XTB's Polish clients traded 16 billion zlotys worth of securities on the Warsaw Stock Exchange (WSE) in 2025, a 76.3% jump from the previous year, though it lagged the broker's 115% account growth.

XTB Trading Volumes on WSE Surge 76%

The Warsaw-listed fintech added 441,500 domestic accounts last year while the broader market expanded by 565,000 total accounts, pushing Poland past 2.5 million registered securities accounts for the first time. XTB now controls roughly 33% of all Polish brokerage accounts but holds just 1.7% of Warsaw Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term trading volume, according to market data analyzed by Polish financial newspaper Parkiet.

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That gap reflects XTB's focus on mass-market retail customers who are younger and less experienced than traditional brokerage clients, said Filip Kaczmarzyk, a member of XTB's management board. Many new accounts belong to first-time investors building knowledge and portfolio size over time, rather than active traders generating immediate volume.

"We've democratized access to financial markets," Kaczmarzyk said. "Our average client is significantly younger than the Polish investor average, which naturally means smaller starting portfolio values and a learning phase."

Foreign Capital Drives Market Gains

The 2025 rally on the Warsaw Stock Exchange pushed total main market equity turnover to 470.3 billion zlotys, a 41.9% increase from 2024. Average daily trading reached 1.89 billion zlotys versus 1.33 billion zlotys the prior year.

Foreign brokers captured the bulk of that activity. Goldman Sachs led the market with a 22.76% share, followed by BofA Securities at 8.2% and PKO BP's brokerage arm at 8.15%. Jump Trading posted the largest year-over-year growth among major players, boosting Warsaw volumes 65.5%.

Polish brokerages serving international institutional clients outperformed the market average. Bank Handlowy's brokerage unit increased turnover 66.2% as global hedge funds and long-only investors piled into Polish equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term, said Tomasz Ossig, director of institutional clients at BM Citi Handlowy.

Santander's Polish brokerage grew volumes 53% and executed 10 accelerated bookbuilding transactions during the year. "Foreign investors showed the biggest increase, both in absolute and percentage terms," said Kamil Kalemba, director at Santander BM.

Retail Brokers Show Mixed Results

Among domestic-focused firms, XTB's 76.3% volume growth exceeded market expansion but fell short of its account additions. ING Bank Śląski's brokerage division, which also serves retail investors exclusively, held a 1.46% market share with roughly 202,000 accounts at year-end, four times fewer than XTB despite comparable per-account trading activity.

BM PKO BP increased volumes 45.4% and lifted its market share from 7.95% to 8.15%. Director Samer Masri said the bank plans to capitalize on higher domestic investor activity in 2026 as lower interest rates and pension account inflows redirect capital toward equities.

Smaller retail brokers also benefited from the rally. Noble Securities boosted turnover 65.1% and BNP Paribas Bank Polska's brokerage arm grew 47.6%, though both firms hold market shares below 1%.

Account Growth Concentrated at Top

XTB captured 78% of all new Polish brokerage accounts opened in 2025, with mBank's division adding 62,225 accounts for a distant second place. PKO BP's unit gained 19,000 accounts while Dom Maklerski BOŚ added 17,400.

December brought a surge across the industry as brokers promoted IKE and IKZE tax-advantaged retirement accounts ahead of contribution deadlines. The market added 100,374 accounts that month, more than double the 42,000 monthly average from the prior 11 months.

German fintech Trade Republic entered Poland in late 2025, triggering fee cuts across the industry. mBank and DM BOŚ eliminated ETF trading commissions on retirement accounts through February 2026 in response to the new competition.

Kaczmarzyk said XTB's younger client base increasingly trades U.S. stocks and European ETFs rather than limiting activity to Warsaw-listed securities. He expects trading volumes will rise as customers gain experience and disposable income.

Polish brokers are counting on domestic capital to drive future growth after foreign investors dominated the 2025 rally. "We'll only feel the full benefits of this bull market when local money gets more active," one Warsaw broker said.