XTB S.A.

XTB S.A. is a Warsaw-based brokerage firm that provides products, services, and technology solutions for trading various financial instruments, including foreign exchange (forex) and contracts for difference (CFDs). Founded in 2002 by Jakub Zabłocki, it is one of the world's largest publicly traded FX & CFD brokers, employing 1,315 people and serving more than 2.16 million clients globally by the end of 2025. XTB maintains offices in 15 countries and is regulated by the Polish Financial Supervision Authority (KNF), the Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC), among others. It has been listed on the Warsaw Stock Exchange (WSE) since 2016. By the end of 2025, XTB had more than 1.19 million active clients. Its total operating income for 2025 reached PLN 2.15 billion, up from PLN 1.87 billion in 2024, while net profit fell to PLN 644.2 million from PLN 856.9 million. The firm has faced multiple regulatory actions: in 2018, the KNF imposed a PLN 9.9 million (USD 2.7 million) fine citing "asymmetric price slippage"; in 2021, France's Financial Markets Authority (AMF) fined XTB for compliance failures; in 2023, Brazil's securities regulator (CVM) issued a stop order against the broker for operating without a local license; and in 2026, the KNF imposed a PLN 20 million (about $5.5 million) fine over MiFID II and investor protection breaches related to CFDs.