8 Best Forex Brokers in Brazil for 2024

Established in 2006, AvaTrade has expanded its global footprint to over 150 countries and operates under a robust regulatory framework. It is overseen by multiple reputable financial authorities, including ASIC, CySEC, and FSA Japan. The broker provides traders with access to a wide array of more than 1,250 tradable assets, which can be accessed through various trading platforms including AvaTrade Web Trader, AvaTradeGo, AvaSocial, AvaOption, MT4, and MT5.

Regional Features:

• Entity for Brazilian Residents: AvaTrade Markets Ltd, regulated by the BVI FSC
• Maximum Leverage: 1:400
• Website in Portuguese: Yes
• Customer Support in Portuguese: No

AvaTrade offers a versatile selection of trading platforms and apps, catering to traders of all skill levels. For those who lean towards more advanced trading, the MT4 and MT5 platforms serve as globally recognized options for forex trading, offering over 100 drawing tools and technical indicators, along with automated trading features.

Yet, the AvaTrade Web Trader platform stands out as a compelling choice for both novice and experienced traders. One particularly noteworthy feature of the AvaTrade platform is the intuitive search function, which allows traders to filter instruments based on criteria like “most rising,” “most falling,” “most buying,” and “most selling.” Additionally, the trading ticket includes key metrics like margin exposure, facilitating quick and informed risk management decisions.

During our live fee assessment, we found that the spread for EUR/USD averaged 0.9 pips during peak trading hours in the London and New York sessions. This performance surpasses the industry average of 1.0 pips for commission-free accounts, making AvaTrade a competitive choice in terms of pricing.

Established in 2017, Zero Markets operates under three entities with two regulated by ASIC and the FSC Mauritius and one unregulated entity. Over 680 financial instruments are available to trade from the MT4 and MT5 platforms, with additional copy and social trading apps.

Regional Features:

• Entity for Brazilian Residents: Zero Markets LLC, unregulated and based offshore in SVG
• Maximum Leverage: 1:500
• Website in Portuguese: Yes
• Customer Support in Portuguese: Yes

Zero Markets offers copy and social trading solutions, which are integrated with its MT4 and MT5 trading platforms. Through a web-based application, it allows users to view the performance metrics of individual traders provided by the third-party forex signals provider, Signal Start. The process of copy trading is user-friendly and can be executed with just a click. There are fees associated with these copy and social trading solutions, which is unusual in the industry.

Copiers are charged a commission of $1 per lot on any trades that are copied, bought, and sold. There is also a $25 monthly subscription fee for each provider you subscribe to but zero setup fees. For signal providers, there is a one-time $25 setup fee and a 30% monthly fee for each subscription. As these fees are set by Signal Start, Zero Markets will credit the $25 monthly fee for followers and setup fee for providers if you fund your account with over $1,000 and trade the minimum volume per month of 5 lots on forex, metals, or WTI.

During our fee test, we found the spread for EUR/USD averaged 1.2 pips which is higher than the industry average of 1.0 pips for a commission-free trading account. However, the broker’s Super account offer spreads from 0.0 pips with a round turn commission of $5 per lot, which beats the industry average of $7.

Founded in 1974, IG has ten entities regulated worldwide and is listed on the London Stock Exchange. Professional traders in Brazil may benefit from over 17,000 markets, a comprehensive suite of advanced trading platforms, expert market research, and premium account services.

Regional Features:

• Entity for Brazilian Residents: IG International Limited, regulated by the Bermuda Monetary Authority (BMA)
• Maximum Leverage: 1:200
• Platforms: IG Web, IG Mobile, MT4, TradingView, ProRealTime, L2 Dealer
• Brazilian Products: BRL pairs (BRL/JPY and USD/BRL) and Brazil 60 index
• Website in Portuguese (Brazil): No
• Customer Support in Portuguese: No

Brazilian traders have access to over 17,000 instruments across all global asset classes, with special features including pre- and post-market trading hours for US stocks and weekend trading on major markets such as gold, forex, indices, and cryptos.

Professionals can trade direct market access (DMA) from its L2 Dealer platform. This allows traders to see the order book and market depth placing orders directly with IG’s liquidity providers and global stock exchanges.

The IG web platform and mobile app are user-friendly, offering a highly customizable layout, one-click trading, chart-based trading, and built-in signals from Autochartist and PIA First. Additionally, the MT4 and ProRealTime platforms are available for automated trading.

During our fee test, we found the spread for EUR/USD averaged 0.6 pips in the London session and 0.9 pips during the New York session. Both beat the 1.08 pips industry average for a commission-free account. High-volume traders can also access trading rebates. For example, a monthly notional trading volume of 300 million USD results in a $10 rebate.

Established in 2019, Errante is regulated by CySEC and the FSA Seychelles. The broker offers over 150 tradable instruments from the MT4, MT5, and cTrader platforms along with four trading accounts (Standard, Premium, VIP, and Tailor Made). MetaTrader features include an MT4 MAM account and copy trading solutions.

