LYNX Review 2020

LYNX has low trading fees for stocks, ETFs and funds. On the other hand, its forex fees are high and it charges an inactivity fee.

How we ranked fees

We ranked LYNX's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of LYNX for each asset class. For example, in the case of stock investing, commissions are the most important fees.

We also compared LYNX's fees with those of two similar brokers we selected, Degiro and Saxo Bank. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of LYNX alternatives.

To have a clear overview of LYNX, let's start with the trading fees.

LYNX trading fees

LYNX trading fees are average.

Stock fees and ETF fees

LYNX has low stock and ETF commission compared to the online brokerage market. Nevertheless, its main competitors charge lower fees.

LYNX charges a volume-based commission on stock and ETF trading. This can be per share or percentage-based.

If you prefer stock trading on margin or short sale, you should check LYNX financing rates.

A financing rate, or margin rate, is charged when you trade on margin or short a stock. This basically means that you borrow money or stocks from your broker to trade. For this borrowed money/stock you have to pay interest. This is the financing rate. It can be a significant proportion of your trading costs.

LYNX financing rates can be considered low but they are still higher than Degiro's financing rates. The financing rates vary based on the base currency of your margin account.

The financing rates above are also applied for the options and futures trading.

Forex fees

LYNX forex fees are high. In comparison, Saxo Bank's forex fees are noticeably lower, while you can't trade forex at Degiro.

To have a clear picture on forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

The forex fee is €4 per one lot. A lot is 100,000 units of the respective currency, for example, €100,000 for EURUSD trading.

Fund fees

LYNX fund fees are low. They are lower Degiro's fund fees but Saxo Bank doesn't even charge you for buying funds.

Fund fees are calculated as 0.1% of the trade value and there is a minimum charge of €6 and a maximum of €45.

Bond fees

LYNX has generally low bond fees. It is cheaper than Saxo Bank and slightly more expensive than Degiro.

Options fees

LYNX options fees are considered high. It charges higher options fees than Degiro but it's cheaper than Saxo Bank.

Futures fees

LYNX futures fees are high, but they are still lower than Saxo Bank's fees.

CFD fees

LYNX has high CFD trading fees.

To have a clear understanding of CFD fees we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

We calculated with 20:1 leverage for stock index CFDs and 5:1 leverage for single stock CFDs.

Crypto fees

At LYNX you can buy cryptos through ETNs (exchange-traded notes). At the time of our LYNX review, you can trade with Bitcoin and Ethereum ETNs on the Stockholm Stock Exchange. LYNX trading cost here is 0.14% of the trade value or minimum SEK 40. If you want to understand what is a crypto ETN check out our crypto blogpost.

Non-trading fees

LYNX has average non-trading fees as it charges you an inactivity fee, called the 'platform fee'. 

The inactivity fee is maximum €5 per month. The amount of the fee is calculated like this:

Platform fee = € 5.00 - transaction costs incurred in the relevant calendar month.

If you have a portfolio above €100,000 you are excluded from this fee. New customers are also excluded from the platform fee after making their first deposit for the current calendar month and the following three months.

The first withdrawal of every calendar month is free. Subsequent withdrawals are charged differently by currency:

LYNX's account opening is fully digital and user-friendly. However, there is a €3,000 minimum deposit and the account opening took us over three days.

Can you open an account?

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It is not transparent from which countries you can open an account. You can probably open an account from most European countries. 

What is the minimum deposit at LYNX?

The required LYNX minimum deposit is €3000. It is one of the highest on the market.

Account types

You can choose from three account types based on the owner:

• Individual - you are the only account owner
• Joint - there are multiple account owners
• Corporate - a legal entity is the account owner

You can also choose an account based on leverage:

• Cash account - non-leveraged
• Margin account - leveraged (available above 21 years of age)

How to open your account

The account opening is user-friendly and fully digital. On the negative side, the process is slow: approval took over three days for us.

