XTB is a Polish broker listed on the Warsaw Stock Exchange, offering CFDs, stocks and ETFs. EU clients deal with XTB S.A. (KNF) and its branches, UK clients with XTB Limited (FCA), Cyprus site clients with XTB Ltd (CySEC) and international clients with XTB International Limited in Belize; the group also has companies in the UAE, Chile and Indonesia.
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| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Polish Financial Supervision Authority (KNF) | No reference | XTB S.A. | Authorised Checked 4 Oct 2026 | Register entry for XTB S.A. (opens in a new tab) 1 |
| Financial Conduct Authority (FCA) | 522157 | XTB Limited | Authorised Checked 4 Oct 2026 | Register entry for XTB Limited (opens in a new tab) 2 |
| Cyprus Securities and Exchange Commission (CySEC) | 169/12 | XTB Ltd | Authorised Checked 4 Oct 2026 | Register entry for XTB Ltd (opens in a new tab) 3 |
| Financial Services Authority Seychelles (FSA) | SD148 | XTB SC Limited | Authorised Checked 4 Oct 2026 | Register entry for XTB SC Limited (opens in a new tab) 4 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
XTB S.A. is a listed company that publishes audited accounts and names its controlling founder, board and subsidiaries. Its EU, UK and Cyprus companies are on their regulators’ registers and offer segregated client money and negative balance protection, with compensation schemes and an ombudsman in the UK and Poland. International clients deal with XTB International Limited in Belize, whose terms provide segregation but no negative balance protection, compensation scheme or independent dispute body, and which offers leverage up to 1:500. The regulatory record is significant: a PLN 20 million KNF fine in 2026 over appropriateness checks, product governance and client information, a PLN 9.9 million KNF fine in 2018 for executing orders against clients’ interests (upheld by the courts), a 2023 Brazilian stop order against the Belize company, and a Czech fine under appeal. UK ombudsman outcomes are reasonable, with 3 of 10 decisions upheld.
Each regional site names the XTB company that serves it and its regulator, and each set of terms names the contracting company.
The UK terms hold client money in segregated accounts under the FCA’s rules, the Cyprus terms in segregated client accounts, the Belize terms in a separate trust account segregated from XTB’s funds, and XTB S.A. keeps client money at several EU banks under Polish rules.
XTB S.A. is listed on the Warsaw Stock Exchange. Its largest shareholder, with 27.78%, is XX ZW Investment Group S.A., which founder Jakub Zabłocki controls with 81.97%; the rest is free float. Companies House names Mr Zabłocki and XTB S.A. as controllers of the UK company.
The licences we could check are current, with no suspension or restriction shown.
The ombudsman upheld 3 of the 10 decisions it published on XTB Limited in three years (30%).
Reduced the enforcement dimension by 10 points (moderate severity, 0.5 years before the review).
Reduced the enforcement dimension by 6.3 points (high severity, 8 years before the review, counted at a quarter of its weight).
Reduced the enforcement dimension by 5 points (moderate severity, 3.4 years before the review, counted at half weight).
Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Partly met We matched XTB S.A. on the KNF’s list of brokerage houses, XTB Limited on the FCA’s list and XTB Ltd on CySEC’s register, and XTB SC Limited on the Seychelles FSA’s list. We could not check the Belize registration of XTB International, which serves international clients, or the licences of the UAE, Chilean and Indonesian companies.
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Whether the firm’s licences exist, are current and cover what it offers.
Client-facing entities appear on the regulator’s register 123456
We matched XTB S.A. on the KNF’s list of brokerage houses, XTB Limited on the FCA’s list and XTB Ltd on CySEC’s register, and XTB SC Limited on the Seychelles FSA’s list. We could not check the Belize registration of XTB International, which serves international clients, or the licences of the UAE, Chilean and Indonesian companies.
Permissions cover the services offered 1237
The KNF lists execution of orders, dealing on own account and keeping client cash accounts for XTB S.A., and CySEC lists dealing on own account in all instrument classes for XTB Ltd. The FCA’s published list does not show the UK company’s permissions, and we could not see the Belize registration’s scope.
Criteria and their weighting are explained in the methodology.
Whether you can find out who owns and runs the firm.
