Forex trading in Brazil

Guide to finding the best Forex brokers in Brazil today

Brazil's top Forex brokersBrazil is a country with the biggest territory in North America, it also represents the fifth most populous countries around the world, with almost 210 million citizens. Forex trading in Brazil has a very interesting history, it started as not being legal at all, and ended up being accessible by everyone shortly.

Until 2005, people of the country did not have any access to the field of Forex, shortly after, the government changed its strategy and made the field of Forex as accessible as possible. There are a number of Forex brokers in Brazil, and with today’s guide, we will try to tell you everything about them.

If you are looking for the best Forex broker in the country, you have come to the right place! Follow our guide carefully to get all of the information that you need before you start trading!

What are the best Forex brokers in Brazil?

Finding the best Forex broker can be a very tiring and hard thing to do, there are a lot of things that you need to consider and if you are a beginner, it is even harder because you don’t even know where to start. To help you in this very tiring process, we have decided to come up with a list of Forex brokers that offer the people of Brazil the best services while also making sure that their users can stay safe. You can check out the list below!

Our Top Rated Broker

Licences

FCA, CySEC, IFSC, ASIC, DFSA

Min. depo

$5

Leverage

1:888

Platform

MT4, MT5, WebTrader

XM

Licences

CySEC

Min. depo

$10

Leverage

1:1000

Platform

Desktop, WebTrader, Mobile

IQ Option

Licences

FCA, ASIC, CySEC, FSCA, FMA, MAS

Min. depo

$100

Leverage

1:30

Platform

WebTrader, Windows 10 Trader

Plus500

What are the things to consider before choosing a Forex broker to trade with?

As a Brazilian Forex trader, there might be several things to consider before you start trading:

  • First of all, if you trading with an international Forex broker, make sure that they have Portuguese version of their website
  • Make sure that they accept deposits in Brazilian real
  • Check out the licenses that they own

These are some of the most important things that you need to keep in mind to make your trading experience as enjoyable and easy as possible.

What are the Forex regulations in Brazil?

Forex trading has a very interesting and long history in Brazil, at first, it was illegal for anyone to trade Forex in the country because of the regulations that were in place by the government. However, soon after, in 2005, the country changed the way they controlled the field of Forex completely.

As of today, anyone can trade Forex and anyone can established Forex broker. It is recommended for brokers to have a special license from the government, however, it is not mandatory, which makes Forex traidng a little riskier in Brazil. However, there are not so many Forex brokers in the country and generally, the international Forex brokers that offer services in Brazil, have their websites available in Portuguese, which gives brokers in the country the ability to have access to a safe and secure market.

Also, international brokers should keep in mind that if they want to offer services to the citizens of the country, they should allow Brazilian Forex traders to make deposits in local currency.

Where can Forex brokers in Brazil get licenses?

Top FX brokers in BrazilThe main regulatory body in the country that gives out the licenses is the Central Bank of Brazil, however, it is not a requirement for brokers to hold a central bank license. However, there still are some regulations that traders must follow. First of all, each operation in the Forex market is kept in the Information System of Central bank of Brazil.

In general, several authorities control the financial sector of the country. Although the Central Bank is the main monetary authority of the country, several other organizations also have a say. One of them is the Ministry of Economy, which supervises the entire sector.

When it comes to capital markets, the main responsible body is the Securities and Exchange Commission of Brazil. The commission was established in 1976, and is an independent body, under the control of the Ministry of Economy.

Why are the regulations so important?

We have said it many times already that you should always trade with licensed Forex brokers. This is because regulations are something that makes sure that you and your funds can stay safe. We have all heard about the horror stories about people being lied to, and if you do not want to become one of them, make sure that you learn as much information about the broker as you can before you start trading.

We can not talk enough about the importance of regulations. We believe that you should not go with the second-best when the market is full of different FX brokers that actually offer a very safe and secure trading environment. When we started researching the Forex market in Brazil, we made sure to check out all of the best FX brokers that you can use. Take a look at our list of the safest FX brokers below.

XM

XM Review – An Examplary Broker in Every Sense

Min. Depo

$5

Licences

FCA, CySEC, IFSC, ASIC, DFSA

Leverage

1:888

Platforms

MT4, MT5, WebTrader

IQ Option

IQ Option Review – A Trusted Platform With Lucrative Offerings

Min. Depo

$10

Licences

CySEC

Leverage

1:1000

Platforms

Desktop, WebTrader, Mobile

Plus500

Plus500 Review – Everything You Need to Know About This Broker

Min. Depo

$100

Licences

FCA, ASIC, CySEC, FSCA, FMA, MAS

Leverage

1:30

Platforms

WebTrader, Windows 10 Trader

Forex.com

Forex.com broker review and everything for successful trading

Min. Depo

$100

Licences

NFA, CFTC, FCA, FSA, IIROC and CIMA

Leverage

1:50

Platforms

WebTrader, MT4, MT5

Is using local Forex brokers in Brazil safe?

As long as the Forex broker owns a license of the national bank of the country, it most probably can be trusted. However, we would recommend to always double-check the information about the license that the broker owns with the regulatory body. In this case, the national bank does not have a list where you can see the regulated brokers, however, you can directly ask them if a certain Forex broker is regulated or not.

What is the national currency of Brazil and what payment methods does Forex trading in Brazil have?

The national currency of the country is the Brazilian real, and it is mandatory for every single Forex broker to offer its services in the country to accept payments in this currency. In most cases, Brazilian real is traded with USD, EUR, or AUD, but can be traded with many other currencies.

When it comes to payment methods, Brazil is full of opportunities. You can use different credit cards or digital wallets in Brazil for Forex traidng, however, the online payments market is relatively controlled by law and only a few local banks dominate it. In most cases, if you are trading with a local Forex broker, you should use a local payment method. For foreign purchases, people in Brazil are charged an additional tax of 6.38%, because of this, many prefer to trade with local brokers.

When it comes to online payments, several different international names can be used, including those like PayPal, Neteller, Skrill, many others. A very popular payment method is also MecadoPago, which is owned by an Argentine e-commerce company. Forex traders in Brazil can use this payment method even with Forex brokers that only accept PayPal payments after PayPal and Mercado Libre signed a partnership deal.

What are the most popular trading Softwares in Brazil?

Trade Forex in BrazilMost of the Forex brokers available for Brazilian traders offer several different trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, etc. A great way to choose which Software you want to use is to understand what you want to trade, if you are looking for a platform with many different currency pairs, MetaTrader 4 would be a perfect choice.

MetaTrader is a trading platform which probably is the most popular in the world of Forex, this one offers traders access to a very huge market, with dozens of available currency pairs. It also has the biggest following, and you will be able to find the information that you need about the trading platform without doing much research as different forums are full of people using MT4. MT5 is a newer version of the trading platform, offering some advanced tools to traders.