Lynx Broker Review: Pros and Cons of Trading with Lynx
Lynx is a Dutch-based online broker founded in 2006, that offers traders access to over 100 global stock exchanges. Lynx has won multiple awards for its user-friendly platform, low fees, and comprehensive education resources. In this article, we will examine the pros and cons of trading with Lynx.
Pros of Trading with Lynx
Access to Global Markets
Lynx offers traders access to over 100 global stock exchanges, allowing traders to invest in a diverse range of markets. This includes access to equity, bonds, ETFs, futures, options, and currency trading. The platform offers live streaming quotes and real-time market data.
Low Fees
Lynx charges minimal fees for trading, with commission rates starting at €5 for trading on European markets and $5 for trading on North American markets. This makes it an attractive option for traders looking to minimize their trading costs.
User-Friendly Platform
The Lynx platform is user-friendly and easy to navigate, with a range of features that help traders effectively manage their investments. The platform offers advanced charting tools, customizable watchlists, and real-time performance tracking.
Comprehensive Education Resources
Lynx offers a range of educational resources, including webinars, seminars, and video tutorials. This is particularly useful for novice traders who are looking to improve their trading skills and knowledge.
Cons of Trading with Lynx
Not Available in All Countries
Lynx is not available in all countries, which means that some traders may not be able to access the platform. This can be a significant barrier for traders who are looking to trade on global markets.
Minimum Deposit Required
Lynx requires a minimum deposit of €3,000 to open an account, which can be a significant barrier for some traders. This deposit is necessary to ensure that traders have sufficient capital to cover their trading costs and to reduce the risk of margin calls.
High Inactivity Fees
Lynx charges high inactivity fees, which can be a significant cost for traders who do not trade regularly. The inactivity fee is €5 per month for accounts with a balance of less than €100,000 and €10 per month for accounts with a balance of over €100,000.
No Islamic Portfolio
Lynx does not offer an Islamic portfolio, which means that it may not be suitable for traders who follow Islamic finance principles.
Conclusion
Overall, trading with Lynx offers traders access to a wide range of global markets, low fees, a user-friendly platform, and comprehensive education resources. However, there are some drawbacks, such as the high inactivity fees and the minimum deposit required to open an account.
Traders should carefully consider their trading goals and preferences before deciding whether to trade with Lynx or not. Overall, Lynx is a strong option for traders looking to access global markets and keep their trading fees low.
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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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