CM Capital

What CM Capital does

CM Capital Markets is a privately held independent brokerage group founded in 1986 in Madrid, Spain, with Brazilian operations established in 1998 in São Paulo. The firm operates as the largest independent (non-bank-affiliated) brokerage in Brazil and Spain, regulated across multiple jurisdictions including B3, CVM, Banco Central do Brasil, ANBIMA, BSM Supervisão, and CNMV in Spain. Since 2011, 30% of the group has been held by Compagnie Financière Tradition (CFT), a major global interdealer broker, providing strategic capital and international network access.

The company runs a dual-segment business model. On the institutional side, CM Capital operates interdealer broker desks in FX/NDF, fixed income (inflation-linked and pre-fixed), equities, and listed derivatives, with disclosed 10% market share in Brazilian public government bonds and 35% in banking assets, plus a 1st-place ranking in currency projection at the Top 5 Banco Central do Brasil award. On the retail side, the firm serves 200,000+ individual clients through proprietary and partner platforms (Home Broker, CM Trader mobile app, Profit One/Pro/Ultra, Tryd Pro, Scalper Pro, FlexScan, SmarttBot), offering zero brokerage on mini-contracts under its Retail Liquidity Provider (RLP) program integrated with B3's PUMA system, leverage up to 220x for equity day trade, automated trading services (Trade do Analista, Trade Quant, Robôs Traders), and distribution of 400+ investment funds plus fixed income, private credit, and private pension products. HFT Solutions, launched in 2023, adds co-location at B3 with FIX/binary connectivity and market data services for professional high-frequency traders.

The revenue model spans transaction-based brokerage commissions (variable income, FX, derivatives), platform subscription fees (R$99.90–R$569.90/month when activity thresholds unmet), third-party fund distribution fees, fixed income distribution commissions, margin and leverage spread income, stock lending fees, and HFT infrastructure usage fees. The RLP program effectively converts commission revenue into principal trading revenue by capturing the spread as counterparty. Geographically, the firm serves Brazil as its primary market with a Madrid-based European operation and a dedicated English-language international site for non-resident foreign investors.

Name

CM Capital

Legal name

CM Capital Markets CCTVM Ltda.

Website

https://cmcapital.com.br

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

101–250 employees

Short description

CM Capital is the largest independent brokerage in Brazil and Spain, founded in 1986 and operating since 1998 in Brazil, serving 200,000+ retail and 1,000 institutional clients with multi-asset trading platforms, interdealer broker desks, RLP zero-brokerage execution, and HFT infrastructure.

Ownership category

akta.pro rank

Product category

Retail and Institutional Brokerage

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Institutional Brokerage & Agency Execution (FSAEACAC)

Keywords

• Retail brokerage services
• Interdealer broking
• Investment funds distribution
• High-frequency trading
• Variable income trading

