XTB stayed the dominant force in Polish account openings in May, adding 48,226 accounts with access to the local market, according to fresh data from Poland's Central Securities Depository, known as KDPW.
That kept the Warsaw-listed broker far ahead of every domestic rival, even as its own monthly pace eased from the highs it set earlier in the year.
The figure pushed XTB's domestic total to 1,087,740 accounts, more than double the second-placed firm.
But it also extended a softer run. XTB booked 68,300 new accounts in January and just over 51,000 in February, before the monthly count slipped under 50,000 in April, the same month it crossed 1 million Polish accounts for the first time.
XTB's Lead Widens Even as Growth Cools
The gap between XTB and the rest of the field is still getting wider. mBank's brokerage arm, the second-largest player in the KDPW data, finished May with 560,967 accounts after adding 5,357 during the month.
State-controlled BM Pekao ranked third with 210,079, followed closely by ING Bank Śląski's brokerage unit on 205,897.
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Only mBank cleared four-figure net additions alongside XTB. Dom Maklerski BOŚ added 1,087 accounts and BM PKO BP added 858, leaving the chasing pack adding in the hundreds while XTB added in the tens of thousands.
mBank is also working through a leadership change. The bank's brokerage head, Maksymilian Skolik, is leaving at the end of June, with Kamil Figlarek set to take over the director's duties.
Rank | Institution | Accounts (May 2026) | m/m | y/y |
1 | XTB | 1,087,740 | +48,226 | +568,909 |
2 | mBank Brokerage | 560,967 | +5,357 | +76,772 |
3 | BM Pekao | 210,079 | +962 | +5,023 |
4 | ING Bank Śląski Brokerage | 205,897 | +955 | +8,061 |
5 | DM BOŚ | 195,540 | +1,087 | +17,756 |
6 | BM PKO BP | 186,233 | +858 | +20,189 |
— | Total market | 2,856,520 | +59,444 | +713,711 |
Source: KDPW, May 2026.
A Market on Track for 3 Million Accounts
Across the whole market, Polish brokerages added 59,444 accounts in May, taking the total to 2,856,520, the KDPW reported. That is 713,711 more than a year earlier, the largest annual jump on record.
The monthly pace has held near 60,000 since February. December and January ran hotter, at roughly 100,000 and 80,000, as Poles rushed to open tax-advantaged IKE and IKZE retirement accounts before the year-end deadline.
At the current rate, the market is on course to reach 3 million accounts within months.
The depository's tally comes with a standing caveat. KDPW counts every account with access to the Polish market, not just those holding cash or actually trading.
Brokerages periodically purge dormant accounts from their registers, which can pull the headline total lower.
Price War Keeps Pressure on the Leader
XTB's home-market dominance is unfolding against the most crowded competitive backdrop the country has seen in years.
German neobroker Trade Republic entered Poland in September 2025, its first market outside the eurozone, and immediately set off a fee fight, with mBank and DM BOŚ scrapping ETF commissions on retirement accounts to defend their bases.
Incumbents are also retooling. ING Bank Śląski's brokerage unit has flagged a retirement-account push to challenge XTB, prioritizing IKE and IKZE products and foreign-market access through 2026.
Revolut, which sits outside the KDPW count because of its Lithuanian license, is another pressure point, with a Polish investing base that rivals XTB's account totals.
For its part, XTB has kept expanding its product range, recently rolling out retail options and extending ETF trading hours for Polish clients.
That product drive comes shortly after the KNF, Poland's financial regulator, fined the broker 20 million zlotys over CFD marketing rules, a penalty XTB is contesting.
The KDPW data captures only part of XTB's reach. The broker reports a larger global client base in its quarterly filings, while Poland still generates the bulk of its revenue.
After a record first quarter built largely on its home market, the question for XTB is whether the slower May intake marks a normal post-milestone cooldown or the early sign of a saturating domestic market.