Ultimate ownership can be identified 141617
XTB S.A. is listed on the Warsaw Stock Exchange. Its largest shareholder, with 27.78%, is XX ZW Investment Group S.A., which founder Jakub Zabłocki controls with 81.97%; the rest is free float. Companies House names Mr Zabłocki and XTB S.A. as controllers of the UK company.
Criteria and their weighting are explained in the methodology.
What protects client money if something goes wrong.
Client money segregation is disclosed 5812151920
The UK terms hold client money in segregated accounts under the FCA’s rules, the Cyprus terms in segregated client accounts, the Belize terms in a separate trust account segregated from XTB’s funds, and XTB S.A. keeps client money at several EU banks under Polish rules.
An investor compensation scheme applies 512131522
UK clients may be covered by the FSCS, up to GBP 85,000; XTB S.A. says it takes part in the Polish investor compensation scheme; and the Cyprus company is a member of the Investor Compensation Fund. No compensation scheme is named for clients of the Belize company.
Withdrawal terms are disclosed 8122023
XTB publishes withdrawal methods, fees and processing times: free UK withdrawals sent the same or next business day, international withdrawals sent the next business day and free above USD 50, and free withdrawals for EU clients. The terms set out the conditions.
Criteria and their weighting are explained in the methodology.
Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 23.3 points.
KNF fines X-Trade Brokers PLN 9.9 million for executing orders against clients’ interests; upheld by the courts 25
18 Sept 2018. Reduced the enforcement dimension by 6.3 points (high severity, 8 years before the review, counted at a quarter of its weight).
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 27
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Czech National Bank fines XTB’s Czech branch CZK 2.0 million (not final, under appeal) 16
19 Mar 2026. Not counted: the matter is not concluded, or was removed or overturned.
Criteria and their weighting are explained in the methodology.
How the firm handles complaints, and what independent records show.
Independent dispute resolution is available 51519212930
UK clients can go to the Financial Ombudsman Service, Polish consumers to the Financial Ombudsman (Rzecznik Finansowy) and Cyprus clients to the Financial Ombudsman of Cyprus. The Belize company’s terms and complaints policy name no ombudsman or independent dispute body.
Independent complaint outcomes show no adverse pattern 31
The ombudsman upheld 3 of the 10 decisions it published on XTB Limited in three years (30%).
Complaint data is disclosed 32
We found no complaint statistics published by XTB, and its UK company is below the thresholds for the FCA’s and the ombudsman’s firm-level tables.
Criteria and their weighting are explained in the methodology.
Whether costs, execution and risks are disclosed before you sign up.
Criteria and their weighting are explained in the methodology.
Whether public claims hold up and the firm communicates openly.
Criteria and their weighting are explained in the methodology.
What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
Real office at the stated address, not a ghost address
Office of the assessed entity
Staffed and operating
Criteria and their weighting are explained in the methodology.
What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
Company identity
Regulatory claims
Office visit
Account opening
Platform usability
Costs and disclosures
Customer support
Deposits and withdrawals
Trading functions
Complaints process
Criteria and their weighting are explained in the methodology.
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Polish Financial Supervision Authority (KNF) 1
Brokerage house: reception, transmission and execution of orders, dealing on own account, safekeeping and cash accounts
Authorised on 8 November 2005.
Financial Conduct Authority (FCA) · Reference 522157 2
Cyprus Securities and Exchange Commission (CySEC) · Reference 169/12 3
Financial Services Commission, Belize (FSC) · Reference 6442514 5
Registrant under the Securities Industry Act 2021, according to XTB. The FSC Belize register refused our requests.
Dubai Financial Services Authority (DFSA) · Reference F006316 6
The DFSA register refused our requests.
Comisión para el Mercado Financiero (CMF) · Reference 216 6
Securities agent
The CMF register did not respond to our requests.
Commodity Futures Trading Regulatory Agency (Bappebti) · Reference 003/BAPPEBTI/SI/08/2020 6
Futures broker
We did not check Bappebti’s register.
Financial Services Authority Seychelles (FSA) · Reference SD148 4
Listed on the FSA’s register of securities dealers; the licence number is XTB’s own (the register shows none).
Capital Market Authority (CMA) 11
XTB names the Securities and Commodities Authority, renamed the Capital Market Authority on 1 January 2026. We did not check its register.