Headquarters

HQ city

Vila Olímpia

HQ country

Brazil

HQ region

Latin America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Brokerage Commissions & Transaction Fees: CM Capital earns commissions and transaction fees on variable income operations including mini-contracts (WIN, WDO, IND, DOL, etc.), equities, options, ETFs, FIIs, and BDRs. With the RLP (Retail Liquidity Provider) program active, clients receive zero brokerage on mini-contracts; without it, fees range from R$0.99 to R$19.90 per contract depending on the instrument. For the spot market (actions), fees range from 0.30% to 0.40% of volume depending on the tier, with institutional volumes above R$10 million paying zero. This is the primary revenue stream.
2. Platform Subscription Fees: Professional trading platforms (Profit One, Tryd Pro, Scalper Pro, Profit Pro, Profit Ultra, FlexScan, SmarttBot) are offered free of charge contingent on client trading activity (mini-contracts per month or assets under custody thresholds). When activity thresholds are not met, monthly subscription fees are charged (R$99.90–R$569.90). This creates both a retention mechanism and a secondary revenue stream.
3. Distribution Fees from Investment Funds: CM Capital distributes over 400 investment funds from third-party asset managers and earns distribution/remuneration fees from fund companies, typically a portion of the management fee (administration and performance fees are charged by the fund managers themselves). The company also distributes public offerings and IPOs.
4. Institutional Interdealer Brokerage: As an interdealer broker, CM Capital provides institutional brokerage services (FX/NDF, fixed income, equities, derivatives) to banks, hedge funds, and asset managers, earning commissions on high-volume institutional transactions. The company holds a 10% market share in government bonds and 35% market share in banking assets, and was ranked 1st in currency projection by Brazil's Central Bank.
5. Margin & Leverage Income: CM Capital offers leverage of up to 220x for day-trade equity operations. Clients deposit margins (e.g., R$155–R$310 for mini-contracts, R$775–R$1,550 for full index contracts) and the company earns income from the spread and interest on margin balances, as well as compulsory liquidation fees.
6. Fixed Income Distribution: CM Capital distributes fixed income products including CDBs, LCIs, LCAs, CRIs, CRAs, debentures, Treasury Direct, and private credit, earning distribution fees from issuing financial institutions. Fixed income investments can be used as collateral for variable income margin operations, deepening cross-selling.
7. HFT Infrastructure & Data Services: High-frequency trading clients pay for co-location services, smart hands support, equipment provisioning, and market data (real-time and historical). CM Capital provides B3 sponsorship, FIX/binary trading sessions, and latency-optimized infrastructure for HFT operators.

Pricing tiers

Go-to-market motion1 record

Distribution channels9 records

Marketing channels12 records

Core offering

CM Capital is the largest independent brokerage in Brazil and Spain, founded in 1986, providing retail and institutional brokerage services. It operates a Retail Liquidity Provider (RLP) program enabling zero-brokerage variable income trading, distributes 400+ third-party investment funds, offers proprietary and partner trading platforms (Profit, Tryd, FlexScan, CM Trader), runs interdealer broker desks across FX, fixed income, and derivatives, and provides B3 co-located high-frequency trading (HFT) infrastructure with trade execution sponsorship for foreign investors.

Product overview

CM Capital is the largest independent brokerage in Brazil and Spain, founded in 1986, offering a comprehensive multi-platform ecosystem for retail and institutional investors. The company provides professional trading platforms including Nelogica's Profit One, Profit Pro, Scalper Pro, and Profit Ultra, Tryd Pro, FlexScan, Home Broker, and CM Trader mobile app. Key services include automated trading through SmarttBot, Robôs Traders, Trade Quant, and Trade do Analista, plus leverage up to 220x and mini contracts (WIN, WDO). Investment products span fixed income (CDB, Tesouro Direto, LCI, LCA, CRI, CRA), variable income (stocks, futures, options, BDRs, ETFs, FIIs), funds, private credit, and private pensions. The company operates an Interdealer Broker for institutional clients and HFT Solutions for high-frequency traders. Educational offerings include CM Skills, live trading rooms, and an educational blog. The RLP (Retail Liquidity Provider) service enables zero brokerage trading on mini contracts and selected stocks.

Differentiator

Problem solved

Functional benefit

Brands

• Profit One: Professional trading platform with charting, price book, depth book, and risk management tools
• Tryd Pro
• Scalper Pro
• Profit Pro
• Profit Ultra
• FlexScan
• Home Broker CM Capital
• SmarttBot
• Trade do Analista
• Trade Quant
• Sala ao Vivo
• HFT Solutions

