⚡ XTB Leads Polish Account Race Again, but the Engine Is Cooling

XTB maintained its commanding lead in Polish brokerage account openings during May, adding 48,226 domestic accounts to reach 1,087,740 total, more than double second-place mBank. However, the Warsaw-listed broker’s growth momentum is clearly decelerating from earlier peaks of 68,300 in January and 51,000 in February, according to Poland’s Central Securities Depository data. The gap with competitors continues widening despite the slowdown, with mBank adding just 5,357 accounts in May to finish at 560,967. State-controlled BM Pekao and ING Bank Śląski followed distantly in third and fourth positions. The broader Polish market added 59,444 accounts in May, bringing the national total to 2,856,520, up over 713,000 year-on-year and approaching the 3 million milestone within months. Growth has normalized around 60,000 monthly after December and January spikes driven by tax-advantaged retirement account deadlines.

FXnCO Insight

XTB’s slowing account acquisition rate amid intensifying competition from neobrokers signals potential margin pressure ahead for the retail CFD leader in its core home market.

Source: Finance Magnates