XTB shares hit record high after launching options trading in Germany and Spain

The Warsaw-listed broker is expanding its derivatives offering to two of its main European markets as part of its diversification strategy beyond CFDs.

A separate shareholder vote, concerning an employee incentive program and a proposed dividend of PLN 4.06 per share, is scheduled for next month.

XTB shares rose more than 2% on Tuesday, reaching 97.96 zlotys on the Warsaw Stock Exchange, surpassing its previous all-time high of 96.93 zlotys set on 9 March. This increase follows the Polish online broker's announcement of the launch of options trading in Germany and Spain.

The company stated that its clients in these two markets can now trade US-style options on 109 US-listed stocks and ETFs, including zero-delivery options (0DTE) on a selection of underlying instruments. Fractional option trading is also available, the company said in a press release issued last week.

Germany and Spain are among XTB's most important European markets. This launch follows an initial rollout in Cyprus earlier this year, where XTB used its CySEC-supervised entity to test the product with a limited client base before expanding to other jurisdictions. In Poland, its largest domestic market, clients will have to wait a little longer before the offering becomes available.

CFD restrictions in Spain explain the boom in options.

The expansion in Spain is particularly noteworthy. Since 2023, the CNMV, Spain's financial markets regulator, has imposed strict restrictions on the advertising and marketing of CFDs to retail investors, effectively preventing brokers from promoting their main leveraged products in the country. The regulations prohibit sponsorship, the use of public figures, and the dissemination of online promotional content related to CFDs, although trading itself remains permitted at the client's initiative.

For XTB, whose revenue still relies heavily on CFDs, the ability to offer options in Spain provides the broker with an alternative product to market to local clients without encountering the CNMV's CFD advertising restrictions. XTB previously stated that the Spanish market represents approximately 9% of its revenue.

"Data on the growing popularity of options trading in the United States clearly shows that these instruments are gaining importance among retail investors," says CEO Omar Arnaout in the company's press release.

"For years, options have been associated with complex solutions reserved for professionals, but thanks to technological advancements and easier access to information, more and more investors are viewing them as a tool to implement their investment strategies." He adds that the broker "will continue to expand its options offering to other European markets in the coming months."

European brokers are joining the retail options race.

XTB is not the only European broker interested in retail options. IG Group, the London-listed trading platform, has opened a waitlist for UK options trading under its tastytrade brand by the end of 2025, and its Japanese subsidiary recently extended access to vanilla options to corporate accounts. Interactive Brokers and Saxo Bank have been offering options products in European markets for years, giving them a head start in a segment dominated by US platforms like Robinhood and tastytrade.

What distinguishes XTB's approach, at least for now, is that clients can only buy options, not sell them. This limits the risk of loss for retail traders who may not be familiar with derivatives, but it also caps the product's earning potential compared to a full options offering. The company first mentioned this buy-only approach as early as October 2025, when board member Filip Kaczmarzyk told the Polish financial daily Parkiet that the broker planned to start with a simplified version and gradually expand its features.

This general trend reflects an increasingly competitive European market. Robinhood, Trade Republic, and Interactive Brokers have all experienced aggressive expansion across the continent, prompting established players like XTB to diversify their product offerings to retain their customer base.

About XTB

XTB Group is a leading provider of crypto CFDs alongside 2,100 forex, stock, index, commodity and ETF CFDs. The multi-regulated broker holds licenses with several trusted agencies, including the UK's Financial Conduct Authority (FCA) and the Cyprus Securities & Exchange Commission (CySEC).

Clients can invest and speculate with up to 1:30 leverage and can use the broker's mobile trading alert service to gain market insight. XTB offers two real accounts, aimed at retail traders and professional investors.