25 August, 2018 seen 14,260A time ago I opened a brokerage account with Lynx Broker, which turns out is affiliated with Interactive Brokers. As I opened my account from Europe, by default my base currency was set to EUR, which in fact is nice and neat, as SEPA transfers from my bank to brokerage account happens almost instantly (in the same day). Now, as I started to acquire US…
Lynxbroker.com is a European (Dutch) discount brokerage offering relatively cheap $5 commissions for US stock trades.
Lynxbroker.com is affiliated with Interactive Brokers, and what's really sweet - the minimum required deposit is just EUR 3,000
I was struggling to gather a minimum of $10,000 deposit to open an Interactive Brokers account when a blog reader Mikheil recently pointed me to a Lynx broker.
Hi Reinis, take a look at https://www.lynxbroker.com/, https://www.lynxbroker.fi/, https://www.ly… Europe. Their parent company I believe is Interactive Brokers, but with Lynx you can open an account with a minimum of 3000 USD.
Said done, in total it took me about 2 weeks to successfully open a Lynx broker account with even less than EUR 3,000 depositing. After Mikheil' s comment, I proceeded to LynBroker.com webpage and started my application, by filling out some basic data. I didn't upload proof of identity and proof of residency yet.
In the next morning, I received a phone call from a Lynx Broker account manager - we chit-chatted about the system and I agreed to send required documents in the next week. Before proceeding with documents, I sent an email just to clarify some questions:
Hi guys and gals at Lynx broker!
I have a question regarding minimum deposit fee (EUR 3,000)
I truly understand the meaning of such limit (to keep active and qualified investors onboard), however, I keep wondering is it still possible to open a Lnyxbroker account, by depositing this amount in several batches, like in 3-6 months. For example EUR 1,000 in May, EUR 1,000 in June, EUR 1000 in July.
The thing is - currently, I'm depositing around $1,000 monthly in stock purchases with my current broker (Baltic stocks). At this stage, I feel I want to go into US dividend stocks and would love slowly building up US stock portfolio with LynxBroker. My plan is to build around $10K -12K US stock portfolio in next 12 months. That would mean about 20-30 stock trades per year.
I was contacted by Lynx Office manager (regarding my profile confirmation - proof of address and ID), and he recommended it would be advised better sell off my existing portfolio at the Baltics and re-purchase stocks via Lynx - in fact, I would love to keep my Baltic stocks separate and use Lynx Broker exclusively for US (and maybe CA) stocks
Despite on your position in this matter I still think LynxBroker is one of the best European brokers and I will open an account with you. Surely it would be cool to get a positive answer and start acquiring stocks now.
After a couple of days I got an answer:
In response to your questions I’m sending you this mail.
I would like to inform you that your strategy of building a US stock portfolio is not a problem at LYNX.
It is possible to transfer the minimum deposit in several batches.
We would like to welcome you as a client at LYNX.
Cool, I thought and proceeded with sending required documents to open an account.
It took me another week to get verified, and on the May 16, 2018 evening all was set up and I was ready to start trading (acquiring US dividend-paying stocks)
Our goal is to offer all private investors the best trading possibilities on stock exchanges all over the world. In 2006 LYNX started out in the Netherlands with this goal. We are now offering our services in six European countries. It’s no coincidence that we have quickly developed into a major player in Europe: we work on improving our service step by step, each and every day. To us, it’s all about one thing: the success of our clients.
User-friendly, reliable, fast: the LYNX Trading Platform has already been awarded several times as the world’s best trading platform. Besides having been singled out several times as Best Broker, the customer service of LYNX has also received the Best Service Award from CASH Magazine for the past two years. Likewise, clients have highly rated the customer service of LYNX, with a score of 8.8/10 from last year.