XTB

The interim MiCA register of ESMA lists XTB Limited with an authorization of 15 December 2025 from CySEC. It covers three services: custody and administration of crypto assets for clients, execution of orders and reception and transmission of orders. The register names 30 countries of the European Economic Area for these services, Cyprus included.

In its announcement of the authorization, chief executive Omar Arnaout said that XTB would launch spot crypto for local clients in 2026 and test the feature before other jurisdictions. A CASP license from Cyprus allows the company to serve other EU countries once CySEC has notified their supervisors.

XTB Limited started spot crypto trading for clients in Cyprus in the first half of 2026 and advertises more than 35 crypto assets there. In August 2026 XTB added spot crypto in Chile with 46 assets and a minimum trade of two US dollars, its first market outside Europe for the product.

Omar Arnaout said at the Chilean launch that XTB plans to expand the spot offer to European markets in the coming months, and Spain is expected before the end of 2026. In Poland, the home market of XTB, President Karol Nawrocki vetoed the national crypto-assets bill in December 2025, February 2026 and June 2026, so XTB may serve Polish clients through its Cypriot company.

Clients of XTB in Germany trade dozens of crypto CFDs long or short with leverage of up to 1:2. Spreads start at 0.22 percent of the market price, and overnight positions carry swap costs, while losses cannot exceed the account balance.

A CFD is a derivative contract with XTB S.A. that pays the difference in price, so the client never owns or transfers a coin. XTB states that 77 percent of retail CFD accounts lose money with this provider, and the CFD business falls under MiFID II, not under the MiCA regulation.

Spot crypto at XTB means buying the coin itself through XTB Limited, which holds it in custody under the MiCA authorization from CySEC. A crypto CFD only follows the price, can be leveraged and opened short, and runs through XTB S.A. under the rules for derivatives. Which of the two a client sees depends on the country of residence and the company that serves it.

XTB limits the leverage on crypto CFDs for retail clients to 1:2, the cap that European rules set for crypto derivatives. The cost of a trade comes from the spread, which starts at 0.22 percent of the market price, plus swap points for positions held overnight. A stop order or a take profit order can close a position automatically at a set price.

Crypto CFDs at XTB come with no wallet, because the contract settles in cash and no coin changes hands. In the spot offer the coins sit with XTB Limited as custodian, and XTB describes trading inside the XTB investment app. Clients who want a coin on a hardware wallet of their own need a provider that supports withdrawals to external addresses.

Bitcoin is available at XTB as a CFD for clients in Germany and as a spot asset for clients of XTB Limited in Cyprus and Chile. Polish clients get exposure through CFDs and exchange-traded notes, while spot bitcoin follows once the relevant approvals are in place. A bitcoin ETF or ETN is a security in the share account instead, separate from both routes.

The MiCA license of XTB is held by XTB Limited and was granted by CySEC as an authorization under Article 63 in December 2025. The company chose Cyprus while the crypto law in Poland was stalled, which made it the first jurisdiction for the spot offer. The MiCA transitional period for providers without such a license ended on 1 July 2026 at the latest, depending on the member state.