XTB ended March less than 9,000 accounts shy of a million in its home market, according to fresh data from Poland's Central Securities Depository (KDPW), setting up the Warsaw-listed broker to cross the milestone when April figures are published next month.
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The KDPW 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 a month over the past half year, the seven-figure threshold should be cleared well before the April report lands.
The total Polish brokerage market reached 2,736,531 accounts, up by 60,858 month-on-month and by 660,154 year-on-year. That means XTB accounted for about 83% of all net new accounts added to the KDPW system in March, extending a domestic dominance that has reshaped the Polish broker league table over the past three years.
XTB Pulls Further Ahead of mBank and PKO Rivals
The gap between XTB and the rest of the field continues to widen. mBank's brokerage arm, the second-largest player in the KDPW data with 550,244 accounts, added 5,522 during the month. State-controlled BM Pekao, ING Bank Śląski, DM BOŚ and BM PKO BP each added fewer than 1,000 accounts. Only mBank and XTB exceeded the four-figure mark for monthly net additions.
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The first quarter as a whole saw Polish brokerages add 201,925 accounts in the KDPW dataset, the strongest start to a year on record. The pace did cool from the December and January peak, when Poles rushed to open tax-advantaged IKE and IKZE retirement accounts before the year-end deadline. December alone delivered roughly 100,000 new accounts and January another 80,600, before February and March settled into a similar 60,000-a-month rhythm.
XTB has been a primary beneficiary of that retirement-savings push. The broker launched IKZE accounts in mid-2025 to complement its existing IKE product, plugging into a segment that government data showed already counted more than 593,000 IKZE holders nationwide at the end of 2024.
Saturated Home Market Forces a Domestic Price War
The KDPW report covers all accounts with access to the Polish market regardless of activity, and brokerages periodically purge dormant ones, which can cause occasional dips in the headline figures. A separate dataset published by the Warsaw Stock Exchange tracks active accounts and tends to run lower.
The KDPW data also excludes Revolut, which operates its Polish investing service under a Lithuanian license. The fintech disclosed last year that it had signed up around 590,000 Polish investment customers, a figure that, if it were included in the KDPW rankings, would place it second, ahead of mBank and well clear of every traditional bank-owned broker.
Competition has only intensified since. German neobroker Trade Republic entered Poland late last year, and several incumbent brokerages have responded by trimming commissions, a domestic price war that Finance Magnates reported on alongside the December surge when the overall market crossed 2.5 million accounts for the first time. The Warsaw Stock Exchange's WIG index gained 47% in 2025 and broke through 100,000 points for the first time, a backdrop that has helped pull retail investors off the sidelines.
Domestic Engine Powers a Global Client Base
For XTB, the Polish numbers are a partial picture. The KDPW figures only capture accounts with access to the Polish market, while the broker reports a broader global client base in its quarterly results. The company added 864,000 clients worldwide in 2025, more than it had gathered in its first two decades combined, with Poland generating roughly 54% of consolidated revenue.
That domestic strength has come at a cost. XTB's 2025 net profit fell about 25% to PLN 644.2 million as marketing spending climbed nearly 70% to PLN 584.9 million, the company said in its annual report.
Chief executive Omar Arnaout has described the spending as a deliberate push to accelerate client acquisition, and has separately flagged spot crypto trading, due to launch in Cyprus this year, as a way to dilute the group's heavy dependence on CFD revenue.
