Warsaw-listed broker XTB is ramping up its assault on Germany, pledging to spend more on marketing there this year than in its home Polish market, according to CEO Omar Arnaout. The move directly counters Trade Republic’s September 2025 entry into Poland, creating a two-way cross-border battle between European neobrokers.
XTB aims to add between 250,000 and 290,000 new clients quarterly in 2026, roughly one million annually, with promotional spending jumping approximately 50 percent. While Poland still generates 54.4 percent of group revenue, Western Europe is delivering the fastest growth. That region saw revenue climb 8.9 percent to PLN 387.4 million in 2025, with retail trading volumes surging 74.5 percent.
Germany presents a crowded battlefield. Trade Republic commands the space with over 10 million customers across 18 markets and roughly €150 billion in assets, while Scalable Capital holds strong positioning. Both competitors face business model pressure as the EU bans payment for order flow from June 30, 2026.
**
FXnCO Insight
** Watch XTB’s client acquisition costs and German market share closely through mid-2026 as the looming PFOF ban reshapes competitive dynamics across European retail brokerage.
Source: Finance Magnates