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Home › 🇧🇷 Brazil › Best Online Brokers

Best Online Brokers in Brazil 2026

CVM-regulated brokers in Brazil — ranked by fees, B3 access and platform quality for Brazilian investors in 2026.

✅ CVM Regulated 🇧🇷 CVM Regulated 📊 B3 Listed 💰 BRL 20k Monthly Exempt 🔬 Tested with real accounts
🔄 Last updated: July 2026  ·  Reviewed by WhichBroker Research Team
📋 On this page
⚠️ Risk warning: Investing involves risk of loss. Capital is not guaranteed. Some links on this page are affiliate links — this does not affect our rankings.
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Top 4 Best Online Brokers in Brazil — Detailed Reviews

🥇 Editor's Choice Fees: Avg
XP
Brazil's largest independent investment platform with 4+ million clients. Zero-commission stocks …
4.3/5
★★★★½
Min. Deposit
R$0
Commission
Zero commission (B3 stocks)
Time to open
~1–2 days
Regulation
CVM (Brazil)
Brazil's largest independent investment platform with 4+ million clients. Zero-commission stocks on B3, plus ETFs, bonds, FIIs, options, futures, mutual funds, COEs and Tesouro Direto — all in one app. CVM regulated.
Investimentos envolvem risco de perda. Rentabilidade passada não garante rentabilidade futura.
Open Account → Full Review
🥈 Best Value Fees: Avg
NUInvest
Nubank's integrated investment platform (formerly NUInvest / Easynvest), available directly in th…
4.0/5
★★★★☆
Min. Deposit
R$0
Commission
Zero commission (stocks, ETFs, FIIs, BDRs)
Time to open
~1–2 days
Regulation
CVM (Brazil)
Nubank's integrated investment platform (formerly NUInvest / Easynvest), available directly in the Nubank app. Zero-commission on stocks, ETFs, FIIs, BDRs and Tesouro Direto. One of the most beginner-friendly entry points to the Brazilian market.
Investimentos envolvem risco de perda de capital. Produtos de renda variável não são garantidos pelo FGC.
Open Account → Full Review
🥉 Best for Beginners Fees: Avg
BTG Pactual
BTG Pactual Digital is the retail arm of Latin America's largest investment bank (US$145bn assets…
4.1/5
★★★★☆
Min. Deposit
R$0
Commission
Zero commission (B3 stocks)
Time to open
~1–2 days
Regulation
CVM (Brazil)
BTG Pactual Digital is the retail arm of Latin America's largest investment bank (US$145bn assets). Zero-commission stocks on B3, plus an industry-leading fixed income shelf (CDBs, LCIs, LCAs, debentures, FIDCs) and full market access. CVM and BACEN regulated.
Investimentos envolvem risco de perda de capital. Rentabilidade passada não é garantia de retorno futuro.
Open Account → Full Review
Best for Advanced Fees: Low
Interactive Brokers
Europe's lowest-cost broker for stocks & ETFs. Access to 50+ exchanges in 30 countries.
4.6/5
★★★★½
Min. Deposit
$0
Commission
From $0.005/share (Pro; EU only)
Time to open
~1–2 days
Regulation
SEC
Europe's lowest-cost broker for stocks & ETFs. Access to 50+ exchanges in 30 countries.
Trading on margin involves risk.
Open Account → Full Review

How to Get Started with Best Brokers in Brazil

1

Choose a regulated platform

Pick a broker regulated by CVM or operating under an international licence. All platforms on this page qualify.

2

Open your account

Account opening is fully online. You'll need a photo ID (passport or national ID) and proof of address. Most platforms verify within 1–2 business days.

3

Fund your account

Deposit via bank transfer (free, 1–3 days) or debit card (instant, small fee). Minimum deposits vary — most top platforms start from R$0.

4

Start investing

Diversify across stocks and ETFs. Consider low-cost index ETFs for long-term growth.

