Trading 212, eToro and the Platforms That Charge NothingThin moat

XTB (XTB) — moat facet

The zero-commission platforms are growing faster than XTB at exactly the product its strategy now depends on.

The firms XTB names as trading platform providers are competing for exactly the customer its strategy now depends on: the person who wants to own shares and funds rather than bet on them.

The platforms competing for the customer XTB now wantsTrading 212 UK revenue 2025GBP 277,6m, up 72 pcTrading 212 funded accounts~4,5m, up 69 pcTrading 212 client assets~GBP 25bneToro revenue 2025USD 869m, up 10 pceToro funded accounts3,81m, up 9 pcXTB clients and instruments2,83m, 43,4bn złAssets per account: about GBP 3 050 at XTB against GBP 5 556 at Trading 212
Growing faster than XTB at exactly the product XTB is moving toward.

Trading 212's United Kingdom entity reported revenue of 277,6 million pounds for 2025, up 72 per cent, with pre-tax profit of 123,1 million; the group reported around 4,5 million funded accounts and roughly 25 billion pounds of client assets, with funded accounts up 69 per cent and average monthly active users up 84.1 eToro reported 2025 revenue of 869 million dollars, net income of 216 million, and 3,81 million funded accounts, having listed in New York in May 2025.2

Set those against XTB's custody book of 43 364 million złoty, about 8,6 billion pounds, and the position is clear enough.3 Trading 212 holds nearly three times the client assets on a base of funded accounts around 60 per cent larger, because it has been selling that product for longer and to a wealthier market.4

What none of them has is XTB's derivative economics, which is why XTB earns more profit than any of them and trades on a lower multiple. Trading 212 offers contracts for difference too; eToro's differentiator is CopyTrader, which XTB's own report singles out as a key feature and which came with 10 per cent revenue growth in 2025.5

XTB's client assets per account were 15 300 złoty at the end of June 2026 — about 3 050 pounds against Trading 212's 5 556. The gap is not four times or ten. It is under two.

Moat trajectory: Narrowing

Trading 212 grew funded accounts 69 per cent and monthly active users 84 in 2025, on the savings product XTB is only now building. The assets-per-account gap has closed to under two times, which helps XTB, and it closed because the rivals added accounts faster.

The number that tests this moat
Third-party estimate
Client assets per account
about 3 050 pounds at XTB against Trading 212's 5 556

Trading 212's United Kingdom entity reported 2025 revenue of 277,6 million pounds, up 72 per cent, with around 4,5 million funded accounts and roughly 25 billion pounds of client assets. eToro reported 869 million dollars of revenue and 3,81 million funded accounts. XTB holds 43 364 million złoty - about 8,6 billion pounds - across 2 825 700 clients. The gap in assets per account is under two times, and closing.