Products and services

• Profit One Entry-level Profit trading platform from Nelogica distributed by CM Capital for retail and active traders seeking professional charting and order entry on B3.
• Profit Pro Mid-tier Profit trading platform from Nelogica distributed by CM Capital, providing advanced charting, order entry, and execution for active day traders on B3.
• Profit Ultra Top-tier Profit trading platform from Nelogica distributed by CM Capital for high-volume and professional traders requiring the most advanced order routing, analytics, and execution features on B3.
• Scalper Pro Scalping-focused trading platform from Nelogica distributed by CM Capital, optimized for high-frequency short-duration trades on B3 with rapid order entry and chart-trading workflows.
• Tryd Pro Tryd Pro trading platform distributed by CM Capital, providing retail and active traders with professional order entry, charts, and execution capabilities on B3.
• FlexScan InvestFlex FlexScan market scanning and opportunity identification tool distributed by CM Capital, enabling traders to scan and filter B3 instruments in real time.
• Home Broker CM Capital Proprietary web-based Home Broker platform from CM Capital for variable income trading and self-directed investing directly through the brokerage.
• CM Trader CM Capital's proprietary mobile trading application for iOS and Android, enabling clients to trade and monitor positions on the go.
• Retail Liquidity Provider (RLP) CM Capital's Retail Liquidity Provider execution model offering zero-brokerage variable income trading on B3 with published execution quality and transparency metrics, available to retail investors through the firm's platforms.
• SmarttBot Automated trading / robo-advisor service offered by CM Capital that enables clients to deploy algorithmic and rules-based trading strategies without manual order entry.
• Robôs Traders (Robots / Algorithmic Trading) Algorithmic trading robots offering pre-built and configurable automated strategies for retail and active traders using CM Capital's platforms.
• Trade Quant Quant / algorithmic trading service from CM Capital for systematic and quantitative trading strategies targeting more advanced retail and semi-professional users.
• Trade do Analista Investment advisory service providing analyst trade ideas and recommendations to retail and active traders who subscribe through CM Capital.
• Carteiras Recomendadas (Recommended Portfolios)

Quantifiable outcome

• Clients can access zero brokerage on variable income by activating RLP — no minimum trade value required
• +3 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability3 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core and secondary.