Regional Features:

• Entity for Brazilian Residents: Errante Securities (Seychelles) Limited, regulated by FSA Seychelles
• Maximum Leverage: 1:500
• Website in Portuguese: Yes
• Customer Support in Portuguese: No

Errante’s trading platform suite, including MT4, MT5, and cTrader, caters to diverse trading styles. MT4 boasts 30 technical indicators, 24 drawing tools, and 9 timeframes, enhancing market analysis. The platform’s 1-click trading and integration with Expert Advisors facilitate swift trade execution and algorithmic strategies. Additionally, the MetaTrader marketplace offers a wealth of custom indicators and automated strategies.

The broker offers a range of financial CFD instruments covering forex, stocks, indices, commodities, and cryptocurrencies. While Errante’s MT4 platform is available on PC, Mac, web, and mobile, the Windows PC version has the most functionality, such as running automated strategies.

Our hands-on review of Errante’s Standard account with a minimum deposit of $50 showed that the EUR/USD spread averaged 1.5 pips during peak trading hours, slightly above the industry average. However, the VIP account, with a higher minimum deposit of $5,000, offers more competitive spreads starting from 0.8 pips, still within the realm of commission-free trading.

Established in 2009, Vantage is regulated by four global authorities and offers over 940 tradable instruments from multiple trading platforms. Vantage delivers an excellent educational experience with access to courses, articles and live trading webinars.

Regional Features:

• Entity for Brazilian Residents: Vantage Global Limited, regulated by the VFSC in Vanuatu.
• Maximum Leverage: 1:500
• Website in Portuguese: Yes
• Customer Support in Portuguese: Yes

Vantage provides Brazilian clients with a comprehensive selection of educational resources tailored for beginners. These include detailed online trading courses such as ‘Forex Beginner’ and ‘Stock Beginner’ and a collection of regularly updated articles in the Vantage Academy, which cover valuable market forecasts for new traders.

A key highlight of the Academy is its extensive library of over 270 recorded webinars and the opportunity to participate in new live trading webinars each week. Coupled with the broker’s free demo trading account and 24/7 customer support, this makes it an excellent package for novices to learn and practice.

In our tests using the commission-based ECN account, we found an impressive average spread of 0.15 pips on EUR/USD, with a commission of 3 USD per lot per side – highly competitive in the industry.

Vantage supports multiple trading platforms, including MetaTrader 4 and MetaTrader 5. However, their proprietary ProTrader platform stands out as the most user-friendly option for beginners. Additionally, Vantage offers a copy trading app to replicate the trades of other investors.

Established in 2013, FXTM Vantage is regulated by three global authorities and offers over 600 CFD instruments and 500 real shares to trade and invest in. Users can trade from MT4, MT5, and the user-friendly, feature-rich FXTM Trader App.

Regional Features:

• Entity for Brazilian Residents: Exinity Limited, regulated by the FSC of Mauritius.
• Maximum Leverage: 1:2000
• Website in Portuguese: No
• Customer Support in Portuguese: No

During our evaluation, we found the FXTM Trader App to have a modern and intuitive feel. It’s easy to trade on over 600 CFDs covering forex, stock indices, commodities, cryptocurrency, and share CFDs and real US shares. There are 9 timeframes, 10 indicators, and 4 chart types available.

Standard order types include market orders, limit orders, and stop-loss orders. Users can create customized watchlists and trade directly from the mobile app charts. The app offers all the basic functionality required to trade or manage positions on the move with ease. There are also built-in educational videos for beginners to learn on the move.

In our live fee test of the Advantage Plus account, we found the EUR/USD spread to average 1.9 pips during the London and New York sessions. While there is no commission on this account, the spreads were higher than the industry average. However, users can access spreads from 0.0 pips on the Advantage account, which does have a competitive commission of 3.50 USD per lot per side.

The Australia-based financial derivatives broker AXI stands out with its probing and diverse research content incorporated from the seamless Autochartist and Trading Central. AXI, which was founded in 2007, provides 280+ tradable instruments across currency pairs, commodities, share CFDs, indices, cryptocurrencies, and futures contracts.

Regional Features:

• Entity for Brazilian Residents: AxiTrader Limited, based in St Vincent and the Grenadines.
• Maximum Leverage: 1:500
• Website in Portuguese: No
• Customer Support in Portuguese: No

AXI clients can stay on top of the latest market developments and learn about the best current trading opportunities by choosing from a wide array of fundamental and technical analyses, market sentiment gauges, and actionable trading signals. I appreciated that AXI incorporates market research from both Autochartist and Trading Central, affording its clients a nuanced and well-informed outlook.

The broker offers the web and desktop versions of MetaTrader 4, one of the most popular retail trading platforms. This platform features over 60 analytical tools and chart configurations, and traders can place market, limit, and stop orders.

MT4 also enables one-click trading, depth of markets, an alarm setting option, and more. Automated trading is possible via Expert Advisors (EAs). Furthermore, the broker offers free Virtual Private Server (VPS) hosting for low-latency trading.

I assessed the competitiveness of AXI’s trading fees by opening a Standard account, which features commission-free trading and floating spreads from 0.9 pips. Broken down by asset class and compared to the industry average, AXI charges low-to-average spreads on indices and commodities, average spreads on cryptocurrencies, and average-to-high spreads on currency pairs.