Securities and Exchange Commission of Brazil (CVM) Brokers 2025
The Securities and Exchange Commission (Comissão de Valores Mobiliários, or CVM) is the primary regulatory body overseeing the securities market in Brazil, including the activities of stock exchanges, public companies, financial intermediaries, and online traders.
Established in 1976, the CVM is an independent agency operating under the Central Bank of Brazil. It plays a crucial role in ensuring Brazil’s financial markets’ integrity, transparency, and efficiency.
In addition to overseeing the B3 stock exchange and over-the-counter markets, the CVM is a staunch defender of investors’ rights. It acts as a shield, protecting traders from fraudulent securities issuance and illegal market activities, earning it ‘yellow-tier’ status in our Regulation & Trust Rating.
However, the CVM does not maintain a public directory of authorized brokers. Instead, we’ve listed the top brokers operating internationally and who are regulated by other reputable financial bodies.
Best Regulated Brokers For Brazilian Traders
Following hands-on testing, these 4 regulated trading platforms emerged as the best:
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1
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFMStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, QuantowerCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
2
KrakenLower fees when trading volume exceeds $50,000 in 30 days
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10VariableFCA, FinCEN, FINTRAC, AUSTRAC, FSACryptosAlgoTrader, QuantowerBitcoin Payments, Wire Transfer, PayID, Silvergate Bank Transfer, Etana, Ethereum PaymentsUSD, EUR, GBP, CAD, AUD, JPY, CHF -
3
Gemini
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.00001 BTCNYDFS, MAS, FCACryptosActiveTrader, AlgoTrader, TradingViewBitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, EtanaUSD, EUR, GBP, CAD, AUD, HKD, SGD -
4
CoinbaseThis post contains affiliate links, and this website will be compensated if you make a purchase after clicking the links.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$2FinCEN, FCA, CBoI, MAS, OAM, DNB, BdECryptoCoinbase, Advanced Trade, Wallet, NFTVisa, Wire Transfer, Apple Pay, Google Wallet, Credit Card, Debit Card, MastercardUSD, EUR
Here is a summary of why we recommend these brokers in February 2025:
- Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- Kraken - Kraken is a leading cryptocurrency exchange with a proprietary trading terminal and a list of 220+ tradeable crypto tokens. Up to 1:5 leverage is available with stable rollover fees on spot crypto trading and up to 1:50 on futures. The exchange also supports crypto staking and has an interactive NFT marketplace.
- Gemini - Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.
- Coinbase - Launched in 2012 as a platform enabling users to buy and sell Bitcoin via bank transfers, Coinbase has emerged as a crypto behemoth, expanding its services to include 240+ crypto assets, developing sophisticated trading platforms for retail investors, listing on the US Nasdaq, and securing licenses with multiple regulators.
Brokers Comparison
| Broker | Minimum Deposit | Markets | Platforms | Leverage |
|---|---|---|---|---|
|
|
$0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower | 1:50 |
|
|
$10 | Cryptos | AlgoTrader, Quantower | - |
|
|
$0 | Cryptos | ActiveTrader, AlgoTrader, TradingView | - |
|
|
$0 | Crypto | Coinbase, Advanced Trade, Wallet, NFT | - |
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
Cons
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
Kraken
"Kraken will suit traders looking for a diverse list of cryptos including Bitcoin and a good security track record."
William Berg, Reviewer
Kraken Quick Facts
| Bonus Offer | Lower fees when trading volume exceeds $50,000 in 30 days |
|---|---|
| Demo Account | Yes |
| Instruments | Cryptos |
| Regulator | FCA, FinCEN, FINTRAC, AUSTRAC, FSA |
| Platforms | AlgoTrader, Quantower |
| Minimum Deposit | $10 |
| Minimum Trade | Variable |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF |
Pros
- NFT marketplace and crypto staking available
- Mobile investing
- Low minimum deposit of $10
Cons
- Slow verification times
- Low leverage on spot trading
- Does not support many newer altcoins
Gemini
"Gemini’s ActiveTrader platform and TradingView integration make it a good choice for serious crypto traders seeking a reliable charting environment, though we were disappointed by some unnecessary fees and previous security breaches."
