Fintech company XTB, which provides online forex and CFD trading services, has announced an important milestone: the number of its clients has reached 1 million users.
Previously, the broker focused on the European segment of the market but has begun to expand its presence in the Middle East and Asia. In particular, the company recently announced the acquisition of the Indonesian regulated broker Eagel Capital Futures, which will be the beginning of the conquest of the Asian market and increase the prospects in non-European markets, namely Latin America and Africa.
Expansion into the Middle East has brought success to XTB, which now serves 1 million clients.
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XTB shared its plans to expand its product offering and introduce services aimed at a wider audience. The company said it intends to become not only a forex and CFD broker but also an investment application offering bonds as a new asset class in the second quarter of 2024. The broker plans to provide access to government and corporate bonds from well-known, world-class companies.
XTB also announced plans to launch a social service for easy communication with clients and the ability to follow the investment strategies of seasoned traders. The social network was initially designed for Poland, but its capabilities will be expanded in the future, and users will be able to find information about portfolio composition, risk appetite, and transactions in real time.
Given the emerging long-term investment opportunities, XTB will launch a pension product in Poland. These products will later be extended to other markets, such as the UK. The company plans to launch an individual savings account program, and by the end of 2024, XTB plans to develop a new mobile product for managing finances from anywhere.
The app will include an integrated virtual wallet with a multi-currency card for convenient payments, transfers, currency exchange, and investments.
XTB CEO Omar Arnaout shared the company's plans: "With the products we are adding this year, doubling the current number of clients is just a matter of time. In 2024, as we plan to add bonds, retirement products, and an e-wallet with a multi-currency card, we are looking at 65-90 thousand new clients per quarter."
