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
- Min. deposit: $0
- Min. trade: 0.01 Lots
73-89% of retail investor accounts lose money when trading CFDs -
- Demo account
- Regulator: FCA, ASIC, CySEC, FSC, SCB, FSA
- Platforms: MT4, MT5, TradingView, TradeLocker
71.28% of retail traders lose money when trading CFDs -
- 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
Learn how we test brokers and why you can trust our ratings.
Here is a short overview of each broker's pros and cons
- Pepperstone 4.8/5 Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 830,000 clients worldwide. It offers access to 1,400+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, helping to ensure a secure environment for day traders at all levels.
- Eightcap 4.6/5 Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 800+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
- 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.
Brokers Comparison
| Broker | Minimum Deposit | Markets | Platforms | Leverage |
|---|---|---|---|---|
| Pepperstone | $0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto CFDs, Spread Betting | Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView | 1:30 (Retail - UK, EU, Australia), 1:500 (Pro), 1:200 (Offshore), 1:400 (Kenya) |
| Eightcap | $100 | CFDs in Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, TradingView, TradeLocker | 1:500 |
| 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) |
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 |
|---|---|---|---|---|---|
| Pepperstone | 3666 | ||||
| Eightcap | 3908 | ||||
| Vantage | 15581 | ||||
| XTB | 2926 | ||||
| Plus500 | 20078 | ||||
| IG | 10135 |
Pepperstone
Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/5 support (18h a day on weekends).
Christian Harris, Reviewer
Pepperstone quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto CFDs, Spread Betting
- Regulator
- FCA, ASIC, CySEC, BaFin, DFSA, SCA, SCB, CMA-Kenya
- Platforms
- Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- Pepperstone has greatly improved the deposit and withdrawal experience in recent years, adding Apple Pay and Google Pay in 2025, as well as PIX and SPEI for clients in Brazil and Mexico in 2024.
- After adding spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools for financial spread bettors in supported countries.
- Offers a dedicated CopyTrading app for traders who want a less active approach to trading, available in some countries.
Cons
- Despite improvements to its range of markets, crypto CFD offerings are still fairly limited compared to other brokers who focus on this area, such as Eightcap, and there's no option to invest in real coins.
- Pepperstone has removed support for several tools that elevated the trading experience for active retail traders, notably Autochartist, Capitalise.ai and a free VPS for qualifying traders (now only pro traders in some countries).
- Overnight holding fees are higher than that found with some Market Maker brokers (usually Benchmark + 2.5%). This makes pepperstone an ideal broker for day traders and forex scalpers but less suitable for swing traders who often keep position open overnight.
Eightcap
Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row.
Christian Harris, Reviewer
Eightcap quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs in Forex, Stocks, Indices, Commodities, Crypto
- Regulator
- FCA, ASIC, CySEC, FSC, SCB, FSA
- Platforms
- MT4, MT5, TradingView, TradeLocker
- Minimum Deposit
- $100
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, SGD
Pros
- Eightcap added TradeLocker in 2026 for certain regions, marking it out as the best regulated TradeLocker broker, while still delivering Eightcap's ultra-fast execution and low fees for active traders on the charting software.
- With tight spreads from 0 pips, low commission fees, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- Eightcap Challenges, the broker's prop trading firm, is multi-regulated, removing the third-party risks we commonly see with white-label prop firms, and its tailoring its funded accounts to crypto traders with around 150 crypto pairs, plus it's integrated into the TradingView interface.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Eightcap needs to continue bolstering its suite of 800+ instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
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
- The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side (Pro ECN account)
- Vantage has bolstered its algorithmic trading tools for advanced traders with AutoFibo EA identifying reversal opportunities
- The broker has made efforts to expand its suite of CFDs providing further trading opportunities
Cons
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- 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.
- XTB has boosted its interest rate on uninvested balances and added zero-fee ISAs (On ETFs and real shares, or 0.2% with transactions over €100k) for UK clients with a huge range of markets available.
- XTB offers fast withdrawals with payment within 3 business days, depending on the method and amount.
Cons
- The research tools at XTB are good but could be great if they went beyond in-house features with access to leading third-party tools such as Autochartist, Trading Central and TipRanks.
- The demo account expires after just four weeks, a serious limitation for traders who wish to thoroughly test the xStation platform and practice short-term strategies before committing real funds.
- 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.
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 has bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility and extended 24/5 hours trading on select stock and ETF CFDs, including SpaceX
- AI Bites has been added, giving active traders real-time, AI-generated market summaries, technical analysis, and social sentiment next to charts, aiding in short-term trading decisions
Cons
- 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
- Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
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
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading, while IG has also added TradingView integration.
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met.
- IG obtained a crypto asset license from the FCA, allowing it to re-enter the UK market to provide buying, selling and storing opportunities on 55+ digital tokens with fees from 1.49%, and all within an FCA-licensed environment.
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.
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
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com