Best Forex Brokers in Brazil in 2021

Best Forex Brokers in Brazil in 2021

Share on facebook
Share on linkedin
Share on twitter
Share on pinterest
Share on email

Brazil, officially the Federative Republic of Brazil, is the largest country in South America as well as Latin America, with a population of more than 210 million. Forex trading in Brazil is becoming more popular as the country becomes a more open and liberal regime.

Forex Brokers in Brazil include those that serve in several other South American countries, and they are active forex brokers in many other global regions.

Forex traders who are looking for the best forex brokers that accept Brazilian traders need not look further than the list below:

  1. TradeStation
  2. City Index
  3. Oanda
  4. HotForex
  5. XTB
  6. eToro

1. TradeStation

TradeStation is a forex broker that was founded in 1982 and is headquartered in the United States. TradeStation is a regulated broker with regulation and authorization through these entities:

  • Financial Industry Regulatory Authority (FINRA)
  • New York Stock Exchange (NYSE)
  • The National Futures Association (NFA)
  • Office of the Comptroller of the Currency (OCC)
  • Depository Trust and Clearing Corporation (DTCC)
  • The Securities Investor Protection Corporation (SIPC)

William and Rafael Cruz founded TradeStation, and the president is John Bartleman, who has held the position for the past five years. According to official sources, the staff size for TradeStation is more than 100 employees.

In terms of deposit rates and fees, TradeStation charges a minimum deposit of 200 USD with a variable spread and competitive commissions.

In terms of trading speed, TradeStation executes all orders within a few milliseconds. In terms of the trust, security, and security features, TradeStation places emphasis on ensuring a secure trading environment and trading platform by using the best protocols and software.

In terms of tradable financial instruments, TradeStation offers the following:

  • Stocks
  • ETFs
  • IPO
  • Options
  • Futures
  • Futures Options
  • Cryptocurrencies
  • Mutual Funds
  • Bonds

In terms of currency types, TradeStation supports the following currencies:

  • EUR
  • USD
  • GBP, and others

In terms of trading software, TradeStation offers forex traders with its proprietary trading platform that offers innovative, intuitive solutions.

In terms of research and education, TradeStation offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. Market insight
  2. Support forum
  3. FAQs
  4. Market insight
  5. WEB API

In terms of customer support, TradeStation can be contacted through the following channels:

  • Live support
  • Email
  • Telephone
  • Facebook
  • Instagram
  • Twitter

When compared to other forex brokers, TradeStation offers the following unique sides and features:

  • Strict security protocols to protect client funds
  • Competitive commissions
  • A unique and innovative proprietary trading platform
  • A wide range of tradable financial instruments

TradeStation is an active forex broker in Brazil with more than a hundred registered users. In terms of market share, TradeStation has a significant portion because of the innovative trading software that the forex broker offers. 

In terms of privileges that TradeStation does not offer Brazilian citizens any advantages but offers all forex traders competitive trading conditions.

The reason why so many forex traders use TradeStation in Brazil relates to its innovative trading software, competitive spreads, and range of tradable markets.

To get more information, you can read the TradeStation Forex Suggest review.

2. City Index

City Index is a forex broker that was founded in 1983 and is headquartered in London, UK. City Index is a regulated broker with regulation and authorization through these entities:

  • Australian Securities and Investment Commission (ASIC)
  • Financial Conduct Authority (FCA)
  • Monetary Authority of Singapore (MAS)

Chris Hales and Jonathan Sparke founded City Index, and the forex broker is a part of GAIN Capitals, with Glenn Stevens as its CEO. Stevens has held the position for the past year since August 2020.

In terms of users, there are more than 150,000 forex traders registered with City Index, according to trusted sources. According to official sources, the staff size for City Index is between 500 and 1,000 employees.

In terms of deposit rates and fees, City Index charges a minimum deposit of 100 GBP with a spread from 0.5 pips EUR/USD and commissions of 0.08%, or a minimum of 10 GBP.

In terms of trading speed, City Index guarantees fast and reliable trade execution, high liquidity, and minimal slippage and requotes. In terms of security, City Index is known for its secure and stable trading environment. 