The three steps of LYNX account opening:

1. Provide your personal and financial information.
2. Provide your trading experience and fill out a test on your financial knowledge.
3. Verify your identification and residency. You can upload a national ID or passport to verify yourself. Bank statements are accepted for residency verification.

You can fund your account in many base currencies and there is also one free withdrawal per month. However, you can only use bank transfer and the process is not user-friendly.

Account base currencies

At LYNX, you can choose from 21 base currencies. The available base currencies are: 

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

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Deposit fees and options

LYNX charges no deposit fees. However, deposit options are limited, as you can only use bank transfer. 

Bank transfer can take up to 4 business days to arrive. We tested it and it took 2 business days.

You can only deposit money from accounts which are in your name.

LYNX withdrawal fees and options

LYNX charges no withdrawal fees for the first transfer of every calendar month. After that withdrawal fees are charged based on currency. 

How long does it take to withdraw money from LYNX? We tested the bank transfer withdrawal and it took 2 business days. Although according to the LYNX website, it can take up to 4 days.

You can only withdraw money to accounts in your name.

How do you withdraw money from LYNX?

• Enter the Client Portal then click on 'Transfer & Pay' and 'Transfer funds'
• Select the account you want to use for the transaction
• At the top of the page, click on the 'Withdraw Funds' tab
• Select the currency of your withdrawal, then the withdrawal method
• Fill out the required information (this is different from method to method)
• Submit your withdrawal request
• In 'View Transaction History' you can see the status of your request

Compare to other brokers

The LYNX web trading platform is simple and easy to use. You can execute your order via several order types and access a clear fee report. On the negative side, it lacks the two-step login, customizability, and price alerts.

LYNX offers two web trading platforms: LYNX Basic and Account Management. 

LYNX Basic is LYNX's own web trading platform, while Account Management is provided by Interactive Brokers. For transferring money and managing your account, you can only use the Account Management platform.

In this review, we tested LYNX Basic. If you are interested in Account Management, you can read more about it in the Interactive Brokers review.

LYNX Basic is available in English, Dutch, German, French, Czech, Finnish, and Polish.

Look and feel

The LYNX web trading platform is user-friendly and good for execution. It's well-designed but it lacks customizability. 

Login and security

LYNX provides only a one-step login. A two-step login would be more secure.

Search functions

The search functions are OK. You can search based on tickers and company names, but the listing is not based on relevancy. For example, if you search for Apple, the German stock exchange appears first and not the US NASDAQ. 

You can also search within product types which is a useful feature. 

Placing orders

You can use the following order types:

• Market
• Limit
• Stop
• Stop limit
• Trail
• Trailing %

To get a better understanding of these terms, read this overview of order types.

There are also order time limits you can use:

• Good 'til cancelled (GTC)
• Good 'til the end of the day (GTD)

Alerts and notifications

You cannot set price alerts and notifications. We found this surprising as there is a notifications tab on the platform but there are no notification settings.

Portfolio and fee reports

LYNX provides a clear portfolio report and a separate fee report. You can access these through the 'Performance' and 'Portfolio' tabs.

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LYNX has a great mobile trading platform, provided by Interactive Brokers. It has lots of functions such as a chatbot.

LYNX mobile trading platform is available both for iOS and Android. In this review, we tested it on Android.

The mobile trading platform is available in English, German, Spanish, French, Italian, Russian, Dutch, Turkish, Chinese, and Japanese.

Look and feel

The mobile trading app is handier compared to the web platform. On the other hand, its overall look and user-friendliness lags behind the competitors' mobile platforms. 

Login and security

You can use a two-step login, which is safer than a simple login. Furthermore, if your device has a fingerprint sensor, you can also use biometric authentication for convenience.

Search functions

The search function works well, just like at the web trading platform. You can access the search button easily from any menu.

When you type in the asset you are looking for, the app lists all asset types. For example, if you search for Apple, you can choose between Apple stock, futures, options, warrants, as well as CFDs.

After you have chosen the product are you interested in, you will be greeted by an information and trading window, which shows:

• Asset market information 
• An interactive chart with technical indicators
• Related news
• Some fundamental data
• Summary of the latest analyst report
• The buy and sell buttons that transfer you to the order panel.

