Victor Cotoski Named CFI Managing Director for Brazil
CFI has appointed Victor Cotoski as managing director of its Brazilian entity. The move follows the broker's Brazilian licence and comes as few foreign brokers hold local licences in the country.
Victor Cotoski Named CFI Managing Director for Brazil: the key facts, what changed and what it means for traders – updated November 2026.
CFI has appointed Victor Cotoski as managing director of its Brazilian entity. Cotoski brings nearly 20 years of experience in the online trading sector, including senior positions at several major brokerage firms. The appointment comes as CFI works to establish its presence in Brazil, a market where few foreign forex and contracts for difference (CFD) brokers hold local licences.
Who Is Victor Cotoski?
Victor Cotoski is an experienced leader in the online brokerage industry. Over a career spanning nearly two decades, he has held senior roles at multiple brokerage firms, building experience across client acquisition, business development and market expansion. His background in the sector gives him a working knowledge of how retail trading businesses operate, which is useful for a role that combines regulatory obligations, local client needs and commercial growth.
Before joining CFI, Cotoski worked as an associate vice president at Exinity, the company behind the Alpari and FXTM brands. He also spent three years at rival broker INFINOX, where he helped grow the firm's presence in Brazil. That experience is directly relevant to his new position, because it means he already understands the Brazilian market and the challenges of serving clients there.
CFI Managing Director: Cotoski's Career Background at a Glance
The table below summarises the parts of Cotoski's career that were mentioned in the announcement.
| Area | Details from the announcement | Why it matters for Brazil |
|---|---|---|
| Industry experience | Nearly 20 years in the online trading sector | Long-term sector knowledge supports regulated growth |
| Senior roles | Held senior positions at several major brokerage firms | Experience managing teams and commercial priorities |
| Exinity | Associate vice president, company behind Alpari and FXTM | Exposure to large, established retail brands |
| INFINOX | Three years at the firm, helping grow its presence in Brazil | Direct, prior experience in the same market |
| CFI (current) | Managing director of the Brazilian entity | Leads the local business and its licensed operations |
What CFI's Brazilian Licence Means
CFI secured a licence to operate in Brazil in April. Licensing matters in Brazil because the rules for foreign exchange and CFD products are strict. According to the announcement, only a limited number of forex and CFD brokers hold local licences, and licensed firms cannot market these products directly to Brazilian clients. That restriction shapes how any broker can approach the market, and it is one reason a local leadership appointment is significant.
For a broker, a local licence is a foundation rather than a finish line. It sets the framework in which the business must operate, including how it communicates with clients and which products it can offer locally. A managing director in charge of the Brazilian entity is responsible for making sure day-to-day activity stays within those limits.
How the Appointment Could Affect Brazilian Traders
For traders, a leadership change at a broker is rarely a reason to change platforms on its own. However, it can signal how a firm plans to develop its local offering. Here is what to watch for over the coming months:
- Product scope: Any changes to the instruments available to Brazilian clients will be shaped by the licence terms and marketing restrictions.
- Local service: A managing director with prior Brazilian experience may focus on client support, payment methods and localised communication.
- Regulatory compliance: Local leadership is responsible for keeping the entity within Brazilian rules, which affects onboarding and disclosures.
- Competition: Other brokers are also active in the market, so the offering may evolve as firms respond to one another.
How to Check a Broker's Local Status Before You Trade
Whatever broker you use, the appointment of a new manager should not replace your own due diligence. Use these steps to verify a broker's position before opening an account:
- Confirm the entity you will contract with. Check which company's terms you are accepting and whether it is the locally licensed entity.
- Check the regulator's public register. Search the official regulator's list for the company and licence details rather than relying only on a broker's website.
- Read the product and marketing disclosures. Make sure the instruments you want to trade are covered by the licence.
- Review the fees and withdrawal terms. Compare spreads, commissions, funding and withdrawal conditions in writing.
- Start small. Test deposits, withdrawals and support response times before committing significant capital.
How CFI's Brazil Move Compares With Another Local Player
ActivTrades also entered the Brazilian market early. Through its local entity, the broker offers equities, exchange-traded funds (ETFs) and non-deliverable forwards (NDFs). The comparison below shows the publicly described differences in what each firm has done in Brazil, based on the information in this announcement.
| Point of comparison | CFI | ActivTrades |
|---|---|---|
| Local presence | Brazilian entity, licensed in April | Local entity, entered the market early |
| Leadership news | Victor Cotoski appointed managing director | Not covered in this announcement |
| Products mentioned | Forex and CFDs, subject to licence limits | Equities, ETFs and NDFs |
The two firms are not necessarily offering the same products, so traders should compare each broker's current local terms directly. Our individual broker reviews, such as the XM Group review, can help you assess other brokers' services in a structured way.
Why Trading Experience Matters in Local Leadership
Appointing a managing director with a long track record reflects a common approach in regulated markets: bring in people who know both the sector and the local environment. Cotoski's time at Exinity and INFINOX gives him exposure to two firms that have competed in Brazil, which may help him understand what local clients expect from a broker.
Successful local leadership in a regulated market depends on clear rules, consistent service and responsible marketing. Traders should judge a broker by these outcomes over time rather than by a single appointment.
About CFI
CFI is an online broker offering forex and CFD trading. The firm has secured a licence to operate in Brazil and has appointed Victor Cotoski to lead its Brazilian entity.
Trading forex and CFDs involves a high level of risk, and you can lose more than you deposit depending on the product and account type. Make sure you understand the risks and check whether a product is available to you before trading.
Further reading: Contract for difference (Wikipedia).
We will keep this CFI Managing Director report updated as new information comes in.
