Best Forex Brokers in Brazil 2018
Trading Forex in the Brazilian market Is highly regulated. So which brokers can you trade with as a Brazilian trader? More importantly which are the best brokers to work with? FXEmpire have conducted a list of the very best brokers in your region, conducted from in-depth research and our user reviews.
How to Choose a Brazilian Forex Broker
The forex market doesn’t have a central marketplace, so a Brazilian trader must have a forex broker that serves him directly. Some of the key features that make a good broker are a user-friendly trading platform that matches your trading level, regulatory compliance in your jurisdiction, a trading account with excellent trading conditions and a high level of overall customer service. These features should be standard with the broker that you choose.
General Regulation & Brazilian Regulation
The Brazilian market is closely regulated, thanks to the Central Bank of Brazil. A forex transaction can only be executed if the company is licensed by the Central Bank, because the Central Bank of Brazil is responsible for all of the regulatory oversight in the region. Furthermore the trader will have to be a resident of Brazil and have a Brazilian bank account with their deposits available in the local currency.
Due to a rocky financial environment in Brazil over the last few decades, Brazil severely tightened up control over the market. It tracked and monitored every single forex contract available, which made it an unfriendly environment for local traders and brokers alike. Then in 2005 the Central Bank loosened its control after CMN Resolution 3265, which made for a much more hospitable marketplace.
Trading Platform & Software
Brazil’s best forex brokers will provide a range of top of the line trading platforms and software that includes generic technology like the MT4 and the Sirix trader and proprietary technology that is developed especially for the broker’s traders. The platforms should be built around the trader to make sure they are easy to use and the interface is easy on the eye. They should deliver quick execution speeds and offer a number of different analysis tools. Other features to look out for are high functioning charts that are up-to-date and feature real-time quotes. Some brokers will allow you to have a free trial in the form of a demo account, before making a full commitment.
Commissions & Spreads
The most valuable areas to a forex broker is the commissions and spreads. It is a way to determine if you and the broker are a good fit. You want to make sure that you choose a forex broker that has a low spread (the total calculation between the buy and sell price). A wide spread could greatly reduce the amount of profit that you receive from each transaction. Spreads can be either floating or fixed. Floating spreads track the market prices which can work in your favour. Fixed spreads mean you always know where you stand in terms of the fees you will pay.
Top of the line forex brokers will work to meet your trading needs by offering a variety of account types. You want make sure that the forex brokers are offering benefits that cater to Brazilian traders. Some forex brokers will provide a standard, mini, and micro account as options to residents of Brazil. Each account type comes with its own minimum deposit level and advantages. Be sure to check the conditions before you open an account.
It is important that the broker’s customer service be available in the native language of Brazil. If not, it could make the entire process frustrating and difficult to solve any problems that you come upon. The best Brazilian forex brokers will offer a 24/5 customer support centre, available through phone, live chat and email.
A professional forex broker will include additional services, such as learning resources, webinars and of course ever-updating market analysis. Some will go as far as to offer outsourced chart pattern analysis, a signal service and even a news TV channel.
In the creation of our list of brazils top brokers we have included hours of research into all of the above factors. We have tested the customer support, the trading platforms and analyzed the trading conditions available to you. Above all else we have considered the reliability and security features of the broker.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|