Source: Trading 212 UK Limited results for 2025, reported by FinanceFeeds ↗
References
  1. Third-party estimateTrading 212's United Kingdom entity reported revenue of 277,6 million pounds for 2025, up 72 per cent, with pre-tax profit of 123,1 million; the group reported around 4,5 million funded accounts and roughly 25 billion pounds of client assets, with funded accounts up 69 per cent and average monthly active users up 84.
    Trading 212 UK Limited results for the year ended 31 December 2025 as reported by FinanceFeeds - revenue of 277,6 million pounds against 161,7 million, an increase of 72%, of which trading revenues were 256,9 million and net client interest income 20,6 million; profit before tax of 123,1 million pounds against 52,8 million and net profit of 92,2 million; around 4,5 million funded customer accounts of which 3 million in the United Kingdom, and roughly 25 billion pounds of client assets under administration; funded accounts up 69% and the average number of monthly active users up 84% — FY2025 · publ. 2026 · source ↗
  2. Third-party estimateeToro reported 2025 revenue of 869 million dollars, net income of 216 million, and 3,81 million funded accounts, having listed in New York in May 2025.
    eToro Group Ltd fourth quarter and full year 2025 results as reported by FX News Group - revenue of 869 million US dollars, up 10,2%; net contribution of 868 million against 788 million, up 10%; GAAP net income of 216 million against 192 million, up 12%; funded accounts of 3,81 million against 3,48 million in the fourth quarter of 2024, up 9%; eToro listed in New York in May 2025 at 52 dollars a share — FY2025 · publ. 2026 · source ↗
  3. Moat Explorer calcSet those against XTB's custody book of 43 364 million złoty, about 8,6 billion pounds, and the position is clear enough.
    Moat Explorer calculations from XTB's published figures. Correlations across the eight quarters from Q3 2024 to Q2 2026 between operating income (470 234, 465 416, 580 294, 580 597, 375 821, 609 344, 1 094 018 and 992 558 thousand złoty) and, first, CFD turnover in lots (1 627 978, 1 657 390, 1 907 974, 2 321 584, 2 094 296, 2 542 526, 2 323 204 and 1 831 627) giving 0,25, second, CFD notional in dollars (695 315, 727 854, 937 867, 1 144 554, 1 118 278, 1 605 005, 1 333 410 and 1 029 179 million) giving 0,37, and third, profitability per lot (272, 253, 277, 229, 152, 208, 439 and 484 złoty) giving 0,92; the ranges over those quarters are 1,56 times for lots, 2,31 times for notional, 3,18 times for profitability per lot and 2,91 times for operating income. Annually from 2019 to 2025 the correlation between CFD turnover in lots and operating income is 0,96. Market capitalisation of 16 970 million złoty is 144,34 złoty multiplied by 117 569 251 shares, which against trailing twelve-month revenue of 3 071,5 million złoty (2 146,056 less 1 160,891 plus 2 086,324) gives 5,53 times sales, and against trailing net profit of 1 261,4 million (644,199 less 410,052 plus 1 027,240) gives 13,45 times earnings and earnings per share of 10,73. Historic price-earnings ratios are year-end share price multiplied by 117,569 million shares divided by net profit: 8,15, 5,23, 8,31, 4,76, 5,62, 9,66 and 13,10 for 2019 to 2025, with price-to-sales of 1,97, 2,64, 3,16, 2,51, 2,75, 4,42 and 3,93. XTB's 2025 operating income of 2 146,056 million złoty converts to 570,9 million dollars at the National Bank of Poland's 2025 average rate of 3,7588, giving 480 dollars per active client across 1 189 397 active clients against Plus500's 3 268 dollars across 242 440, a ratio of 6,8 times, while Plus500's revenue of 792,4 million dollars is 39 per cent more than XTB's. Client instruments of 43 363 639 thousand złoty across 2 825 700 clients is 15 346 złoty each, against 12 603 at 31 December 2025 and 10 048 at 31 December 2024; 43 363 639 thousand złoty converts to 8,6 billion pounds at 5,03 złoty to the pound, or 3 051 pounds a client, against Trading 212's 25 billion pounds across 4,5 million funded accounts, or 5 556 each. Gross gain on stocks and ETPs as a share of gross gain on CFDs is 0,7 per cent for 2023 (11 050 over 1 622 633), 1,7 per cent for 2024 (30 654 over 1 837 173) and 3,8 per cent for 2025 (78 310 over 2 035 006); as a share of client instruments held, 78 310 over 27 283 557 is 29 basis points. Marketing divided by salaries is 0,44 in 2019 (37 716 over 86 024), 1,42 in 2025 (584 898 over 413 019) and 1,76 in the first half of 2026 (435 510 over 246 964). Revenue per employee is 1,54 million złoty for 2023 (1 618 385 over 1 054), 1,51 million for 2024 (1 873 436 over 1 245), 1,42 million for 2025 (2 146 056 over 1 516) and 2,70 million annualised for the first half of 2026 (4 172 648 over 1 548). Poland's share of operating income is 46,7 per cent in 2023, 52,7 in 2024, 54,4 in 2025 and 57,4 per cent in the first half of 2026 (1 197 033 over 2 086 324). Net interest income is 3,1 per cent of 2024 revenue and 3,6 per cent of 2025 revenue; the share of interest kept is 78 per cent of 140,1 million less 62,1 million, or 56 per cent. Institutional revenue is 2,0 per cent of 2025 operating income (42 524 over 2 146 056) and was 8,7 per cent in 2019 (20 847 over 239 304). Second-quarter 2026 net profit of 1 027 240 less 535 042 is 492 198 against 216 129 a year earlier, a rise of 127,7 per cent, while the sequential fall from 535 042 is 8,0 per cent. The 2018 to 2019 declines are 17,0 per cent in operating income and 43,1 per cent in net profit — FY2019-H1 2026 · publ. September 2026 · source ↗
  4. Third-party estimateTrading 212 holds nearly three times the client assets on a base of funded accounts around 60 per cent larger, because it has been selling that product for longer and to a wealthier market.
    Trading 212 UK Limited results for the year ended 31 December 2025 as reported by FinanceFeeds - revenue of 277,6 million pounds against 161,7 million, an increase of 72%, of which trading revenues were 256,9 million and net client interest income 20,6 million; profit before tax of 123,1 million pounds against 52,8 million and net profit of 92,2 million; around 4,5 million funded customer accounts of which 3 million in the United Kingdom, and roughly 25 billion pounds of client assets under administration; funded accounts up 69% and the average number of monthly active users up 84% — FY2025 · publ. 2026 · source ↗
  5. Third-party estimateTrading 212 offers contracts for difference too; eToro's differentiator is CopyTrader, which XTB's own report singles out as a key feature and which came with 10 per cent revenue growth in 2025.
    eToro Group Ltd fourth quarter and full year 2025 results as reported by FX News Group - revenue of 869 million US dollars, up 10,2%; net contribution of 868 million against 788 million, up 10%; GAAP net income of 216 million against 192 million, up 12%; funded accounts of 3,81 million against 3,48 million in the fourth quarter of 2024, up 9%; eToro listed in New York in May 2025 at 52 dollars a share — FY2025 · publ. 2026 · source ↗
Sources
Generated September 24, 2026