Poland just recorded its biggest annual jump in brokerage accounts ever, and a new one FM Intelligence Report Outlines what this growth means for brokers weighing the country as a place to originate.
The title number is hard to ignore. Brokerage accounts reached 2.86 million in May 2026, an increase of 713,711 in a year. Putting the market on track to exceed 3 million in a matter of monthsAccording to what was reported by the Polish Central Securities Depository.
A lot of that has flowed into one name. XTB became the first broker in the country to reach 1 million local accounts and reported first-quarter net profit of PLN 535 million, up 176% year-on-year, FinanceMagnates.com’s trajectory has been tracked throughout the year.
What tilts mathematics towards Poland
For many years, Cyprus has been the default home for EU CFD brokers. This gap has closed. Capital floors are now coordinated across the bloc, so the cost of a market-making license is as much as €750,000 in Warsaw as in Limassol. The decision shifts to the cost base, talent, and oversight instead.
FM Intelligence estimates that Polish labor costs are 40% to 60% below Western European levels, relying on a large pool of engineers and compliance officers who already serve global companies operating from the country.
Poland also offers a product link that the European Securities and Markets Authority authorities cannot match. Under the KNF exception, an “experienced retail client” can use leverage of up to 1:100 on major forex, gold and major US indices, versus the standard retail maximum of 1:30.
The independent brokerage also falls outside the 30% banking tax imposed on Polish lenders in 2026.
The catch is worth pricing in
This 2.86 million figure counts securities accounts, not CFD clients, so the layer of contestable derivatives is much smaller.
However, it is not small in absolute terms. KNF data counted nearly 370,000 active Forex clients in Poland in 2025, a heavy base for a single country at a time when The entire industry was running approximately 6 million active CFD accounts.
The contrast with Germany is even more stark. Report on the largest economy in Europe 63,000 active CFD and Forex traders During a similar period, making Poland among the continent’s largest retail bases in terms of number of employees.
The problem is the result, with 72.2% of these clients losing money over the course of the year, according to the regulator.
Canv A fine of PLN 20 million was imposed on XTB due to CFD marketing rulesa penalty contested by the mediator, which any participant must treat as part of Poland’s case rather than an exception.
FM Intelligence identifies three trajectories for the account base by the end of 2027, ranging from around 3.2 million in the bearish case to nearly 4 million in the bullish case.
The full study, with entry methods, cost tables and comparison between Poland and Cyprus, is at FM Intelligence Report.
This article was written by Damian Schmil at www.financemagnates.com.
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