XTB Targets £400 Billion Market In The UK
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Major stock exchange-listed FX broker, XTB, has revealed its plan to enter a more competitive market. It aims to provide Individual Savings accounts to users in the UK. This pronouncement was made by the company’s Chief Executive Officer, during a conference call.
The Company, Having 312,000 Active Users, Plans To Launch New Products
XTB announced its 2023 results at the end of last month (January), after which it saw its shares increase rapidly. With about 312,000 active customers aiding the increase, the firm also showcased its aim to introduce new products in 2024. Adding to the bond offering and social trading, many Polish savers were excited about the introduction of IKE and IKZE retirement accounts.
The two retirement accounts will allow Poles to invest in financial markets or save funds while offering extra long-term tax benefits. About 1.5 million people residing in Poland have acquired these accounts. Last year, the value of these accounts reached a record of PLN 23 billion ($5.7 billion).
XTB’s Chief Executive Officer, Omar Arnaout, revealed that the FX broker had placed a budget last year and has also placed a significant budget this year.
It aims to compete in the market. He also mentioned that the firm plans to apply for an Individual Savings Account, and hopes it will compete in the market, which is expected to be competitive.
Around 27 million customers in the UK have an Individual Savings Account, notably over the numbers in Poland. The share and stock saving accounts in the UK are valued at £400 billion. In each year, customers can invest up to £20,000 without needing to pay tax on dividends and capital gains.
Director of XTB, Raymond, mentioned that the forex broker is preparing to introduce Individual Savings Accounts in the UK markets. The application for a license will be submitted shortly. In addition to existing Individual Savings Accounts, there are almost 12 million subscriptions every year for these accounts in the UK. This showcases a vast market for XTB to function in.
XTB Is Set To Attract New Customers
Individual Savings Accounts signify a significant milestone for XTB’s UK product pipeline. This includes stocks, ETFs, CFD products, and Investment Plans. The company trusts that this variety of products will aid the satisfaction of customers in all investment patterns. These include long-term investors, traders, and those users who choose passive or active investing, Raymond added.
XTB plans to bring in new customers via its current application. It offers zero commissions for ETFs and stocks with a monthly turnover under €100,000. However, the firm did not disclose any specific products that would be added to the savings account services. It is currently working on the specifics.