Placing orders

The order panel is highly advanced with a wide range of order types:

• Market
• Limit
• Stop-loss
• Stop limit
• Market/limit if touched
• Trailing stop
• Relative
• Market/limit on close
• Bracket

There are also several order terms you can use:

• Good 'til cancelled (GTC)
• Good 'til the end of the day (GTD)
• At the opening

Alerts

You can set alerts only via the chatbot, which is not the most intuitive method.

Special feature - Chatbot

The most innovative and exciting function within the app is the chatbot, call IBot. You can use the chatbot to execute or close an order, or to get basic info quickly.

The chatbot understands basic commands, such as “apple price” or “buy 1 apple share.” On top of this, you can also search for company fundamentals, like dividend yields or PE ratios. Some of the functions, like displaying a chart, are also available via the chatbot.

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LYNX offers a desktop trading platform with advanced features, and many customizability options. Nonetheless, the platform is not user-friendly and we would rather recommend it for advanced traders. There are also some issues with the English display.

LYNX desktop platform is powered by Interactive Brokers. It is so advanced and has so many functions that even a separate review would not be able to cover it all. 

In the desktop trading platform, you have literally everything you could desire. Were you dreaming of replicating your favourite ETF? Wondered whether it is possible to trade via chatbots? Yep, with LYNX desktop trading platform, you can do them.

It is available in multiple languages but some features haven't been translated from Dutch. 

Look and feel

The LYNX desktop trading platform is not user-friendly and it is very complicated. If you are an advanced user, the platform is ideal. However, if you start trading now or you prefer long-term investments, you can hardly take advantage of all the features.

As a plus, the platform is highly customizable. You can set up your own templates.

Login and security

LYNX provides only a one-step login. A two-step login would be safer.

Search functions

The search functions are OK. You can search based on a ticker or the name of the company you are looking for and results will appear in alphabetical order. You cannot filter for product types, which would be a useful feature.

Placing orders

The order functions are great, probably the largest list in the market. Some of them are designed for advanced, professional traders. A couple of order types:

• Market
• Limit
• Stop-loss
• Trailing stop
• Relative
• RPI

There are also many order terms you can use:

• Good 'til canceled (GTC)
• Good 'til end of the day (GTD)
• Good 'til time (GTT)
• At the open
• Immediate or cancel
• Good after date/time

Alerts and notifications

Price alerts and order notifications can be set up at the configuration panel. You can select from email, SMS, or push notifications.

Furthermore, you can set alerts for your daily profit or loss, trade executions, etc.

Portfolio and fee reports

LYNX's desktop platform has clear portfolio and fee reports.

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At LYNX you can trade with all the asset classes and reach many markets.

LYNX has a good product portfolio. From stocks to CFDs, you will find everything. It is essentially the same as Interactive Brokers' offer, as LYNX is its introducing broker.

Stocks and ETFs

The LYNX stock and ETF selection are great. It is higher than Degiro's and Saxo Bank's portfolio.

Forex

LYNX offers a wide range of currency pairs for trading. More than many competitor brokers, but not as much as Saxo. Degiro doesn't provide forex trading.

Funds

LYNX lists a higher number of funds than its competitors.

Bonds

LYNX offers an outstanding number of bonds. The number is way higher than Degiro's and Saxo's bond count.

Options

LYNX has great options coverage. You will get access to exchanges all over the world.

Futures

LYNX's futures offer is higher than its competitors'.

CFDs

At LYNX you can trade only with stock and stock index CFDs. The range of CFDs is wider than Degiro's but smaller than Saxo Bank's.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptos

You can invest in Bitcoin and Ethereum through ETN instruments traded on the Swedish stock exchange. If you want to know more about crypto investing, we recommend our crypto blogpost.

From an advanced charting to great fundamental data, you will find almost everything at LYNX. On the flip side, it is not user-friendly.

The research tools are available through the LYNX desktop trading platform.

