just now
April 03, 2024 - Warsaw-headquartered online brokerage XTB could be on track to surpass its own quarterly record for new clients after highlighting that it now has over 1 million clients. At the end of 2023, the firm reported the total number of its clients at 897,573.
The first quarter appears to have matched or exceeded the very strong showing for the company last year. XTB posted a total of 104,206 new customers in Q1 2023. With the million mark surpassed, the brokerage is on track to report more of the same impressive growth again this year.
XTB highlighted in its announcement that the new record for the firm has been achieved with focus on the MENA region. The demographics population in the mentioned geography could be key for future growth for the industry, as higher tolerance for risk-taking is typically associated with younger individuals.
The average population growth rate in the MENA region 1.56%, with a median age of 26.8 years. The million clients achievement comes on the back of the substantial product expansion on part of XTB to include stocks and ETFs alongside CFDs and forex trading.
XTB also highlighted that the number of its clients doubled since the end of 2021. After the firm’s profits for 2023 hitting EUR 175 mln and consolidated revenues reached EUR 351 mln, the firm stands strong to capitalise on new pockets of volatility emerging in 2024.
XTB is preparing to up its game in 2024 with several new product ramps. The firm will further diversify its offerings by adding a range of bonds as investment options for its customers. The company appears to be one of the prime examples how a CFD brokerage is transformed into a comprehensive investment application.
Another product the firm is gearing up for launch is a social aspect to its platform. A feature which is designed to engage clients with each other is expected to go live in the second half of 2024.
Commenting on the announcement, the CEO of XTB, Omar Arnaout said: “We aim to become Europe’s leading investment app offering our clients a broad spectrum of user-friendly financial products to trade, invest and save.”
“In 2024, as we plan to add bonds, retirement products and an e-wallet with a multi-currency card, we plan to welcome 65-90k new clients per quarter,” the CEO elaborated.
