✦ Everything That Is Not a Contract for DifferenceNarrow moat

XTB (XTB) — the future bets

Spot crypto, options, a Cash ISA and extended hours - a roadmap that reads as a list of ways to stop depending on leverage.

XTB's published product roadmap reads as a list of ways to stop depending on leverage. Completed: investment plans, a British Cash ISA launched in the first quarter of 2026, extended European trading hours.1 In progress: spot cryptoassets, the Polish OKI account, long-term investment products.2 Planned: options, pension accounts in further European countries, Investment Plans 2,0.3

Gross gain from instruments other than CFDs, PLN m36H1 202583H1 202611FY202331FY202478FY2025Spot crypto in Cyprus and Chile, options notional 125m zł, a Cash ISA, extended hours
Four per cent of the mix, and the only part meant to be permanent.

Two of these are more interesting than the rest. Spot cryptocurrency trading launched in the first half of 2026 for clients in Cyprus under a Cypriot licence and the European crypto-asset regime, and was extended to Chile shortly afterwards with 46 currencies available.4 Spot, not a contract for difference: the client owns the asset, XTB is not the counterparty, and the revenue is a fee rather than a spread. That is a different business inside the same app.

Options are the other. They are leveraged, but they are exchange-traded instruments with a published price, which puts XTB back in the agency role it occupies for shares. Its own balance sheet already shows 125 million złoty of options notional at the end of June 2026, against nothing six months earlier.5

Extended trading hours from half past seven to ten at night for nearly a thousand European shares and funds is a smaller thing that points the same way: a feature for people who own securities.

Gross gain from instruments other than contracts for difference was 83 million złoty in the first half of 2026 against 36 million a year earlier.6 Four per cent of the total, and the only part of the mix that is supposed to be permanent.

Moat trajectory: Widening

Spot cryptocurrency launched in Cyprus and then Chile with 46 currencies, options notional appeared on the balance sheet for the first time at 125 million złoty, and gross gain from instruments other than contracts for difference more than doubled to 83 million złoty in the half.

The number that tests this moat
Reported
Gross gain from instruments other than CFDs
83m zł in H1 2026, from 36m zł - 4,0% of the total

Gross gain from instruments other than contracts for difference was 82,9 million złoty in the first half of 2026 against 36,1 million a year earlier. Behind it: spot cryptocurrency launched in Cyprus and Chile with 46 currencies, a British Cash ISA, extended European trading hours, and options, which appear on the balance sheet for the first time at 125 million złoty of notional. This is the only part of the mix that is supposed to be permanent.

