XTB’s
Polish clients traded 16 billion zlotys worth of securities on the Warsaw Stock
Exchange (WSE) in 2025, a 76.3% jump from the previous year, though it lagged
the broker’s 115% account growth.
The
Warsaw-listed fintech added 441,500 domestic accounts last year while the
broader market expanded by 565,000 total accounts, pushing Poland past 2.5
million registered securities accounts for the first time. XTB now controls
roughly 33% of all Polish brokerage accounts but holds just 1.7% of Warsaw
Stock Exchange trading volume, according to market data analyzed by Polish
financial newspaper Parkiet.
Filip Kaczmarzyk, Member of XTB’s Management Board, Source: LinkedIn
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That gap
reflects XTB’s focus on mass-market retail customers who are younger and less
experienced than traditional brokerage clients, said Filip Kaczmarzyk, a member
of XTB’s management board. Many new accounts belong to first-time investors
building knowledge and portfolio size over time, rather than active traders
generating immediate volume.
“We’ve
democratized access to financial markets,” Kaczmarzyk said. “Our
average client is significantly younger than the Polish investor average, which
naturally means smaller starting portfolio values and a learning phase.”
Foreign Capital Drives
Market Gains
The 2025 rally
on the Warsaw Stock Exchange pushed total main market equity turnover to 470.3
billion zlotys, a 41.9% increase from 2024. Average daily trading reached 1.89 billion
zlotys versus 1.33 billion zlotys the prior year.
Foreign
brokers captured the bulk of that activity. Goldman Sachs led the market with a
22.76% share, followed by BofA Securities at 8.2% and PKO BP’s brokerage arm at
8.15%. Jump Trading posted the largest year-over-year growth among major
players, boosting Warsaw volumes by 65.5%.
|
Broker |
Market Share 2025 (%) |
YoY Volume Growth (%) |
|
Goldman Sachs |
22.76 |
N/A |
|
BofA Securities |
8.20 |
48.1 |
|
BM PKO BP |
8.15 |
45.4 |
|
JP Morgan |
6.82 |
53.7 |
|
UBS |
6.39 |
N/A |
|
Jump Trading |
5.56 |
65.5 |
|
Morgan Stanley |
5.00 |
45.4 |
|
Santander BM |
4.87 |
53.0 |
|
BM Bank Handlowy |
4.86 |
66.2 |
Polish
brokerages serving international institutional clients outperformed the market
average. Bank Handlowy’s brokerage unit increased turnover by 66.2% as global
hedge funds and long-only investors piled into Polish equities , said Tomasz
Ossig, director of institutional clients at BM Citi Handlowy.
Santander’s
Polish brokerage grew volumes by 53% and executed 10 accelerated bookbuilding
transactions during the year. “Foreign investors showed the biggest
increase, both in absolute and percentage terms,” said Kamil Kalemba,
director at Santander BM.
Retail Brokers Show Mixed
Results
Among
domestic-focused firms, XTB’s 76.3% volume growth exceeded market expansion but
fell short of its account additions. ING Bank Śląski’s brokerage division,
which also serves retail investors exclusively, held a 1.46% market share with
roughly 202,000 accounts at year-end, four times fewer than XTB despite
comparable per-account trading activity.
|
Metric |
XTB |
BM ING Bank Śląski |
|
Accounts (Dec 2025) |
821,700 |
~202,000 |
|
Market Share (%) |
1.70 |
1.46 |
|
YoY Volume Growth (%) |
76.3 |
N/A |
|
New Accounts Added (2025) |
441,500 |
N/A |
BM PKO BP
increased volumes by 45.4% and lifted its market share from 7.95% to 8.15%.
Director Samer Masri said the bank plans to capitalize on higher domestic
investor activity in 2026 as lower interest rates and pension account inflows
redirect capital toward equities.
Smaller
retail brokers also benefited from the rally. Noble Securities boosted turnover by 65.1% and BNP Paribas Bank Polska’s brokerage arm grew by 47.6%, though both firms
hold market shares below 1%.
Account Growth
Concentrated at Top
XTB
captured 78% of all new Polish brokerage accounts opened in 2025, with mBank’s
division adding 62,225 accounts for a distant second place. PKO BP’s unit
gained 19,000 accounts while Dom Maklerski BOŚ added 17,400.
December
brought a surge across the industry as brokers promoted IKE and IKZE
tax-advantaged retirement accounts ahead of contribution deadlines. The market
added 100,374 accounts that month, more than double the 42,000 monthly average
from the prior 11 months.
German fintech
Trade Republic entered Poland in late 2025, triggering fee cuts across the industry.
mBank and DM BOŚ eliminated ETF trading commissions on retirement accounts
through February 2026 in response to the new competition.
Kaczmarzyk
said XTB’s younger client base increasingly trades U.S. stocks and European
ETFs rather than limiting activity to Warsaw-listed securities. He expects
trading volumes will rise as customers gain experience and disposable income.
Polish
brokers are counting on domestic capital to drive future growth after foreign
investors dominated the 2025 rally. “We’ll only feel the full benefits of
this bull market when local money gets more active,” one Warsaw broker
said.
