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Financial Supervision Authority (KNF) Brokers 2024

Written By

Christian Harris

Written By

Christian Harris

Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.

» Christian Harris Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Michael MacKenzie

Fact Checked By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Updated

Sep 9, 2024

The Financial Supervision Authority, or Komisja Nadzoru Finansowego (KNF), is Poland’s regulatory body overseeing the financial markets, including online brokers.

For day traders, the KNF plays a crucial role in safeguarding against fraud, enforcing strict regulations on trading platforms, and ensuring compliance with EU standards.

Traders with KNF-authorized providers are also covered by the KDPW Investor Compensation Scheme, which provides up to 90% of lost funds, capped at €20,100, if your broker becomes insolvent.

Poland’s KNF is classified as ‘green tier’ under DayTrading.com’s Regulation & Trust Rating, reflecting its strong investor safeguards and active oversight of brokerages.

Explore our selection of the top KNF-regulated brokers in Poland. We’ve meticulously verified that every platform we recommend is listed on the KNF’s ‘Entities Search‘, ensuring its legitimacy.

Best KNF Brokers

Following our latest evaluations, these 3 Polish-regulated trading platforms emerged as a cut above the rest:

Click a broker for details

1. 1

   
   Exness
   Go To Exness

   Exness Review

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   Ratings

   Regulation & Trust 4.5 / 5

   Accounts & Banking 4.3 / 5

   Assets & Markets 4.2 / 5

   Fees & Costs 4.8 / 5

   Platforms & Tools 4.3 / 5

   Customer Support 4.5 / 5

   Research 4.3 / 5

   Education 3 / 5

   iOS App 4.4 / 5

   Android App 4.3 / 5

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   Minimum Deposit $10

   Minimum Trade 0.01 Lots

   Leverage 1:2000

   Regulator FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFM

   Instruments CFDs, Forex, Stocks, Indices, Commodities, Crypto

   Platforms Exness Trade App, MT4, MT5, TradingCentral

   Payment Methods Wire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, Airtel

   Account Currencies USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY

   Go To Exness
2. 2

   
   XM
   Go To XM

   XM Review

   New Customer Bonus Offer $30 No Deposit Bonus When You Register A Real Account

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   Ratings

   Regulation & Trust 4.3 / 5

   Accounts & Banking 4.5 / 5

   Assets & Markets 4.3 / 5

   Fees & Costs 4.3 / 5

   Platforms & Tools 4 / 5

   Customer Support 4.5 / 5

   Research 4.5 / 5

   Education 4.5 / 5

   iOS App 4.7 / 5

   Android App 3.9 / 5

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   Minimum Deposit $5

   Minimum Trade 0.01 Lots

   Leverage 1:1000

   Regulator ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF, KNF

   Instruments Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures

   Platforms MT4, MT5

   Payment Methods Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa

   Account Currencies USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF

   Go To XM
3. 3

   
   XTB
   Go To XTB

   XTB Review

   78% of retail accounts lose money.

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   Ratings

   Regulation & Trust 4.5 / 5

   Accounts & Banking 4 / 5

   Assets & Markets 4 / 5

   Fees & Costs 4.3 / 5

   Platforms & Tools 4 / 5

   Customer Support 4.3 / 5

   Research 4.1 / 5

   Education 3.8 / 5

   iOS App 4.7 / 5

   Android App 4.1 / 5

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   Minimum Deposit $0

   Minimum Trade 0.01 Lots

   Leverage 1:30 (EU) 1:500 (Global)

   Regulator FCA, CySEC, KNF, CNMV, DFSA, FSC

   Instruments CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs

   Platforms xStation

   Payment Methods PayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, Neteller

   Account Currencies USD, EUR, GBP, HUF

   Go To XTB

Here is a short summary of why we think each broker belongs in this top list:

1. Exness - Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 800,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
2. XM - XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
3. XTB - Founded in 2002 in Poland, XTB now serves more than 935,000 clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 5,600+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring day traders.

KNF Brokers Comparison

KNF Brokers Comparison

Broker	Minimum Deposit	Markets	Platforms	Leverage
	$10	CFDs, Forex, Stocks, Indices, Commodities, Crypto	Exness Trade App, MT4, MT5, TradingCentral	1:2000
	$5	Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures	MT4, MT5	1:1000
	$0	CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs	xStation	1:30 (EU) 1:500 (Global)

Exness

"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."

Tobias Robinson, Reviewer

Exness Quick Facts

Demo Account	Yes
Instruments	CFDs, Forex, Stocks, Indices, Commodities, Crypto
Regulator	FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFM
Platforms	Exness Trade App, MT4, MT5, TradingCentral
Minimum Deposit	$10
Minimum Trade	0.01 Lots
Leverage	1:2000
Account Currencies	USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY

Pros

• Exness is the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes
• Highly competitive spreads, reduced for USOIL and BTCUSD in 2024, are available from 0 pips and low commissions from $2 per side
• There's excellent 24/7 multilingual customer support via telephone, email and live chat

Cons

• Unlike most competitors, Exness doesn't provide its own education section
• There are no promotional deals or loyalty schemes for high-volume day traders
• There are several regional restrictions for retail traders including the USA, Europe and the UK

