XTB

The company was founded in 2002 by Jakub Zabłocki (b. 1975), an economics graduate from the University of Łódź and former mBank employee. He launched Dom Maklerski X-Trade Brokers with 300,000 Polish złoty (PLN).

On 21 November 2005, the company received its brokerage license from the Polish Financial Supervision Authority (KNF), enabling it to offer services for all financial instruments. In 2007, the company opened its first foreign branch in the Czech Republic, followed by expansions into Germany, Spain, Romania, Slovakia, France, Portugal, Italy, and Hungary over the next two years.

In 2009, it rebranded as XTB Online Trading. That year, its net profits exceeded €12 million, and by 2010, XTB had established itself as the largest forex and CFD brokerage in Central and Eastern Europe. In October 2010, Enterprise Investors acquired a minority stake in XTB for €57 mln. The deal elevated Zabłocki to the top of the richest people in Poland.

In May 2016, XTB was listed on the Warsaw Stock Exchange (WSE). The successful debut boosted its valuation to approximately 1.8 billion PLN. Revenue for 2016 was reported at 250 million PLN. At that time, Zabłocki held 66% of the company's shares, with an estimated net worth of 950 million PLN, placing him 27th on the Forbes Poland list of the country's richest people.

By late 2017, XTB operated in 13 countries and served approximately 20,000 active clients. During that period, it faced a damaging scandal involving a large KNF fine and allegations of fund misappropriation, which led to a dramatic two-thirds drop in share price within two hours. The WSE responded by temporarily suspending trading in XTB shares.

In the first quarter of 2020, amid heightened market volatility at the onset of the COVID-19 pandemic, XTB reported record quarterly revenue of $79 million (307 million PLN), surpassing its total revenue for 2019. In July 2021, it obtained a license from the Dubai Financial Services Authority (DFSA). XTB later announced that 2022 was its most profitable year to date, with a net profit of $174 million.

In April 2023, following a launch in Romania, XTB introduced fractional shares and exchange-traded funds (ETFs) in the Czech Republic, Portugal, and Slovakia, subsequently extending these offerings to Poland and Spain. In May 2023, its share price reached a record 43.88 PLN, and the firm reported reaching a total of 274,450 clients. By the third quarter of 2024, XTB's revenue hit $118 million, with a monthly trading volume of $232 billion.

In January 2024, the company announced plans to diversify its product line beyond FX/CFD services to include bonds, retirement products, and other investment offerings. In October, it introduced a mobile wallet application with a multi-currency card. For Polish clients, XTB implemented "IKE" (Individual Retirement Account) and "IKZE" (Individual Retirement Security Account) options. In 2024, XTB acquired an ISA license in the UK to enter the Individual Savings Accounts (ISAs) market. In December of the same year, XTB secured licenses in Indonesia and the United Arab Emirates.

Operations

XTB provides products, services, and technology solutions for trading various financial instruments, primarily on the foreign exchange (forex) market and through contract for differences (CFD). The group's entities are regulated by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Comisión Nacional del Mercado de Valores (CNMV), the International Financial Services Commission (IFSC), and the Polish Financial Supervision Authority (KNF).

As of 31 December 2025, XTB Group employed 1,315 people, up from 1,015 a year earlier, and operated from offices in 15 countries. As of October 2023, its active client base surpassed 474,000, and by April 2024, XTB reported reaching one million customers. By the end of 2025, the total number of XTB clients had surpassed 2.16 million, including more than 1.19 million active clients, compared with 1.36 million total clients and 658,520 active clients at the end of 2024.

For the full year 2025, XTB reported total operating income of PLN 2.146 billion, up 14.6% from PLN 1.873 billion in 2024, while operating profit fell 15.6% to PLN 832.4 million and net profit fell 24.8% to PLN 644.2 million. Total operating expenses rose to PLN 1.314 billion from PLN 886.7 million, including marketing costs of PLN 584.9 million (2024: PLN 344.8 million) and salaries and employee benefits of PLN 413.0 million (2024: PLN 311.6 million). In 2025, XTB added 864,286 new clients, compared with 498,438 in 2024.

In the first half of 2026, XTB reported operating revenue of PLN 2.09 billion, up 79.7% year-on-year, and net profit of PLN 1.03 billion, up 150.5%. The company added more than 703,000 new clients during the period, while the number of active clients approached 1.5 million.

Controversies

KNF $2.7 mln fine and misappropriation accusations

Following XTB's IPO, the Polish Financial Supervision Authority (KNF) examined the company's activities between January 2014 and May 2016. According to documents later cited by Puls Biznesu, the KNF's Commission identified nearly 50 potential violations and issued 47 post-inspection recommendations. The report, finalized in October 2016, was not made public. XTB denied any wrongdoing and submitted its own response, contesting the Commission’s comments.

In November 2017, Puls Biznesu published an article alleging that XTB engaged in improper practices, referring to the KNF's report and accusing the company of misappropriating client funds.

In September 2018, the KNF imposed a fine of PLN 9.9 million (USD 2.7 million), indicating that from January 2014 to May 2015, the broker had not acted in clients' best interests. The KNF concluded that XTB employed "asymmetric price slippage," passing on execution losses to clients while delaying certain orders. An independent expert evaluated transaction data for nearly 20 million orders; customer losses were estimated between PLN 8 million and PLN 23.5 million, and "missed opportunities" reached PLN 84 million. XTB maintained that the practice affected only 3% of accounts it considered engaged in "scalping."

Newsweek Polska reported that, if the fine were upheld, six current and former board members could face prosecution under Article 286 of the Polish Criminal Code, which carries potential prison sentences. XTB appealed the decision to the Provincial Administrative Court, which rejected the request. In September 2019, the Warsaw Provincial Administrative Court confirmed the KNF's fine, dismissing the company’s cassation appeal.

In October 2019, members of the Trading Jam Foundation held a demonstration outside XTB's Warsaw offices, requesting compensation for retail investors who allegedly incurred losses linked to the company's actions. The group also criticized the KNF for delaying the disclosure of its inspection report, limiting investors' legal recourse.

Over five years, the investigative file expanded to 370 volumes, and more than 6,000 clients were questioned and granted victim status. In March 2023, the Supreme Administrative Court of Poland dismissed XTB's second cassation appeal and upheld the fine. XTB publicly disagreed with the outcome but confirmed it would comply with the payment. Meanwhile, nine additional client claims valued at PLN 9 million remained pending in court.