XTB CEO Omar Arnaout has said that he will be disappointed if his firm does not onboard 500,000 new clients in 2024.
Arnaout was speaking to Polish outlet Rzeczpospolita, describing some of the changes that the firm has made in the past few years that have allowed the firm to hit over 1m accounts.
70% of XTB clients trade non-leveraged products first
One of the interesting points that Arnaout made was that the firm now sees 70% of its clients that sign up, first trading non-leveraged products. The firm offers cash equities and ETFs to clients, so it is likely these products he is referring to.
The XTB CEO hinted at the fact that the firm sees strong cross selling opportunities from these products. So even though a client may first trade in these products, there is a good chance they’ll switch into leveraged products down the line.
XTB plans on launching cards and pension products
One of the other interesting parts of the interview was on the company’s plans for additional products.
XTB recently introduced a social trading offering. However, the interview notes that the firm is planning on also launching payment cards, an e-wallet, and bonds trading.
XTB wants to expand in Brazil and Indonesia
The final interesting point of note was that the company plans on expanding into Indonesia and Brazil.
XTB confirmed at the end of last week that it had acquired a majority position in Indonesian broker Eagle Capital Futures.
However, Arnaout noted that the only way to proceed in these markets, likely meaning Brazil, is via licensing. Brazil currently has no regulatory regime for OTC derivatives, as we noted in our recent newsletter looking at the country.