Visit Exness

Exness Review

XM

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

William Berg, Reviewer

XM Quick Facts

Bonus Offer	$30 No Deposit Bonus When You Register A Real Account
Demo Account	Yes
Instruments	Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
Regulator	ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF, KNF
Platforms	MT4, MT5
Minimum Deposit	$5
Minimum Trade	0.01 Lots
Leverage	1:1000
Account Currencies	USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF

Pros

• Accessible trading accounts with a $5 minimum deposit and fast account opening
• Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
• Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins

Cons

• There's $5 inactivity fee after only 3 months, though this won't affect active traders
• There is weak regulatory oversight through the global entity
• PayPal deposits are not supported

Visit XM

XM Review

XTB

"XTB stands out as a top choice for new day traders with the terrific xStation platform, commission-free pricing, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform. "

Christian Harris, Reviewer

XTB Quick Facts

Demo Account	Yes
Instruments	CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs
Regulator	FCA, CySEC, KNF, CNMV, DFSA, FSC
Platforms	xStation
Minimum Deposit	$0
Minimum Trade	0.01 Lots
Leverage	1:30 (EU) 1:500 (Global)
Account Currencies	USD, EUR, GBP, HUF

Pros

• XTB has boosted its interest rate on all uninvested balances (up to 5.2%) while competitors like eToro only offer up to 5% on balances of $50K+.
• With over 5,600 instruments across forex, stocks, indices, ETFs, commodities, and cryptocurrencies, including CFDs, share dealing and more recently Investment Plans, XTB caters to both short-term traders and longer-term investors.
• First-class 24/5 customer support is available, including a friendly live chat with response times of under two minutes during testing.

Cons

• Not being able to adjust the default leverage level of XTB products is frustrating, as manual adjustment can significantly mitigate trade risk, especially in forex and CFD trading.
• XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
• XTB does not offer a raw spread account, which is becoming increasingly common among competitors like Pepperstone, and may disappoint day traders looking for the tightest spreads.

Visit XTB

XTB Review

Firms are either ‘brokerage houses’ or registered for ‘outward passporting’ under the EU’s crossborder initiative. 

Methodology

To discover the top brokers operating under KNF regulation, we:

How Can I Check If A Broker Is Regulated By KNF?

Ensuring the KNF regulates a broker is a straightforward process that we use to validate the credentials of every recommended platform.

You can do it in three easy steps:

1. Access the KNF ‘Entities Search’ on its website.
2. Input the broker’s name into the search field.
3. If needed, refine the search results by category to view information such as the full business trading name(s), registered office addresses, and brokerage activity information.

To illustrate how this works, you can see below that I verified that XTB is authorized by the KNF.

Taking just a couple of minutes – it’s a quick and easy process that all Polish traders should follow before depositing złoty to a new online trading account.

Christian Harris

Author

What Rules Must KNF-Regulated Brokers Follow?

Day trading brokers regulated by Poland’s KNF must primarily adhere to rules regarding client protection, proper segregation of funds, capital adequacy requirements, reporting obligations, best execution practices, conflict of interest management, and compliance with MiFID II regulations, all of which aim to ensure market integrity and safeguard investor interests.

To be granted a KNF license, a brokerage must satisfy the following fundamental requirements and safeguards:

• Client Protection: Brokers must prioritize client interests, provide clear information on services and risks, and maintain proper client account segregation.
• Capital Adequacy: Maintain sufficient capital reserves to cover potential market fluctuations and risks associated with brokerage activities.
• Best Execution: Obligation to seek the best possible price for clients when executing orders, considering price, cost, and speed, which are essential for day traders operating in fast-moving markets.
• Conflict of Interest Management: Clear disclosure and procedures to manage potential conflicts of interest arising from their business activities.
• Reporting Requirements: Regularly submit detailed reports to KNF regarding trading activity, client accounts, and financial health.
• MiFID II Compliance: Adhere to the Markets in Financial Instruments Directive II guidelines on market conduct and transparency, including order-book transparency and client suitability assessments.
• Anti-Money Laundering (AML) Compliance: Implement robust AML procedures to combat money laundering and terrorist financing activities.
• Customer Suitability: Assess client risk profile and ensure investments are appropriate for their needs and financial situation, an important check given the high-risk nature of short-term trading strategies.

Trading platforms and financial institutions who fail to comply with these regulations and other stipulations may be subject to enforcement action by the KNF, which could result in fines, sanctions, or the revocation of their license.

A notable example is the KNF’s PLN 9.9 million fine (EUR 2.3 million) for ‘differential slippage’ against XTB, a Polish broker. This practice allowed XTB to pass losses from unfavorable price movements entirely to its clients while profiting from favorable price movements, effectively putting clients at a disadvantage.

Additionally, in June 2024, the KNF fined the publicly listed lender BNP Paribas Polska PLN 500,000 (EUR 115,400) for insufficient ongoing oversight of factual and legal activities.

Bottom Line

Polish traders are strongly advised to choose KNF-regulated brokers. This ensures the brokerage’s trustworthiness and establishes a fair and transparent trading environment, offering peace of mind and guidance as you navigate your day trading journey.

You can verify this in just a few minutes on the KNF website. Or, explore DayTrading.com’s list of the best day trading platforms regulated in Poland.

It’s essential to acknowledge that online trading involves risks, regardless of the broker’s regulatory status, and you could lose all the złoty you invest.