Financial and Business News

XTB Halts New Accounts in Brazil After Ending Local Partnership

Thursday, 06/11/2025 | 17:35 GMT by Tareq Sikder
  • The firm cites protectionist measures, reevaluates its Brazil market presence.
  • Finance Magnates reported last week that the firm is reassessing its Brazil entry less than a year after regulatory approval.
XTB Tightens Security, Mandates 2FA After Alleged Client Hack Results in 150K Loss

XTB has suspended the opening of new accounts for residents in Brazil following the termination of its partnership with Finvest DTVM Ltda. As reported by Finance Magnates last week, XTB began reconsidering its entry into Brazil less than a year after securing regulatory approval. The brokerage cited protectionist measures that have complicated the operating environment for foreign firms.

XTB Pauses Account Openings

The brokerage will also deactivate the partnership website as it updates its operating model in the country.

XTB notice in Portuguese
XTB notice in Portuguese

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A notice on the website stated that the change would not affect current clients, including the security of their funds or the quality of service. No timeline for resuming new account openings has been provided.

Profit Drop Drives XTB Brazil Reassessment

XTB said earlier that it was reassessing its entry into Brazil, citing “current conditions in the Brazilian brokerage sector, especially local protectionist measures” as preventing it from launching operations in one of Latin America’s largest economies.

The move follows a sharp profit drop, with net income falling 74% year-over-year to PLN 53.2 million in the third quarter, down from PLN 203.8 million a year earlier. Revenue declined 20.1% to PLN 375.8 million as subdued volatility across financial and commodity markets limited profitability per contract. The company noted that most popular instruments moved within narrow price ranges.

Indonesian Onboarding Begins, Chile License Secured

Despite challenges in Brazil, XTB is advancing its expansion in Asia and other regions. Its Indonesian subsidiary has started onboarding clients, offering stocks and ETFs, with CFDs planned for early 2026, following its licensing at the end of last year.

In Latin America, XTB obtained a Chilean securities license in February, with client onboarding expected in the first half of 2025. The firm also launched its multi-currency eWallet, supporting 19 currencies, which had nearly 22,000 activations by September.

XTB has suspended the opening of new accounts for residents in Brazil following the termination of its partnership with Finvest DTVM Ltda. As reported by Finance Magnates last week, XTB began reconsidering its entry into Brazil less than a year after securing regulatory approval. The brokerage cited protectionist measures that have complicated the operating environment for foreign firms.

XTB Pauses Account Openings

The brokerage will also deactivate the partnership website as it updates its operating model in the country.

XTB notice in Portuguese
XTB notice in Portuguese

Join IG, CMC, and Robinhood at London’s leading trading industry event!

A notice on the website stated that the change would not affect current clients, including the security of their funds or the quality of service. No timeline for resuming new account openings has been provided.

Profit Drop Drives XTB Brazil Reassessment

XTB said earlier that it was reassessing its entry into Brazil, citing “current conditions in the Brazilian brokerage sector, especially local protectionist measures” as preventing it from launching operations in one of Latin America’s largest economies.

The move follows a sharp profit drop, with net income falling 74% year-over-year to PLN 53.2 million in the third quarter, down from PLN 203.8 million a year earlier. Revenue declined 20.1% to PLN 375.8 million as subdued volatility across financial and commodity markets limited profitability per contract. The company noted that most popular instruments moved within narrow price ranges.

Indonesian Onboarding Begins, Chile License Secured

Despite challenges in Brazil, XTB is advancing its expansion in Asia and other regions. Its Indonesian subsidiary has started onboarding clients, offering stocks and ETFs, with CFDs planned for early 2026, following its licensing at the end of last year.

In Latin America, XTB obtained a Chilean securities license in February, with client onboarding expected in the first half of 2025. The firm also launched its multi-currency eWallet, supporting 19 currencies, which had nearly 22,000 activations by September.

Topics
retail
retail brokers
retail forex
xtb
brazil
About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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