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Voyager Crypto Exchange Explained
If you’re a beginner in the world of Cryptocurrency trading or even a seasoned professional, Voyager is a solid choice to buy and sell coins. With over 60 crypto coins on its platform, Voyager is the one-stop destination for wealth creation.
Voyager is a new mobile-based crypto exchange that lets you trade and invest in several of the top cryptocurrencies, from bitcoin to altcoins and meme coins. The exchange does not charge any commission for buying and/or selling cryptocurrency. This is made possible by Voyager’s smart order routing system.
It’s also very simple to sign up for the Voyager platform. This app will ask you to follow several steps to verify your details before you can buy or sell cryptocurrencies. Even though this app lacks the tools for price analysis and insights, its seamless interface makes for a great place to begin your investment journey.
How To Use Voyager
Though Voyager is pretty seamless and easy, if you are new, it could be challenging to understand and use the app, so here’s a step by step guide on how to use Voyager:
- Voyager doesn’t define itself as a cryptocurrency exchange. It defines itself as a cryptocurrency broker. That means you don’t get to pick the exchange to pay with, Voyager does it for you. This is so you’ll get the best and most affordable prices possible for your investments.
- Once you download the app, it will prompt you to go to the sign-up page. Then, you are asked to give your name and verify your phone number.
- After that, proof of identity is required so you could to make investments in your country. Once you provide your identification from the given list of accepted IDs, the app will take some time to verify your details.
- Once verified, you are free to buy and sell crypto as you please through Voyager.
Voyager Fees and Account Minimums
Voyager has quickly become one of the top choices for investors in the cryptocurrency market. This is because of its ease of access and low investment requirements. The app only requires a $10 minimum investment to execute trades. And unlike any other cryptocurrency exchange, Voyager does not charge you a single penny to execute its transactions. It earns money by providing a facility for you to purchase your cryptocurrencies from the best and most affordable exchanges.
There is no minimum account balance requirement for Voyager. It supports a bank transfer of up to $5,000 in a single transaction. It does, however, charge a flat fee of $50 per transaction for all wire transfers. The company shows you the best affordable exchange rate and gives you back the savings amount, and takes a small percentage of that savings as a fee. Thus, the only way for Voyager to make money would be to make sure you save the most in the process. Therefore, you can easily transact using the service to buy and sell investments on the go.
Voyager Interest Program
Just like stocks and bonds, Voyager has made it possible to earn up to 12% interest on your bitcoin, Ethereum, and other altcoin holdings. All you have to do is hold a minimum balance in these currencies, and you would be eligible to earn your interest.
Voyager uses an average daily holding to calculate your interest at the end of the month, and pays you on the 5th of each month from the date you sign up for the program. The crypto broker gives varied interests for different assets and months. The September 2021 rates were as follows:
- Bitcoin earned 5.75% for holding 0.01 value of the coin.
- Ethereum earned 4.6% for a 0.5 value holding of the coin.
- Dogecoin had a 2% interest for a 1,000 minimum balance holding.
- Litecoin had 5% for holding a minimum of 2 Litecoins in balance.
- The USD Coin had 9% for a minimum 100 balance.
Because the interest rates change every month, they are announced as early as possible in the app. You are automatically enrolled in the Voyager interest program, and if you do not wish to enjoy the benefits, you can quickly opt out of the program.
Voyager Pros and Cons
Nothing is perfect. As good as the app may sound, it still has its disadvantages. Check out the following comparison of the pros and cons of using the services of Voyager.
1. Minimum investment: Using Voyager, you only need to spend a minimum of $10 on each purchase you make in the app. The maximum amount you wish to use is your choice, but its minimum amounts are one of the lowest in the industry.
2. No trading fees: Voyager does not charge any trading fees on buying or selling cryptocurrencies. It only takes a small spread of fees calculated on the maximum savings you earn. It is the most affordable way to buy cryptocurrencies, and even when selling, you directly get the market price.
3. Multiple currency access: There aren’t many exchanges that provide as many coins to buy as Voyager. Using Voyager, you have access to over 60 different cryptocurrencies to buy and sell at the most affordable prices.
4. Interest over savings: Based on the market and whether or not you have the minimum balance for the coin, you can earn interest of up to 12% on your holdings. The interest is paid monthly and depends on the previous month’s market.
5. Easy funding: Funding your account is as easy as it gets. You can either use cash or pay with other crypto coins in your other wallets.
These are the pros of the Voyager app. But, of course, there are also some cons to consider.
1. No coin-to-coin exchange: Voyager is relatively new in the market and doesn’t currently support coin-to-coin exchanges on its platform. Like we said earlier, it is only a crypto broker.
2. Lower security: So far, Voyager does not have the greatest security measures. You cannot use a password you control to secure your transactions. However, the company does claim that this feature is on its way.
3. Limited support: Due to local laws, Voyager is currently unavailable for New York customers and has yet to open in many international markets. Voyager does not have live phone support.
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Similar to the crypto market, Voyager is relatively new but ready to beat all expectations and make its mark. Its offer to charge zero commission fees and provide interest up to 12% are its greatest benefits.