Voyager Crypto – Is it Really Safe and Free?

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Voyager is a new cryptocurrency with a unique program that sets it apart from other coins and is one of the most popular cryptocurrency platforms in the US. In addition, Voyager meets financial industry-standard protocols for security and privacy.

The combination of a user-friendly app, low (but not always free) trading fees and intuitive charting makes Voyager our top recommendation for new traders and individual investors wanting a simple but powerful trading application.

About Voyager

Voyager is a broker that works with several crypto exchanges to get the best price for their customers. It offers commission-free crypto trading, free crypto deposits, and a low $10 minimum to open an account. 

 

voyager blockchain

 

The Voyager app is available to all US investors not residing in New York. Voyager is a legitimate, publicly-traded company founded in 2018.

Voyager proclaims its mission to provide every investor with a secure access point to crypto asset trading. Is Voyager crypto safe? Does Voyager provide commission-free investing? Read on to learn what Voyager offers and compare it to competitors. Then, scroll down to the FAQ section at the bottom.

Voyager Mobile App on iOS and Android

The Voyager mobile app allows quick and intuitive trading. Trades only take a few taps and a swipe to complete. Basic and advanced charting tools use real-time data. By turning your phone, you can analyze the information about bids, spreads, and historical data more profoundly. 

 

voyager app

 

Vertical views show basic charts of market cap, volume trading, daily and yearly highs and lows, and the annual percentage. Horizontal shows advanced analysis and charting. If the price changes while entering an order, the text color changes. Green indicates a price increase, while red indicates a drop.

What benefits does Voyager offer individual investors?

Large selection and commission-free trading

Voyager offers more than a hundred cryptocurrencies and altcoins. And they add more each week. Trading is commission-free, but Voyager does take a spread fee when it can execute customer orders at a better price than requested. This is generally invisible to the investor, but you need to know that it can happen. Spread fees pay the company bills. On Voyager, the hidden spread fees are between 0.1 and 0.5 percent. Compare this to Coinbase at 2 to 6 percent, and you save a good bit.

Example: Let’s say you want to buy $100 in Bitcoin. After fees at Coinbase, you will get between $94-$98 worth of the coin. At Voyager, you would get $99.50 to $99.90 worth. That’s quite a difference, even for small traders.

Best execution strategy

Voyager voluntarily extends its understanding of SEC Rule 611 to the crypto market. SEC Rule 611 includes the National Best Bid and Offer (NBBO) regulation that requires traditional brokers to execute security trades at best available ask price or bid price on behalf of their customers. This regulation does not yet apply to crypto markets.

NBBO is an advantage to crypto investors because crypto is a volatile market, and prices often differ across trading platforms.  Voyager uses smart order technology to search for multiple execution options to find the best deal. Their algorithms do this in milliseconds of the customer placing the trade. For example, their algorithms might split an order across several exchanges or keep it on one exchange.

As a customer, spread fees appear seamless and instantaneous. Voyager’s algorithm looks for price discrepancies to find a price even lower than the quoted price in your order. If a lower price is found, Voyager takes part of the difference to support its operations. And the customer still gets a lower price than quoted.

Voyager Interest Program

The Voyager Interest Program is a lucrative benefit for investors who hold onto assets (i.e., not day traders). Individual investors can earn up to 12 percent interest if they have a minimum monthly balance. This is phenomenal compared to the 5 percent offered by Coinbase.

Voyager Promotions

Voyager usually offers several promotions simultaneously. The Voyager Debit Card promises up to 9 percent in crypto rewards. The debit card uses the USD Coin (USDC) for liquidity. The USDC is a stable coin tied to the US dollar. The refer-a-friend promo rewards customer referrals. The Voyager Loyalty Program allows members to earn crypto, VGX, and other bonuses. Temporary promotions appear frequently. Check their promotions page for the most current list.

What are some cons of the Voyager app?

