Investors holding XTB shares learned this week that the Warsaw-listed broker has secured an XTB Indonesia CFD licence from Bappebti, Indonesia’s Commodity Futures Trading Supervisory Agency, and expects to begin offering the product within weeks. CEO Omar Arnaout told Polish-language YouTube channel Comparic that only minor operational work remains before XTB can ‘officially start within a few weeks.’
XTB Indonesia CFD Licence: What the Approval Actually Covers
The approval is held by XTB Indonesia Berjangka, the broker’s local subsidiary. According to FinanceFeeds, the Bappebti authorisation covers commodity CFDs (contracts for difference, which let traders take leveraged positions without owning the underlying asset) in gold, silver, palladium, oil and natural gas through the XTB app.
XTB entered Indonesia by acquiring a 90% stake in Eagle Capital Futures, a deal completed in January 2024. The subsidiary, operated by PT Rajawali Kapital Berjangka, subsequently received approval to offer stocks and ETFs. One detail to note: while the original acquisition was for a 90% stake, XTB’s ESG governance page now lists XTB Indonesia Berjangka as a 100%-owned subsidiary, suggesting ownership may have been consolidated since the initial deal.
CFDs Drive the Revenue, But Indonesia Has Been a Slow Starter
The reason the CFD licence matters is straightforward. CFDs generated PLN 1.98 billion, representing around 96% of XTB’s gross result from financial instruments in the first half of 2026. Within that, commodity CFDs are the dominant earner: XTB’s Q1 2026 investor presentation shows commodity CFDs generated PLN 965,670 thousand in net transaction gains in the quarter, dwarfing index CFDs (PLN 22,858 thousand) and currency CFDs (PLN 55,550 thousand).
Indonesia has not been a straightforward market for the firm. In an earlier Comparic interview, Arnaout gave Indonesia six months to prove it deserved resources alongside Europe, the UAE and South America. The country produced XTB’s fastest first 1,000 accounts, but the CEO said the economics remained uncertain and that he preferred directing technology resources to Germany and the UAE at that stage.
The CFD licence is effectively the tool that could shift the economics. Without it, XTB was competing in Indonesia only with stocks and ETFs, its lower-margin products. Meanwhile, XTB’s Q1 2026 results show the group is growing fast at a company level: total operating income rose 88.5% year-on-year to PLN 1,094 million, net profit surged 195.7% to PLN 535 million, and 370,041 new clients were added in the quarter alone.
Arnaout has confirmed XTB will not pursue additional geographic licences for now. The focus stays on Indonesia, Chile, the Gulf region and several European countries.
Rivals Are Already Building in Indonesia
XTB is not alone in seeing Indonesia as worth the effort. In December 2025, Plus500 acquired Global Intra Berjangka, a Bappebti-regulated broker that had stopped onboarding clients in 2023. According to Trade Informer, the deal also brought Plus500 membership of the Indonesia Commodity and Derivatives Exchange (ICDX). The entity is now listed in the Bappebti broker directory as PT Plus500 Indonesia Futures. Separately, Doo Financial obtained a futures brokerage licence and approval to participate in Indonesia’s alternative trading system in December 2024, covering futures, CFDs and over-the-counter products.
Regulatory oversight in Indonesia is also shifting. Bappebti has transferred its supervision duties over financial derivatives and digital assets to OJK (Otoritas Jasa Keuangan) and Bank Indonesia under legislation passed in 2023, which could affect the compliance picture for all three brokers as the transition continues.
France, Germany and a Pan-European Promotion
Beyond Indonesia, Arnaout laid out European ambitions in the same Comparic interview. He expects XTB to become the ‘second most popular investment app in France’ by the end of 2026 if the current pace continues, though he did not name the data provider or methodology behind that measure.
France has been a growth focus for some time. XTB introduced tax-advantaged PEA accounts in April 2025, its French client base grew 50% during that year, and it extended its US options offering to France in May 2026. A sponsorship of Paris La Défense Arena, announced in March, was described by XTB as its largest French branding commitment.
Germany will receive more marketing spend than Poland this year, with Arnaout arguing both markets can match Poland’s revenue potential. A promotional campaign covering multiple European countries is expected within ‘three to six weeks,’ though XTB has not disclosed the product or pricing involved. Arnaout’s stated long-term goal is to build ‘the biggest investment app in the EU.’
The Indonesia CFD launch, once it goes live, will be the first test of whether the market that took longer than expected to prove its economics can finally start contributing meaningfully to that ambition.