No licence recorded for this entity.
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
On 30 March 2026 the KNF fined XTB SA PLN 20 million for breaches of EU and Polish rules on appropriateness assessments, conflicts of interest, information about the nature and risks of financial instruments and acting in clients’ interests. XTB says the decision mainly concerns how it defined target client groups and onboarded new clients, including the registration form it used from January 2022 to September 2023, which it has since revised. After XTB asked the KNF to reconsider, the KNF issued a final decision upholding the fine on 28 August 2026. XTB can still challenge it in the administrative court; we found no announcement that it has done so.
XTB’s 2025 annual report, signed on 19 March 2026, says that after an inspection of its Czech branch that began in September 2023, the Czech National Bank issued a non-final decision imposing a fine of CZK 2.0 million, about PLN 343,000. The report does not give the date of the decision; we use the report’s date. XTB disagrees with the decision and has appealed. We have not seen the decision itself, so this is recorded but not counted.
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes XTB (www.xtb.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.
On 23 May 2023 the CVM said XTB International Limited sought clients resident in Brazil through www.xtb.com/int-pt and by paying promoters there, without authorisation. By Ato Declaratório 20.886 it ordered the company to stop offering securities intermediation services, under a daily fine of BRL 1,000 for non-compliance. XTB’s international site now says it is not intended for investors in Brazil.
On 18 September 2018 the KNF fined X-TRADE BROKERS Dom Maklerski SA, now XTB SA, PLN 9,900,000 for providing brokerage services without regard to clients’ best interests. From January 2014 to May 2015 it set its price deviation parameter asymmetrically for instant execution, executing client orders when the price moved in its own favour and rejecting them when the price moved in the client’s favour, and it delayed the orders of a selected group of clients watched by its trading department. The Warsaw Administrative Court dismissed XTB’s complaint, and on 28 February 2023 the Supreme Administrative Court dismissed its cassation appeal, making the fine final.
Firms can respond to their profile and to any finding. No response has been published for XTB. How firms can respond.
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 4 Oct 2026 | Trust score 80 out of 100 Strong | 1.2 | Current |
No corrections have been made to this profile.
Lists XTB S.A. (formerly X-TRADE BROKERS DOM MAKLERSKI S.A.), ul. Prosta 67, Warsaw, authorised on 8 November 2005, with activity codes 1, 2, 3, 9, 13, 14 and 16. Under the KNF’s key these cover reception, transmission and execution of orders, dealing on own account, safekeeping of instruments and keeping clients’ cash accounts.
Shows XTB Limited (FRN 522157), first authorised 17 January 2011, with status Authorised.
Licence 169/12 granted on 18 April 2012, company registration 296794, Pikioni 10, Limassol; previous name DUB Investments Ltd. Approved domain www.xtb.com/cy. Services include reception, transmission and execution of orders, dealing on own account and portfolio management in all instrument classes, with safekeeping and credit as ancillary services.
Lists XTB SC LIMITED among licensed securities dealers at Office 17, Third Floor, Vairam Building, Providence, Mahe, with the contact address contact.sc@xtb.com. The register does not show licence numbers.
Terms for clients of XTB International Limited, a Belize company (number 000000587) registered with Belize’s Financial Services Commission under the Securities Industry Act 2021 (registration 6442514), at 35 Barrack Road, Belize City. Client money is held in a separate trust account, segregated from XTB’s own funds. If a close-out leaves a negative balance, the client must top up the account. Complaints are handled by the company within 30 days; no ombudsman or compensation scheme is named. Amendments take effect from the date specified.
The UAE site names XTB MENA Limited, registered in the DIFC and licensed by the DFSA under number F006316. The Chilean site names XTB Agente de Valores, registered with the CMF as a securities agent under number 216. The Indonesian site names PT XTB Indonesia Berjangka, licensed by Bappebti as a futures broker (003/BAPPEBTI/SI/08/2020).
Explains the activity codes used in the KNF list: 1 reception and transmission of orders, 2 execution of orders, 3 dealing on own account, 5 investment advice, 9 safekeeping of instruments and keeping cash accounts, 10 lending for transactions, 13 foreign exchange linked to brokerage, 14 investment research and 16 services relating to the underlyings of derivatives.
