XM partner code PY8GQ unlocks a $30 No-Deposit Bonus, a 100% Deposit Bonus up to $10,500, and access to the 90% LOT rebate program when you register a new XM account. This guide explains what each component is worth, which account types qualify, and the regional restriction that disqualifies a large group of traders before they start.
What Is XM?
XM is a long-established CFD and forex broker serving clients across most of the world. It offers forex, stock indices, commodities, energies, metals, share CFDs and cryptocurrency CFDs, traded through MetaTrader 4 and MetaTrader 5 on desktop, web and mobile.
The broker operates through several regulated entities, including licences from the FCA in the UK, CySEC in Cyprus, ASIC in Australia, the DFSA in the UAE and the FSC in Belize. Which entity you are onboarded to depends on your country of residence, and that single fact determines more about your experience — including bonus eligibility — than any promotional code does.
What the PY8GQ Partner Code Does
A partner code is a referral identifier. Entered during registration, it links your new account to a partner structure inside XM's system and unlocks the promotional package attached to that partner. It does not change your spreads, your execution speed, your leverage, or the instruments you can trade — those are set by your account type and your regulatory entity.
The $30 No-Deposit Bonus
Credited after registration and identity verification, without requiring you to fund the account. It exists so you can trade live market conditions before risking your own money. Profits generated from it typically become withdrawable once trading volume conditions are satisfied; the $30 principal itself is generally not withdrawable.
The 100% Deposit Bonus up to $10,500
A matching bonus on funds you deposit. The 100% rate usually applies to an initial tranche before stepping down to a lower matching rate on subsequent amounts, which is how the ceiling reaches $10,500 rather than requiring a $10,500 deposit at a flat 100%. Bonus credit increases usable margin rather than being withdrawable cash.
The 90% LOT rebate programme
A volume rebate that returns a share of trading costs based on lots traded. For active traders this is frequently worth more over a year than either bonus, because it pays out continuously rather than once. Low-volume traders will see little from it.
Account Types That Qualify
Micro — smallest contract sizes, built for traders starting with limited capital
Standard — the mainstream retail account with standard lot sizing
Ultra Low — reduced spreads from around 0.6 pips with no separate commission
Shares — for trading individual company CFDs
The EU Restriction You Need to Know
This is the most important detail in the entire offer. Clients registered under XM's CySEC entity — which covers most residents of the European Union — are generally not eligible for deposit bonuses. ESMA rules restrict promotional bonuses for retail CFD traders across the EU, and no partner code overrides a regulatory prohibition.
If you are an EU resident, assume the bonus components do not apply to you and evaluate XM on spreads, execution and regulatory protection instead. Check your eligibility during registration rather than after depositing.
How to Register With the Code
Open the official XM registration page and begin a new real account application.
Enter PY8GQ in the partner, referral or promo code field. This field appears during signup — applying a code afterwards is generally not possible.
Select your account type and base currency.
Complete identity verification with proof of ID and proof of address.
Claim the $30 no-deposit bonus from the promotions area of the members portal.
Deposit to trigger the matching bonus, and confirm the credit appears before trading.
Bonus Value vs Trading Costs
A promotional package is a one-off event. Spreads and commissions are a recurring cost you pay on every position for as long as you hold the account, and over any meaningful period they dwarf the value of a signup bonus.
A trader placing ten standard lots a month pays spread costs that accumulate into the hundreds or thousands annually depending on the instrument. Against that, a $30 no-deposit credit is a rounding error. This is why the rebate component of the PY8GQ package is the piece worth attention — it reduces a recurring cost rather than granting a single credit.
The practical implication: choose your account type on its cost structure first. The Ultra Low account's tighter spreads will usually be worth more over a year than any bonus attached to a Standard account, and the two decisions are independent of each other.
Pros and Cons
Pros
Multiple tier-one regulatory licences depending on your entity
No-deposit component lets you test execution without funding
Ultra Low account offers competitive spreads without commission
The LOT rebate rewards sustained volume rather than a single deposit
Cons
EU residents under the CySEC entity are generally excluded from deposit bonuses
Bonus credit is margin, not withdrawable cash, until conditions are met
The $10,500 ceiling requires deposits far beyond typical retail size
The code must be entered at registration and cannot usually be added later
Is It Worth Using?
For eligible non-EU traders, entering PY8GQ costs nothing and adds a no-deposit credit plus rebate access to an account you were opening anyway. The rebate programme is the component most likely to matter over time if you trade with any regularity.
For EU residents the promotional package is largely academic. Judge XM on regulation, spreads and withdrawal reliability, which is the sensible basis for choosing a broker regardless of what any code promises.
Trading carries a substantial risk of loss and is not suitable for every investor. Evaluation fees are generally non-refundable unless the provider's terms state otherwise. Nothing here is financial advice.
Promotional terms, eligibility and values are set by the provider and can change at any time. Always confirm the current terms on the official site before signing up or completing a purchase.