Getting started with LYNX
Are you a new investor considering opening a brokerage account at LYNX but don't know how to do it? Are you wondering how long the process takes and how difficult it is?
Opening a brokerage account can seem daunting. Unfortunately, account opening is indeed not a great experience at LYNX, so if that keeps you from getting started, check some more user-friendly alternatives.
Together with my brokerage analyst colleagues, I have thoroughly tested the services of LYNX by opening a real-money account. Here’s what you need to know about account opening if you want to start investing with LYNX:
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Account opening at LYNX is fully online and takes >3 days.
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You will need to prove your identity and residency with documents.
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Choose an account type that suits your needs.
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You can choose from multiple base currencies.
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The minimum deposit at LYNX is $3,240.
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Browse the best brokers for beginners for some great alternatives.
Before we start, let's check if LYNX is available in your country:
Account opening at LYNX vs other competitors
Account opening at LYNX is fully online, meaning you can do it from the comfort of your chair. In fact, you don't even need a chair: you can simply do it on the go on your mobile phone.
See how we rated the account opening experience and how long it takes to get started at LYNX compared with its main competitors:
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Account opening score
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2.5 stars | 2.5 stars | 5.0 stars |
|---|---|---|---|
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Account opening fully online
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Yes | No | Yes |
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Time to open account
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>3 days | >3 days | 1 day |
Opening an account is always free of charge, but the time it takes differs from broker to broker. At some brokers, it's as quick as signing up for a new Gmail account. At others, it might take a couple of days as they run a background check on your data. At LYNX, it usually takes >3 days to have your account up and running.
Navigating the complexities of trading can be challenging. If you're a new investor, you'll need a broker with a user-friendly trading interface and robust educational materials. So where to find such brokers? Start with our toplist of brokers we rated as good for beginners.
How to get a verified trading account at LYNX?
First, you need to go to LYNX's website and fill a registration form to apply for an account. It takes the broker a bit of time to review and verify your application - usually >3 days - after which you can make your first deposit and start trading.
Opening a brokerage account is not unlike opening a bank account. As you go through the steps, you’ll find that it is a simple and familiar process. Once your brokerage account is set up, you’ll find that the experience is similar to what you get with a bank account that you use for savings and transactions. See, it’s just another way of managing your money!
The sign-up procedure is usually self-evident; just follow the instructions carefully. Here's what awaits you at LYNX:
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:
- Enter your personal and financial information.
- Add info about your trading experience and fill out a questionnaire on your financial knowledge.
- Verify your identity and residency. Upload a national ID or passport to verify your identity; bank statements are accepted as proof of residency.
The following steps are typical toward the end of the application process or after verifying your identity:
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You'll have to fill out a trading experience survey. It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have some basic financial knowledge and are aware of the risks of trading.
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Next, you'll have to choose an account type and a base currency.
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As a final step, you'll need to fund your account before you can start trading.
Which LYNX account to choose?
Brokers usually provide multiple account types. When choosing an account, consider how experienced you are in trading, and pick an account that suits your needs. Some factors to take into account: your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums.
If you're a beginner, we recommend selecting the most basic account offered by the broker, which is the standard account.
The above apply to retail accounts opened by private individuals. If you're looking to open a brokerage account for your company, see our overview of whether you can open a business investment account at LYNX and under what conditions.
Alternatively, find out more about LYNX's specific account types in our comprehensive LYNX review for 2024.
Which base currency should you choose?
At LYNX, you can choose from the following base currencies: EUR, USD, GBP, CHF, CZK, DKK, NOK, PLN, SEK. If possible, try to deposit money to your brokerage account in your account's base currency. Better yet, choose a base currency in the first place that you plan to most often use for depositing.
Why is all this important? If you fund your trading account in the same currency as your bank account, you won't have to pay a conversion fee. Conversion fees apply if:
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You make a deposit in a different currency than the currency of your brokerage account.
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You trade assets denominated in a different currency than your brokerage account's base currency.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.
Fund your account and start trading at LYNX
Once you have filled out the registration form, uploaded your documents, finished the trading survey and selected your account type and base currency, LYNX will verify your account shortly. After successful verification, you need to fund your account to be able to begin trading.
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Choose your funding method.
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Enter the amount to be deposited and other necessary details for the transaction.
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Double-check if payment details are correct.
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If all looks OK, click to submit your deposit request.
At LYNX, the required minimum deposit is $3,240. This means that you have to put at least $3,240 in your broker account to be able to start trading.
Is that more than you're willing to commit at this point? See if you can start trading with less at other brokers.
At LYNX, the only available option to deposit money to your account is via bank transfer.
After successfully funding your account, you're all set to start trading.
To explore LYNX’s top competitors, head over to our top list of the best brokers for beginners, whose low fees and user-friendly features benefit new investors like you.
Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.
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.