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Securities and Exchange Commission of Brazil (CVM) Brokers 2025

Written By

Christian Harris

Written By

Christian Harris

Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.

» Christian Harris Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Michael MacKenzie

Fact Checked By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Updated

Jun 25, 2024

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 3 regulated trading platforms emerged as the best:

Click a broker for details

1. 1

   
   Interactive Brokers
   Go To Interactive Brokers

   Interactive Brokers Review

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   Ratings

   Regulation & Trust 4.5 / 5

   Accounts & Banking 3.5 / 5

   Assets & Markets 4.6 / 5

   Fees & Costs 4.3 / 5

   Platforms & Tools 3.3 / 5

   Customer Support 3 / 5

   Research 4.4 / 5

   Education 4.3 / 5

   iOS App 4.3 / 5

   Android App 4.5 / 5

   ---

   Minimum Deposit $0

   Minimum Trade $100

   Leverage 1:50

   Regulator FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM

   Instruments Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies

   Platforms Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral

   Payment Methods Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card

   Account Currencies USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

   Go To Interactive Brokers
2. 2

   
   Gemini
   Go To Gemini

   Gemini Review

   ---

   Ratings

   Regulation & Trust 2 / 5

   Accounts & Banking 3 / 5

   Assets & Markets 2 / 5

   Fees & Costs 2.5 / 5

   Platforms & Tools 3 / 5

   Customer Support 2 / 5

   Research 2.5 / 5

   Education 3 / 5

   iOS App 0 / 5

   Android App 0 / 5

   ---

   Minimum Deposit $0

   Minimum Trade 0.00001 BTC

   Leverage

   Regulator NYDFS, MAS, FCA

   Instruments Cryptos

   Platforms ActiveTrader, AlgoTrader, TradingView

   Payment Methods Bitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, Etana

   Account Currencies USD, EUR, GBP, CAD, AUD, HKD, SGD

   Go To Gemini
3. 3

   
   Kraken
   Go To Kraken

   Kraken Review

   New Customer Bonus Offer Lower fees when trading volume exceeds $50,000 in 30 days

   ---

   Ratings

   Regulation & Trust 3 / 5

   Accounts & Banking 3.8 / 5

   Assets & Markets 3.8 / 5

   Fees & Costs 3.9 / 5

   Platforms & Tools 3.5 / 5

   Customer Support 3.8 / 5

   Research 1.5 / 5

   Education 3 / 5

   iOS App 0 / 5

   Android App 0 / 5

   ---

   Minimum Deposit $10

   Minimum Trade Variable

   Leverage

   Regulator FCA, FinCEN, FINTRAC, AUSTRAC, FSA

   Instruments Cryptos

   Platforms AlgoTrader

   Payment Methods Bitcoin Payments, Wire Transfer, PayID, Silvergate Bank Transfer, Etana, Ethereum Payments

   Account Currencies USD, EUR, GBP, CAD, AUD, JPY, CHF

   Go To Kraken

This is why we think these brokers are the best in this category:

1. 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.
2. 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.
3. 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.

Brokers Comparison

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	1:50
	$0	Cryptos	ActiveTrader, AlgoTrader, TradingView	-
	$10	Cryptos	AlgoTrader	-

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."

Christian Harris, Reviewer

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
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

• While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
• IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
• 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.

Cons

• 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.
• 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.
• 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.

Visit Interactive Brokers

Interactive Brokers Review

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."

Michael MacKenzie, Reviewer

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

• There is a decent range of educational guides and tutorials suitable for beginners
• 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

Cons

• There are high fees for some funding methods including a 3.49% fee for card transactions
• Some larger coins by market cap are not available to buy through Gemini
• The 'convenience fee' for using the mobile app seems arbitrary and makes it inefficient to use this feature

Visit Gemini

Gemini Review

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
Minimum Deposit	$10
Minimum Trade	Variable
Account Currencies	USD, EUR, GBP, CAD, AUD, JPY, CHF

Pros

• Mobile investing
• NFT marketplace and crypto staking available
• Great trading platform and mobile app

Cons

• Slow verification times
• Does not accept fiat deposits
• Slow verification process on Pro account

Visit Kraken

Kraken Review

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.