Best Forex Brokers in Brazil

Forex Trading in Brazil

Brazil licenses no retail forex or CFD broker. In its 2024 'CFD e Forex' alert the Comissão de Valores Mobiliários (CVM) said that no CVM-authorised broker operates in that market and that any CFD offer made in Brazil, including forex, is irregular; residents may still invest abroad on their own initiative.

Of the 20 brokers in our broker comparison, 10 accept Brazilian residents with high or medium confidence, all through offshore entities; six have been named in CVM stop orders since 2019. The ranking rests on regulation held elsewhere, PIX funding, Portuguese service and entry cost. KCM Trade, our Editor's choice, is first.

eToro accepts Brazilians but disables currency pairs for the region; OANDA, XTB and Saxo do not accept Brazilian residents.

Is Forex Trading Legal in Brazil?

The CVM's 2024 'CFD e Forex' alert states that any CFD offer made in Brazil, including forex, is irregular, that no CVM-authorised broker operates in that market, and that foreign institutions may not solicit Brazilian residents without CVM authorisation. Residents may invest abroad on their own initiative, subject to Receita Federal and Banco Central rules on remittances and tax; the trader commits no offence, and the stop orders (Atos Declaratórios, daily fine R$1,000) are addressed to brokers.

None of the 20 brokers in our database holds a CVM or BCB authorisation. Nine have been named in CVM stop orders:

• XM (September 2019 and February 2026), Pepperstone and AvaTrade (May 2020);
• Exness, IC Markets and OANDA (January 2022);
• XTB (May 2023), FxPro (November 2024) and Tickmill (October 2025).

Six of the nine are ranked here. Every contract is with an offshore entity; the protections the alert lists (suitability checks, order recording, B3's Mecanismo de Ressarcimento de Prejuízos) do not apply, and the CVM cannot help recover money from it. The stop-order list is at sistemas.cvm.gov.br; see also our guide to forex scams.

Deposits and Withdrawals in Brazil

No broker we researched publishes a BRL account; deposits are converted to USD or another base currency. The methods found are PIX, Visa or Mastercard, international wire and Skrill or Neteller; boleto and TED could not be verified on any broker's pages.

• Exness publishes a help-centre guide to PIX deposits and withdrawals in Brazil: no commission, US$10 to US$8,700 per transaction, deposits within four hours, instant withdrawals. Brazilian complaint sites report PIX withdrawal problems.
• AvaTrade states on its Portuguese site that Pix is available to its clients in Brazil through PayRetailers, minimum deposit US$100.
• Pepperstone is reported to support PIX by a secondary source; its own funding pages mention neither PIX nor BRL.
• XM is reported to support PIX by one secondary source; a Brazilian review lists only wire, Skrill, Neteller and crypto.

PIX could not be confirmed at the other six ranked brokers. Conversion rates are part of the cost; the currency converter shows the market rate.

How to Choose a Forex Broker in Brazil

With no CVM licence to check, the test is which entity holds the account; our guide on how to choose a forex broker covers the rest.

• The entity on the contract. KCM Trade: Kohle Capital Markets Limited (Mauritius). Pepperstone's Portuguese site: Pepperstone Markets Limited (Bahamas). IC: Raw Trading Ltd (Seychelles). IG: IG International Limited (Bermuda). Interactive Brokers: reported as Interactive Brokers LLC (US). AvaTrade, XM, Exness and FP Markets: not confirmed.
• Regulation elsewhere. Counting FCA, ASIC, CySEC, MAS, CFTC/NFA, FINMA and BaFin licences: IG five, Pepperstone and Interactive Brokers four, IC Markets, AvaTrade, FP Markets and Tickmill two, XM one, Exness none for retail clients. None covers an account held offshore.
• Portuguese. Pepperstone, IC Markets, Interactive Brokers, XM, Exness, AvaTrade and Tickmill have Portuguese sites or pages; IG's is for Portugal, FP Markets' could not be confirmed and KCM Trade has none.
• Cost. Raw accounts quote EUR/USD from 0.0 pips plus US$6 to US$7 commission per round turn; IG and KCM Trade are spread-only from 0.6 pips, AvaTrade 0.9.
• Leverage. From 1:50 at Interactive Brokers to 1:5000 at IC Markets. See leverage and margin and the position size calculator.

How We Rank Brokers for Brazil

After KCM Trade, our Editor's choice, brokers are placed by the same checks, in this order: a licence from the local regulator where Brazil issues one and the licensed entity is the one that serves local clients, depth of regulation (tier-1 and offshore licences both count), funding methods that work from Brazil, a local-language site or support desk, the cost of getting started (minimum deposit and typical spread), and swap-free accounts where traders commonly ask for them. The order is an editorial judgement, not a computed score.

An (i) after a broker's description means it is named on the CVM list of stop orders (Atos Declaratórios) (source). The note records what the local regulator has published; it is not a finding of fraud, and it is removed when the entry is. Weigh it alongside the licences the broker holds.

A broker is ranked among the verified brokers only when we could confirm, from its own website or the local regulator's register, that it opens accounts for residents of Brazil. KCM Trade is our Editor's choice and is placed first on editorial grounds; its availability in Brazil was checked against that same standard. The 6 brokers marked Not verified follow them: we could not confirm from their own websites that they accept residents of Brazil, most come from our wider broker directory, and their figures are indicative until we check them. Spreads, deposits and leverage are the same figures shown on our full broker comparison; leverage and protections depend on which of the broker's entities holds your account. Broker links may be partner links that earn ForexR a commission at no extra cost to you.

Brokers We Did Not Rank for Brazil

• OANDAOANDA's region selector routes Brazil to its BVI entity, whose official eligible-country list does not include Brazil; the CVM also named OANDA Global Markets Ltd in a stop order in January 2022.
• SaxoSaxo stopped onboarding new Brazilian residents on 1 July 2024 and is reported to have closed its Brazilian client accounts by the end of 2024; we could not confirm this on Saxo's own site.
• eToroeToro opened stocks, ETFs and CFDs to Brazilian users in February 2023 but stated that currency pairs are disabled for the region, so forex is not available to Brazilian residents.
• XTBXTB's help centre says that from March 2026 only residents of 16 named countries can open an XTB International account, Brazil is not among them, and xtb.com/br states the page is not for investors residing in Brazil.

Data last reviewed: October 2026. Availability, funding methods and rules change; confirm them on the broker's own website and with CVM before you open an account. This page is general information, not financial, legal or tax advice. CFDs and leveraged forex are complex instruments with a high risk of losing money rapidly.