🇧🇷 Brazil: Country Environment Blueprint

🏛️
Regulatory Jurisdiction & Passporting
Who governs investing in Brazil — and which foreign brokers can legally serve you
Primary Watchdog
Comissão de Valores Mobiliários (CVM) — www.gov.br/cvm
Passporting / Access
International brokers may require a local licence. Check with CVM before using a foreign broker.
Regulatory Blacklist
✅ Active. CVM maintains a list of unauthorised institutions. Check cvmweb.cvm.gov.br before depositing.
💰
Domestic Fiscal & Tax Framework
What you owe on gains, dividends and foreign accounts
Capital Gains Tax
15% (up to BRL 5M gains) / 17.5% / 20% / 22.5% (above BRL 30M) — Brazil has progressive CGT: 15% on gains up to BRL 5M, rising to 22.5% above BRL 30M. Important: monthly stock gains of up to BRL 20,000 are exempt from CGT. ETF gains are NOT exempt (taxed at 15% always).
Dividend Tax
10% WHT on dividends paid to resident individuals above BRL 50,000/month; 10% WHT on all dividends to non-residents. Entity-to-entity dividends remain exempt. (Law 15,270/2025, effective 1 January 2026 — Brazil reintroduced dividend taxation after a 27-year hiatus.)
Foreign Account Reporting
⚠️ Required. CBE (Declaração de Capitais Brasileiros no Exterior) — annual declaration to Banco Central for foreign assets >USD $1,000. Fines: Fines for non-declaration to Banco Central. Annual income declaration to Receita Federal required..
Loss Carry-Forward
Indefinite for stocks (carry-forward of losses).
📊
Tax-Advantaged Account Wrappers
Tax-sheltered investment vehicles available in Brazil
LCI/LCA (Real Estate/Agribusiness Letters)
Cap: No cap Income-tax exempt for individual investors. Issued by banks. Government-guaranteed via FGC. Good fixed-income alternative to CDB.
Previdência Privada (PGBL/VGBL)
Cap: PGBL: 12% of gross income deductible PGBL: tax-deductible contributions (best for income tax payers). VGBL: no deduction but only gains taxed on withdrawal. Both are long-term pension savings.
Tesouro Direto
Cap: No cap Brazilian government bonds. Available online from BRL 30. Selic-rate bonds (Tesouro Selic) offer CDI-linked returns. Safe, liquid, government-backed.
🛡️
Asset Restrictions & Market Guardrails
What investors in Brazil can and cannot access
US ETF Access (PRIIPs)
✅ US-domiciled ETFs (SPY, QQQ, VTI) may be available to retail investors in Brazil.
Domestic Exchanges & Indices
B3 (Brasil, Bolsa, Balcão) · Index: Ibovespa (IBOV)
Key stocks: Petrobras (PETR4.SA), Vale (VALE3.SA), Itaú Unibanco (ITUB4.SA), Ambev (ABEV3.SA), Magazine Luiza (MGLU3.SA)

What Brazil Investors Need to Know in 2026

Brazil has an important tax advantage for small investors: monthly stock gains of up to BRL 20,000 are CGT-exempt. This means disciplined investors can realise significant annual gains tax-free by managing monthly disposals carefully.

Nubank (Nu Holdings) revolutionised Brazilian banking — now with 80M+ customers across Latin America. Its brokerage arm NuInvest offers zero-commission trading on B3.

Tesouro Direto allows Brazilian investors to buy government bonds directly online from BRL 30. Tesouro Selic bonds are essentially a savings account with government backing and CDI-rate returns.

🏠 Local Platforms to Know

XP
XP Investimentos — Brazil's largest independent investment platform. Wide range of assets, strong research. CVM-regulated.
NUI
NuInvest (Nu Holdings) — Nubank's brokerage. Zero-commission B3 trading. 80M+ Nubank customers.
BTG
BTG Pactual Digital — Brazil's largest investment bank's retail platform. Wide asset selection.
TRII
Trii — Growing Brazilian broker targeting young investors. Low fees, good app.
🔬

How we chose these platforms

Our team opened real accounts, deposited funds and tested each platform in Brazil. We evaluate regulation quality, fees (commissions, spreads, FX conversion), platform usability, customer support response times and local features specific to Brazil investors. Rankings are updated regularly.

Frequently Asked Questions

What is the BRL 20,000 monthly exemption? +
Monthly stock sales of up to BRL 20,000 are CGT-exempt in Brazil. ETFs and FIIs do not benefit from this exemption. Disciplined traders can manage their monthly disposals to stay under the threshold.
What is Tesouro Direto? +
Brazil's government bond programme. Buy directly online from BRL 30. Tesouro Selic offers CDI-rate returns with daily liquidity. Available through most Brazilian brokers.