LYNX Review 2021

LYNX has low trading fees for stocks, ETFs and funds, but its options fees are high and it also 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.

First, let's go over some basic terms 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 the most important fees are commissions.

We also compared LYNX's fees with those of two similar brokers we selected, Comdirect and DEGIRO. 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 average stock and ETF commissions compared with the rest of the online brokerage market. Note that LYNX's fee structure is a bit different in each country they operate in. We checked Lynx.nl fees (applicable to Dutch clients).

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, you should check LYNX's financing rates.

Trading on margin basically means that you borrow money from your broker and can purchase more shares than you could with just the available cash in your account. You have to pay interest on this borrowed money – the interest rate is called the margin rate. It can account for a significant portion of your trading costs.

LYNX margin rates are average.

Forex fees

LYNX forex fees are average. Among its closest competitors, forex fees are noticeably higher, 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 commission, 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, but not the lowest. They are lower than DEGIRO's and Comdirect's fund fees. However, it appears you can only invest in European investment funds at LYNX.

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 high bond fees.

Options fees

LYNX options fees are considered high, though not the highest on the market.

Futures fees

LYNX futures fees are average compared to the market, but much higher than at DEGIRO.

CFD fees

LYNX has high stock index CFD and average stock CFD 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 review, it was possible to trade Bitcoin and Ethereum ETNs on the Stockholm Stock Exchange. The trading cost here is 0.14% of the trade value or a minimum of SEK 40. If you want to understand what a crypto ETN is, check out our crypto blogpost.

Non-trading fees

LYNX has average non-trading fees overall, including an inactivity fee called 'platform fee'. 

The inactivity fee is a maximum of €5 per month. It is calculated as €5 minus transaction costs incurred during the month. So for example, if your trading costs added up to only €3 in a month, a further €2 would be debited to make it €5 in total.

If you have a portfolio exceeding €100,000, you will be exempt from this fee. New customers are also exempt from the platform fee after making their first deposit and in the following three months.

The first withdrawal of every calendar month is free. Subsequent withdrawal charges vary by currency:

The account opening process at LYNX is smooth and fully digital, but it took us over three days to complete, and there is a high €3,000 minimum deposit.

Can you open an account?

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It is not immediately evident from which countries you can open a LYNX account. LYNX's webpage has localized versions for the Netherlands, Belgium, France, Germany, Switzerland, Poland, Slovakia and Finland.

Customer support told us that you can open an account from most European countries. International clients will be onboarded via the Dutch entity of LYNX. For customers outside Europe, LYNX will review applications on a case-by-case basis, but if you have any ties to the Netherlands, you will be most likely accepted.

What is the minimum deposit at LYNX?

The required LYNX minimum deposit is €3,000 (~$3,600), one of the highest on the market. You can also open an account by transferring your portfolio from another broker, provided that it has an aggregate value of at least €3,000.

Account types

You can choose from three account types, based on ownership:

• Individual - you are the only account owner
• Joint - there are multiple account owners
• Corporate - a legal entity is the account owner; here, a minimum deposit (or portfolio transfer) of €20,000 applies

Youl also need to select whether you wish to have a cash or a margin account. To be able to short stocks or options, or to buy on margin, you'll need a margin account. However, margin accounts are only available if you're older than 21.

Normal (cash) accounts can be opened if you're older than 18. With a cash account, it takes three days after selling a stock to gain access to the sum credited. That's because according to industry standards, most securities have a settlement date that occurs on the trade date plus 2 business days (T+2). That means if you sell a stock on a Monday, the settlement date would be Wednesday. This doesn't really make a difference for investors, but for traders, a margin account usually works out better.

How to open your account

The account opening process is fully digital and easy to launch. On the negative side, the overall process is slow; approval took us more than three days.

The three steps of LYNX account opening:

1. Enter your personal and financial information.
2. Add info about your trading experience and fill out a questionnaire on your financial knowledge.
3. Verify your identity and residency. Upload a national ID or passport to verify your identity; bank statements are accepted as proof of residency.

You can fund your account in many base currencies, and you have one free withdrawal per month. However, you can only use bank transfer.

Account base currencies

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

In comparison with others,

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. You can get 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 transfers can take up to 4 business days to arrive. We tested it and it took us 2 business days.

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

LYNX withdrawal fees and options

LYNX charges no withdrawal fees for the first transfer of every calendar month. Subsequent withdrawals incur a fee; for example, a SEPA transfer costs €1.

How long does it take to withdraw money from LYNX? We tested the bank transfer withdrawal and it took 2 business days. However, 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 'Transfer & Pay' and 'Transfer funds'
• Select the account you want to use for the transaction
• At the top of the page, click the 'Withdraw Funds' tab
• Select the currency of your withdrawal, then the withdrawal method
• Fill in the required information (this is different for each withdrawal 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, with multiple order types and clear fee reports. On the negative side, it lacks 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 the Account Management platform, you can read more about it in the Interactive Brokers review.

