XTB Says Over 100,000 Users Joined Its Investment App in October, Setting a Monthly Record
XTB said more than 100,000 people joined its investment app in October, marking what the brokerage described as the highest monthly increase in new users in the company’s history.
Discover how neo-banks become wealthtech in London at the fmls25
Record Month for XTB
The brokerage reported that October was its best month ever for new client sign-ups. It described the figure as evidence that its current strategy continues to attract a growing number of investors.
The firm noted that individual participation in financial markets continues to expand as more people manage investments independently through mobile platforms.
Besides the rise in users on the investment apps, XTB clients have been climbing more recently. Last year, the brokerage reported that it had surpassed the one million milestone. The milestone followed the broker’s expansion of its offerings, which now include stocks, Exchange-Traded Funds (ETFs), and Contracts for Difference.
Since the end of 2021, XTB’s client base has doubled, a surge driven by strategic expansion and the increasing adoption of digital investment platforms.
Client Growth in the Recent Past
In 2023 alone, XTB reportedly added 312,000 new clients to its platform. The company then reported consolidated net profits of EUR 175 million and revenues of EUR 351 million, marking a record-breaking year and underscoring the effectiveness of its expansion strategy in the competitive global fintech landscape.
The app space seems to be gaining momentum among the top brokers. NAGA Group recently announced the upcoming release of its next-generation financial platform, NAGA ONE, scheduled for the fourth quarter. The Hamburg-based fintech company aims to combine payments, investing, and trading services into a single app, replacing its existing NAGA Pay service.
NAGA ONE reportedly offers personal IBAN accounts, virtual and physical debit cards, SEPA transfers, and instant account funding for trading.
Amid the rise in app adoption, a recent study shows that cost is not the only driver. Retail investors in the United States are increasingly evaluating brokers based on digital experience as much as cost.
Decision Factors in the Adoption of Financial Apps
According to a study by Investment Trends, the functionality of mobile apps and web platforms now ranks alongside fee structures as a key factor in choosing a broker.
The research found that poor interface design has become the leading reason investors switch brokers, surpassing concerns about trust and customer service. Investment Trends noted similar patterns in the German market six months ago, reporting that one in six traders switched brokers for reasons other than cost, including transparency, simplicity, and innovation.