Before looking at any code, it helps to understand the product. XM is a retail forex and CFD broker that has been operating since 2009 and reports over 15 million clients worldwide. A CFD, or contract for difference, is an agreement whose value tracks an underlying market — a currency pair, index, commodity, share or crypto asset — without you owning that asset. XM offers all of these instrument types, and all of them are traded on margin.
Trading on margin means you put down a fraction of the position's value and the broker effectively finances the rest. That magnifies both gains and losses. These are leveraged products and they carry the risk of losing the money you deposit. Any bonus attached to an account does not change that arithmetic.
XM operates through several entities regulated by multiple authorities, and which entity onboards you depends on where you live. That detail matters more than it sounds, because it determines which promotions you can see at all.
XM supports MetaTrader 4 and MetaTrader 5, a proprietary web platform, and a mobile app for Android and iOS. You choose your platform and your account type during registration, alongside your country of residence. Beginners should treat those choices as part of the setup rather than something to rush past, because account type affects spreads and commissions, which in turn affects how much a rebate is actually worth.
A partner code is a short identifier entered at sign-up that links your new account to a particular offer. The code for this offer is PY8GQ, and it is attached to three things:
a $30 no-deposit bonus, credited to your trading account balance as bonus credit
a 100% deposit bonus, up to $10,500 in total bonus credit
access to the 90% LOT rebate program, which returns a share of the spread or commission paid per standard lot
The rebate is volume-based, meaning it pays out on a trade whether that trade wins or loses. Separately, and without any code, all real-account clients join the XM loyalty scheme at Executive level and accumulate XM Points per lot automatically; points are redeemable for credit bonus rewards and upgrades happen with activity.
Attaching a partner code does not add fees or a spread markup to the account.
Go to xm.com and begin real-account registration.
Enter your country of residence, your platform choice and your account type.
Find the Partner Code field — it is sometimes labelled as an ID or referral field, and may sit under an optional or "additional information" toggle — and type PY8GQ before submitting.
Complete registration.
Upload proof of identity and proof of address, then wait for XM to approve them.
Once the account is validated, claim the offer from the card in the Members Area.
The critical constraint for a first-time user: the code can only be entered during registration. It cannot be added afterwards, so there is no way to fix a missed field later on the same account.
The no-deposit bonus requires completed verification, so identity and address documents are not optional. Bonus credit is generally not withdrawable — only profits generated from trading it can be withdrawn — and trading conditions apply to converting credit into withdrawable funds. Deposit bonus credit is also reduced proportionally when you withdraw money from the account.
Offers are for new clients only, one per person and household. Availability varies by region and by which XM entity you are onboarded under. EU and UK retail clients are generally ineligible, and some jurisdictions are shown a deposit-based welcome offer instead. There is a claim window after registration.
Several figures are not stated publicly: the exact volume required to convert bonus credit into withdrawable funds, the precise length of the claim window and time limits, and the full list of eligible jurisdictions for each variant. The practical value of the rebate also depends on the instruments you trade, your account type and prevailing spreads.
The offer card inside your own Members Area is the authoritative version of the terms. Whatever a third-party summary says, including this one, check that card after verification and read the conditions attached to your specific account before you place a first trade.
Web page: XM Partner Code PY8GQ: Common Redemption Mistakes to Avoid
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Index: all guides · all XM guides