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XTB chief executive Omar Arnaout said on Thursday that the broker would be cautious about competing in the UK, where established platforms would require substantial investment to challenge. At the same results call, he said Indonesia now brings in more monthly account openings than any XTB market other than Poland.
The comments came after XTB reported a fourfold increase in third-quarter profit to PLN 213.7 million (about $54.4 million) on Wednesday. The broker had framed 2026 as a proving year for both countries: Arnaout described the UK as a test in January, and in March said Indonesia had six months to demonstrate its potential.
XTB's British revenue remains small beside a local competitor's. Its UK business generated £8.64 million (about $11.6 million) in 2025, while Trading 212 reported £277.6 million from the UK that year.
XTB introduced a stocks and shares ISA without fees in December 2024, followed by a cash ISA this year. Its quarterly reports show the combined account total rose from 10,717 to 11,767 over the three months to September.
The figures behind XTB's position
| Measure | Reported figure |
|---|---|
| XTB third-quarter profit | PLN 213.7 million (about $54.4 million), up fourfold |
| XTB UK revenue in 2025 | £8.64 million (about $11.6 million) |
| Trading 212 UK revenue in 2025 | £277.6 million |
| XTB ISA and cash ISA accounts | 11,767 at September-end, against 10,717 three months earlier |
| AJ Bell customer additions | 152,000 in the 12 months to September |
| Indonesian funded-account growth | 741.51% in the first half, compared with the second half of 2025 |
| Indonesia's active retail futures customers | 70,676 in November 2024, up 53.93% year on year |
| Indonesia broker website visits | 5.5 million in the third quarter, down 0.9% quarter on quarter |
| Asia-Pacific website traffic | Down 33% over the same period |
How XTB describes its markets
Arnaout said XTB had entered the UK late. "I think we were simply a bit late to this market," he said. The British ISA and cash ISA accounts increased by about 1,050 in the latest quarter, compared with the 152,000 customers AJ Bell added over the 12 months to September. The figures put XTB's UK revenue at about 3% of Trading 212's, according to Finance Magnates' calculation.
Germany is set for a significant increase in next year's marketing budget as XTB competes with Trade Republic and Scalable Capital, Arnaout said. In June, he said the broker planned to spend more on German marketing than in Poland this year.
He described Germany as one of XTB's largest revenue markets, although XTB does not break out country revenue. In France, he expects the app to reach a place among the three or four most popular investing apps by year-end; revenue has not yet kept pace with registrations.
XTB bought 90% of Indonesian broker Eagle Capital Futures in January 2024. It began with US shares and exchange-traded funds, then received approval to offer CFDs this summer. Arnaout had earlier described fast initial account growth, but said deposits were low and the brand was unfamiliar. The company's Indonesian unit reported funded-account growth of 741.51% in the first half against the second half of 2025. It added CFDs on gold, silver, palladium, oil and natural gas in August, with options following in the third quarter. "If my memory serves me correctly, only the Polish market signs up more accounts" each month, Arnaout said. XTB does not publish account totals by country.
The Indonesian business is included in an advertising campaign featuring Zlatan Ibrahimovic and Tyson Fury, which began on 1 October. Arnaout said XTB increased promotion of its CFDs this week and expected to have a clearer view of demand in four to five weeks. Other foreign firms have also entered Indonesia's regulated futures market. Plus500 took over Global Intra Berjangka, a local broker that had stopped accepting new clients, Finance Magnates reported last December. AIMS opened a Jakarta office in May under a Commodity Futures Trading Regulatory Agency (Bappebti) licence. Bappebti listed 67 active futures brokers in the second quarter. FM Intelligence data puts active retail customers at 70,676 in November 2024, 53.93% higher than a year earlier. Its heat map recorded 5.5 million organic visits to retail FX and CFD broker websites in Indonesia in the third quarter, 0.9% below the prior quarter; Asia-Pacific traffic fell 33% over that period.
Where this lands in the stack
For operations and risk teams, the reported expansion spans several product and account flows: ISA servicing in the UK, and Indonesian access to shares, exchange-traded funds, CFDs and options. The source does not detail XTB's platform architecture, country-level account totals or the operational changes behind those launches. Those remain points to establish before using reported sign-ups as a proxy for workload.
Teams assessing the impact should check how new product permissions map to onboarding, funding, position and reporting processes in each market. In Indonesia, they should also ask whether rising account activity is translating into funded clients and what controls or reconciliation work are needed as the product range grows. The company's account and traffic figures describe different measures, so operators should confirm which internal metrics track demand, trading activity and service load.
