Brokerage Comparison 2025: How to Choose Where to Invest

Brokerage fees and promotions change frequently, which is why this guide does not provide a ranking. Instead, it presents criteria for comparing institutions on your own and verifying whether they are authorized and secure.

1. Authorization and regulation

Brokerages and distributors must be authorized by the Central Bank and supervised by the CVM (Securities and Exchange Commission of Brazil). Check the institution in the Central Bank's database to find authorized entities and in the CVM register. To trade stocks and FIIs (real estate investment funds), the brokerage must be a participant in B3 (the Brazilian stock exchange). Be wary of companies offering investments without any of these registrations.

2. Where your assets are held

Stocks, FIIs, ETFs, and Treasury bonds purchased through a brokerage are registered under your CPF (taxpayer ID) at B3, kept separate from the brokerage's own balance sheet. You can check your positions in B3's Investor Area. If the brokerage goes bankrupt, the assets can be transferred to another institution. Meanwhile, CDBs (bank deposit certificates), LCIs (real estate credit bills), and LCAs are covered by the FGC (Credit Guarantor Fund) up to the current limit per CPF and per issuing institution, not by the brokerage that sold them.

For operational failures by the brokerage in stock exchange transactions, there is the Loss Recovery Mechanism (MRP - Mecanismo de Ressarcimento de Prejuízos), administered by BSM, with a coverage limit per claim.

3. Costs

Compare brokerage commissions on stocks and options, custody fees, charges on TED wire transfers or Pix (instant payment), fund fees, and the embedded spread on fixed-income securities sold directly by the platform. For those making a few monthly contributions into equities, zero brokerage commissions tend to be the most relevant cost factor. For fund investors, the products' management fees weigh more heavily than the brokerage itself.

4. Product variety

Check whether the brokerage offers the products you plan to use over the coming years: Tesouro Direto (government bonds), CDBs from multiple issuers, debentures, FIIs, ETFs, BDRs (Brazilian Depositary Receipts), and access to international investments. A broad fixed-income shelf allows you to compare rates from different banks in a single place.

5. Experience and customer support

Test the app before transferring large amounts: see if it is easy to find statements, income tax reports, and brokerage notes (trade confirmations). Check complaints on Consumidor.gov.br and in the Central Bank's complaints ranking. Accessible customer support makes a difference when an issue arises with a redemption or tax filing.

6. Conflicts of interest

Advisors and platforms may receive commissions for the products they distribute. Ask how the professional is compensated and always compare the product offered with similar alternatives. This website may contain partner links, identified as such; your choice should follow the criteria above, not the link.

Final checklist

Is the brokerage authorized and a B3 participant? Are the costs that affect me clear? Does it have the products I need? Do the app and customer support work well? Can I export income statements for income tax filing? With these answers in hand, holding accounts at two institutions is also an option for comparing offers.