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

On December 7, 2020, Bloomberg News reported that Interactive Brokers (IB) had a major outage resulting in its users being unable to trade for several hours. Since LYNX is an introducing broker of Interactive Brokers, the turmoil also influenced its operations. The error was reportedly caused by a “high availability” data system provided by another company, which IB didn’t name. On the positive side, IB informed clients right away and apologized for the technical issues.

Look and feel

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

Login and security

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

Search functions

The search functions are OK. You can search based on tickers and company names, but search results aren't ranked by 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 interesting functions such as a chatbot, but could be improved in some areas.

The LYNX mobile trading platform is available for both 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 with the web platform. Still, its overall look and user-friendliness lags behind the mobile platforms of many other brokers.

Login and security

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

Search functions

The search function works well, just like on 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 among Apple stock, futures, options, warrants or CFDs.

After you have selected the product are you interested in, you will be greeted by an information and trading window that 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 take 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

However, on its own, the most innovative and exciting function within the app is the chatbot, called 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 other functions, like displaying a chart, are also available via the chatbot.

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LYNX offers a desktop platform with advanced features and great customizability. For these reasons, though, it is not user-friendly and is mostly recommended for advanced traders.

The 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 do it justice. 

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

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 very user-friendly and is very complicated. If you are an advanced trader, the platform is ideal. However, if you're just starting out or if you prefer long-term investments, you won't be able to take advantage of most features.

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

Login and security

LYNX provides only one-step login. A two-step login process 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, ranking among the most extensive on the market. Some of them are intended for advanced, professional traders. A few examples of available 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 on the configuration panel. You can select 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 the full spectrum of asset classes and gain access to many markets.

LYNX has an outstanding product portfolio. From stocks to CFDs, you will find everything. It is essentially the same as Interactive Brokers's offer, as LYNX is IB's introducing broker.

The total value of your portfolio (securities plus cash) must be at least $2,000 (or an equivalent amount in a different currency) in order to be able to trade all options, futures, and American shares. If your portfolio does not reach this minimum, you will still be able to trade European shares and options.

Stocks and ETFs

LYNX's stock and ETF selection are great. It is bigger than either DEGIRO's or Comderict's offerings.

Forex

LYNX offers a wide range of currency pairs for trading. Its selection tops that of most rival brokers.

Funds

LYNX lists a higher number of funds than its competitors. However, it appears you can only invest in European investment funds.

Bonds

LYNX offers an outstanding number of bonds, well above DEGIRO's bond selection.

Options

LYNX has great options coverage. You can access exchanges all over the world.

Futures

LYNX's futures offer is also ahead of its competitors.

CFDs

At LYNX you can trade only stock and stock index CFDs, while Comdirect has commodity CFDs. 

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% 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 Stockholm Stock Exchange. If you want to know more about crypto investing, we recommend our crypto blogpost.

FCA bans the sale of crypto-derivatives to UK retail consumers from 6 January 2021.

From advanced charting to great fundamental data, you will find almost everything at LYNX. However, its research features may be too complex for most users.

Research tools are available through the LYNX desktop trading platform.

Trading ideas

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

Fundamental data

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

Charting

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 stocks by various criteria such as sector, price, volume, etc. You can use this tool for other asset classes as well, like bonds, futures or CFDs.

Compare research pros and cons

LYNX has good customer service, including local language support, but unfortunately it is not available 24/7.

You can contact LYNX via:

• live chat
• telephone
• email

Lynx.nl is available via email, chat and phone from 8:00 to 22:00 (GMT+1).

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 of the answers was very poor. We only got an automated response from the chatbot, pointing 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 likewise relevant.

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LYNX's education content is mid-range. You can open a demo account, but most educational material is only available in local languages.

LYNX offers a demo account, but only on the desktop platform and on 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 1,600-page 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 belong to top-tier regulators. However, LYNX is not listed on an exchange and publishes only limited financial information.

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 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 (both cash and securities). In the unlikely case that LYNX defaults, your assets would still be with Interactive Brokers.

Interactive Brokers's UK entity is regulated by the Financial Conduct Authority (FCA), while the US entity is 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 slightly complicated, as it depends on the products you trade:

• If you trade forex, CFDs, non-US stock index options or futures, the money involved in these trades is covered by the FCA's £85,000 investor protection scheme. 
• If you trade stocks, bonds, funds or US stock index options, the money involved in these trades is protected by US investor protection of $500,000, including a cash limit of $250,000.

Our best advice is to ask customer service from time to time about the exact protection amount applicable to 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 by any negative balance protection.

Background

Interactive Brokers will be holding your funds, so let's check its background.

IB dates back to 1978; this shows that it has survived multiple economic crises. IB is listed on the NASDAQ, which increases transparency as it has to publish financial statements regularly.

Nonetheless, there is only a limited amount of financial and management information available on LYNX itself, which is not ideal for transparency.

Still, being regulated by top-tier financial authorities, and being an introducing broker of a strong and reputable 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, deposit and withdrawal options are limited to bank transfers. There is also a steep €3,000 minimum deposit and the desktop platform is too complex for most users.

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

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