Gemini Quick Facts
| Demo Account | No |
|---|---|
| Instruments | Cryptos |
| Regulator | NYDFS, MAS, FCA |
| Platforms | ActiveTrader, AlgoTrader, TradingView |
| Minimum Deposit | $0 |
| Minimum Trade | 0.00001 BTC |
| Account Currencies | USD, EUR, GBP, CAD, AUD, HKD, SGD |
Pros
- The trading app features a user-friendly, modern design and intuitive interface, with an excellent range of charting tools for day traders
- The TradingView integration delivers top-quality tools, including backtesting and algo trading capabilities
- The exchange ensures high security standards with 2FA a requirement for all crypto investors
Cons
- Some larger coins by market cap are not available to buy through Gemini
- There is no practice profile or demo account for prospective traders
- There are high fees for some funding methods including a 3.49% fee for card transactions
Coinbase
"Coinbase is ideal for beginners looking for an intuitive platform to buy and sell a wide variety of cryptocurrencies, with robust security and regulatory compliance. However, its fees are higher compared to competitors in our tests, and it’s not as tailored for short-term traders."
Coinbase Quick Facts
| Demo Account | No |
|---|---|
| Instruments | Crypto |
| Regulator | FinCEN, FCA, CBoI, MAS, OAM, DNB, BdE |
| Platforms | Coinbase, Advanced Trade, Wallet, NFT |
| Minimum Deposit | $0 |
| Minimum Trade | $2 |
| Account Currencies | USD, EUR |
Pros
- As a Nasdaq-listed company, Coinbase follows strict financial regulations, with licensing across the US, UK, and Europe. Security includes FDIC insurance for USD balances (up to $250,000) and two-factor authentication (2FA).
- There are platforms for all levels: beginners can use the simple Coinbase app, while Advanced Trade provides lower fees and pro-level tools.
- Coinbase supports 240+ cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and newly listed altcoins like $Trump, giving early access to emerging tokens.
Cons
- Frustrating customer support during testing, with most help options hidden behind login, making it tough for locked-out users or non-account holders to get assistance.
- There are woeful research tools; Advanced Trade has TradingView charts but lacks features like news feeds, economic calendars, and AI market insights.
- High crypto fees based on tests, especially compared to competitors like Kraken and BitMEX, and notably on the standard dealing platform.
How Can I Check A Broker Is Regulated By The CVM?
While the CVM is the regulatory authority for online brokers in Brazil, verifying their authorization can be more complex than in some other jurisdictions.
Unlike some regulators, such as the FCA in the UK or CySEC in Europe, the CVM does not maintain a publicly accessible list of licensed brokers and trading platforms.
Instead, you can inquire about a broker’s authorization status through a formal request to the CVM. We have submitted a request to the CVM to enquire about authorized brokers and will update this page with our findings when we receive a response.
What Rules Must CVM-Regulated Brokers Follow?
Only authorized institutions can trade foreign exchange and derivatives in Brazil, according to Law 6,385/76.
While the law doesn’t explicitly classify forex as a security, it mandates CVM oversight for “the issuance and distribution of other derivative contracts, regardless of the underlying asset.” This effectively brings forex trading under the CVM’s regulatory umbrella.
Here are some fundamental rules and requirements that CMV-regulated brokers must follow:
- Brokers must be registered with the CVM and comply with its regulatory requirements to operate legally in Brazil.
- All foreign exchange transactions must be conducted through institutions authorized by the Central Bank of Brazil.
- Brokers must submit regular reports to the CVM detailing their financial status, client transactions, and other relevant information.
- CVM mandates that brokers implement robust risk management systems to protect clients’ funds and ensure market stability.
- Brokers must provide transparent information to clients about the risks associated with online trading and the costs involved.
What Powers Does The CVM Have?
The CVM wields broad authority to not only establish market regulations but also investigate, prosecute, and penalize violations.
When suspicions arise, the CVM can launch an investigation, gathering information, testimonies, and evidence to pinpoint the source of illegal activity. Throughout this process, those accused retain full rights to defend themselves in court.
In 2020, the CVM demonstrated its commitment to maintaining the market’s integrity by cracking down on unauthorized trading activity. It issued a ‘Stop Order’ against Pepperstone Group, an Australian broker, for allegedly operating in Brazil without authorization, reassuring the market of its vigilance.
Bottom Line
Brazilian laws do not explicitly prohibit online trading, but domestic broker options are limited. The CVM doesn’t provide a list of authorized brokers, either, meaning Brazilian traders often seek trustworthy brokers regulated overseas.
Fortunately, many leading players accept and cater to Brazilian clients with Portuguese language support and websites. Additionally, the convenience of using a broker that accepts deposits in Brazilian real (BRL) is a factor to consider for many day traders in Brazil.
Article Sources
- Securities and Exchange Commission (Comissão de Valores Mobiliário)
- Central Bank of Brazil
- B3 stock exchange
- CVM Regulatory Framework
- Market participants files - CVM
- LAW 6.385 (7 DECEMBER 1976) - CVM
- 'Stop Order' against Pepperstone Group - Reuters
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