LYNX is a broker that brings one of the more robust trading experiences we’ve ever reviewed so far. It offers most if not all instruments available for trading in its platform and not only from its main country, but from over 23 different countries in different continents. It’s also affiliated with Interactive Brokers, which means that its assets are held by that institution and are subject to the same regulation as IB.
However, the biggest repertoire out there comes with some caveats that hinder its usefulness. The first thing to note is that LYNX isn’t a $0 commission broker and charges a base fee per lot traded per instrument, which can range from 3 to 10 USD. It also asks for a hefty minimum initial deposit of $3,000 USD and only accepts bank transfers as its deposit withdrawal method.
To put it in perspective, LYNX is probably the broker with the biggest repertoire out there, but having access to it will come with some costs. Aside from that, LYNX is only available in 7 select European countries, with one of the most attentive customer support we’ve seen so far. So, if you’re in one of those countries, it’s definitely worth giving the broker a shot due to the sheer amount of assets at your disposal, so ready to try it?
However, being available in 150+ countries and with a $20 minimum initial deposit, Capital.com takes the spot as our highest-rated broker yet to date. Not only that but it bears a platform that welcomes both beginner and experienced traders with a multitude of educational resources, something that LYNX is seriously failing at. So, what’s it gonna be, are you willing to try and compromise with $3,000 or are you willing to play it wiser and apply at Capital.com with just a $20 deposit?
|Ease of Use||7|
|Deposit & Withdrawal Options||3|
|Demo Account & Educational Resources||7|
|Safety & Regulation||10|
Trading is certainly a topic that has been getting more and more mainstream attention as time passes. Whether you’ve actually tested the waters or not, there’s a principle to start trading that no one should forget, choosing the right broker. Given the sheer number of well-known and upcoming brokers in the current industry, it’s certainly hard to know what you’re actually looking for, which is why we’ve given ourselves the responsibility to review most major brokers out there.
This time we’ll be reviewing LYNX, a pretty well-known broker in Europe. Ready to go?
An Introduction to LYNX
LYNX is one of the brokers that represent a powerhouse when it comes to the sheer amount of instruments they offer for trading. The broker was founded back in 2006 in the Netherlands, but since then it has expanded onto other European countries. Here’s a full list of the countries where LYNX is available:
- Czech Republic
However, even though Lynx might be limited to only those European countries, it has one of the widest arrays of assets we’ve ever seen. It has access to the following instruments:
- Stocks (Regular and CFDs)
- CFD Indices
So, as you can obviously see, there’s really a lot to be had here for any kind of trader, especially if that specific person is looking for diversification. With that out of the way and with you already having an idea of what LYNX is, let’s delve into the specifics of this broker, but first, let’s do an overview of these:
Pros & Cons
- Possibly the biggest and broadest asset repertoire out there.
- Accepts 21 base currencies.
- Has an unlimited and unrestricted demo account.
- Available on web, mobile and desktop.
- Great and responsive customer support.
- Referral program gifts €100 both to you and your friends.
- Has a minimum trading commission which ranges from $3 to $10 USD per lot.
- Has a pretty hefty minimum initial deposit requirement of $3,000 USD.
- The desktop platform is mainly focused on experienced traders and excludes other types of traders.
- Web platform might be too basic for the average user.
- Only supports bank transfers as a deposit and withdrawal method.
- Has little to no educational resources aside from webinars.
- It’s only available in 7 select European countries.
We’ll be breaking down these pros and cons as we start reviewing how the broker performs in certain categories. But before we get to that, let’s talk about the accounts that this broker facilitates for its new users.
LYNX mainly offers 3 types of accounts, but each of these can work in 2 different modalities. The 3 types of accounts available are:
However, all of these exist on either a Cash or Margin basis. The difference between these is that the cash account doesn’t make use of leverage while the margin account does.
If we were to recommend a single type of account for newer traders we’d definitely suggest the Individual account with the cash modality. However, if you’ve already treaded the waters of trading and you know what you’re doing, a margin account could get you further than a cash account, with the looming danger of bigger risks, of course.
So, now that that’s done, let’s start delving into the broker’s specifics.