In terms of tradable financial instruments, City Index offers the following:

  • Indices
  • Shares
  • Forex
  • Cryptocurrencies
  • Oil & Commodities
  • Metals
  • Bonds
  • Interest Rates
  • Options

In terms of currency types, City Index supports the following currencies:

  • USD
  • GBP
  • EUR
  • CHF
  • JPY
  • NZD

In terms of trading software, City Index offers forex traders the following applications:

  1. City Index Web Trader
  2. City Index Mobile Trading Apps
  3. AT Pro Trading Platform
  4. MetaTrader 4

In terms of research and education, City Index offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. Research Portal
  2. Trading Strategies
  3. Economic Calendar
  4. Expert Market Analysis
  5. Trading Academy
  6. Educational videos and articles
  7. Webinars
  8. Tutorials
  9. Practical examples of trading topics

In terms of customer support, City Index can be contacted through the following channels:

  • Email
  • Telephone
  • Live Chat
  • Facebook
  • Twitter
  • LinkedIn

In terms of the service area, City Index serves traders from around the world except for traders from these regions:

  • Afghanistan
  • Angola
  • Belarus
  • Belgium
  • Burundi
  • Chad
  • Canada
  • The United States, and several others.

When compared to other forex brokers, City Index offers the following unique sides and features:

  • City Index is a well-regulated and popular trading platform
  • The commissions charged are low and competitive
  • Powerful trading software and innovative proprietary trading platforms
  • More than 12,000 tradable financial instruments

City Index is an active forex broker in Brazil with more than 100 registered users. In terms of market share, City Index owns a large portion despite the competition it faces in the market.

In terms of privileges that City Index offers to citizens from Brazil with competitive trading conditions and tailor-made trading solutions.

The reason why so many forex traders use City Index in Brazil relates to the unique solutions that it offers to both beginner and professional traders alike.

To get more information, you can read the City Index Forex Suggest review.

3. Oanda

Oanda is a forex broker that was founded in 1996 and is headquartered in The United States. Oanda is a regulated broker with regulation and authorization through these entities:

  • Monetary Authority of Singapore (MAS)
  • The National Futures Association (NFA)
  • Financial Conduct Authority (FCA)
  • Australian Securities and Investment Commission (ASIC)
  • Commodity Futures Trading Commission (CFTC)
  • The Investment Industry Regulatory Organization of Canada (IIROC)
  • Financial Futures Association of Japan (FFAJ)
  • British Virgin Islands Financial Services Commission (BVI FSC)

Michael Stumm and Richard Olsen founded Oanda, and the CEO is Gavin Bambury, who has held the position for the past two years. The average daily trading volume for OANDA is 10.7 billion USD, according to official sources.

According to official sources, the staff size for Oanda is more than 573 employees. In terms of deposit rates and fees, Oanda charges a minimum deposit of as little as 1 USD with a spread from 0.7 pips EUR/USD with commission-free trading.

In terms of trading speed, Oanda executes all orders within 0.012 seconds. In terms of the trust, security, and security features, Oanda has strict regulation, advanced risk management, and strict security protocols.

In terms of tradable financial instruments, Oanda offers the following:

  • Forex
  • Indices
  • Metals
  • Commodities

In terms of currency types, Oanda supports the following currencies:

  • USD
  • EUR
  • GBP
  • CHF
  • JPY
  • CAD
  • SGD
  • HKD

In terms of trading software, Oanda offers forex traders the following applications:

  1. MetaTrader 4
  2. OANDA forex trading platform

In terms of research and education, Oanda offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. Training videos for forex and CFD trading
  2. Trading guides for beginners, intermediate, and advanced forex traders.
  3. Trading articles
  4. Advanced charting
  5. Market Calendar
  6. Market Insights

In terms of customer support, Oanda can be contacted through the following channels:

  • Facebook
  • Twitter
  • Instagram
  • Telephone
  • Email
  • Live Chat

In terms of the service area, Oanda serves traders from around the world without any restrictions. When compared to other forex brokers, Oanda offers the following unique sides and features:

  • Oanda is well-known for being a trusted platform that takes the necessary steps to safeguard forex traders.
  • Commission-free trading.
  • MetaTrader 4, as well as the proprietary Oanda software
  • 126 tradable financial instruments spread across several asset classes

Oanda is an active forex broker in Brazil with more than 100 registered users. In terms of market share, Oanda shares the competitive space with other competitors. In terms of privileges that Oanda offers to citizens from Brazil with powerful software, dedicated support, and competitive trading conditions.

