Exploring the Pros and Cons of Lynx Broker: An In-Depth Review
Overview of Lynx Broker
Lynx Broker is a Netherlands-based online brokerage firm that was founded in 2006. It offers trading services in a variety of markets including stocks, ETFs, options, futures, Forex, and CFDs. Lynx Broker provides its clients with access to multiple international markets and exchanges through its advanced trading platform. The brokerage firm has won several awards for its services, including “Best Broker for Active Traders” in 2017.
Pros of Lynx Broker
1. Wide Range of Markets
Lynx Broker offers a diverse selection of markets for trading. With access to over 100 exchanges in more than 30 countries, clients have access to a wide range of stocks, options, futures, Forex, and CFDs. The scope of these markets provides ample opportunities for traders to diversify their portfolios and mitigate risk.
2. Low Trading Fees
Lynx Broker offers very competitive trading fees compared to other online brokers. The brokerage firm charges commissions based on a percentage of the trade value, with a minimum fee of €5. The low fees make it an attractive option for traders who want to keep their trading costs low.
3. Advanced Trading Platform
Lynx Broker’s platform is a standout feature of its service. The platform offers advanced charting and analytical tools that are useful for traders. The platform is also user-friendly and easy to navigate, even for beginners.
4. Educational Resources
Lynx Broker offers effective educational resources for traders. The resources include webinars, articles, and videos. These resources are very useful for traders who want to improve their trading skills and knowledge. The educational resources are also free and available to all clients.
Cons of Lynx Broker
1. Limited Customer Support
Lynx Broker’s customer support is limited to email and phone support. There is no live chat support, and the customer support team is not available 24/7. This can be inconvenient for traders who need immediate assistance.
2. High Minimum Deposit Requirement
Lynx Broker requires a minimum deposit of €3,000 to open an account. This can be a deterrent for traders who do not have the capital to start trading with a large sum of money.
3. Inactivity Fees
Lynx Broker charges inactivity fees if the client has not traded for three months. The fee is €3 per month after the three-month mark. This fee can accumulate and eat into the client’s trading profits.
4. Limited Trading Platforms
Lynx Broker only offers one trading platform, which may not be suitable for all types of traders. The platform is only available for desktops and laptops and may not be convenient for traders who want to trade on the go.
Lynx Broker is a good option for traders who want to trade in a range of markets at low costs. The advanced trading platform and educational resources are standout features of the service. However, the lack of 24/7 customer support and high minimum deposit requirement may be drawbacks for some clients. Overall, Lynx Broker is a reputable brokerage firm that is worth considering for traders who want to diversify their portfolios.
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In accordance with the requirements set by the European Securities and Markets Authority (ESMA), trading with binary and digital options is only available to customers categorized as professional clients.
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