Review LYNX
LYNX, established in 2006 and affiliated with Interactive Brokers in the Netherlands, supports IB’s trading platforms and is regulated by top-tier financial bodies, ensuring safety for its users. While it offers good research tools and is recommended for European traders due to low stock and ETF fees and a solid mobile trading platform, it’s worth noting that LYNX charges its own fees and requires a relatively high minimum deposit.
Recommended to:
The broker is recommended for any European trader that is seeking low stock and ETF fees and a great mobile trading platform.
Pros
- Stock and ETF trading fees are low
- Wide variety of markets and products
- Good research tools
Cons
- High minimum deposit
- Restricted deposit and withdrawal methods
- Demo account available post live account setup
Review’s Keypoints
Country of regulation
Netherlands, UK, USA
Minimum deposit
$3,240
Time to open an account
3 days
Trading fees class
Low
Deposit with bank card
Not available
Number of base currencies supported
21
Products offered
Stocks
ETFs
Forex
Funds
Bonds
Options
CFDs
Cryptos
Depositing with electronic wallet
Not available
Demo account provided
Yes
Fees
The sections below highlight the primary fees for each asset class. When considering investing with LYNX, for instance, what you should pay attention to are trading fees and the non-trading fees, as they are the most crucial fees.
Pros
- Low stock and ETF trading rates
- Low fund rates
- Low option rates
Cons
- High forex trading costs
- High options trading costs
- Inactivity fee
Lynx Costs
- *** 1000 in EUR or USD for the stocks transaction
- *** Price per contract for Options & Futures
Account
LYNX Broker mainly serves European customers and handles applications from other countries through its Netherlands branch. They look at each non-European application one at a time. Starting an account online is easy, but it can take up to three days to get it all approved and ready.
Individual
Individual
You are the only account ownee
Joint
Joint
There are multiple account owners
Corporate
Corporate
A legal entity is the account owner; here, a minimum deposit (or portfolio transfer) of €20,000 applies
Click on the card to see details
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01Submit personal details
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02Share trading experience
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03Verify identity and residency
Transfers
Ith LYNX, deposits are typically processed in 1-2 business days but can take up to 4. Deposits are exclusively via bank transfer. For non-EUR deposits, request LYNX’s bank details. Withdrawals are direct from the LYNX portal, with one free withdrawal monthly; additional withdrawals incur a fee.
Pros
- One withdrawal per month is free
- Zero deposit fee
Cons
- High minimum deposit
- Limited payment methods
Trading Platforms
LYNX Basic
LYNX offers two web trading platforms: LYNX Basic & Account Management. LYNX Basic, user-friendly but lacking adaptability, supports multiple languages and offers various order types and transparent fees. Account Management, by Interactive Brokers, is solely for money transfers and account management.
LYNX Mobile trading platform
The mobile trading platform, by Interactive Brokers, is feature-rich with options like a chatbot and mirrors the desktop version. Available for Android and iOS, it may seem complex initially. It supports multiple languages including English, German, Spanish, and Chinese.
LYNX Desktop
The desktop platform, powered by Interactive Brokers, boasts advanced features and high customizability, making it ideal for experienced traders. It offers ETF replication, chatbot trading, and more. However, it's important to note that the desktop platform can be quite complicated, requiring a steep learning curve for those unfamiliar with advanced trading systems.
Offering
Tools
Trading Ideas
The desktop platform, powered by Interactive Brokers, boasts advanced features and high customizability, making it ideal for experienced traders. It offers ETF replication, chatbot trading, and more.
Fundamental Data
A variety of fundamental data is accessible, including 6-year financial statements, a dividend calendar, and a list of comparable companies.
Graphs
LYNX offers over 100 technical indicators on its card. However, like the desktop platform, the chart tool needs trading experience.
News Feed
The news feed, sourced from agencies like Reuters, allows filtering by companies, topics, and more.
Other tools
Numerous research tools are available, including the Market Scanner, which filters stocks and other assets like bonds and CFDs by criteria like sector and volume.
Regulation
LYNX is overseen by the Netherlands’ AFM and DNB. It’s an introducing broker for Interactive Brokers, who will hold your assets. If LYNX defaults, assets stay with Interactive Brokers. Negative balance protection is offered for EU retail clients in forex and CFDs, but not for professional or non-EU clients. Interactive Brokers, established in 1978 and listed on NASDAQ, ensures transparency through regular financial statements. However, limited information is available on LYNX, which isn’t ideal. Yet, supervision by top-tier regulators and association with a reputable company highlight LYNX’s safety.
Bottom Line
LYNX offers low equity and ETF trading fees, an excellent mobile platform, and a wide variety of markets and products. However, it only supports bank transfers for deposits and withdrawals and requires a high minimum deposit.
The desktop platform can be complex for many users. This makes LYNX a good option for European clients seeking cost-effective trading and a strong mobile platform, provided they can navigate a more intricate desktop system and meet the deposit requirements.