See how stock brokers work and learn about the main brokers in the Brazilian market, so you can invest your money and make your investments.

Before you start your life in the financial market, it's important to understand how some things work within the sector and to know what stock brokers are and how important it is to know how to choose one for your investments.

Stock brokers play a key role in the financial landscape, facilitating investors' access to the stock market and other financial instruments.

Certified to act as intermediaries between investors and the market, these companies offer a wide range of products, particularly Equities, Options, ETFs and BDRs, as well as Fixed Income products.

These instruments are often favoured by more experienced investors with greater knowledge of the financial market, given their more complex and volatile nature.

Creating an account with a broker is the starting point for anyone wishing to enter the world of investments. In this process, investors undergo an internal analysis by the broker, and must be approved in order to have access to the services offered.

Once approved, investors are able to transfer funds from their personal accounts at traditional or digital banks to the broker's account. It is important that the transfer is made in the name and CPF of the investor, ensuring compliance with the established rules.

It is crucial to emphasise that stock brokers are duly certified and regulated by competent bodies such as the Securities and Exchange Commission (CVM) and the Central Bank of Brazil (BACEN). These regulations guarantee investors a safe and transparent environment in which to carry out their financial market operations.

All listed and recommended brokers comply with the standards and regulations established by these bodies, providing an additional layer of security and confidence for investors.

The main brokers in the Brazilian market

Below, we've listed the top 5 brokers in the Brazilian market. We won't go into too much detail about each one, after all the aim of this article is to help you briefly get to know the brokers on the market and, from a more in-depth study on the broker's own channels, you can make your decision.

 So we've provided a link in each topic for you to check out all the products that each broker has on the company's own website.

1. XP Investments

XP Investimentos is the largest brokerage house in Brazil today. With more than 2 million active clients and more than R$400 billion in custody, XP has made a name for itself in the investment world after 20 years of existence. Founded by Guilherme Benchimol, today the XP group is listed on the NASDAQ, the American stock exchange based in New York City. The company is present in 4 countries.

Products and Brokerage Fees

XP's range of products is very broad, covering Fixed Income and Variable Income products such as:

Fixed Income - LCs, LCAs and LCIs; CDBs; Treasury Direct; Debentures; among others

Equities - Shares; BDRs; ETFs, among others.

*Brokerage rates may vary for each product. Please consult the broker directly for details.

2. Rico

Rico Corretora is part of the XP Inc Group and is one of the most famous brokers in Brazil. It gained a lot of popularity for being the broker used by finance guru Thiago Nigro, O Primo Rico. As well as having a super modern and very intuitive design, the broker's proposal is to bring knowledge through the various free contents it offers, both on its social networks and on its website. 

Products and Brokerage Fees

Rico's range of products is very broad, covering Fixed Income and Variable Income products such as:

Fixed Income - LC, LCAs and LCIs; CDBs; Debentures; among others

Equities - Shares; BDRs; ETFs, Real Estate Funds, among others.

*RICO's brokerage fee is zero for buying and selling shares on the stock exchange. For other products, we recommend analysing them directly on the broker's website.

3. Clear Brokerage 

Also part of the XP Inc Group, Clear is another option for those looking to enter the world of Variable Income. The company was founded in 2012 and in 2014, two years after its creation, it was fully acquired by the XP Group. Clear revolutionised the Variable Income market, being the first broker to zero the brokerage fee on all its financial products. 

Products and Brokerage Fees

Fixed Income - Treasury Direct

Variable Income - Shares, ETFs, Mini Contracts, Options, Real Estate Funds, Forward, among others.

*Brokerage Fee - Clear has ZEROED the brokerage fee for all its financial products.

4. Easynvest 

Acquired by Nubank in 2020, Broker Easynvest is a good option for those looking to get started in the world of investments. With more than 50 years in the market, the company has more than 1 million people investing through its platform, has more than 20 billion reais under custody and has more than 400 financial products available for all types of investors. 

One of the company's pillars is Financial Education, with more than 600 videos on YouTube, weekly posts on its blog and live streams on social media with various professionals in the field.

Products and Brokerage Fees

As the company has many options in both Fixed and Variable Income, it's worth checking out each product and its characteristics directly on the broker's website.

*Brokerage Fee - Easynvest has ZEROED the Brokerage Fee for Fixed Income, FIIs, ETFs and Shares.

5. Toro Investments 

Founded in 2010, Toro Investimentos was born as an investment fintech of the Santander Group. In 2017 it received authorisation from the Central Bank, CVM and B3 to act as a stock broker. With a very modern interface, the company has several benefits such as free account opening, personalised investment advice, a free Trade platform for more aggressive investors, etc. Toro Investimentos really is a good option for those just starting out. 

Products and Brokerage Fees

The company has products in Fixed Income and Treasuries, Equities and Investment Funds. Toro has also ZEROED the brokerage for Shares. 

Is it possible to change brokers?

You may be asking yourself: "What if I want to change brokers along the way? Is that possible? Will I need to sell my shares and buy them back?" What then?

Don't worry! It's entirely possible to switch brokers without having to get rid of your financial products. This is called Custody Transfer.

Read also: The main investment strategies

Attention!

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