XTB Polish Growth Accelerates as Accounts Surge in 2025

XTB Polish growth accelerated in 2025 as record account openings and strong market momentum reshaped the domestic brokerage landscape. XTB opened 441,500 new brokerage accounts in Poland in 2025, data from the country’s Central Securities Depository (KDPW) shows, reinforcing the fintech’s strong domestic position as the total market surpassed 2.5 million accounts for the first time.

The publicly traded broker (WSE: XTB) gained 63,500 accounts in December alone, lifting its total client base to 821,748 and securing an estimated 33% share of all securities accounts registered with KDPW.

That December result marked the strongest monthly performance for the industry since April 2010, when Polish brokerages collectively added 140,000 accounts.

XTB Polish Growth Strengthens with Record Year-End Gains

The year-end spike was driven by aggressive promotion of IKE and IKZE tax-advantaged retirement products ahead of contribution deadlines. Poland’s total brokerage account count rose by 100,374 in December, more than twice the average monthly increase of 42,000 recorded over the prior 11 months.

IKE accounts allow tax-free withdrawals after age 60, while IKZE enables immediate tax deductions of up to 12% for higher earners. XTB rolled out IKZE access mid-year, while IKE became available on the broker’s multi-asset platform in October 2024.

In the closing months of 2025, Poland’s brokerage sector slid into a pricing battle as the domestic market neared saturation and foreign competition intensified. German fintech Trade Republic entered Poland aiming to disrupt the local scene, prompting widespread commission cuts among brokers.

Bull Market Supports Industry Expansion

The addition of 565,000 accounts across Poland’s brokerage industry in 2025 coincided with a landmark rally on the Warsaw Stock Exchange. The WIG index climbed 47% over the year and exceeded 100,000 points for the first time in April, while record trading activity drove second-quarter exchange revenues to historic highs.

XTB has been courting new clients through sports-oriented branding initiatives, including recent partnerships with one of Europe’s two largest mixed martial arts federations and high-profile combat sports figures such as Conor McGregor.

Banks Record Smaller Increases

mBank’s brokerage unit ranked second in the KDPW standings with 532,928 accounts after adding 62,225 during the year. December alone delivered 27,952 new accounts, representing its best monthly showing in the dataset.

PKO BP’s brokerage arm remained in sixth place with 178,873 accounts following 19,001 additions in 2025. Dom Maklerski Banku Ochrony Środowiska completed the list of top gainers, adding 17,402 accounts over the year, including 5,902 in December.

KDPW data covers all accounts with access to Polish markets, regardless of trading activity. Periodic closures of inactive accounts by brokers can lead to short-term declines in reported figures.

XTB also stands out globally among CFD brokers by active client numbers. In the third quarter of 2025, eleven brokers worldwide reported more than 100,000 monthly active accounts, with the Polish firm leading the group.

In November, mBank analysts upgraded XTB shares to “buy,” despite the third quarter delivering the company’s weakest financial results since 2022. Analysts pointed to anticipated improvements in profitability per lot and the record expansion of the client base as key factors behind the upgrade.

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