XTB is rolling out two-factor authentication (2FA) to enhance account security for its customers. This move is part of the publicly listed company's (WSE: XTB) broader strategy to fortify user protection and pave the way for new product offerings later this year, including a multi-currency card.

XTB Adds Two-Factor Authentication, Prepares for Product Expansion

Implementing 2FA is a key component of XTB's 2024 product roadmap. It is designed to boost security and set the stage for the launch of a virtual wallet with a multi-currency card. Poland is the initial market for the 2FA rollout, and the feature will be extended to all XTB markets.

In a discussion with Finance Magnates, XTB revealed that after its home country, the next market to launch the service will be Germany (likely starting from September 3). Following this, 2FA will be dynamically implemented across several markets at once. The aim is to complete the entire process by October.

“Safeguarding our clients' data and funds is a priority,” said Omar Arnaout, CEO of XTB, emphasizing the importance of this security upgrade. “The introduction of 2FA was a key element in the implementation of our product plan for this year.”

XTB is heavily focusing on the development of passive investments. To this end, in May, it acquired an ISA license in the UK, planning to launch new products in the £400 billion market this autumn.

The new 2FA authentication process will require users to enter a one-time password sent via SMS after successfully inputting their email address and password. To streamline the login experience, investors will have the option to add up to 10 frequently used devices to a trusted list.

XTB Aims to Become the Universal Investment App for Europeans

“This enhancement opens the way to further implementations that bring us closer to the goal of creating a universal investment application that will be the first choice for customers in Europe.”

Looking ahead, XTB is gearing up for a busy final quarter of 2024. As Arnout further revealed, the company wants to launch two long-awaited new features: a virtual wallet with a multi-currency card and retirement accounts, namely IKE in Poland.

“In a few weeks, our autumn promotional campaign featuring the new ambassador will premiere in the key markets,” added Arnaout.

These developments are part of XTB's ongoing transformation from a CFD broker to a comprehensive investment platform. The company aims to position itself as the go-to choice for European customers, offering a range of services including trading, investing, and saving, along with immediate access to funds.

XTB's growth trajectory remains strong, with the company reporting the acquisition of over 232,000 new customers in the first half of 2024. During this period, XTB's net profit exceeded 463 million Polish zloty (approximately $115 million).