LYNX Online Broker for Forex Trading
LYNX is a trading platform and broker owned by LYNX B.V. The company is based in the Netherlands and offers its services primarily to customers in European countries. These countries include the Netherlands, Germany, Belgium, France, the Czech Republic, Poland, Slovakia, Finland, and Switzerland. You can also open an account and trade internationally, though the USA is excluded.
For eleven years running, Barrons magazine has honoured the platform as the most stable and usable investment software online. LYNX has received quite a few other awards as well, including Best Online Broker in 2013 and 2015 from Handelsblatt, and Best Broker in the Netherlands from Beleggers Belangen from 2009 through 2013.
In our Lynx platform review, we will teach you all about the history of this broker, how to sign up and use LYNX, what kinds of features and support you can expect, and more. Let’s get started.
History of LYNX
The LYNX online broker got started in 2006. Initially, the company was focused on offering trading services to Dutch customers. It enjoyed swift success and was able to expand quickly to other countries. Today, tens of thousands of traders throughout Europe and around the globe choose LYNX as their platform and broker.
How to Use LYNX
To start trading with LYNX, you must first sign up for an account. This is a fast and easy process and should take you no more than around 10 minutes. Look in the upper right-hand corner of the homepage for the bright yellow button which says ‘Open an Account’ and click on it.
Next, fill in your basic personal information. You will need to go through several screens of information to complete this step. You will then be asked to provide your bank account information and to put in a deposit amount. $3,000 is the minimum initial deposit in most cases; the exception is if you are transferring a portfolio from another broker. After that, you will be able to select the products you are interested in.
Once your account sign-up is complete, you can download the LYNX software for your desktop or laptop computer. If you prefer, LYNX is also available for your iOS or Android mobile device. Additionally, there is the LYNX Basic software, which you can access online without downloading anything. Whether you choose the LYNX mobile platform, or you stick with the desktop/laptop version, you will find the software is easy to use and offers a rich suite of features.
Which Forex Brokers Are Offering LYNX?
LYNX is the proprietary platform of the broker by the same name. If you want to use it as your trading platform, you must connect it with a LYNX trading account. You cannot connect it to another broker account. To get technical, here is what the terms and conditions say:
The service of LYNX is limited to the following: (1) LYNX will open an account in the name and at the expense and risk of the client with Interactive Brokers (UK) Limited (referred to as “IB”).
This is a bit confusing, as LYNX does refer to itself as your broker (it is even in the URL). Suffice to say you are doing business with IB via LYNX, and LYNX will not connect you to another broker. The platform may be referred to as LYNX, but it is also more formally known as TWS by Interactive Brokers.
This being said, you can always open an account at LYNX and somewhere else as well and not connect them. This gives you the option of planning your trades with LYNX even if you want to place them elsewhere. You just need to do it all manually.
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Different Features of LYNX
You are now familiar with the basic LYNX platform requirements as well as how to set up the platform. Let’s take a look at the trading tools and features you can look forward to when you join.
First of all, it’s worth mentioning that the Lynx platform user guide alone is 1598 pages. That should give you an idea of just how many features await you on the platform. Looking for a LYNX platform tutorial or demo? Search online and you will find some good introductory videos and articles.
Here are some of the LYNX trading tools you can look forward to:
- Plan your trades with more than 80 technical indicators at your disposal.
- Plot support and resistance as well as Fibonacci levels on your charts to give context to your trades.
- View streaming price information on assets.
- Customise the appearance of your charts.
- View historical price information. This is helpful not just for planning your current trades, but also for testing purposes.
- Access more than 100 markets around the globe.
- Trade forex, futures, options, stocks, CFDs, ETFs, bonds, and structured products.
- Choose from more than 60 types of orders. Limit, market and relative orders for FX are available.
- One unique feature for forex is Prefer Speed Over Price. By default, the system tries to give you the best price when it fills your order, but if you prefer your order be filled immediately without regards to the best price, you can select this option.
- Take advantage of low margin requirements.
- Don’t want to place all of your trades manually? LYNX offers nine different trading robots you can use to place trades automatically.
You should find the LYNX platform easy and intuitive to use. It also has a reputation for speed and stability. And if you need help while you are trading with the LYNX online broker, you can reach customer service through email or over the phone (unfortunately there is no live chat).
What does the LYNX platform cost? The software itself is free, as is your account. You do not need to pay maintenance fees. You just need to deposit enough money to open the account.
There are fees for trading, but they are charged at a flat rate and are stated upfront on the website. The amount you pay depends on the type of asset you are trading (currencies, stocks, CFDs, etc.). For forex, the fee for each trade is just $4. If you trade enough for the company to categorise you as an active trader, you can receive discounts on your trades. This makes LYNX an affordable choice for your trading platform/broker.
You now know all about the LYNX trading platform. If you are a European or international trader searching for a great broker, it is hard to beat LYNX for affordability and transparency. The platform provides traders with abundant tools and features but keeps trading simple and streamlined through its downloadable and web-based software. Fees are relatively low and frequent traders pay even less.
If you are still in search of the perfect broker, consider giving LYNX a try. You can also check out the rest of our reviews to discover even more fantastic forex brokers. While you are at it, read through our LYNX FAQ below to get answers to some frequently asked questions.
Q: Why should I trade on the LYNX platform?
A: There are a lot of reasons to consider LYNX. First of all, it is easy to use, and includes more than 80 indicators and other great features to help you plan your trades. Secondly, the fees are minimal and low. Thirdly, this company is upfront and transparent about its services. You will find it easy to understand fees, margin requirements, and more just from checking out the LYNX website and user manual.
Q: Is LYNX a scam?
A: No, the LYNX trading platform is most definitely not a scam. This is a well-established platform which has been in existence for over a decade. The company has received numerous awards for its services since its foundation and is recognized as one of the top FX trading platforms in Europe.
Q: Where can I find LYNX platform tips?
A: A great starting point would be to explore the user manual offered through the LYNX website. You can find additional tips and advice by searching online for articles, reviews and video tutorials.