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First steps · no jargon

🧭 How to invest from scratch

Stock exchange quote board

Asset Guide · First steps

Never invested? Start here

Stock exchange, brokerage, ticker, home broker: one term at a time, no jargon.

Your money's path

From your bank account to your portfolio

  1. Your bankwhere your money is today
  2. Brokerageyour key to the exchange
  3. Home brokerthe app where you place the order
  4. Exchange (B3)where buyers and sellers meet
  5. Your portfoliothe asset is in your name

The stock exchange

A big marketplace, only online

  • Brazil has only oneB3, in São Paulo
  • Sellers meet buyersand the price comes from that meeting
  • It trades everythingstocks, REITs (FIIs), ETFs, BDRs
  • All in secondsnobody goes there: it's through the brokerage

The brokerage

No brokerage, no buying on the exchange

  • Account opened on your phoneID, a selfie and a few details
  • Freeno monthly fee to keep the account
  • IndependentXP, Rico, BTG, Clear, NuInvest, Inter, Ágora
  • Or your bank'sItaú, Bradesco, Santander, Nubank already have one

To start, the brokerage of the bank you already use is the simplest path. Names mentioned as examples only, without any affiliation.

The ticker

Every asset's license plate

MXRF4 letters: who it is 11the ending tells the type
  • PETR4 · stock
  • VALE3 · stock
  • XPML11 · REIT
  • BOVA11 · ETF
  • BTLT39 · BDR

It's the code you type in the app to find exactly that asset.

Read the end of the code

The number already tells the asset type

EndingTypeExamples
3 or 4Company stockPETR4, VALE3, ITUB4
11REIT (FII) or ETF (a fund)MXRF11, HGLG11, BOVA11
34, 35, 39BDR (foreign asset)AAPL34, BTLT39

Ends in 11? It's a fund — real estate or a basket of assets —, not a single stock. Check the name: some company units (TAEE11) also use 11.

Advisor or planner?

Who pays them makes a difference

Advisor

paid by the brokerage

  • Doesn't charge you directly
  • May prefer the product that pays them more

Independent planner

charges you

  • No conflict of interest
  • Costs more

You don't need either one to take your first steps: you can do everything on your own through the app.

Your first order

Five steps, always the same

  1. Open the accountor activate your bank's
  2. TransferPix or bank transfer to the brokerage
  3. Search the tickere.g.: MXRF11
  4. Place the orderquantity and price (or "at market")
  5. Confirmthe asset shows up in your portfolio

Selling is the same path, on the sell tab.

The trading session (pregão)

The exchange has opening hours

10 am–5 pm

on business days, Brasília time

Outside those hours you can still submit an order, but it only executes when the market opens.

What it costs

The costs nobody explains

  • Brokerage feea fee per order; most waive it for stocks and REITs — check
  • B3 feescustody and settlement, usually a few cents
  • Income taxon the PROFIT when you sell, never on what you invest
  • REIT incometax-exempt for individuals

Remember this

Three ideas from this guide

  1. The brokerage is the doorFree account, opened on your phone — your bank's will do.
  2. The ticker tells the typeEnding 3/4 is a stock, 11 is a fund, 34/35/39 is a BDR.
  3. An advisor is optionalWith a small amount, you can do everything on your own through the app.

Quick quiz · 1 of 2

What is KNRI11, just from the code?

?

Ending 11 means a fund. In this case, KNRI11 is a Brazilian REIT (FII). Stocks end in 3 or 4; BDRs in 34, 35 or 39.

Quick quiz · 2 of 2

What do you pay income tax on at the exchange?

?

The tax is on the gain. Buying doesn't trigger tax; it shows up when you sell at a profit (and REIT income is tax-exempt for individuals).

Guide complete

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Quick reference

⚠️ Educational content, written for those who are learning. Not investment advice. Brokerage names are mentioned as examples only, without any affiliation.