XTB’s
Polish clients traded 16 billion zlotys worth of securities on the Warsaw Stock
Exchange (WSE) in 2025, a 76.3% jump from the previous year, though it lagged
the broker’s 115% account growth.
The
Warsaw-listed fintech added 441,500 domestic accounts last year while the
broader market expanded by 565,000 total accounts, pushing Poland past 2.5
million registered securities accounts for the first time. XTB now controls
roughly 33% of all Polish brokerage accounts but holds just 1.7% of Warsaw
Stock Exchange trading volume, according to market data analyzed by Polish
financial newspaper Parkiet.
Filip Kaczmarzyk, Member of XTB’s Management Board, Source: LinkedIn
XTB Sponsors Two Largest MMA Federations in Europe: Adds OKTAGON After KSW
XTB Bypasses Poland’s MiCA Stalemate, Wins Cyprus Spot Crypto License
That gap
reflects XTB’s focus on mass-market retail customers who are younger and less
experienced than traditional brokerage clients, said Filip Kaczmarzyk, a member
of XTB’s management board. Many new accounts belong to first-time investors
building knowledge and portfolio size over time, rather than active traders
generating immediate volume.
“We’ve
democratized access to financial markets,” Kaczmarzyk said. “Our
average client is significantly younger than the Polish investor average, which
naturally means smaller starting portfolio values and a learning phase.”
Foreign Capital Drives
Market Gains
The 2025 rally
on the Warsaw Stock Exchange pushed total main market equity turnover to 470.3
billion zlotys, a 41.9% increase from 2024. Average daily trading reached 1.89 billion
zlotys versus 1.33 billion zlotys the prior year.
Foreign
brokers captured the bulk of that activity. Goldman Sachs led the market with a
22.76% share, followed by BofA Securities at 8.2% and PKO BP’s brokerage arm at
8.15%. Jump Trading posted the largest year-over-year growth among major
players, boosting Warsaw volumes by 65.5%.
|
Broker |
Market Share 2025 (%) |
YoY Volume Growth (%) |
|
Goldman Sachs |
22.76 |
N/A |
|
BofA Securities |
8.20 |
48.1 |
|
BM PKO BP |
8.15 |
45.4 |
|
JP Morgan |
6.82 |
53.7 |
|
UBS |
6.39 |
N/A |
|
Jump Trading |
5.56 |
65.5 |
|
Morgan Stanley |
5.00 |
45.4 |
|
Santander BM |
4.87 |
53.0 |
|
BM Bank Handlowy |
4.86 |
66.2 |
Polish
brokerages serving international institutional clients outperformed the market
average. Bank Handlowy’s brokerage unit increased turnover by 66.2% as global
hedge funds and long-only investors piled into Polish equities , said Tomasz
Ossig, director of institutional clients at BM Citi Handlowy.
Santander’s
Polish brokerage grew volumes by 53% and executed 10 accelerated bookbuilding
transactions during the year. “Foreign investors showed the biggest
increase, both in absolute and percentage terms,” said Kamil Kalemba,
director at Santander BM.
Retail Brokers Show Mixed
Results
Among
domestic-focused firms, XTB’s 76.3% volume growth exceeded market expansion but
fell short of its account additions. ING Bank Śląski’s brokerage division,
which also serves retail investors exclusively, held a 1.46% market share with
roughly 202,000 accounts at year-end, four times fewer than XTB despite
comparable per-account trading activity.
|
Metric |
XTB |
BM ING Bank Śląski |
|
Accounts (Dec 2025) |
821,700 |
~202,000 |
|
Market Share (%) |
1.70 |
1.46 |
|
YoY Volume Growth (%) |
76.3 |
N/A |
|
New Accounts Added (2025) |
441,500 |
N/A |
BM PKO BP
increased volumes by 45.4% and lifted its market share from 7.95% to 8.15%.
Director Samer Masri said the bank plans to capitalize on higher domestic
investor activity in 2026 as lower interest rates and pension account inflows
redirect capital toward equities.
Smaller
retail brokers also benefited from the rally. Noble Securities boosted turnover by 65.1% and BNP Paribas Bank Polska’s brokerage arm grew by 47.6%, though both firms
hold market shares below 1%.
Account Growth
Concentrated at Top
XTB
captured 78% of all new Polish brokerage accounts opened in 2025, with mBank’s
division adding 62,225 accounts for a distant second place. PKO BP’s unit
gained 19,000 accounts while Dom Maklerski BOŚ added 17,400.
December
brought a surge across the industry as brokers promoted IKE and IKZE
tax-advantaged retirement accounts ahead of contribution deadlines. The market
added 100,374 accounts that month, more than double the 42,000 monthly average
from the prior 11 months.
German fintech
Trade Republic entered Poland in late 2025, triggering fee cuts across the industry.
mBank and DM BOŚ eliminated ETF trading commissions on retirement accounts
through February 2026 in response to the new competition.
Kaczmarzyk
said XTB’s younger client base increasingly trades U.S. stocks and European
ETFs rather than limiting activity to Warsaw-listed securities. He expects
trading volumes will rise as customers gain experience and disposable income.
Polish
brokers are counting on domestic capital to drive future growth after foreign
investors dominated the 2025 rally. “We’ll only feel the full benefits of
this bull market when local money gets more active,” one Warsaw broker
said.