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Best Forex Brokers in Brazil 2020

FX Empire Editorial Board
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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.

The list below represents the best forex brokers in Brazil.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
First Prudential Markets Pty Ltd
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Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, webtrader

2005

No dealing desk

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Your capital is at risk

FBS
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Your capital is at risk

CySEC, IFSC

$1

1:3000

MT4, MT5

2009

ECN, No dealing desk, STP

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Your capital is at risk

eToro
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62% of retail CFD investors lose money

ASIC, CySEC, FCA, MiFID

$200

1:30

cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade

2007

Market Maker, No dealing desk, STP

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62% of retail CFD investors lose money

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of The Best Forex Brokers for trading in Greece 
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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Your capital is at risk

FP Markets is the brokerage arm of First Prudential Markets Pty Ltd, an Australian firm that was established in 2005. In over 14 years of brokerage operations, FP Markets has grown to become a foremost online forex and CFD broker.

The Head Office is located in Sydney, Australia. The brand has won multiple industry awards in areas like; customer service, trader education and trade execution.

Pros: Cons:
  • 10,000+ tradable assets
  • Choose between 3 trading platforms
  • Competitive spread pricing on raw account
  • High spreads on the standard account
  • A range of possible additional fees
  • AU $200 minimum opening balance

FBS

Regulated By:CySEC, IFSC

Foundation Year:2009

Headquarters:N/A

Min Deposit:$1

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Your capital is at risk

FBS Markets Inc. is a Forex and CFD broker that offers its services across the globe. The company was established in 2009 and since then, the brand has grown in size, capacity and technology. It offers currency pairs, CFDs, stocks, metals and cryptocurrencies on MT4 and MT5 platforms.

FBS Markets offers 37 currency pairs, 4 metals, 3 CFDs, 4 cryptocurrencies and 32 stocks.

FBS provides the MT4 and MT5 trading platforms as WebTrader, desktop applications and mobile applications. For leverage accounts, this brokerage offers leverage of up to 3000:1.

Pros Cons
  • The broker is regulated by CySEC and the IFSC
  • Access to investor compensation in case of broker fraud
  • Comprehensive trader education
  • Good variety of research tools
  • Low capital requirements for account opening
  • Spreads are higher than many retail brokers
  • Regulation of global brand is not as robust as the EU brand
  • Leverage offered on global brand is too high (careful risk management is a must)

eToro

Regulated By:ASIC, CySEC, FCA, MiFID

Foundation Year:2007

Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus

Min Deposit:$200

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62% of retail CFD investors lose money

eToro is an online trading platform that was founded in 2007 by the Assia siblings and their friend David Ring in Tel Aviv, Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading. Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. It made the markets accessible to everyone, no matter what their level of experience by creating a user-friendly environment and allowing traders to copy the trades of other traders’ strategies automatically.

Pros: Cons:
  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
  • Spreads are higher than average
  • Does not have the MetaTrader platform

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.

Account Types

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.

Customer Service

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.

Additional Services

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.

Conclusion

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.

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Trade With A Regulated Broker

  • Your capital is at risk