If you're looking for the best price for your cryptocurrency and want others to do the search for you, the Voyager app might come in handy.
Unlike other cryptocurrency exchanges, Voyager is more of a cryptocurrency broker. The main selling point of the app is that it searches exchanges to get the best price for the token you want and offers over 80 cryptocurrencies.
Despite Voyager's claim to be commission-free, Voyager's unique charging method has drawn negative attention in the form of a class-action lawsuit alleging that hidden fees exceed the fees and commissions charged by competitors. We have reached out to Voyager for comment on the lawsuit and will update this comment when the company responds.
Voyager also offers a rewards program that allows you to earn up to 12% annually on certain digital assets. The company was founded in 2017 and is headquartered in Jersey City, New Jersey.
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Cryptocurrencies available on Voyager
Voyager provides access to over 80 cryptocurrency assets across multiple exchanges. Voyager claims to have one of the largest selections of altcoins available to U.S. crypto traders and investors. Available tokens include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Solana (SOL)
- TRON (TRX)
- Tether (USDT)
- Polkadot (DOT)
- Chain link (LINK)
Voyager profits from its distribution by spotting price differences. The app's technology can compare cryptocurrency prices on different exchanges. If Voyager can save money on a certain price, it will pass some of the savings on to you, while keeping some of the savings to itself.
However, there are some additional fees to be aware of when using Voyager.
If you choose to withdraw cryptocurrency to an external wallet, you will see dynamic fees. This fee depends on the relevant token, as well as the current balance and any network fees for completing the transfer using the blockchain. Before withdrawing, you can use the Send Crypto from Voyager feature to see what the fee is.
Voyager does not charge fees for using ACH transfers for cash. However, there is a $50 fee for both incoming and outgoing transfers, and you must transfer at least $10,000.
Voyager is regulated in the United States and is a public company. Therefore, you can expect some safeguards such as: B. Insuring your cash in your Voyager account with the FDIC. But crypto assets don't have the same protection in the app. For example, you can exchange cash for USD Coin (USDC), a stablecoin pegged 1:1 to the U.S. dollar, and earn up to 9% in stock returns. However, funds held in USDC, unlike cash, are not protected. Only fiat currency balances are protected by FDIC insurance.
You can store coins in Voyager's warehouse wallet, or transfer them to your own external wallet. Voyager says it uses best practices to protect accounts. You can enable two-factor authentication, and the app encourages new users to choose strong passwords. To connect to your bank account, Voyager uses the Plaid service, which flags your information to keep it more secure.
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By buying and holding specific crypto tokens, you can earn staking rewards for contributing to the blockchain network. Voyager offers staking rewards for 30 cryptocurrencies. The rewards are quite generous, up to 12% per year. Compare this to Coinbase, which offers up to 5% staking per year.
The amount you earn depends on each token. For example, if you have a minimum monthly balance of 20 DOT, you can earn 12% per year, while you need at least 0.5 ETH to earn 4.25% per year. Rewards are paid in tokens you stake. Therefore, if you use DOT, the interest you pay each month will be paid in DOT.
Voyager offers an automated investing option for those looking to build a crypto portfolio using dollar average cost. You can set weekly or monthly recurring dates to transfer funds from your bank account to your Voyager account. Then set up recurring asset purchases for specific coins. If you buy coins with collateral, you can earn interest on the amount you invest regularly.
Voyager Debit Card
Voyager plans to introduce a no-annual-fee debit card that lets you spend USDC like cash and offers 9% per year on holding USDC. You can also earn rewards by holding Voyager's native token, VGX. While the timing of the map's release is unclear, Voyager collects emails on its website for interested users.
Who is Voyager best for?
Voyager is probably best for advanced cryptocurrency investors who want to buy and hold crypto tokens and want to get the best price on their purchases.
It can also be attractive if you want access to a wide range of altcoins and stablecoins without maintaining accounts on multiple exchanges or comparing real-time prices between exchanges. Also, if you want higher potential returns from staking than other exchanges, Voyager can be a good choice.