XTB Wins Indonesian CFD Approval, Eyes Launch Within Weeks

XTB has secured regulatory approval to offer contracts for difference (CFDs) in Indonesia and expects to roll out the product within weeks, Chief Executive Officer Omar Arnaout said in an interview published Thursday. The authorization widens the scope of the broker's local operation, which until now has centered on stocks and exchange-traded funds. CFDs are leveraged derivatives that allow traders to take positions on price moves without owning the underlying assets.

Arnaout outlined the timetable in a conversation with Comparic, a Polish-language YouTube channel. Only minor operational steps remain before XTB can "officially start within a few weeks," he said, in comments translated from Polish by FinanceMagnates.com.

The Warsaw-listed broker, one of Poland's largest retail investment firms, established its Indonesian foothold by acquiring a 90% stake in Eagle Capital Futures, a deal completed in January 2024. The local subsidiary subsequently gained approval covering stocks and ETFs, and XTB had initially aimed for a 2025 launch.

Indonesia Moves Beyond Its Trial Phase

The CFD license brings a higher-revenue product to a market where XTB has faced low deposits and limited brand recognition. In an earlier Comparic interview, Arnaout said Indonesia had six months to demonstrate that it deserved resources on par with Europe, the United Arab Emirates and South America.

That verdict followed a mixed beginning. Indonesia delivered XTB's fastest first 1,000 accounts, but the CEO described the economics as uncertain and said he favored directing technology resources toward Germany and the UAE. FinanceMagnates.com reported those remarks in March.

Arnaout now says XTB has recently obtained the CFD authorization and has no further licensing or geographic expansion on the agenda. The firm will concentrate on its existing markets, including Indonesia, Chile, the Gulf region and several European countries.

Plus500 and Doo Financial Target the Same Market

XTB's CFD push comes as other international brokers build locally regulated businesses in Indonesia, Southeast Asia's largest economy and home to more than 280 million people, where foreign brokers must operate through locally licensed entities. In December 2025, Plus500 acquired Global Intra Berjangka, a broker regulated by Bappebti, Indonesia's commodity futures watchdog, that had halted client onboarding in 2023, and began offering services through a local website.

Doo Financial pursued a licensing route instead. Its Indonesian subsidiary received a futures brokerage license and approval to participate in the country's alternative trading system in December 2024. The permits cover futures, CFDs and over-the-counter products, according to the earlier Finance Magnates report.

The competitive backdrop matters because CFDs, which earn brokers income through dealing spreads and financing charges on leveraged positions, remain XTB's main earnings source. The instruments generated PLN 1.98 billion, or about 96%, of the company's gross result from financial instruments in the first half of 2026. Even so, XTB acquired 703,333 clients, with stocks, ETFs and Investment Plans accounting for 82.9% of first transactions by new European Union clients.

XTB Targets the No. 2 Position in France

In the same Comparic interview, Arnaout set a goal for France. If the current pace continues, he expects XTB to be the "second most popular investment app in France" by the end of 2026. He did not identify the data provider or methodology behind that ranking.

The broker has expanded both its products and marketing in the country. It introduced tax-advantaged PEA accounts in April 2025, a year in which its French client base grew 50%, according to the firm. It later extended its US options offering to France in May 2026.

Brand spending has also increased in France, including a sponsorship agreement with Paris La Défense Arena announced in March, which XTB described at the time as its largest French branding commitment.

A European Promotion Is Coming

Without giving product or pricing details, Arnaout said in the YouTube interview that XTB is preparing a promotional campaign across multiple European markets. He put the expected timing at "from three to six weeks" and said the offer would be a surprise in several countries.

Germany and France will receive the largest increase in marketing attention over the coming years, Arnaout said, because both markets can match Poland's revenue potential. XTB has already committed to spending more on marketing in Germany than in Poland this year.

The longer-term objective, according to Arnaout, is to build "the biggest investment app in the EU." For now, XTB does not plan to seek additional geographic licenses.