Source: XTB Group half-year report for the first half of 2026 ↗
References
  1. ReportedCompleted: investment plans, a British Cash ISA launched in the first quarter of 2026, extended European trading hours.
    XTB results presentation for the first half of 2026, activities and products - the Cash ISA for United Kingdom residents launched in Q1 2026 with flexible tax-free interest compounding, a GBP 20 000 annual contribution limit, the option to withdraw and re-deposit funds without losing the allowance, fee-free transactions and FSCS protection up to GBP 120 000; spot crypto trading launched for clients in Cyprus based on a CySEC licence and MiCA standards and expanded to Chile with access to 46 of the most popular cryptocurrencies; extended trading hours for nearly 1 000 key European stocks and ETFs from 7:30 AM to 10:00 PM; an AI module for analyzing media sentiment; self-selection and closing of individual stock and ETF positions as an alternative to the automatic FIFO rule; full access to and management of IKE and IKZE retirement accounts from desktop computers; additional regulatory licences in the United Arab Emirates; the incorporation of XTB Lithuania UAB in Vilnius on 1 June 2026; a securities agent licence for the Chilean subsidiary; a global partnership with the International Basketball Federation (FIBA) as official sponsor of the men's and women's World Cups and title sponsor of the European Qualifiers; a partnership with SSC Napoli, XTB's first with a football club from Europe's top five leagues, running to the end of the 2026/2027 season and aimed at the Italian market; tennis player sponsorships at Roland Garros and Wimbledon; and a product roadmap with cryptoassets, an OKI account for clients in Poland, long-term investment products and margin trading in progress, and options, expansion of the pension account offering in other European countries and Investment Plans 2,0 planned — H1 2026 · publ. 28 August 2026 · source ↗
  2. ReportedIn progress: spot cryptoassets, the Polish OKI account, long-term investment products.
    Warsaw Stock Exchange, 'Reviewing 2025 and setting the agenda for 2026', WFE Focus interview — the WIG rose 47% and the dollar-based MSCI Poland 68%, making Poland one of the strongest equity markets globally; the number of brokerage accounts rose by 500 000 to 2,5 million; a zero-fee programme and new dividend, defence-sector and bitcoin ETFs contributed to ETF turnover growth of more than 100% year on year; the WSE IPO Academy was launched; more than half of Polish household financial assets are held in cash and bank deposits, the highest share among large EU economies against an EU average of 31% and 12% in Sweden; the Personal Investment Account (OKI), announced by finance minister Andrzej Domanski and modelled on Sweden's ISK, will allow individuals to invest up to 100 000 złoty tax-free and could attract up to 100 billion złoty within three years according to the ministry; 2026 is expected to bring a clear revival of IPOs, possibly including a significant defence-sector listing — FY2025 / 2026 outlook · publ. 2026 · source ↗
  3. ReportedPlanned: options, pension accounts in further European countries, Investment Plans 2,0.
    XTB results presentation for the first half of 2026, activities and products - the Cash ISA for United Kingdom residents launched in Q1 2026 with flexible tax-free interest compounding, a GBP 20 000 annual contribution limit, the option to withdraw and re-deposit funds without losing the allowance, fee-free transactions and FSCS protection up to GBP 120 000; spot crypto trading launched for clients in Cyprus based on a CySEC licence and MiCA standards and expanded to Chile with access to 46 of the most popular cryptocurrencies; extended trading hours for nearly 1 000 key European stocks and ETFs from 7:30 AM to 10:00 PM; an AI module for analyzing media sentiment; self-selection and closing of individual stock and ETF positions as an alternative to the automatic FIFO rule; full access to and management of IKE and IKZE retirement accounts from desktop computers; additional regulatory licences in the United Arab Emirates; the incorporation of XTB Lithuania UAB in Vilnius on 1 June 2026; a securities agent licence for the Chilean subsidiary; a global partnership with the International Basketball Federation (FIBA) as official sponsor of the men's and women's World Cups and title sponsor of the European Qualifiers; a partnership with SSC Napoli, XTB's first with a football club from Europe's top five leagues, running to the end of the 2026/2027 season and aimed at the Italian market; tennis player sponsorships at Roland Garros and Wimbledon; and a product roadmap with cryptoassets, an OKI account for clients in Poland, long-term investment products and margin trading in progress, and options, expansion of the pension account offering in other European countries and Investment Plans 2,0 planned — H1 2026 · publ. 28 August 2026 · source ↗
  4. ReportedSpot cryptocurrency trading launched in the first half of 2026 for clients in Cyprus under a Cypriot licence and the European crypto-asset regime, and was extended to Chile shortly afterwards with 46 currencies available.
    XTB results presentation for the first half of 2026, activities and products - the Cash ISA for United Kingdom residents launched in Q1 2026 with flexible tax-free interest compounding, a GBP 20 000 annual contribution limit, the option to withdraw and re-deposit funds without losing the allowance, fee-free transactions and FSCS protection up to GBP 120 000; spot crypto trading launched for clients in Cyprus based on a CySEC licence and MiCA standards and expanded to Chile with access to 46 of the most popular cryptocurrencies; extended trading hours for nearly 1 000 key European stocks and ETFs from 7:30 AM to 10:00 PM; an AI module for analyzing media sentiment; self-selection and closing of individual stock and ETF positions as an alternative to the automatic FIFO rule; full access to and management of IKE and IKZE retirement accounts from desktop computers; additional regulatory licences in the United Arab Emirates; the incorporation of XTB Lithuania UAB in Vilnius on 1 June 2026; a securities agent licence for the Chilean subsidiary; a global partnership with the International Basketball Federation (FIBA) as official sponsor of the men's and women's World Cups and title sponsor of the European Qualifiers; a partnership with SSC Napoli, XTB's first with a football club from Europe's top five leagues, running to the end of the 2026/2027 season and aimed at the Italian market; tennis player sponsorships at Roland Garros and Wimbledon; and a product roadmap with cryptoassets, an OKI account for clients in Poland, long-term investment products and margin trading in progress, and options, expansion of the pension account offering in other European countries and Investment Plans 2,0 planned — H1 2026 · publ. 28 August 2026 · source ↗
  5. ReportedIts own balance sheet already shows 125 million złoty of options notional at the end of June 2026, against nothing six months earlier.
    XTB results presentation for the first half of 2026, activities and products - the Cash ISA for United Kingdom residents launched in Q1 2026 with flexible tax-free interest compounding, a GBP 20 000 annual contribution limit, the option to withdraw and re-deposit funds without losing the allowance, fee-free transactions and FSCS protection up to GBP 120 000; spot crypto trading launched for clients in Cyprus based on a CySEC licence and MiCA standards and expanded to Chile with access to 46 of the most popular cryptocurrencies; extended trading hours for nearly 1 000 key European stocks and ETFs from 7:30 AM to 10:00 PM; an AI module for analyzing media sentiment; self-selection and closing of individual stock and ETF positions as an alternative to the automatic FIFO rule; full access to and management of IKE and IKZE retirement accounts from desktop computers; additional regulatory licences in the United Arab Emirates; the incorporation of XTB Lithuania UAB in Vilnius on 1 June 2026; a securities agent licence for the Chilean subsidiary; a global partnership with the International Basketball Federation (FIBA) as official sponsor of the men's and women's World Cups and title sponsor of the European Qualifiers; a partnership with SSC Napoli, XTB's first with a football club from Europe's top five leagues, running to the end of the 2026/2027 season and aimed at the Italian market; tennis player sponsorships at Roland Garros and Wimbledon; and a product roadmap with cryptoassets, an OKI account for clients in Poland, long-term investment products and margin trading in progress, and options, expansion of the pension account offering in other European countries and Investment Plans 2,0 planned — H1 2026 · publ. 28 August 2026 · source ↗
  6. ReportedGross gain from instruments other than contracts for difference was 83 million złoty in the first half of 2026 against 36 million a year earlier.
    XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
Sources
Generated September 24, 2026