XTB May Exit Brazil Months After Securing License, Citing Protectionist Measures

Polish brokerage XTB is reconsidering its expansion into Brazil less than a year after obtaining regulatory approval, blaming protectionist policies that have made it difficult for foreign firms to compete.

According to the company’s Q3 earnings report, XTB is “evaluating all potential business options, including the possibility of ceasing further operations in this market.” The firm received its Brazilian license in February 2025 but has yet to begin operations.

XTB said the “current conditions in the Brazilian brokerage sector, especially local protectionist measures,” have prevented it from launching services in one of Latin America’s largest markets.

The review comes amid a steep profit decline. XTB’s net income dropped 74% year-on-year to PLN 53.2 million in Q3, while revenue fell 20% to PLN 375.8 million, as low market volatility reduced trading activity and profitability per contract.

Despite the setback in Brazil, XTB continues to expand elsewhere. Its Indonesian subsidiary has started onboarding clients, offering stocks and ETFs, with CFDs expected by early 2026. The company also secured a Chilean securities license earlier this year, with plans to start client onboarding in 2025.