States maximum leverage of 1:30, negative balance protection and segregated funds for CFD accounts; free deposits and withdrawals, sent the same or next business day and processed within up to three business days; a 0.5% currency conversion fee; and links to dated tables of fees and commissions. The site warns that 74% of retail investor accounts lose money when trading CFDs with this provider.
The footer names XTB International Limited, registered with Belize’s Financial Services Commission (registration 6442514), and states that the page is not intended for investors in Brazil and that the firm is not authorised by the CVM.
The Polish site names XTB S.A., authorised by the Polish Securities and Exchange Commission and supervised by the KNF, and warns that 77% of retail investor accounts lose money trading CFDs with it. The Cyprus site names XTB Limited, authorised by CySEC under licence 169/12 at Pikioni 10, Limassol, with the same 77% warning.
Lists XTB S.A.’s seven EU branches (Czech Republic, Spain, Slovakia, Romania, Germany, France, Portugal) and its subsidiaries: XTB Limited (UK, FCA 522157), XTB Limited (Cyprus, CySEC 169/12), XTB International Limited (Belize, FSC), XTB MENA Limited (DFSA), XTB Agente de Valores SpA (Chile, CMF register 216), XTB Financial Services L.L.C. (UAE, SCA, now the Capital Market Authority), PT XTB Indonesia Berjangka (Bappebti, 90% owned), XTB S.C. Limited (Seychelles, FSA licence SD148) and others, all 100% owned unless stated.
Client money is held in segregated client bank accounts with Barclays Bank PLC and JP Morgan Chase Bank, N.A., under the FCA’s client asset rules, and may be placed in qualifying money market funds. Retail clients have negative balance protection, and their positions may be closed when the account falls to 50% of initial margin. Retail clients can refer complaints to the Financial Ombudsman Service, and FSCS protection of up to GBP 85,000 may apply. XTB may amend related documents on at least 7 days’ notice, and clients may object within 7 business days.
Gives the Cyprus company’s registration number HE 296794, address, telephone and email, says client funds are held in bank accounts segregated from the company’s own money, and states that the company is a member of the Investor Compensation Fund.
Incorporated on 19 April 2010; registered office One Canada Square, Office 9.14, Level 9, Canary Wharf, London E14 5AA. Directors: Suraj Anil Patel and Joshua Raymond. Persons with significant control: Jakub Zabłocki (right to appoint or remove directors) and XTB S.A. Accounts are filed up to 31 December 2025.
In Polish. XTB S.A. (KRS 0000217580, ul. Prosta 67, Warsaw) holds client money at several reputable banks in the EU, participates in the Polish investor compensation scheme, and notes that client deposits at banks are covered by the Bank Guarantee Fund up to EUR 100,000. Complaints go to its global client support department, and consumers can use the Financial Ombudsman (Rzecznik Finansowy) for out-of-court dispute resolution.
Audited consolidated financial statements for 2025 (auditor PricewaterhouseCoopers Polska), signed on 19 March 2026 by the management board: Omar Arnaout (president), Filip Kaczmarzyk, Paweł Szejko, Jakub Kubacki and Bartosz Osiński. Reports 864,286 new and 1,189,422 active clients in 2025. Discloses a non-final fine of CZK 2.0 million imposed by the Czech National Bank on the Czech branch after an inspection that began in September 2023, which XTB has appealed, a KNF inspection from October 2023 to October 2024, inspections of the Belize company by its regulator and of the Spanish and Portuguese branches by Spain’s CNMV, and client claims of about PLN 13.8 million in court.
XX ZW Investment Group S.A., a Luxembourg company 81.97% controlled by XTB’s founder Jakub Zabłocki, holds 27.78% of shares and votes; the remaining 72.22% is free float on the Warsaw Stock Exchange, as reported on 7 September 2026.
Names the management board: Omar Arnaout (president), Filip Kaczmarzyk, Paweł Szejko, Jakub Kubacki and Bartosz Osiński.
Terms of XTB Limited, registered in Cyprus under HE 296794 at Pikioni 10, Limassol, and licensed by CySEC (169/12). Client money is placed in segregated client accounts with credit institutions or qualifying money market funds. Refers to the company’s negative balance protection policy, and individuals may complain to the Financial Ombudsman of Cyprus.
