Polish brokerage XTB has grown rapidly in recent years by offering competitive spreads, an easy‑to‑use trading app and aggressive marketing campaigns. The Warsaw‑listed firm now counts more than 1.9 million clients worldwide, with a strong presence in Europe, the Middle East and Latin America. The company’s momentum continued through the first half of 2025: revenues in the first quarter reached PLN 580 million (≈ US$155 million) and net profit was PLN 194 million, supported by monthly trading volumes of US$313 billion and the addition of over 194,000 new clients. In the second quarter, revenue remained flat at about US$155 million, but net profit increased by 11 percent to PLN 216 million as volatility in global markets—including US equity indices and commodities—boosted trading activity. XTB’s board emphasised that strong client acquisition and record active clients underpinned these results.
The third quarter told a different story. XTB reported that revenue fell by more than a third (35 percent) to PLN 375.3 million (≈ US$103 million), its lowest top‑line result since Q3 2023. Net profit plunged 75 percent quarter‑on‑quarter to PLN 53.2 million (≈ US$15 million). The broker attributed the decline to an extended period of low volatility across major financial and commodity markets during the summer, which limited price swings and made it difficult for market makers like XTB to earn wide spreads. Profitability per USD 1 million of trading turnover dropped to PLN 152, down from PLN 272 a year earlier and PLN 229 in the second quarter. The company explained that a narrow trading range encouraged clients to hold positions longer or engage in “range trading,” which typically yields fewer profitable opportunities for the broker.
Despite the revenue slump, XTB continued to post impressive operating metrics. The number of active clients jumped 71.5 percent year‑on‑year, thanks to strong marketing and client acquisition programmes. Trading volumes in derivative instruments averaged US$373 billion per month, only slightly below the record US$382 billion seen in Q2 2025. In Q3, the broker added nearly 222,000 new clients, bringing total clients to over 1.9 million—a 56.9 percent increase compared with the previous year. This growth reflects XTB’s focus on expanding in emerging markets and attracting first‑time traders through educational initiatives and promotional campaigns.
Part of XTB’s marketing strategy involves offering free shares to new clients in key regions. In its latest Middle East and North Africa (MENA) campaign, the broker gives new traders ten shares in Dubai‑based property developer Emaar Properties. The campaign, branded Mastering Your Money, combines free shares with financial literacy workshops and emphasises long‑term engagement. XTB stresses that this is an educational incentive rather than a deposit bonus, aiming to build trust with clients by highlighting publicly listed companies such as Emaar and promoting diversified portfolios. The broker’s international client base also benefits from a commission‑free share platform that allows investors to trade US and European stocks alongside CFDs.
Looking ahead, XTB is preparing to launch options trading on its platform. Board member Filip Kaczmarzyk told the Polish financial daily Parkiet that technology development and regulatory discussions are underway; the company hopes to roll out a buy‑only options product by the fourth quarter of 2025, pending approval from the Polish regulator KNF. The platform will be unified across markets so that clients in different jurisdictions receive a consistent user experience. XTB plans to allow clients to purchase but not write options in the initial phase, limiting downside risk while introducing a new asset class. Options trading, along with the possibility of adding physical cryptocurrencies, represents an effort to diversify beyond CFDs and capitalise on growing interest in derivative products.
XTB’s management remains optimistic despite the Q3 downturn. They note that low volatility is cyclical and that trading activity typically rebounds when market conditions shift. In previous periods of calm, the company used the opportunity to invest in product development and technology, which later paid off during more volatile times. Moreover, the broker’s ability to retain and expand its client base during a challenging quarter suggests resilience. Many of the new clients were acquired through online marketing campaigns, affiliate partnerships and targeted outreach to retail investors seeking alternatives to traditional bank savings. XTB has also enhanced its educational resources, offering webinars, video tutorials and market analysis to help clients make informed decisions.
The main challenge for XTB is to convert surging client numbers into sustained profitability. Lower volatility exposes the limitations of a business model reliant on trading volumes and spreads. The forthcoming options platform, potential cryptocurrency products and continued push into equities may provide new revenue streams that are less sensitive to volatility. The broker must also maintain regulatory compliance across multiple jurisdictions; in its largest markets, it is overseen by authorities such as Poland’s KNF, the UK’s FCA and Spain’s CNMV. Stricter regulations in Europe could impact marketing practices and leverage caps, affecting growth. Nevertheless, XTB’s focus on education, product diversification and technology improvement positions it well to navigate an evolving trading landscape.
In conclusion, XTB’s Q3 results highlight the vulnerability of CFD brokers to market conditions while also showcasing the company’s ability to attract and retain clients. A drop in revenue and profit does not necessarily reflect weakening demand; rather, it underscores the importance of diversifying income sources and offering products that appeal to different market environments. With options trading on the horizon, a growing client base and innovative educational campaigns, XTB appears poised to rebound when volatility returns.