#1 LYNX Fees
The first and most important thing to clear up in LYNX’s scenario is that it’s not a $0 commission broker. This means that LYNX will charge you a certain amount per each transaction you complete. However, LYNX’s trade commissions are based on a minimum amount that you will have to pay regardless of the total amount of your trade. This won’t apply if the percentage charged of your total trade is bigger than the base fee, but that requires a trade of over $3,000 USD in costs.
Here’s a complete list of all assets and their base minimum trading commissions:
|Instrument||Minimum Fee (Per lot)|
|Stock (CFD and Real)||$5|
|Gold / Silver||$5|
Other than that, since the broker charges trading commissions, pips on most of its assets start from 0.1 and they stay relatively low for that same reason.
Aside from those fees, the broker also has an inactivity fee called the “Platform Fee”. However, this fee is very menial only amounting up to a total of €5.00 per month. If your monthly transaction costs surpass that of the inactivity fee, it will not be charged at all, which means that it’s pretty easy to avoid.
LYNX also offers the chance to apply leverage to your trades if you open a margin account. The annual rate of margin that the broker charges is a total of 3.5% when applying leverage to stocks. However, minimum or maximum leverage is not mentioned at all on its site.
Overall, we’re really surprised that LYNX charges the fees it does for each instrument since they’re pretty high. Aside from that, it charges an inactivity fee and we don’t get the chance to trade in real raw spreads, even if they do start pretty low overall. From an overall perspective, a very expensive broker to trade in, whether you trade in large or smaller volumes.
LYNX Fees Score: 4/10
#2 Signup Process
Having a quick and easy signup process is one of the priorities for a broker that wants to focus on getting newer traders into the industry, however, this doesn’t seem to be LYNX’s focus. The account creation process is fairly simple, although a bit lengthy, it asks users for three main things, which are:
- Personal and financial information
- Trading experience (Including a short test on financial knowledge)
- International identification and residency.
What’s interesting about LYNX’s signup process when compared to other brokers is that it asks its users to upload their documents before formally creating an account. Instead, other brokers let users play around with the platforms before committing to an initial deposit or other requirements.
Although, that’s not the only thing that separates LYNX’s signup process from that of other brokers. The biggest and most glaring flaw to this process is that the broker takes at least 3 days before verifying your documents and opening your account, which is a relatively long time. And even then, when we were creating our demo account for this review the broker mentions that due to a high influx of new users, it will approximately take at least 10 days to verify newer users’ accounts, which is almost ridiculous.
Overall, LYNX requires users to go through a pretty thorough signup process. This would be okay if newer users didn’t have to wait 3 days on an average basis or worse, 10 days as of the moment of writing this review. Poor performance in this category.
LYNX Signup Process Score: 5/10
#3 LYNX Minimum Initial Deposit
Having a relatively accessible minimum initial deposit can serve to help newer traders with fewer funds to get into trading. However, from our research, it’s pretty clear that this is not a focus that LYNX wants to take.
In its account creation process, LYNX is pretty clear to its users that as part of the process, users will have to make a $3,000 USD or equivalent deposit to activate their accounts. This requirement is pretty crazy since most other brokers we’ve reviewed barely even scratch the $500 or even the $1,000 USD mark. Just so you get an idea, here’s a table comparing LYNX’s minimum initial deposit with other brokers’:
|Minimum Initial Deposit Comparison||Minimum Deposit|
Overall, there’s no easy way to put it. We think that LYNX’s minimum initial deposit is nowhere near user-friendly as other brokers’ and will definitely make some traders look elsewhere for more accessible opportunities.
LYNX Minimum Initial Deposit Score: 0/10
#4 LYNX Ease of Use
LYNX offers quite a varied repertoire of platforms, all of them being proprietary. However, they don’t work quite the same when compared together, which is why we’ll break each of them down separately, starting with the web platform:
LYNX Basic: The Web Platform
If you’re a trader who still hasn’t gotten the hang of trading as a whole or you can’t open a position faster than the speed of light, then this is the right platform for you. LYNX Basic, as its name implies, brings the most basic and simple features to its users so they don’t have to deal with complicated concepts they don’t understand yet.
