Two traders open an XM real account on the same day, choose the same platform and account type, and fund with the same amount. One types a partner code into the registration form; the other leaves the field blank. From that single difference, the two accounts diverge in what sits on the balance and what accrues per lot traded. Below is the comparison, step by step.
The registration form at xm.com asks for country of residence, trading platform choice and account type. It also contains a Partner Code field, sometimes labelled as an ID or referral field and hidden under an optional or "additional information" toggle. Trader A enters PY8GQ there before submitting. Trader B skips it.
That is the only fork in the road, and it is one-way. XM states that a partner code can only be entered during registration; it cannot be added after the account is created. Trader B cannot correct the omission later on the same account, and the offer is limited to new clients, one per person and household.
Both traders complete registration, upload proof of identity and proof of address, and wait for XM approval. Verification is a requirement for either of them to trade, but for Trader A it is also the gate on the no-deposit bonus.
Once validated, Trader A sees an offer card in the Members Area and claims from it. The result is a $30 no-deposit bonus credited to the trading account balance as bonus credit, plus eligibility for a 100% deposit bonus worth up to $10,500 in total bonus credit, plus access to the 90% LOT rebate program.
Trader B has a funded account and nothing else. There is no card to claim, no starting credit and no rebate arrangement attached.
The comparison is not entirely one-sided in favour of extras, but the costs do not move. Attaching a partner code does not add fees or spread markup to the account. Trader A and Trader B pay the same spreads and commissions on the same instruments, and both trade the same range of currency pairs, indices, commodities, shares and crypto CFDs through MetaTrader 4, MetaTrader 5, the web platform or the mobile app.
Both also join the XM loyalty scheme on the same terms. All real-account clients start at Executive level and are upgraded automatically with activity, earning XM Points per lot that can be redeemed for credit bonus rewards. XM Points accumulate automatically with no sign-up required, so Trader B is not excluded from that part.
The deposit-side comparison needs a caveat. 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. The exact volume requirements are not stated and should be read on the offer card. Deposit bonus credit is also reduced proportionally when you withdraw funds, so Trader A's headline figure shrinks if money is taken out.
The 90% LOT rebate behaves differently. It returns a share of spread or commission per standard lot and is volume-based, paying out whether a trade wins or loses. Its practical value depends on instruments, account type and spreads, so the gap between the two accounts widens with trading volume rather than with deposit size.
Entering the code does not guarantee the extras. Availability varies by region and by the XM entity the client is onboarded under. EU and UK retail clients are generally ineligible, and some jurisdictions see a deposit-based welcome offer instead of the no-deposit bonus. In those cases, Trader A and Trader B end up in a similar position, though entering the code costs nothing and adds nothing to the spread.
There is also a claim window after registration, with the exact length unstated. A Trader A who verifies late or ignores the Members Area card can lose the no-deposit portion and finish level with Trader B.
XM has operated since 2009, serves over 15 million clients and runs several entities under multiple regulators, so terms genuinely differ by entity. The offer card in your own Members Area is the authoritative version of what applies to your account, not any general description. These are leveraged products traded on margin and carry the risk of losing deposited money, which applies equally to both traders in this comparison.
Web page: XM Partner Code PY8GQ: Your Pre-Signup Checklist Before You Register
Colab notebook: XM Partner Code PY8GQ: Common Redemption Mistakes to Avoid
Gamma doc: XM Partner Code PY8GQ: Your Pre-Signup Checklist Before You Register
NotebookLM report: XM Partner Code PY8GQ: Who It Suits and Who Should Skip It
Promo Code Guides: XM Partner Code PY8GQ: A Beginner's Guide to Broker Bonuses
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