi Copy Trading, MT4, AutoChartist
Learn how we test brokers and why you can trust our ratings.
This is why we think these brokers are the best in this category in 2026:
- Vantage 4.7/5 Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to millions of clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
- XTB 4.8/5 Founded in 2002 in Poland, XTB now serves more than 1 million clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring day traders.
- Plus500 4.1/5 Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.
- IG 4.8/5 Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers a top-tier selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Tickmill 4.0/5 Tickmill is a global broker authorized by trusted regulators including the CySEC and the FCA. Hundreds of thousands of traders have opened an account with the firm with more than 530 million trades executed. Advanced trading tools, educational content and low fees make this broker stand out from competitors.
- Axi 3.7/5 Established in 2007, Axi is a multi-regulated forex and CFD broker that has made strides to improve its trading experience over the years, from expanding its suite of stocks and upgrading the Axi Academy to launching its own copy trading app.
Brokers Comparison
| Broker | Minimum Deposit | Markets | Platforms | Leverage |
|---|---|---|---|---|
| Vantage | $50 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds | ProTrader, MT4, MT5, TradingView, TradingCentral, DupliTrade | 1:500 |
| XTB | $0 | CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs | xStation | 1:500 |
| Plus500 | $100 | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Options, Crypto | WebTrader, App | ✔Yes |
| IG | $0 | CFDs (not in US), Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting (UK only) | Web, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTime | 1:30 (Retail), 1:250 (Pro) |
| Tickmill | $100 | Forex, CFDs, stocks, indices, commodities, cryptocurrencies, futures, options, bonds | Tickmill Webtrader, MT4, MT5, TradingView | 1:1000 |
| Axi | $0 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | Axi Copy Trading, MT4, AutoChartist | 1:500 |
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| Vantage | 15581 | ||||
| XTB | 2926 | ||||
| Plus500 | 20078 | ||||
| IG | 10135 | ||||
| Tickmill | 1189 | ||||
| Axi | 7984 |
Vantage
Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly.
Jemma Grist, Reviewer
Vantage quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
- Regulator
- FCA, ASIC, FSCA, VFSC, CIMA
- Platforms
- ProTrader, MT4, MT5, TradingView, TradingCentral, DupliTrade
- Minimum Deposit
- $50
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
Pros
- Vantage has bolstered its algorithmic trading tools for advanced traders with AutoFibo EA identifying reversal opportunities
- Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
- There are no short-term strategy restrictions with hedging and scalping permitted
Cons
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
XTB
XTB stands out as a top choice for new day traders with the terrific xStation platform, low trading costs, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform.
Christian Harris, Reviewer
XTB quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs
- Regulator
- FCA, CySEC, KNF, DFSA, FSC, SCA, CMF, Bappebti
- Platforms
- xStation
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP
Pros
- The xStation platform continues to impress with its user-friendly interface and intuitive features, including customizable news feeds, sentiment heatmaps, and trader calculator, reducing the learning curve for newer traders.
- Opening an XTB account is a hassle-free, entirely online process that takes just a few minutes, making the entry into day trading smooth for new traders.
- XTB has improved its assets and markets offering further in 2026 with options trading in Spain and Germany, spot cryptos in some regions, and Investment Plans 2.0 with more pre-built plans covering sectors like Defence, a more intuitive interface, and greater flexibility to combine single stocks and ETFs into individual plans.
Cons
- Trading fees are competitive with average spreads of around 1 pip on the EUR/USD but still trail the cheapest brokers like IC Markets, plus there's an inactivity fee after 12 months.
- XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
- XTB does not offer a raw spread account, which is becoming increasingly common among competitors like Pepperstone, and may disappoint day traders looking for the tightest spreads.
Plus500
Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources.
Christian Harris, Reviewer
Plus500 quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs on Forex, Stocks, Indices, Commodities, ETFs, Options, Crypto
- Regulator
- FCA, CySEC, EFSA, ASIC, FMA, FSCA, MAS, ISA, FSA, DFSA, SCA, JFSA, SCB, CIRO, BAPPEBTI, OJK, BI
- Platforms
- WebTrader, App
- Minimum Deposit
- $100
- Minimum Trade
- Variable
- Account Currencies
- USD, EUR, GBP, AUD, ZAR, CZK
Pros
- The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
- Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
- In 2025 Plus500 added new share CFDs in emerging sectors like quantum computing and AI, offering opportunities in stocks like IonQ, Rigetti, Duolingo, and Carvana
Cons
- Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
- Algo trading and scalping are not supported, which may deter some day traders
- The absence of social trading means users can’t follow and replicate the trades of experienced traders
IG
IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and robust trade execution for experienced day traders.
Christian Harris, Reviewer
IG quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs (not in US), Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting (UK only)
- Regulator
- CFTC, NFA, FCA, BaFin, ASIC, FINMA, MAS, JFSA, FMA, DFSA, BMA
- Platforms
- Web, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTime
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
Pros
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust.
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
Cons
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
- IG applies an inactivity fee of $12-$18 per month after 2 years, deterring casual investors.
Tickmill
Tickmill is a stellar choice for day traders, especially if you opt for the Raw account which delivers near-zero pip spreads and impressively fast order execution during testing.
Christian Harris, Reviewer
Tickmill quick facts
- Demo Account
- ✔Yes
- Instruments
- Forex, CFDs, stocks, indices, commodities, cryptocurrencies, futures, options, bonds
- Regulator
- FCA, CySEC, FSA, DFSA, FSCA
- Platforms
- Tickmill Webtrader, MT4, MT5, TradingView
- Minimum Deposit
- $100
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, ZAR
Pros
- When using the Raw Spread account, you’ll notice how tight the spreads are - sometimes even zero pips - paired with a transparent per-trade commission. This setup helps keep your overall trading costs low, which is a significant advantage when you’re making frequent trades and want to avoid hidden fees that cut into your profits.