However, as its name implies, LYNX Basic has some very, very basic functions. This means that overall the platform isn’t very customizable at all and it might fall short for traders who are accustomed to something like MetaTrader or more complex and robust platforms.
So, with that said, let’s look at the desktop platform now:
LYNX Desktop: Not The Prettiest App Out There
If LYNX Basic is the platform for newbies then LYNX Desktop is the complete opposite. This time we see a UI that has been changed completely in order to benefit function rather than style. This manages to create an environment where experienced traders will have everything at the tip of their fingers in order to maximize earnings and have a clear outlook of the current market trends. On top of that, the platform has a ton of drawing tools and custom indicators to use.
However, we recommend this platform only for the most experienced traders out there. If you’re a person who’s getting barely getting into the industry or you’re simply not used to complex platforms, you won’t have a clear idea of what you’re looking at. This platform is one of the most complicated and less user-friendly we’ve seen so far as our reviews go.
That cleared out, let’s look at the one that manages to do the best job overall, the mobile platform:
Weirdly, LYNX’s mobile platform is where we find the middle ground between the most basic and the most complex features we find in trading platforms. It boasts a lot more customizability than LYNX Basic has with more drawing tools and indicators while maintaining a concrete and simple interface.
But by far, the most interesting fact about it is how it really simplifies trading as a whole with a new feature unique to it. This feature is called IBot and it functions as an automated bot that you can send commands to in order for it to execute certain actions. You can check your balance, open or close orders, check a stock’s price and much more by just typing the input in the chat. The best part is that there’s no nomenclature needed, you just type “tesla price” or “buy 100 apple stocks” and the bot will do all the work.
For the reasons mentioned and the overall app score on google and apple stores, 3.2 and 4 out of 5 stars, respectively, we believe that this is the best platform to use with LYNX for the average trader.
Overall, it’s a bit jarring to see such opposites when it comes to both the web and the desktop platforms that this broker offers. Not only do they cater to each niche of traders, but they also exclude the others’ users by their nature. This leaves traders who are not comfortable with either of those to choose the mobile platform by default, even if they’d prefer to trade on their laptops or PCs.
LYNX Ease of Use Score: 7/10
#5 Deposit & Withdrawal Options
This is one of the categories where we see how restrictive a broker like LYNX can really be. You see, the only deposit and withdrawal method available with this broker is through direct bank transfers. No debit/credit cards, no wire transfers, no eWallets nor anything else.
Aside from that, LYNX users only get access to 1 free withdrawal per month. After that, they will be charged a fee based on the base currency they chose out of a total of 21. Here are the withdrawal fees for the most used currencies:
LYNX also states that transfers can take up to 4 business days in total for both deposits and withdrawals, which is an okay time. Although it’s worth mentioning that most user reviews explain that 2 days is the average waiting time for these transfers.
Overall, LYNX offers a really limited performance in this section. Even though its withdrawals and deposits are relatively fast for bank transfers, only having that method at trader’s disposal is enough to make traders think twice before signing up with this broker.
LYNX Deposit & Withdrawal Options Score: 3/10
#6 LYNX Customer Support
This European broker offers customer support through the three main expected channels, phone lines, email and live chat. Aside from that, the broker supports all local languages of the countries where it’s available and English, which amounts up to a total of 10 languages. However, this availability is not supported in all support channels, only through email, while all others support all local languages except English.
LYNX also boasts a single phone number and email for all of its customers, which simplifies the process of actually looking for country-specific numbers and addresses. Here are all the ways in which you can get in contact with the broker:
- Phone: +31 (0)20-6251524
- Email: [email protected]
- Live chat: LYNX’s country-specific websites.
According to customer reviews, LYNX’s phone and live chat support are fast-acting and relevant, especially when we take into account that they’re available 24/5. And according to our own experience, email support is extremely quick to answer (less than 2 hours) although the relevancy of their answers is somewhat near the average mark, mostly directing us to their website.
Overall, LYNX boasts great customer support, both from our and others’ experiences. However, we find that the broker doesn’t offer a dedicated account manager, which is kind of a bummer, but only a couple of things are perfect in life, so we can give it a pass on this one. Great performance in this category, all support channels are relevant and quick to answer to customer’s queries.
