Polish online broker XTB saw its clients trade a record 16 billion zloty ($3.9B) on the Warsaw Stock Exchange (WSE) in 2025, a 76% annual jump, fueled by a historic bull market and a wave of new retail investors.
The surge trailed the broker’s own explosive client growth, however. XTB added 441,500 Polish accounts last year—capturing a staggering 78% of all new accounts nationwide—as Poland’s total number of registered securities accounts surpassed 2.5 million for the first time.
While XTB now commands about 33% of all Polish brokerage accounts, its share of actual WSE trading volume remains modest at just 1.7%.
“We’ve democratized access,” said Filip Kaczmarzyk, a member of XTB’s management board. “Our average client is significantly younger, which means smaller starting portfolios and a learning phase.”
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Foreign Players Dominate Trading
The rally drove total WSE main market turnover up 42% to 470.3 billion zloty. Foreign institutions dominated activity, with Goldman Sachs leading at 22.8% market share. Local brokers serving international clients also soared; Bank Handlowy’s brokerage unit saw volumes jump 66.2%.
Retail Rivals and New Competition
Among other retail-focused brokers, ING Bank Śląski holds a 1.46% market share with about 202,000 accounts. PKO BP grew volumes 45% and plans to target more domestic investors in 2026.
The landscape intensified late last year as German fintech Trade Republic entered Poland, sparking fee cuts. mBank and DM BOŚ eliminated ETF commissions on retirement accounts in response.
XTB notes its younger clients are increasingly trading U.S. stocks and European ETFs. As they gain experience, trading volumes are expected to climb further.
“We’ll only feel the full benefits of this bull market when local money gets more active,” remarked one Warsaw broker.
