Broker not accepting clients from Brazil

Does anybody know the reason for this? (please see attachment)

Why don't you ask the broker? He is the only one who knows for sure..

I am waiting for the broker's response. Maybe somebody has experienced this before. I think this is the start of a new wave of problems. Brazil sleeps for the biggest market in the world. What a shame! If necessary this will end up in court. There are (still) constitutional principles in my country.

Maybe I have missed it , but what broker is it?

This broker is ibfx usa.

Jairo, IBFX and FXCM are the only two brokers that are not accepting clients from BR. But don't worry "you are not losing anything", there are many good brokers where you can open your account. Take a look on Oanda, Alpari or ArmadaMarkets.

what do you think for the best broker i think he may be from U.S

Thank you guys for your input. I have opened an account with Alpari-UK, but have not funded it yet. I am playing with some ideas in demo. Didn't pass the consistency test yet - but this time I think I will.

FXCM is another major broker who does not open accounts for Brazilian residents, the CVM has given unofficial warnings to several brokers including FXCM and ActivTrades (could also have given a warning to AVA FX) and hence FXCM has stopped accepting clients from Brazil.

The regulator does not regulate FX as a trade able asset class, furthermore it had fined a IB based in Brazil who was promoting an overseas broker.

Brazilians have some difficulty when sending funds out of the country however methods such as money bookers are useul.

If Brazilians make money and recall funds back to their nation they are liable for taxes, a win results in some losses.

Saxo bank has been trying hard to break into Brazil and has started offering Brazilian instruments.

Most Forex sites will not have a local br domain as the CVM's internet monitoring committee as on the hunt.

UK brokers like Alpari and Tradenext accept Brazilian clients, Tradenext offers moneybookers. AVA FX is very popular and some of their adverts seem to mislead clients.

Forex is a high risk, as a professional in FX for over 5 years i recommend interested traders to understand the implications of using leverage, know the daily range of the instrument e.g. EUR USD moves around 150 pips a day.

Recently I requested a hearing with Brazilian CVM representatives. They have no restriction on brazilian citizens trading forex. What they are chasing hard is misleading marketing practices and unauthorized IBs.

Boa Tarde Jairo

Tudo bom? Eu so gostaria de fazer umas perguntas sobre IBs (introducing brokers) como fazer para operar de forma adequada no Brasil,
Eu estive cogitando a possibilidade de me tornar um, mas muitas noticias na internet me deixaram um poco reluctante.

Agradeco a qualquer ajuda.


Hi Jairo

How are you? I would like to ask a few questions about IBs in Brazil, how would the best manner to act in the sector in Brazil following the regulations.
I was reluctant to uptake that position but many brazilian news sites have been talking about it not so clearly,

Thank you for your help

Não sei como te ajudar. Tentar ser IB no Brasil deve ser extremamente complicado. E tem muito pilantra, o que sempre estraga tudo.

Have you tried using online support via live chat, I believe that is a more quicker to reach them and get response.

Thanks for the suggestion, baile. I have opened accounts with other brokers now. And after FIFO and 50:1 maximum leverage, I am not considering USA brokers anymore.

I guess that might be due to the broker was new and now they might be accepting traders from Brazil. I have noticed that the online broker accept every trader except those which are from US and the reason might be because the US laws, i guess.