The reason why so many forex traders use Oanda in Brazil relates to its proprietary software, trading tools, and the fact that the forex broker accepts traders from around the world.

To get more information, you can read the Oanda Forex Suggest review.

4. HotForex

HotForex is a forex broker that was founded in 2010 and is headquartered in Cyprus HotForex is a regulated broker with regulation and authorization through these entities:

  • The Financial Sector Conduct Authority (FSCA)
  • The Dubai Financial Services Authority (DFSA)
  • Financial Services Authority (FSA) in Japan
  • Financial Services Commission (FSC) in Mauritius

The CEO for HotForex is George Koumandaris, and HotForex has an average daily trading volume of 11.9 billion USD. In terms of users, there are more than 2.5 million forex traders registered with HotForex, according to trusted sources. 

According to official sources, the staff size for HotForex is more than 200 employees. In terms of deposit rates and fees, HotForex charges a minimum deposit of 5 USD with a spread from 0.1 pips EUR/USD and commissions that start from $3.

In terms of trading speed, HotForex executes all orders within just a few seconds. In terms of the trust, security, and security features, HotForex uses strict data protection protocols and offers a safe trading environment.

In terms of tradable financial instruments, HotForex offers the following:

  • Forex
  • Commodities
  • Cryptocurrencies
  • Bonds
  • Shares
  • Indices
  • Stocks
  • CFDs
  • Metals
  • Energies

In terms of currency types, HotForex supports the following currencies:

  • USD
  • ZAR

In terms of trading software, HotForex offers forex traders the following applications:

  1. MetaTrader 4
  2. MetaTrader 5

In terms of research and education, HotForex offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. HotForex App
  2. VPS Hosting
  3. Premium Trader Tools
  4. AutoChartist Tool
  5. Trading Calculators
  6. Advanced Insights
  7. Economic Calendar
  8. Trader’s Board
  9. HotForex Educational Videos
  10. Trading Courses
  11. Forex e-Course and education
  12. Webinars
  13. HotForex Exclusive analysis
  14. Podcasts

In terms of customer support, HotForex can be contacted through the following channels:

  • Telephone
  • Email
  • Live Chat
  • Contact Form
  • Facebook
  • Twitter
  • Telegram
  • Instagram
  • LinkedIn

In terms of the service area, HotForex serves traders from around the world except for traders who reside in the United States. When compared to other forex brokers, HotForex offers the following unique sides and features:

  • A safe trading environment with multiple security layers
  • Ultra-low commissions from $3
  • The use of either MetaTrader 4 or MetaTrader 5
  • More than 1,000 tradable financial instruments

HotForex is an active forex broker in Brazil with more than 1,000 registered users. In terms of market share, HotForex has a significant portion as a reliable broker.

In terms of privileges that HotForex offers to citizens from Brazil with a range of bonuses and promotions when they register for a live trading account.

The reason why so many forex traders use HotForex in Brazil relates to its beginner-friendly solutions, choice in trading accounts, and advanced trading tools, and educational resources.

To get more information, you can read the HotForex Forex Suggest review.

5. XTB

XTB is a forex broker that was founded in 2002 and is headquartered in Belize. XTB is a regulated broker with regulation and authorisation through these entities:

  • Financial Conduct Authority (FCA)
  • The International Financial Services Commission (IFSC)
  • Capital Markets Banc (CMB)
  • Comisión Nacional del Mercado de Valores (CNMV)
  • Komisja Nadzoru Finansowego (KNF)
  • Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
  • Autorité de contrôle prudentiel et de résolution' (ACPR)

Jakub Zablocki founded XTB, and the CEO is Carl Kirchner, who has held the position for the past seven years. The market capitalization for XTB is more than 2,049 million USD, according to stock information.

In terms of users, there are more than 275,000 forex traders registered with XTB, according to trusted sources. According to official sources, the staff size for XTB is 500 employees.

