Table of contents:
- 1 deposits and withdrawals: The payment methods at the broker LYNX
- 1.1 Which common payment methods do brokers offer?
- 1.2 What are the advantages and disadvantages of each payment method?
- 1.3 Deposits with the broker LYNX
- 1.4 Withdrawals with LYNX
- 1.5 Costs for deposits & withdrawals
- 1.6 Tips for deposits and withdrawals at the broker LYNX
- 1.7 Conclusion on the payment methods of LYNX Broker
deposits and withdrawals: The payment methods at the broker LYNX
One of the first steps after opening a trading account is to deposit a certain amount of money into this account. This is necessary under the condition that the trader really wants to trade actively through exactly this online broker. Of course, there is also the opposite way, namely that the funds should be transferred from the trading account to the client’s normal current account. For this reason it is not unimportant which deposit and withdrawal methods the respective broker makes available to his customers. In the following guide we would like to go into more detail about which payment methods are available, what advantages and disadvantages they have and above all, which payment methods the broker Lynx makes available to its customers.
Which common payment methods do brokers offer?
There are two main payment methods that have been offered by almost every broker since the beginning of the Forex and CFD brokerage.
On the one hand, this is the bank transfer as offered by LYNX and on the other hand, almost every broker now gives his customers the possibility to make deposits and withdrawals by credit card. However, especially in the last five years, the range of payment methods offered by many brokers has expanded considerably, namely the so-called online payment systems. These are special methods that are made available by various financial service providers and payment transaction providers. The systems are completely independent of one another and have the primary advantage that the payment initiated usually reaches the broker immediately and thus credits to the trading account are made particularly quickly.
In detail, it is mainly the following payment methods that are found on the market today:
- credit card
- Debit card
- Bank transfer
- Instant bank transfer
Each of these payment systems is different from the others, so it is important that each trader finds the most suitable payment method for him.
What are the advantages and disadvantages of each payment method?
In order for you to be able to make a good decision on which payment methods you want to use for deposits and withdrawals, it is necessary to know the advantages and disadvantages of the individual deposit and withdrawal methods. A fundamental advantage of the credit card is, for example, that the payment is very secure and, above all, the amount thus instructed is usually booked directly to the trading account. For withdrawals, this is often a somewhat longer process, as most brokers first check the authorization when withdrawing from the trading account to the credit card. Therefore, it can take several business days for the credit to be credited to the credit card account.
Although bank transfers are one of the oldest payment methods of all, they have the serious disadvantage that it can take at least one working day to an average of three working days for both deposits and withdrawals to be credited or debited. This is of course also the case with LYNX. In our test, the credit to the securities account after the transfer usually took 1 -2 working days. In addition, there is still the risk that a bank transfer may end up in the wrong account, for example due to a number twisting, which requires a considerable amount of effort to correct the payment.
With online payment systems, almost all of them have the advantage that the payment is booked immediately. However, with the vast majority of these payment options, brokers can offer Neteller, Sofortüberweisung or GiroPay, for example, exclusively for payments to the trading account. If, on the other hand, a withdrawal from the trading account to the current account is to be initiated, the client often has to resort to one of the two classic payment methods, i.e. bank transfer or credit card.
As far as the advantages and disadvantages of online payment methods in direct comparison with each other are concerned, you should deal with them individually and in detail. For example, if you choose the immediate transfer payment method, you must enter both your bank account details and your access data via a secure system. Many customers and even some experts consider this to be a potential risk, because after all you are allowing an external provider to use your access data for online banking, at least temporarily. A somewhat different system is PayPal, for example, because there you have to open a separate customer account and any payments are then no longer initiated by entering your personal access data for online banking. If you want to be on the safe side in this area and can even make a payment anonymously in a certain sense, the Paysafecard payment method is particularly suitable. In this case, you buy a credit card at various places, for example at a post office, and can then make a cash payment by entering a code.
Deposits with the broker LYNX
As mentioned in the beginning, many brokers today offer between five and eight different payment methods, at least as far as possible deposits to the trading account are concerned. For this reason, we find the offer at Lynx Brokers extremely disappointing, as both deposits and withdrawals can only be made by one method, namely bank transfer. Lynx does not even offer credit card payment, which is otherwise standard with almost all brokers. If we want to find something positive in this context, it is certainly the fact that depositing by bank transfer is at least free.
Withdrawals with LYNX
However, there is already a restriction on payouts, because the broker Lynx only allows one free payout per month. For all other payouts that take place during a month, additional costs are incurred depending on the currency selected and the type of bank transfer. It should also be noted that deposits at Broker Lynx can only be made in the customer area. However, it is common practice that new customers must identify themselves via the Postident procedure before they can actively trade via the broker.
In order to be able to make a payout at Lynx, you must go to the menu item “Capitalization” in the customer area:
Afterwards, you can specify in the form for payouts to which account the payout should be made.
In the next step, you can check that the data is correct and then confirm the payout by entering your username and password. After that the withdrawal request will be processed by Lynx and the withdrawal will be made.
Costs for deposits & withdrawals
As you already know, Lynx does not charge for bank transfers. In addition, the broker also allows you to make one withdrawal per month without incurring any additional costs.
However, if you wish to make more than one withdrawal per month, the following costs will apply:
- SEPA bank transfer: 1 Euro per transaction
- Wire transfer: 8 Euro per transaction
- ACH/ETF transfer: 1 USD per transaction
Tips for deposits and withdrawals at the broker LYNX
Unfortunately, we are not able to give you many tips on deposits and withdrawals via the broker Lynx, which is simply due to the fact that bank transfer is the only payment method offered. Deposits are free of charge, at least without limitation, so our tip is simply that you should not make more than one withdrawal per month if possible. At the very least, this will ensure that you can use the only payment method free for deposits and withdrawals. You should also note that LYNX Broker charges a minimum deposit of 4,000 euros to start trading.
Conclusion on the payment methods of LYNX Broker
The conclusion about the payment methods at the broker Lynx can be very short from our point of view because with the bank transfer only one variant is offered. Deposits are completely free of charge, however, you should be aware that it can take a few working days for the funds to be credited to your trading account. As withdrawals are subject to a fee from the second withdrawal per month onwards, it is better to withdraw a larger amount from your trading account than to make several small withdrawals per month.