LYNX Customer Support Score: 10/10
#7 LYNX Asset Classes
Before we start breaking down how each asset class works, it’s worth mentioning again that LYNX works with both real and CFD stocks and indices. CFDs work in a way where you don’t own the underlying asset per sé, but you can earn on the price difference from the moment when you buy it and when you sell it. However, even if CFDs are cheaper to trade than the real asset, they are a lot more volatile and tend to increase the risk/reward of investing. So, with that out of the way lets delve into each category:
Stocks & Indices
Even though LYNX’s availability is limited only to some select European countries, the broker manages to offer one of the widest asset repertoires we’ve ever seen. Simply put, LYNX offers stocks from up to 79 distinct stock exchanges. These include exchanges from most countries in Europe, North America and Asia. Some of the exchanges included there are the following:
- VSE (Austria)
- SBF (Euronext France)
- FWB (Frankfurt Stock Exchange)
- SWB (Stuttgart Stock Exchange)
- TAE (Tel Aviv Exchange)
- AEB (Euronext Netherland Stocks)
- EBS (SIX Swiss Exchange)
- MOEX (Moscow Exchange)
- LSE (London Stock Exchange)
- AMEX (American Stock Exchange)
- CBOE (Chicago Board Options Exchange)
- NYSE (New York Stock Exchange)
- TSXA (Toronto Stock Exchange Alpha)
- ASX (Australian Stock Exchange)
- HKEX (Hong Kong Stock Exchange)
- TYO (Tokyo Stock Exchange)
This selection of stock exchanges available is probably the biggest we’ve seen so far in any broker whatsoever. It even rivals the previous broker with the biggest amount of stocks we had reviewed before, FP Markets, which amounted to over 8,000 shares with only 9 stock exchanges at its disposal.
Now, in terms of indices, the broker offers an average amount of 13 in total. Here are all the regions where LYNX offers indices from:
- European Union
- United Kingdom
- Hong Kong
- United States
However, all of these indices are offered on a CFD modality, which is very important to know before trading.
Overall, a really varied repertoire of shares!
LYNX continues its “bigger is better” motto in this category and offers a total of 105 currency pairs. This is one of the biggest Forex lists we’ve seen, even rivalling that of Exness and Avatrade. Here are some of the most commonly used pairs within this broker:
With all of the currencies it deals with, LYNX can really offer a unique and vast experience for those looking to delve or fully jump into the Forex market. A pristine performance.
Gold & Commodities
LYNX offers a barebones commodities repertoire, offering just enough. In this broker, you will be able to find some commodities like:
- Precious metals.
- Oil and oil derived products.
- Agricultural products.
However, we couldn’t measure how many in total LYNX offers due to them being offered through CFDs, futures and other categories.
Surprisingly, LYNX offers quite a varied bundle of bonds. In total, the broker offers over 62,000 bonds from 5 different countries, which is the biggest list of bonds we’ve seen so far.
Even more surprisingly, LYNX doesn’t forget about ETFs as other brokers do, offering a total of 13,000 ETFs. The ETFs come from 8 different countries altogether and include some of the ones listed here:
- ETFs Platinum Trust
- IShares China Large-Cap ETF
- IShares Core S&P 500 ETF
- IShares Latin America 40 ETF
- Amplify Transformational Data Sharing
Again, a pretty big list if not the biggest out there!
The problem with Cryptocurrencies with LYNX is the fact that they’re not naturally offered as an actual asset. Instead, they’re offered as a CFD via the Swedish Stock Exchange. Aside from that, only 2 cryptocurrencies are offered, which are Bitcoin (BTC) and Ethereum (ETH). It’s not a lot, and it’s certainly not a conventional way to offer cryptocurrencies, but it’s better than nothing.
Overall, LYNX offers one of, if not, the biggest asset repertoires out there. Ranging from stocks to CFDs to indices, ETFs, bonds and more with an astounding number of each of these. If there was a category where LYNX could score more than a 10, it would definitely be this one.