In terms of deposit rates and fees, XTB charges a minimum deposit of 250 USD with a spread from 0.5 pips EUR/USD and commissions that start from 0.08% on ETF CFDs and Stock CFDs.

In terms of trading speed, XTB has rapid trade execution speeds and trusted security methods. In terms of the trust, security, and security features, XTB is a large, reputable forex broker that uses some of the most innovative security and safety features and protocols.

In terms of tradable financial instruments, XTB offers the following:

  • ETF CFDs
  • Cryptocurrencies
  • Forex
  • Indices
  • Commodities
  • Stock CFDs

In terms of currency types, XTB supports the following currencies:

  • USD
  • EUR
  • GBP
  • HUF

In terms of trading software, XTB offers forex traders the following applications:

  1. XTB Online Trading xStation 5 trading platform
  2. MetaTrader 4

In terms of research and education, XTB offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. Trading Academy
  2. Trading Articles
  3. Live Webinars
  4. Market Sentiment
  5. Market Calendar

In terms of customer support, XTB can be contacted through the following channels:

  • Live Chat
  • Telephone
  • Email
  • Facebook
  • Twitter

In terms of the service area, XTB serves traders from around the world except for traders from these regions:

  • Japan
  • Australia
  • Iraq
  • Yemen
  • North Korea
  • South Korea
  • Mozambique
  • Libya, and several other regions.

When compared to other forex brokers, XTB offers the following unique sides and features:

  • Strict security and trust as a large broker and one of few listed on a stock exchange
  • Low commission charges
  • Powerful trading platforms that include a popular proprietary platform
  • More than 1,500 tradable instruments

XTB is an active forex broker in Brazil with more than 500 registered users. In terms of market share, XTB occupies a decent portion as a popular service provider and trade facilitator.

In terms of privileges, XTB does not offer Brazilian citizens any privileges but welcomes traders from all experience levels. The reason why so many forex traders use XTB in Brazil relates to its unique solutions, good reputation, and powerful trading software.

To get more information, you can read the XTB Forex Suggest review.

6. eToro

eToro is a forex broker that was founded in 2007 and is headquartered in Cyprus, United Kingdom, and Israel. eToro is a regulated broker with regulation and authorization through these entities:

  • The Australian Securities and Investment Commission (ASIC)
  • Financial Conduct Authority (FCA)
  • Cyprus Securities and Exchange Commission (CySEC)

Yoni Assia, Ronen Assia, and David Ring founded eToro, and the CEO is Yoni Assia, who has held the position for the past 14 years. The average daily trading volume for eToro is 4.3 billion USD, according to official sources.

In terms of users, there are millions of forex traders registered with eToro, according to trusted sources. According to official sources, the staff size for eToro is between 500 and 1,000 employees.

In terms of deposit rates and fees, eToro charges a minimum deposit of 200 USD with a spread from 3 pips EUR/USD and commission-free trading.

In terms of trading speed, eToro executes all orders within a few milliseconds. In terms of the trust, security, and security features, eToro is a trusted broker and the leading social trading platform that guarantees client fund security.

In terms of tradable financial instruments, eToro offers the following:

  • Indices
  • Metals
  • Energies
  • Bonds
  • Forex
  • Commodities
  • Cryptocurrency
  • Stocks
  • Shares
  • ETFs
  • CFDs

In terms of currency types, eToro supports the following currencies:

  • AUD
  • EUR
  • USD
  • GBP
  • RUB, and others

In terms of trading software, eToro offers forex traders the use of a proprietary trading platform that can be downloaded across several devices. In terms of research and education, eToro offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. eToro Watchlist
  2. eToro Portfolio
  3. eToro News Feed
  4. eToro Copy People
  5. eToro Trade Markets
  6. eToro Instrument feed
  7. eToro Instrument statistics
  8. eToro Instrument chart
  9. eToro CopyPortfolios

In terms of customer support, eToro can be contacted through the following channels:

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • Email
  • Telephone

In terms of the service area, eToro serves traders from around the world except for traders from these regions:

  • The United States
  • Syria
  • Sudan
  • Serbia
  • Canada
  • Japan 
  • North Korea
  • Iran
  • Albania, and several other regions.