 

cons voyager

 

Voyager is not available to residents of New York. They are applying to change this, but currently, if you live in the state of NY, you cannot use Voyager. Voyager is also limited to US residents.

Voyager does not allow you to exchange one cryptocurrency for another directly. Instead, you will need to sell the first asset, wait for it to clear, then purchase the second asset. This can be a disadvantage if the timing is crucial. Also, Voyager does not offer futures or margin trading.

Voyager charges withdrawal fees if you move your securities out of their custodial wallet to another wallet or trading platform. This is a flat fee of $10 to $35, depending on the Voyager asset you are withdrawing. Check Voyager’s withdrawal fees page for current information.

Comparison to Other Crypto Trading Platforms

Voyager has one of the most intuitive apps in the crypto-trading world. It’s not fancy or super-fast, but it is simple. It’s easy to see your portfolio. You can sell, buy, or trade with a simple swipe. It’s designed to be functional and intuitive so that you can make your trade and move on with your life. 

The app lets you fund your account directly from your bank account, or you can transfer crypto from your wallet into your Voyager account. The Voyager app shows you the quoted price and any network fees before you make a trade, so there will be no surprises. You also can place markets and limit orders if you choose.

Voyager offers more coins than Coinbase, Gemini, or Kraken but fewer than Binance or Uniswap. At the same time, Celsius provides a higher interest rate for crypto lending. But Coinbase has more education and research options. 

One drawback is that Voyager is only available as a mobile base, so there isn’t a desktop version. Voyager also offers a customer loyalty program staked to its native token (VGX). If you meet the minimum (currently $500), this is a convenient way to earn passive income on your security.

Voyager Frequently Asked Questions

Voyager is as safe as most trading platforms. It is a publicly-traded company listed on the Canadian Stock Exchange (VYGVF), so it is subject to regulatory standards. This also means Voyager is less likely to disappear one night with your money. In addition, Voyager offers a solid level of security to its customers. They require solid passwords and allow multi-factor logins. Of course, it is safer to store your assets in a reputable hardware wallet for storage, but Voyager provides a secure wallet for the assets it holds for its customers.
Voyager makes money on the spread between the buy and asks the price. Other fees, like withdrawal fees or the $50 wire transfer fee, also add to Voyager’s profits. They also make money by earning interest on customer deposits.
Yes. Voyager requires a $10 deposit to begin trading. The app is free to download from the Apple Store or Google Play. Setting up an account is free, but you will need to supply personal details.
No, Voyager does not have a desktop version. The only platforms available are iOS and Android.
Voyager announced live messaging with customer support starting in May 2022. They do not have a phone number you can call for help. Most interactions with Voyager customer support take place through email. Although their customer service is minimal, it is average for crypto-trading apps.
The headquarters of Voyager is in Jersey City, New Jersey.
Yes. Voyager does charge withdrawal fees. However, for most coins, there is a flat fee of $10-15. Check Voyager’s withdrawal fees page for current information.
Voyager uses a custodial wallet. This means that they manage the private keys for customers. So, customers do not have full control over transactions and funds. The advantage of custodial wallets is convenience. Key custody also protects users from potentially losing key information and permanent loss of assets. If you want a higher level of security, you can transfer your assets from Voyager to your wallet.
The lawsuit alleges that Voyager’s claim to be “100% commission-free” is misleading because “secret commissions” are built into the trading strategy. Voyager claims that the lawsuit is “absolutely spurious and without merit.” Voyager uses spread fees to cover costs and make profits. The key issue of the lawsuit is whether these fees should be more visible to users.
In May 2022, Voyager announced that, since its founding in 2018, its customers have completed 36 million transactions and received more than $5.5 billion in deposits. More than 70 percent of the transactions and 70 percent of the deposits were completed between April 2021 and March 2022.

About Post Author

Markus

The past 3 years Markus have spent his days studying blogging & finances. He is obsessed with breaking down complex finance questions into blog posts that is easy to read for anyone. He works as a full time blogger and teaches his new found knowledge on this blog.

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