- Tickmill’s multiple licenses with authorities like the FCA and CySEC aren’t just paperwork - they translate to real-world benefits. Your money is kept separate in secure accounts, and the broker offers negative balance protection. In practice, this means you won’t be on the hook for more than you deposit, providing peace of mind when markets get volatile.
- Based on our actual trading experience, Tickmill consistently processes orders quickly - averaging ~59 milliseconds - with very few instances of slippage or requotes. For a day trader, that means you can trust your entry and exit prices without worrying about delays that might cost you money in fast markets.
Cons
- Tickmill primarily focuses on forex pairs, select stock CFDs, indices, and a few commodities. If you like switching between many different asset classes, like crypto or a broader range of stocks, you’ll find the choices limited compared to brokers with thousands of instruments.
- If you’re used to cTrader’s modern layout and sophisticated order types, you’ll miss that here. Tickmill sticks with MetaTrader 4 and 5, as well as TradingView and its own proprietary platform, so there’s no cTrader option. This might slow down traders who rely on cTrader’s workflow or specific tools, such as cTrader Copy.
Axi
Axi is a stand-out option if you want to day trade forex on the MetaTrader 4 platform thanks to the broker’s growing selection of 70+ currency pairs, the MT4 NextGen upgrade, and tight spreads from just 0.2 pips if you opt for the Pro account.
Christian Harris, Reviewer
Axi quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator
- FCA, ASIC, FMA, DFSA, FSC
- Platforms
- Axi Copy Trading, MT4, AutoChartist
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CHF, PLN
Pros
- Axi offers a terrific MT4 experience, enhanced with the NextGen plug-in for advanced order management and analytics, and complete with low execution latency of approximately 30ms.
- Advanced traders can now sign up for the Axi Select funded trader program through the broker’s offshore entity, providing funding up to $1 million with a 90% profit share, which multiple traders have achieved.
- The growing educational resources in the Axi Academy, including free eBooks, video tutorials and notably interactive quizzes, are excellent for supporting beginner traders.
Cons
- Despite performing well whenever we use it, Axi's support is unavailable 24/7, which can be inconvenient for traders in different time zones or those needing assistance outside standard trading hours.
- Axi still has our confidence but issues with the ASIC and FMA in recent years mean it needs to continue providing a secure environment while adhering to licensing conditions.
- Despite bolstering its stock CFDs in US, UK and EU markets, it’s still nowhere near as extensive as firms like BlackBull which offer thousands of equities for diverse opportunities.
How Can I Check A Broker Is Regulated By The CVM?
While the CVM is the regulatory authority for online brokers in Brazil, verifying their authorization can be more complex than in some other jurisdictions.
Unlike some regulators, such as the FCA in the UK or CySEC in Europe, the CVM does not maintain a publicly accessible list of licensed brokers and trading platforms.
Instead, you can inquire about a broker’s authorization status through a formal request to the CVM. We have submitted a request to the CVM to enquire about authorized brokers and will update this page with our findings when we receive a response.
What Rules Must CVM-Regulated Brokers Follow?
Only authorized institutions can trade foreign exchange and derivatives in Brazil, according to Law 6,385/76.
While the law doesn’t explicitly classify forex as a security, it mandates CVM oversight for “the issuance and distribution of other derivative contracts, regardless of the underlying asset.” This effectively brings forex trading under the CVM’s regulatory umbrella.
Here are some fundamental rules and requirements that CMV-regulated brokers must follow:
- Brokers must be registered with the CVM and comply with its regulatory requirements to operate legally in Brazil.
- All foreign exchange transactions must be conducted through institutions authorized by the Central Bank of Brazil.
- Brokers must submit regular reports to the CVM detailing their financial status, client transactions, and other relevant information.
- CVM mandates that brokers implement robust risk management systems to protect clients’ funds and ensure market stability.
- Brokers must provide transparent information to clients about the risks associated with online trading and the costs involved.
What Powers Does The CVM Have?
The CVM wields broad authority to not only establish market regulations but also investigate, prosecute, and penalize violations.
When suspicions arise, the CVM can launch an investigation, gathering information, testimonies, and evidence to pinpoint the source of illegal activity. Throughout this process, those accused retain full rights to defend themselves in court.
In 2020, the CVM demonstrated its commitment to maintaining the market’s integrity by cracking down on unauthorized trading activity. It issued a ‘Stop Order’ against Pepperstone Group, an Australian broker, for allegedly operating in Brazil without authorization, reassuring the market of its vigilance.
Bottom Line
Brazilian laws do not explicitly prohibit online trading, but domestic broker options are limited. The CVM doesn’t provide a list of authorized brokers, either, meaning Brazilian traders often seek trustworthy brokers regulated overseas.
Fortunately, many leading players accept and cater to Brazilian clients with Portuguese language support and websites. Additionally, the convenience of using a broker that accepts deposits in Brazilian real (BRL) is a factor to consider for many day traders in Brazil.
Article Sources
- Securities and Exchange Commission (Comissão de Valores Mobiliário)
- Central Bank of Brazil
- B3 stock exchange
- CVM Regulatory Framework
- Market participants files - CVM
- LAW 6.385 (7 DECEMBER 1976) - CVM
- 'Stop Order' against Pepperstone Group - Reuters
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