When compared to other forex brokers, eToro offers the following unique sides and features:

  • eToro is a trusted broker with a secure trading platform
  • Commission-free trading offered
  • Proprietary trading software across devices
  • More than 2,000 tradable instruments

eToro is an active forex broker in Brazil with a few registered users. In terms of market share, eToro competes against large brokers in the field. 

In terms of privileges that eToro offers, Brazil traders are not given any privileges. The reason why so many forex traders use eToro in Brazil relates to its trading conditions and proprietary trading platform.

To get more information, you can read the eToro Forex Suggest review.

Forex Trading in Brazil

The forex market in Brazil is extremely regulated, and it is becoming increasingly popular, with more forex traders emerging as traders in the country. The Central Bank of Brazil oversees the forex industry and saves all foreign exchange transactions in the Sisbacen system.

While the overall South American country had strict controls in place that made it challenging for retail traders to participate in the forex market, Brazil is slowly moving towards becoming more open, allowing access to the forex market, large stock exchanges, and several other financial markets.

Brazil has a lot of investment potential, and this is why many foreign investors are infiltrating the Brazilian market, helping boost the economy and drawing more forex traders to the scene to try and earn a profit.

What should be known for Forex Trading in Brazil

  • Regulations
  • Currency pairs
  • Trading platforms
  • Trading security
  • Costs

In terms of regulation, the Central Bank of Brazil is charged with overseeing the forex market and providing a legal framework to protect investors. However, Brazil welcomes all other forex brokers to provide financial services in the country if they are regulated by an official entity such as CySEC, FCA, ASIC, and so on.

Where currency pairs are concerned, Brazilian traders have access to a wide range of currency pairs that can be traded. Forex traders are also free to trade the Brazil real (BRL) against other currencies in the forex market.

Where trading platforms are concerned, the brokers on this list offer a range of powerful trading platforms through which trades can be executed seamlessly, from proprietary trading software to MetaTrader 4, MetaTrader 5, and several others.

Where trading security is concerned, these forex brokers aim to provide all traders with a safe, secure trading environment where client funds are secured.

In terms of costs, these forex brokers are well-known for their comprehensive trading solutions and the competitive trading conditions that they offer to Brazilian traders.

Who are the Forex Regulators in Brazil?

The forex regulator in Brazil is the Central Bank of Brazil that oversees all foreign affairs and currency trading.

Is Forex Trading legal in Brazil?

Yes, forex trading is legal in Brazil. It used to be very challenging for retail traders to access international markets because of strict laws and restrictions, but the Brazilian government has started embracing the opportunities for investment that the forex, and other financial markets, bring.

How many Forex Traders are there in Brazil?

The exact count on forex traders in Brazil is not given, but overall, there are more than 800,000 forex traders in South America.

What do Brazil’s citizens think about Forex Trading?

Brazil’s citizens are accommodating forex trading as it has the potential to provide an additional income, especially during times when there is economic and financial uncertainty.

Best Forex Brokers for Beginners in Brazil

The best forex brokers for beginners in Brazil are:

  1. HotForex
  2. eToro
  3. FXTM
  4. AvaTrade
  5. easyMarkets

These brokers have been selected as the best for novice traders in Brazil because of the wide range of educational materials they offer. These educational materials are some of the best that traders can find and includes webinars, guides, tutorials, demo accounts, and more.

Best Forex Brokers for Experts in Brazil

The best forex brokers for Experts in Brazil are:

  1. TradeStation
  2. City Index
  3. Oanda
  4. XTB
  5. eToro

These forex brokers are known for providing advanced, helpful trading tools, economic calendars, market analysis, and many others that expert traders can use to refine their trading.

Best Forex Brokers for Other Countries

The best forex brokers for Paraguay are:

  1. Interactive Brokers
  2. Oanda
  3. BDSwiss
  4. eToro
  5. FP Markets

The best forex brokers for Guyana are:

  1. Olymp Trade
  2. ExpertOption
  3. Trading 212
  4. IQ Option
  5. eToro

The best forex brokers for Uruguay are:

  1. Saxo Bank
  2. Pepperstone
  3. FXTM
  4. BDSwiss
  5. XM