Updated: Apr 10, 2020
Imagine downloading an app, creating your account, completing KYC requirements, depositing fiat or linking bank, and buying/trading your favorite token, in a matter of minutes. This is a dream come true for any beginner looking to start trading. Now, imagine trading to your heart’s content without the worry of paying any trading fees. That is the USP of Voyager aka Invest Voyager.
This user guide will talk about what Voyager is all about, including features, pros, cons, and tools on offer. It will also outline the best parts of this app and the signup process.
What is the voyager cryptocurrency trading app?
The Voyager iOS App went live in February 2019, ending up as the best performing crypto trading platform that investors deserve. Liquidity, security, speed, pricing, and access are just a few of the limitations, Voyager successfully overcomes. The team of notable finance and technology industry veterans, led by CEO Stephen Ehrlich, is dedicated to empowering and servicing investors in the crypto space.
The Voyager app can be used to trade 20 crypto assets commission-free, across more than a dozen top exchanges. The app is currently available to all residents of the United States, excluding NY State. However, the team is working diligently with New York to obtain a BitLicense, which will allow trading privileges to all U.S. residents.
Features of Voyager App
The best part about Voyager is that the team keeps updating the app features, and fixes bugs to offer a streamlined experience. The more noteworthy features include:
Trading support for 28 different cryptocurrencies
Deposits of 7 cryptos (BTC, ETH, BCH, ETC, LTC, DASH, ETHOS)
Payments and external transfer support for Bitcoin, Ethereum and 5 other blockchains
iOS 13 support
Pros of Voyager App:
Price improvement promise
Cons of Voyager App:
New in the crypto world
Limited trading pairs
No transparency regarding commission spread
Tools on offer
Voyager is considered one of the best apps for beginners in the US, looking to start trading or purchasing cryptocurrency. It is the only guide you need to understand the future of crypto investing. There are three primary tools offered in the app - news, advanced charting, research and tracking.
1. Latest crypto news
The in-app feeds pull real-time news from across the financial and crypto markets, so you are always on top of your trading, speculation, and investments. You can filter the news feed by the most popular coins.
2. Advanced charting
Users, especially beginners, can gain a competitive edge in the crypto market with Voyager’s all-powerful charting feature. The platform allows tracking of each crypto asset’s performance and trading volume over 1H, 1D, 1W, 1M, 1Y, in a traditional price trend chart. It also displays highs and lows with a candlestick chart. Users can compare features to discover new trends in the market, by viewing two assets alongside each other.
You don’t have to individually track your growth (or losses), as the Voyager takes care of it on your behalf. The integrated profit-loss tracking allows traders to stay on top of their investments, and also know how they are faring. You even get live positions of each asset you own. The platform calculates your cost-basis or average investment price and tracks the market’s every moment.
What does Voyager Price Improvement mean?
National Best Bid and Offer (NBBO) is a regulation, which requires all brokers to guarantee that their customers are receiving the best execution on their trades. This essentially boils down to focusing on delivering four pillars of trading - price, speed, liquidity, and reliability.
The Voyager team has partnered with over a dozen of the most trusted and secure crypto exchanges and liquidity providers, to ensure that users always receive the best price for their trades. The crypto market is highly volatile, which means there are significant price discrepancies across exchanges.
Voyager’s state-of-the-art router continuously monitors the crypto market in a bid to achieve the best execution, even if it means using multiple exchanges to fill an order. This allows Voyager to exploit price discrepancies, and achieve price improvements across 90% of their orders.
How does the commission-free model work?
The dynamic smart order router of Voyager identifies glaring inefficiencies in the crypto market. It does not waste a second in taking advantage of the various pricing disparities to save users money. A fraction of the savings, also called spread, is taken by Voyager as commission and the rest is passed on to the customer.
This allows the platform to operate commission-free while allowing investors to maximize their profits and investments.
List of Digital Currencies Supported by Voyager
You can trade top cryptocurrencies with USD on the Voyager app. According to the Voyager website, companies that are compliant with regulations, and have the potential to contribute to the economy of tomorrow are listed.
This includes assets, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS (EOS), Stellar Lumens (XLM), Litecoin (LTC), Doge (DOGE), Ethereum Classic (ETC), and Tron (TRX) among many others.
For a full list of supported digital currencies, click here.
How to open an account on the Voyager App?
After downloading the iOS App, you need to go through the registration process. This will feel a lot familiar if you have ever opened an online brokerage or bank account. It is important to know that KYC procedures are extensive, even though cryptocurrency trading is very lightly regulated at present. This is because Ehrlich and his team believe that in the coming days, new rules will be put in place, which will be similar to the ones governing online brokers.
Once you establish your account, you will be able to connect your bank account through Plaid. Voyager has partnered with Plaid to verify bank accounts and transfer cash securely. This step should not take more than 30 seconds, and you will be able to start trading as soon as the transfer gets approved. You can also transfer Bitcoin (BTC) and Ethereum (ETH) to your crypto accounts.
How does the Voyager app work?
Logging into Voyager is made easy. You can use either touch or face ID. The home screen shows an overview of the cryptocurrencies you can trade. Market data can be skimmed through for each of the assets over the last hour, day, week, month, or year. One tap sorts the price and percent change columns, from high to low and vice versa.
All prices update every second, with a drop in the price displayed in red, and an upward movement displayed in green. A line graph pops up showing price movements over the chosen date range, upon tapping on a coin’s symbol.
Users can also find basic crypto data, such as market capitalization, volumes, and high and low prices. The bottom of the screen flashes a news feed and a description of the coin, including the mining process.
How to trade on the Voyager app?
Trade tickets can be brought up by hitting the ‘Buy’ button next to individual currencies. All you need to do is put in the dollar amount you are looking to spend, and swipe the trade button. This will immediately send the order to Voyager’s trading engine as a market order. The team plans to add a limit and stop orders soon.
You can also tap on any one of the pre-filled order buttons or enter an individual amount. There is also an embedded calculator, which helps to determine the number of tokens or coins you will receive based on the dollar amount you trade.
It is important to understand that certain coins, such as Ripple (XRP) have a minimum order price. It would be helpful to identify these amounts before you start trading, especially when the market is moving quickly.
When you have crypto coins in your wallet, Voyager will also display the ‘Sell’ button. This button will allow you to sell a percentage of your position or close out the entire holding.
There is no commission charged for trading on the app. However, Voyager does take out a percentage of the spread that they get for you, through their price improvement feature.