• B3 (Brasil, Bolsa, Balcão)coreTechnology or IntegrationB3 is the primary exchange and clearing infrastructure partner. CM Capital acts as an authorized intermediary and participant, providing brokerage execution, RLP (Retail Liquidity Provider) services, HFT co-location connectivity, and market data. CM Capital maintains co-location infrastructure connected directly to B3 for HFT clients and sponsors trading sessions via FIX and binary protocols.
• Nelogica (Profit, Scalper, Profit Ultra platforms)coreTechnology or IntegrationNelogica develops and provides the Profit One, Profit Pro, Scalper Pro, and Profit Ultra trading platforms distributed exclusively to CM Capital clients. These platforms are a core component of CM Capital's retail trading offering, with fees waived for active traders meeting mini-contract trading thresholds. SmarttBot is also distributed alongside these platforms for automated trading.
• Tryd (Tryd Pro platform)coreTechnology or IntegrationTryd provides the Tryd Pro trading platform to CM Capital clients. Tryd Pro is positioned as a high-performance platform for traders and scalpers, offering tape reading, DOM, and advanced charting capabilities. Free with 10+ mini-contracts per month with RLP active.
• InvestFlex (FlexScan platform)secondaryTechnology or IntegrationInvestFlex provides the FlexScan trading platform to CM Capital, offered in three tiers (Standard, Advanced, Professionals) with varying functionality and free access conditions tied to trading volume or assets under custody.
• SmarttBotsecondaryTechnology or IntegrationSmarttBot provides automated trading robot technology integrated with CM Capital's platform ecosystem, enabling strategy creation, backtesting, and automated execution without programming knowledge. Free with RLP active for CM Capital clients.
• ANBIMA (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais)coreOthersANBIMA is the Brazilian financial industry self-regulatory body. CM Capital holds multiple ANBIMA certifications (fiduciary, distribution, advisory, offering, and services), demonstrating compliance with ANBIMA's codes for investment fund distribution, product transparency, and ethical conduct. ANBIMA certifications are prominently displayed on the CM Capital website as trust signals.
• Banco Central do Brasil (BCB)coreOthersBrazil's central bank regulates CM Capital as a financial institution under CMN (Conselho Monetário Nacional) oversight. CM Capital is subject to BCB regulations including Resolução 4.657 (cybersecurity), Resolução 4.557 (risk management), and BCB's prudential requirements for broker-dealers.
• CVM (Comissão de Valores Mobiliários)coreOthersThe Brazilian Securities Exchange Commission (CVM) regulates CM Capital's securities intermediation activities. CVM Resolution 35 (related persons trading), CVM Resolution 178 (investment advisors), and CVM Resolution 175 (investment funds) form the regulatory framework for CM Capital's retail and institutional brokerage operations.
• PricewaterhouseCoopers (PwC) and Ernst & Young (EY)secondaryOthersCM Capital has partnered with leading global auditing firms PwC and EY to ensure the integrity and compliance of its group entities. This partnership supports the company's maximum transparency policy and regulatory compliance across Brazil and Spain operations.
• CM Capital Markets Brokerage, Sociedad de Valores, S.A. (Spain)coreOthersSpain-based investment services firm (authorized under CNMV) operating across Europe and international markets. Intermediates short-term assets, derivatives, public debt, and money markets. Part of the CM Capital Markets Group controlled by CM Capital Markets Holding, S.A.
• CM Capital Markets Bolsa, Sociedad de Valores, S.A. (Spain)coreOthersSpain-based securities company operating in national and foreign organized markets across equities, listed derivatives, and fixed income. Part of the CM Capital Markets Group and has undergone significant modernization and diversification efforts in recent years.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• XP Inc. XP is the largest independent Brazilian brokerage and investment platform, competing directly with CM Capital in retail brokerage, investment funds distribution, fixed income, and variable income. Both target active retail traders and high-net-worth clients with professional platforms and educational content.
• Toro Investimentos: Toro is a Brazilian digital brokerage serving retail investors with stocks, funds, fixed income, and educational content. It competes with CM Capital in the active retail trader segment, particularly for younger digital-first investors.
• Inter Investimentos: Inter Investimentos is the brokerage arm of Banco Inter, offering retail brokerage, funds, and fixed income within a digital banking super-app. It competes with CM Capital for Brazilian retail investors, with the structural advantage of a banking parent.
• Clear Corretora: Clear is a Brazilian digital brokerage focused on active retail traders, offering zero brokerage, mini-contracts, and professional platforms — directly competing with CM Capital's RLP-driven zero-brokerage model.
• Modal Mais: Modal Mais is a Brazilian digital brokerage offering variable income, fixed income, and funds with a focus on retail investors. It competes directly with CM Capital for both active traders and passive investors in the Brazilian market.
• Genial Investimentos: Genial is a large Brazilian investment platform offering brokerage, funds, fixed income, and advisory — directly comparable to CM Capital's retail and institutional offerings, including mini-contract execution and proprietary platforms.
• NuInvest (Nubank): NuInvest is Nubank's brokerage arm, offering zero-brokerage variable income, fixed income, and funds to Nubank's 90M+ Brazilian customers. It is a significant direct competitor to CM Capital's zero-brokerage retail value proposition, with a substantially larger captive user base.
• Rico Investimentos: Rico is a major Brazilian retail brokerage offering equities, fixed income, funds, and educational content. It competes head-to-head with CM Capital for active retail day traders and passive investors, with similar platform ecosystem strategies.

Broad incumbents

• Compagnie Financière Tradition (CFT): CFT is one of the world's largest interdealer brokers and holds a 30% stake in CM Capital. It is comparable as a peer in CM Capital's institutional interdealer brokerage business (FX/NDF, fixed income, derivatives) across global markets, and represents both shareholder and a strategic operating peer.
• BTG Pactual: BTG Pactual is Brazil's largest independent investment bank, operating full-service brokerage, asset management, and interdealer-style institutional services. It competes with CM Capital across retail brokerage, fixed income distribution, and institutional execution, though with substantially broader scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/cmcapitalBR
• YouTubeyoutube.com/channel/UC9hWxQyZLaeVUFaEDTka1Lw
• Facebookfacebook.com/cmeplus
• LinkedInpt.linkedin.com/company/cmcapital
• Instagraminstagram.com/cmcapital
• TikToktiktok.com/@cmcapital?
• Pinterestpin.it/7xVkzMH

Compliance14 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CM Capital