Trading ideas

LYNX provides trading ideas through the 'Analyst Ratings' tab. You can read recommendations from analysts of the biggest investment banks.

Fundamental data

LYNX provides a broad selection of fundamental data. Just to mention a few of them, you can check companies' financial statements for the past 6 years, a dividend calendar, and a list of peer group companies.

Charting

The charting features are almost endless at LYNX. There are more than 100 technical indicators, but just like the desktop trading platform, the charting tool requires some trading experience.

News feed

The news feed is great. Information is provided by top-tier news agencies like Reuters. You can filter based on companies, topics, and many other criteria.

Other research tools you will enjoy

There is a wide range of other research tools available. 

An example is the Market Scanner where you can filter for different assets. For example, you can filter stocks by sector, price, volume, etc. You can use this tool for other asset classes as well, like bonds, futures, CFDs.

Compare research pros and cons

LYNX has good customer support, you can contact them in local languages. Unfortunately, it is not available 24/7.

You can contact LYNX via:

• live chat
• telephone
• email

LYNX's live chat is available on the local websites for Austria, Belgium, Czech Republic, Finland, Germany, The Netherlands, Slovakia, and Switzerland. We tested the Dutch one, where the response time was fast but the relevancy was very poor. We only got an automated response from the chatbot, referring to Investopedia articles.

LYNX phone support was also fast and we got relevant answers.

Email responses generally took 1 business day. The answers to our questions were relevant.

The customer service is available from Monday to Friday, between 8:00 to 22:00 GMT+1 timezone. We missed the 24/7 availability.

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LYNX education is mid-range. You can open a demo account but most of the educational content is only available in local languages.

LYNX offers a demo account, but only on the desktop platform and the Account Management platform. It would be great if you could use a demo account on the LYNX Basic platform as well.

There are webinars and some quality educational articles. These are available only in some languages. The only extensive English educational tool is a 1600-pages long manual for the desktop platform.

LYNX offers no educational or platform tutorial videos. 

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LYNX is the introducing broker of Interactive Brokers. Both LYNX and Interactive Brokers are regulated by top tier regulators. LYNX also provides negative balance protection.

Is LYNX regulated?

Yes, it is regulated by the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB).

LYNX is based in The Netherlands and it was founded in 2006.

Is LYNX safe?

To be certain, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

LYNX is an introducing broker of Interactive Brokers. This means that Interactive Brokers will hold your assets. If LYNX defaults, your assets would still be with Interactive Brokers. 

Interactive Brokers' UK entity is regulated by the Financial Conduct Authority (FCA), while the US entity regulated by the Financial Industry Regulatory Authority (FINRA).

You will get the same investor protection as the regular clients of Interactive Brokers. This investor protection is a little complicated. It depends on the product you trade: 

• If you trade with forex, CFDs, non-US stock index options, and futures, you are protected by the FCA's £85,000 of investor protection scheme. 
• If you trade with stocks, bonds, funds, US stock index options, you are protected by the US investor protection for $500,000, with a cash limit of $250,000.

As you can see, it is not totally transparent. Our best advice is to ask the customer service from time to time about the protection amount of your actual portfolio.

LYNX also provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection

Background

Interactive Brokers will be holding your funds, so we have to check its background.

Interactive Brokers' foundation dates back to 1978. This shows that IB survived multiple economic crises. 

It is listed on the New York Stock Exchange which increases the transparency as it has to publish financial statements regularly. 

Nonetheless, there is a limited amount of financial and management information available for LYNX. This is not great for its transparency.

Still, being regulated by top-tier regulators and being an introducing broker for a strong company are all great signs for LYNX's safety.

Find your safe broker

LYNX has low stock and ETF trading fees, a great mobile trading platform, and offers a wide range of markets and products. 

On the other hand, the deposit and withdrawal options are limited. There is also a €3,000 minimum deposit and its desktop platform is quite complicated.

Feel free to try LYNX if you are a European client and prefer low stock and ETF trading fees and a good mobile trading platform.

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