XTB * (360) | Buy | Thriving in volatile markets

研报英文原文证据摘录

XTB * (360) | Buy | Thriving in volatile markets

XTB Buy | PLN152.65

The chart illustrating the first transaction executed by newly acquired clients highlights a

visible strategic shift in XTB’s business model from short-term CFD trading toward long-term

investing products. Increasingly, new users join the platform primarily to access lower-risk

investment solutions such as equities, ETFs, and passive investment plans, rather than

leveraged CFD products.

This transition is strategically important because it materially changes the quality and

durability of the customer base. Historically, many first-time users were attracted mainly by

speculative CFD trading. As a result, a significant proportion of new clients experienced

rapid losses, leading to relatively high churn rates and limited long-term engagement with

the platform.

By contrast, the current product mix increasingly positions XTB as a long-term wealth-

building and investment platform. Clients entering through passive investing products tend

to exhibit lower trading intensity, longer holding periods, and stronger account retention.

Over time, XTB may subsequently cross-sell higher-margin products such as CFDs,

leveraged instruments or additional financial services to an already engaged and

established user base.

Consequently, the ongoing shift in first-product adoption toward long-term investing

solutions should improve customer lifetime value, increase platform stickiness, and

gradually reduce the cyclicality traditionally associated with CFD-focused retail brokerage

models. From a strategic perspective, this evolution supports XTB’s broader transformation

into a scalable fintech and investment ecosystem rather than a purely transaction-driven

CFD broker.

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