XTB Pushes Indonesia Commodity CFDs as Poland Tightens CFD Rules

Competition is already substantial. Bappebti said its January-March 2026 assessment covered 67 active futures brokers. International brands are buying their way into that regulated infrastructure. Plus500 Indonesia Futures, for example, is registered with both a futures-broker licence and an SPA permission.

The contrast with Warsaw is difficult to miss. Poland's Financial Supervision Authority, the KNF, confirmed on August 18 that work continues on its review of how CFDs are offered by both domestic firms and cross-border providers. Jacek Barszczewski, the regulator's communications director, said the work was continuing and that conclusions would be disclosed when it was finished. No completion date or draft rules have been announced.

The review is examining how brokers determine whether clients have sufficient knowledge, experience and understanding of CFD risks under MiFID standards. Previous discussion has also included whether Poland could adopt elements of Spain's tighter approach to CFD promotion and distribution. KNF has announced no final model.

That matters disproportionately for XTB because CFDs remain a core earnings engine. KNF separately fined XTB PLN20 million in March over issues including client-knowledge assessments, target-market identification and risk information. XTB requested reconsideration, meaning that decision is not final.

Indonesia follows a broader effort to spread XTB across products, geographies and client types. In May, the group brought its institutional liquidity operation under the XTB brand, replacing X Open Hub with XTB Institutional. The unit now markets liquidity across more than 5,000 FX and CFD instruments to brokers and banks. XTB has also expanded its Middle Eastern presence through its Dubai operation.

For competitors, Indonesia now offers another template: secure a locally licensed operation, get the relevant SPA permission and layer leveraged products onto an existing investment platform. For XTB, the more interesting contrast is regulatory. It is finding room to expand CFD distribution in Indonesia at exactly the moment its most important home supervisor is deciding whether retail access in Poland should become more restrictive.