LYNX Asset Classes Score: 10/10
#8 Referral Program
Surprising to us again, LYNX does have a referral program available for all users. However, the way it works somewhat varies depending on the country in which you open your account. The reward for when you refer a friend may slightly vary between €50 and €100, but in most cases, it tends to be around the latter example.
LYNX Referral Program Score: 4/10
#9 Demo Account & Educational Resources
Education is one of the main features a broker should have in order to successfully introduce newer traders to trading as a whole. LYNX manages to offer some really good sources of education but it also manages to miss the main introductory tools to really understand trading. The features it offers for education are its demo account, webinars and some educational posts here and there, but that’s as far as the broker goes in education. Now, let’s break these down
LYNX Demo Account
The broker offers a fully-fledged demo account that lets users play around with all of the tools as if they’d opened a real account. However, this demo account is only offered for the desktop platform, which as we mentioned, is not beginner-friendly at all. This leaves the web and mobile platforms without a real way to test and get used to them before starting to actually trade with them, which is not good at all.
However, a good feature that this demo account has is that it’s not limited in any way, that being both time/instrument restrictions. This is something that’s definitely in its favour.
LYNX Educational Resources
As we had mentioned before, the only real ways in which LYNX offers to educate you is through webinars and some educational articles. However, for as much as we tried to find anything in English, most resources were only available in the local European languages. Aside from that, there’s not much real value left for either kind of traders.
Overall, the only real way that LYNX has to introduce newbies into trading, in general, is only through its unlimited demo account. And even then, it might not be the best environment for inexperienced traders who’re just taking their first steps into an already complicated niche. Aside from that, demo accounts do still need a full account registration and verification, which slows down the process a whole lot more. Not the best performance out there.
LYNX Demo Account & Educational Resources Score: 7/10
#10 Safety & Regulation
As with education, regulation is one of the most important features that can either make or break a broker. LYNX actually performs really well in this category due to its individual regulation and the fact that it’s partnered up with Interactive Brokers. The second part accomplishes that every asset you hold in your account is automatically held and protected by Interactive Brokers, which is regulated on its own. Let’s break down how each bit of regulation for LYNX works.
On its own, LYNX is regulated by local European authorities, which includes the Authority for the Financial Markets based in Netherlands (AFM) and the Dutch Central Bank (DNB). By default, these are some great institutions that provide a lot of safety to trader’s funds. Being regulated by these entities also means that LYNX is a financial institution that can be trusted from a legal standpoint.
LYNX also offers negative balance protection, but only for certain assets and types of customers. This will only apply for Forex spot contracts and CFD trading and only for retail clients from the European Union. All other types of clients are offered no balance protection whatsoever.
However, these institutions don’t provide investor protection in case the broker fails to protect or reimburse any earnings or assets to its users, which is a glaring flaw. Although, this fact totally changes when we bring Interactive Brokers into the equation:
Interactive Brokers: LYNX’s Big Brother
The relationship between Interactive Brokers and LYNX is a partnership we hadn’t quite seen before. Most of the assets offered by LYNX come from Interactive Brokers and all of the assets that LYNX’s traders hold are then held and protected by Interactive Brokers. This means that somehow, Interactive Brokers’ regulation also applies to LYNX in some cases.
Let’s remember that in our Interactive Brokers review, we found out that it’s regulated both by the Financial Conduct Authority (FCA) in the UK and the Financial Industry Regulatory Authority (FINRA) in the US. These, on their own, are probably the biggest and most important regulators in both Europe and the US. On top of that, they offer the following customer protection:
- FCA’s £85,000 if your portfolio includes non-Us stock index options and futures.
- FINRA’s $500,000 USD if you trade with stocks, bonds, US stock index options and funds.
However, this does bring some confusion as to when you’re actually protected or not, so it’s worth keeping track of what your current portfolio consists of.
Overall, LYNX has great regulation on its own, and the fact that all of its assets are held and protected by Interactive brokers brings forth some customer protection and safety that rivals any other top European broker as of date. Pristine performance here.
