XTB ended March with fewer than 9,000 accounts under 1 million in its home market, according to new data from Poland’s Central Securities Depository (KDPW), setting the Warsaw-listed broker to cross the milestone when April numbers are published next month.
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KDPW’s tally credited XTB with 991,791 accounts with access to the Polish market at the end of March, an increase of 50,598 from February and 525,452 over the past 12 months. With the company adding roughly 55,000 accounts per month over the past half year, the seven-figure threshold should be crossed long before the April report arrives.
The total Polish brokerage market reached 2,736,531 accounts, an increase of 60,858 month-on-month and 660,154 year-on-year. This means that XTB represents around 83% of all net new accounts added to the KDPW system in March, adding to the local dominance that has reshaped the Polish brokerage league table over the past three years.
XTB is further ahead of competitors mBank and PKO
The gap between XTB and the rest of the field continues to widen. mBank’s brokerage arm, the second-largest player in KDPW data with 550,244 accounts, added 5,522 accounts during the month. BM Pekao, ING Bank Śląski, DM BOŚ and state-controlled BM PKO BP each added less than 1,000 accounts. Only mBank and XTB exceeded the four-digit mark for monthly net additions.
The first quarter as a whole saw Polish brokerages add 201,925 accounts to the KDPW dataset, the strongest start to a year on record. The pace has slowed from the peak in December and January, when Poles rushed to open tax-advantaged IKE and IKZE retirement accounts before the end-of-year deadline. December alone recorded nearly 100,000 new accounts, and January another 80,600, before February and March settled into a similar rhythm of 60,000 accounts per month.
XTB has been the main beneficiary of this retirement savings boost. The mediator IKZE accounts launch in mid-2025 To complement its existing IKE product, integrating it into a segment that government data showed already had more than 593,000 IKZE holders nationwide at the end of 2024.
A saturated domestic market forces a domestic price war
The KDPW report covers all accounts that have access to the Polish market regardless of activity, and brokerage firms periodically purge inactive accounts, which may cause occasional drops in key figures. A separate data set published by the Warsaw Stock Exchange tracks active accounts and tends to decline.
KDPW’s data also excludes Revolut, which operates its Polish investment service under a Lithuanian licence. Last year, the fintech company revealed that it had registered around 590,000 Polish investment clients, a number If he were included in the KDPW rankings, it would put him at No. 2ahead of mBank and completely distinct from every traditional bank-owned broker.
The competition has intensified since then. German Trade Republic, the new German brokerage, entered Poland late last year, and many established brokerages responded by cutting commissions, a local price war initiated by Finance Magnates. They were reported alongside the December increase When the total market exceeded 2.5 million accounts for the first time. The Warsaw Stock Exchange’s WIG index rose 47% in 2025 and broke 100,000 for the first time, a backdrop that helped keep retail investors off the sidelines.
The local engine supports a global customer base
For XTB, the Polish numbers are a partial picture. KDPW’s figures only capture accounts with access to the Polish market, while the broker refers to a broader global client base in its quarterly results. Company Added 864,000 customers worldwide in 2025That’s more than it collected in the first two decades combined, with Poland generating nearly 54% of combined revenues.
But this local power came at a cost. XTB’s net profit for 2025 fell by about 25% to PLN 644.2 million. Marketing spending rose by almost 70% to PLN 584.9 million, the company said in its annual report.
CEO Omar Arnaout described the spending as a deliberate push to accelerate customer acquisition, and separately pointed to spot cryptocurrency trading, set to launch in Cyprus this year, as a way to ease the group’s heavy reliance on CFD revenue.
This article was written by Damian Schmil at www.financemagnates.com.
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