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:
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- 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
- Regulator: FCA, CySEC, FSCA, FSC
- Platforms: WebTrader, UM Social, UM App, MT4, MT5
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- Demo account
- Min. deposit: $0
- Min. trade: 0.01 Lots
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- 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.
Here is a summary of why we recommend these brokers in October 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.
- Ultima Markets 3.9/5 Ultima Markets is a forex and CFD broker, established in 2016. The firm is regulated by several financial bodies, including the CySEC. Users can trade 250+ CFDs spanning major asset classes, from currencies to stocks and commodities. As well as the industry-leading MetaTrader 4 platform, clients can use the Ultima Markets app and social trading service.
- 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 |
| Ultima Markets | $50 | CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs, Pre-IPO | WebTrader, UM Social, UM App, MT4, MT5 | 1:30 (EU), 1:2000 (RoW) |
| 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 | ||||
| Ultima Markets | 971 | ||||
| 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
- The app was upgraded in 2026 with wider asset visibility bringing together balances across Contract, Copy, and Funding accounts on one screen
- Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
- The broker has made efforts to expand its suite of CFDs providing further trading opportunities
Cons
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- 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
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
- XTB offers fast withdrawals with payment within 3 business days, depending on the method and amount.
- 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.
- First-class 24/5 customer support is available, including a friendly live chat with response times of under two minutes during testing.
Cons
- 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.
- 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.
Ultima Markets
Ultima Markets is best for beginners looking to speculate on popular financial markets on the reliable MetaTrader 4 or more recently the MetaTrader 5 platform. The minimum deposit is accessible at $50, there are no fees when you open and fund your account, and the addition of the Academy makes for a supportive learning environment.
Jemma Grist, Reviewer
Ultima Markets quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs, Pre-IPO
- Regulator
- FCA, CySEC, FSCA, FSC
- Platforms
- WebTrader, UM Social, UM App, MT4, MT5
- Minimum Deposit
- $50
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, JPY, HKD, SGD
Pros
- Pre-IPO stocks added, including Rocket Launch and LEO Satellite networks
- $50 minimum deposit with the Standard account
- Free deposits and withdrawals with multiple base currencies
Cons
- $20,000 minimum deposit required for the very best trading conditions
- Weak regulatory oversight through the offshore branch
- Slow sign-up process compared to rivals
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 IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
- 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.
Cons
- IG applies an inactivity fee of $12-$18 per month after 2 years, deterring casual investors.
- 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.
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
- 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.
- 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.
- 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
- 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.
- 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.
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
- The growing educational resources in the Axi Academy, including free eBooks, video tutorials and notably interactive quizzes, are excellent for supporting beginner traders.
- Axi's latest copy trading app is really intuitive based on our tests with useful filtering options to match strategies with individual risk preferences.
- 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.
Cons
- 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 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.
- 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
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