KNF
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The KNF supervises Poland's financial market and applies a leverage rule that differs from the rest of the EU. The brokers below hold a KNF licence.
Brokers regulated by KNF
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The Polish Financial Supervision Authority — Komisja Nadzoru Finansowego, universally shortened to KNF — supervises banks, insurers, pension funds and investment firms in Poland. Brokerage houses offering forex and CFDs are authorised under the Act on Trading in Financial Instruments and hold MiFID passporting rights across the EEA.
The Polish leverage exception
Poland is the reason a trader cannot assume every EU country applies identical leverage. ESMA's baseline caps apply — 30:1 on major pairs and downward from there — but Polish law permits a higher limit for clients who qualify as experienced. A retail client who has executed a defined minimum number of transactions of sufficient nominal value over the preceding period may be offered leverage up to 100:1 on major pairs while remaining a retail client with retail protections intact.
This is not the same as opting up to professional status, which strips protections away. The Polish experienced-client route keeps negative balance protection and margin close-out while raising the ceiling, and it is unique enough in the EU that it is worth understanding before comparing a Polish broker with a Cypriot one on leverage alone.
What the licence requires
KNF authorisation covers capital adequacy under the Investment Firms Regulation, fit-and-proper assessment of management, organisational and risk-management requirements, and MiFID conduct rules. Client money is segregated under client asset rules. The KNF has an active enforcement record and publishes decisions, including fines against brokerage houses for conduct failures.
Retail protections
Beyond leverage, the ESMA package applies: margin close-out at 50% of required margin, negative balance protection per account, a ban on monetary and non-monetary inducements to trade, and standardised risk warnings stating the percentage of retail accounts that lose money. Polish-language documentation is required for Polish retail clients.
If a broker fails
Poland operates a compensation scheme administered by the National Depository for Securities, covering client cash and instruments held by a failed brokerage house up to a statutory limit, with full cover to a first threshold and partial cover above it.
Verifying a licence
The KNF publishes a register of supervised entities and a public warning list of firms it has reported to prosecutors. Both are searchable. ProForexBrokers.com checks the warning list for every broker soliciting Polish clients, because the KNF adds entries there faster than most EU regulators.
Who a KNF broker suits
A Polish licence suits EEA traders who want MiFID protections with a realistic path to 100:1 rather than 30:1, and Polish residents who want złoty accounts, local rails and Polish-language support.