KNF: 72.2% of active OTC derivatives clients recorded losses in 2025
KNF reported that 72.2% of active clients with non-zero realized results at supervised Polish investment firms lost money on OTC derivatives in 2025, up from 70.6% in 2024. The figures include Polish and foreign residents.
In 2025, 72.2% of active clients with non-zero realized results at KNF-supervised Polish investment firms recorded losses on OTC derivatives, according to the official UKNF report. The loss-making share rose from 70.6% in 2024, reversing the previous year's improvement. Table 1 covers both Polish and foreign residents trading through the reporting firms.
The increase left the loss-making share below the 79.1% recorded in 2022 and the 73.3% recorded in 2023, but above 2021's 71.9%. That comparison points to a deterioration in 2025 rather than an uninterrupted worsening across the five-year period. Loss-making clients remained the majority in every year from 2021 through 2025.
Loss prevalence and realized amounts
The report counted 266,818 loss-making clients and 102,919 profitable clients in the broader population. Their aggregate realized losses were PLN 2,680,482,791, compared with realized profits of PLN 740,028,152. The average realized client result was negative PLN 5,248. These amounts describe trading outcomes during the year, not deposits, account balances or trading volume.
The two measures tell related but distinct stories: the loss-making share shows how widespread negative outcomes were, while the average result captures their monetary balance against profitable outcomes. Together, they show that losses predominated both by client count and in aggregate realized amounts within this reporting population. The 72.2% figure is a share of clients, not an investment return or a measure of how much each client lost.
Polish residents followed the same direction
For Polish residents alone, Table 2 reported a loss-making share of 71.8%, up from 70.2% in 2024. Their average realized result was negative PLN 6,373, more negative than the broader population's average despite a slightly lower loss-making share. Polish residents are a subset of Table 1, so the populations cannot be added together or treated as independent samples.
KNF uses the term Forex for the entire OTC derivatives market covered by the report, not only currency pairs. Profitability shares and average results exclude zero-result clients, and counts refer to clients rather than transactions. The findings concern clients of supervised Polish investment firms, not all Polish or global traders.
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