XTB CEO admits UK market entry was delayed

Omar Arnaout, XTB’s chief executive, acknowledged on Thursday that the company’s entry into the UK market was likely delayed. During a conference discussing the company’s third-quarter results, Arnaout emphasized the need for substantial investment to compete with established local firms, indicating a cautious approach. XTB reported a significant increase in its third-quarter profit, which rose to PLN 213.7 million, equivalent to approximately $54.4 million, as announced on Wednesday.

A Late Start in Britain

In 2025, XTB’s UK operations saw revenue more than double to £8.64 million, roughly $11.6 million. In contrast, Trading 212 generated £277.6 million in the UK during the same period. According to calculations by FinanceMagnates.com, XTB’s UK revenue accounts for around 3% of its competitor’s revenue. Arnaout said, “I think we were simply a bit late to this market.”

XTB introduced a zero-fee stocks and shares ISA in December 2024 and added a cash ISA this year. As of September’s end, the company had 11,767 ISA and cash ISA accounts, representing a growth of about 1,050 accounts from the previous quarter. This increase is modest compared to AJ Bell’s addition of 152,000 customers over the past 12 months. The UK market is highly competitive, with various platforms and CFD brokers vying for tax-free savers.

Marketing Strategies

XTB is currently planning its budgets for the upcoming year. Arnaout indicated that Germany would receive a significant increase in marketing efforts to compete with Trade Republic and Scalable Capital. He previously mentioned that XTB would allocate more marketing funds to Germany than to Poland this year. Although XTB does not report separate revenue figures for Germany, the country has become one of the company’s most important markets in terms of revenue.

In France, Arnaout expects XTB to rank among the top three or four investing apps by the end of the year. However, revenue growth in France has not yet kept pace with the number of sign-ups.

Indonesian Market Growth

Indonesia has shown a contrasting trend to the UK. XTB acquired a 90% stake in local broker Eagle Capital Futures in January 2024 and initially offered US stocks and exchange-traded funds. The company received approval to offer contracts for difference (CFDs) this summer. Arnaout previously noted that Indonesia produced XTB’s fastest first 1,000 accounts, but with low deposits and limited brand recognition. On Thursday, he described the client intake as “very large.”

Arnaout said, “if my memory serves me correctly, only the Polish market signs up more accounts” each month than Indonesia. Although XTB does not report account numbers by country, its Indonesian unit announced a 741.51% increase in funded accounts during the first half of the year compared to the second half of 2025. The unit also launched CFDs on various commodities and options in the third quarter, as stated in XTB’s quarterly report.

Indonesia is one of the markets featured in XTB’s advertising campaign with Zlatan Ibrahimovic and Tyson Fury, which began on October 1. Arnaout mentioned that the company increased marketing efforts for CFDs this week and expects to gauge demand within four to five weeks. XTB has joined other foreign brokers that have entered Indonesia’s regulated futures market since 2024.

Plus500 acquired local broker Global Intra Berjangka, which had stopped accepting new clients, as reported.com last December. AIMS opened a Jakarta office in May under a license from the Commodity Futures Trading Regulatory Agency (Bappebti). The regulated customer base in Indonesia comprises tens of thousands of clients.

According to FM Intelligence data, Bappebti rated 67 active futures brokers in the second quarter, and the market had 70,676 active retail customers in November 2024, representing a 53.93% increase from the previous year. Indonesia attracted 5.5 million organic visits to retail FX and CFD broker websites in the third quarter, a 0.9% decrease from the second quarter, as shown on FM Intelligence’s heat map. Traffic across the Asia-Pacific region dropped 33% over the same period.