LYNX Safety & Regulation Score: 10/10
And so, we’ve reached the end of this review. According to LYNX’s performance in every category we mentioned, the broker scores a total of 60/100, which is… not that great. However, LYNX has some great benefits to it, so what really makes it score so low? We believe that the best point of comparison to get why a broker gets their score is Capital.com, our current highest-rated broker to date. So, let’s delve into that:
LYNX vs. Capital.com
We believe that Capital.com is almost always a 10/10 in every category, which is basically our mark of reference for how good other brokers are. Now, let’s go through what we consider LYNX’s biggest flaws and how Capital.com improves on them:
The first thing that has to be mentioned when comparing these 2 brokers is that, firstly, Capital.com doesn’t charge any kind of fees. This means that Capital.com is a $0 commission broker that doesn’t charge any withdrawal/deposit/inactivity fees. Earlier we mentioned that LYNX charges certain fees per lot of the instrument you’re trading. We’ve personally found these fees to be relatively high, especially when in exchange the broker doesn’t offer raw spread prices.
Signup Process and Minimum Initial Deposit Comparison
Capital.com is one of those brokers that’s ahead of the competition and offers an easy to follow signup process with instant document verification. Instead, in regular circumstances, LYNX offers a signup process that can take 3 days on average, but due to the current situation, this process can extend up to 10 business days.
In terms of minimum initial deposit, there’s also a huge difference between both brokers. Capital.com offers an accessible account creation process that only asks for a $20 deposit to get into trading. Instead, LYNX has a completely different mentality towards this aspect, requiring a minimum initial deposit of at least $3,000 USD.
In both categories, the differences are pretty clear, so that’s not only one point but two that Capital.com has in its favour. Now onto the final comparison:
Deposit And Withdrawal Methods Comparison
This is probably one of the categories where LYNX falls behind the most because it only offers bank transfers as its only deposit and withdrawal medium. On the other side of the pond, Capital.com offers the following mediums for deposit and withdrawals:
- Debit/credit cards
- Bank transfers
- eWallets (Neteller, Skrill) (Only deposit)
- Wire transfers (Only deposit)
So, even though the deposit and withdrawal repertoire isn’t huge, it’s certainly better than only having one of those options.
Overall, Capital.com is simply an experience that can be resumed as bigger, sleeker and better. On top of this we mentioned, Capital.com also has the following benefits:
- Unique proprietary platform that welcomes both beginner and expert traders.
- Surprisingly developed educational resources.
- Dedicated account managers for every trader.
- 24/7 support.
- Regulated by FCA.
- All versions of the broker have a consistent platform design so trading never feels different or out of place.
Now, if you’re willing to apply for Capital.com from what you’ve read, you can do so by clicking on the button down below. However, if you want to read a more thorough look at the broker and make a choice there, you can read a full review here.
Let’s take a final look at LYNX before we actually finish this review to put everything we’ve mentioned into perspective.
LYNX Review: In Summary
At the end of the day, LYNX is a powerhouse when it comes to actually broadening your investments. However, trading with this broker does come with some caveats like pretty noticeable trading fees per lot and limited ways to get your money in and out from it. On top of that, we’re also dealing with a broker that’s not too accessible, with a really hefty minimum initial deposit and a long time taken for verifying your identity.
However, the biggest benefit of LYNX, as we mentioned, is how it’s possible to diversify your trading in a myriad of ways. You can choose most if not all existing instruments out there from most major countries in there and trade as much as you want. Its partnership with Interactive Brokers also helps in keeping a relationship with international institutions, assets and even more important, regulation, which definitely makes LYNX one of the biggest and safest houses to trade with.
So, if you’re willing to put with the drawbacks we’ve mentioned, LYNX offers one of the biggest and best trading experiences you will probably have if you live in those select European countries. So, what are you waiting for?
If, on the other hand, you’re new to the world of trading, Lynx is probably not your best option. Also, if you don’t live in any of the seven European countries where Lynx is available, signing up won’t even be an option. In either of these cases and in others besides, we recommend Capital.com, which is available in 150+ countries, has a powerful trading platform that’s easy to learn and use, has one of the cheapest fee structures out there, and is a virtual trading university for beginners to learn everything they need to know to go from zero to hero in the world of trading. So, what about signing up for the best brokerage experience as of now?