Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Legitimacy is also very important, but since we recommend only legit brokers regulated by top-tier financial authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether LYNX is the right choice for a starting trader.

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Is LYNX good for beginners
Is LYNX good for beginners?

Based on our scoring methodology, LYNX is not considered good for beginners. If you'd like to see alternatives, check out our picks for the best brokers for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 LYNX's web platform has some good things to offer: User-friendly. Clear fee report. However, some things may not be suitable for beginners. Areas of improvement: Limited customizability (for charts, workspace).
  • 📱 Sadly, LYNX's mobile platform is not its strongest side, but there are a few positive aspects to it: Two-step (safer) login. Good variety of order types. Price alerts. On the other hand, there are some things that could be improved: User interface is a bit complex.
  • 🕖 Account opening: Fully digital. User-friendly. When it comes to the actual process however, there are more seamless experiences at other brokers that LYNX could look to as an example. Areas of improvement: Slow. The minimum deposit is €3,000.
  • 📚 Demo account. However, LYNX's education materials could be improved.Areas of improvement: No trading platform tutorial videos. No educational videos.
  • 📞 When you need help, one thing you should have immediate access to is customer service. LYNX's customer service generally scored well on these points: Available in local languages.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. LYNX's deposit and withdrawal processes have some good things to offer: No deposit fee. Several account base currencies. One free withdrawal per month. Nevertheless, its services could be improved in other areas: Credit/Debit card not available.

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Is LYNX good for beginners
Overview of LYNX's services

Let’s take an overall look at how LYNX compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

LYNX services vs. similar brokers
LYNX Comdirect DEGIRO
Web platform score 3.8 stars 4.4 stars 4.0 stars
Mobile platform score 3.5 stars 4.7 stars 4.5 stars
Fees Low High Low
Account opening score 2.0 stars 2.8 stars 5.0 stars
Education score 3.0 stars 5.0 stars 3.0 stars
Customer service score 4.5 stars 3.9 stars 4.4 stars
Deposit and withdrawal score 3.0 stars 3.5 stars 3.0 stars

If you wish to read more about LYNX, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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Is LYNX good for beginners
Is LYNX legit?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier financial regulators. As such, LYNX is a legit and trusted broker.

If you’d like to know more, check out our deeper dive into LYNX's legitimacy.

Is LYNX good for beginners
Where can I find more information?

If LYNX is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2023 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the Education section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news, like what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Gyula Lencsés, CFA

Author of this article

Gyula has more than 10 years of experience in the financial industry. He spent most of his career in the wealth management business as a portfolio manager of mutual funds. He has trading experience in a wide range of asset classes, including stocks, ETFs, bonds, commodities, forex and derivatives markets.

Gyula Lencsés, CFA

Head of Content

Gyula has more than 10 years of experience in the financial industry. He spent most of his career in the wealth management business as a portfolio manager of mutual funds. He has trading experience in a wide range of asset classes, including stocks, ETFs, bonds, commodities, forex and derivatives markets.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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