Polish broker XTB has stopped accepting new clients from Brazil, TradeInformer can reveal.
The broker appears to have made the move at the end of last week, on the same day it released its latest quarterly results.
In those results, the firm noted that it was considering an exit from the Brazilian market.
Whether or not that will actually happen remains to be seen.
However, the firm has now stopped accepting customers from the country. Visiting the broker’s homepage from Brazil results in a warning message, with the following text:
As noted in that pop up, XTB has suspended its partnership with Finvest DTVM.
Finvest is locally regulated and appears to have been acting like an introducer for XTB.
This would mean that XTB was likely not marketing its services locally and instead relying on Finvest to do it.
Firms operating in Brazil have to rely on reverse solicitation rules as they are unable to market their products directly to customers.
Local players appear to be applying pressure to foreign firms to exit the market, something that XTB alluded to in the report it published last week.