States maximum leverage of 1:500, segregated funds, a 0.5% currency conversion fee, free withdrawals above USD 50 (USD 30 below that) sent the next business day, and no account maintenance fee for active clients.
In Polish. Sets out the account, complaints and negative balance protection terms for XTB S.A. clients; individuals may apply to the Financial Ombudsman. Since 22 April 2025 new clients must pass an extra knowledge and experience check and sign an annex to trade CFDs.
Describes the Investor Compensation Fund for clients of Cyprus investment firms that are not credit institutions. Covered non-professional clients can claim the lower of 90% of their covered claims and EUR 20,000 if a member firm cannot meet its obligations.
In Polish. Account opening and withdrawals are free; the monthly account fee is free or up to EUR 10; currency conversion between accounts costs 0.5%; sets out commissions, swap points and other charges.
Entry 8: on 30 March 2026 the KNF fined XTB SA PLN 20,000,000 for breaches of Article 56(1), Article 34(2)(a) and Article 48 of Delegated Regulation (EU) 2017/565 (appropriateness assessment, conflicts of interest and information on the nature and risks of financial instruments), a provision of the Polish Minister of Finance’s 2018 regulation on investment firms, and Article 83c of the Act on Trading in Financial Instruments. The list notes that on 28 August 2026 the KNF issued a final decision upholding the decision of 30 March 2026.
Communiqué updated 1 March 2023. On 28 February 2023 the Supreme Administrative Court (case II GSK 1302/19) dismissed the cassation appeal against the Warsaw Administrative Court’s judgment (VI SA/Wa 2246/18), which had upheld the KNF’s decision of 18 September 2018 fining X-TRADE BROKERS Dom Maklerski SA, now XTB SA, PLN 9,900,000 for providing brokerage services without regard to clients’ best interests. From 1 January 2014 to 31 May 2015 the company set its price deviation parameter asymmetrically for instant execution, so that it executed client orders when the price moved in its own favour and rejected them when the price moved in the client’s favour, and it applied a delay parameter to a selected group of clients watched by its trading department.
Market alert published on 23 May 2023: XTB International Limited sought clients resident in Brazil through www.xtb.com/int-pt and paid promoters there, without CVM authorisation. By Ato Declaratório 20.886 the CVM ordered it to stop offering securities intermediation services, under a daily fine of BRL 1,000.
Lists entities not authorised to deal in forex or operate forex trading platforms in India. Entry 34 is XTB, https://www.xtb.com.
On 4 October 2026 we searched the KNF’s lists of penalties for 2020 to 2026, CySEC’s 1,173 board decisions, the FCA’s list, the CVM’s declaratory acts and the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists, read XTB’s 2025 annual report and current reports, and ran web searches for other actions. The findings on this profile are what we found. The Securities Commission Malaysia lists several Telegram schemes using the XTB name as possible clones; they are not findings about XTB.
Complaints can be made by telephone, email, post, live chat or in the app; XTB gives a final written response within eight weeks, after which clients can go to the Financial Ombudsman Service within six months.
Complaints must be filed through an online form within 60 days of the event; the policy names no independent dispute resolution body.
Between 4 October 2023 and 4 October 2026 the ombudsman published ten decisions about XTB Limited and upheld three.
Neither dataset includes XTB Limited; both publish firm-level figures only above minimum complaint volumes.
Lists the liquidity providers and exchanges whose prices XTB uses, including LMAX, Finalto, B2C2, Hidden Road and Saxo Bank, and says XTB works as a market maker, adding a spread whose mark-up on CFDs can reach 100%.
States that XTB is the counterparty and place of execution for clients’ CFD orders, executed outside trading venues, and explains the execution factors it applies.
States that XTB is the other party to clients’ CFD transactions, executed outside trading venues, and explains the execution factors it applies.
Dated 13 April 2026. XTB says the decision mainly concerns how it defined target client groups and onboarded new clients, including the registration form used from January 2022 to September 2023, that the form and onboarding have since been revised, and that the decision was then not final.
Records Ato Declaratório 20.886 of 19 May 2023 against XTB International Limited, published in the official gazette on 23 May 2023.
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