Voyager Review — FinexCrypt
Crypto markets, just 11 years old, are evolving fast, with more than 5,500 digital-tokens now in existence, many of them trotted out by entrepreneurs with scant revenue to speak of, few proven use cases and minimal supervision from government regulators.
So there’s something to be said for those crypto firms that embrace the scrutiny that comes with being a public company — from investors and regulators alike.
Voyager Digital is one such company, a New York-based broker that aims to help individual investors buy and trade cryptocurrencies. Shares in the company, which went public in February 2019 through a reverse merger, are listed on the Canadian Securities Exchange and traded in over-the-counter markets.
Brief Introduction
Crypto Trading Technologies, led by a group with experience in online brokerage, launched its Voyager app in mid-January for residents of the United States. Canadian residents will have access before the end of 2019. We have been using Voyager since it was in beta test and found that the app is remarkably easy to use, plus the trade execution engine seeks out the best available price across dozens of cryptocurrency exchanges.
Getting started with Voyager
After downloading the IOS app from the App Store, the new user goes through a registration process that will feel familiar to anyone who has opened an online brokerage or bank account. Even though cryptocurrency trading is very lightly regulated at present, Ehrlich and his team believe that there will be rules put in place in the near future that will be similar to the rules that govern online brokers. “We put a lot of credibility into the know-your-customer process, and we are making sure we are abiding by existing broker-dealer rules,” notes Ehrlich.
Once your account is established, you can connect a bank account through Voyager’s partnership with Plaid, which verifies your bank account and allows cash transfers securely. It took me about 30 seconds to verify my checking account and initiate a transfer into my Voyager wallet. I was able to start trading as soon as the transfer was approved.
Customers can also transfer Bitcoin (BTC) and Ethereum (ETH) to their crypto accounts. Ehrlich says, “The addition of Bitcoin and Ethereum deposits and withdrawals has been very well received by the Voyager community, as its customer base, deposits and trade volume continue to grow exponentially.”
You can log into your Voyager account using touch or face ID. The first screen you’ll see shows an overview of the currencies that you can trade. As of September 2019, there are 21 currencies available, and support for additional coins will be added as the exchanges are connected. You can look at the market data for each of the assets over the last hour, day, week, month, or year. The price and percent change columns can be sorted from high to low, or vice versa, with a tap. Prices update once a second, and an upward movement displays in green while a dropping price shows up in red.
Is Voyager safe?
No matter how much a company may seem legit to you, it is always important to know that there is sufficient safety precautions made for them. Voyager has no problems disclosing the information about the type of security they use for their assets. At this moment in time, cryptos are still susceptible to multiple hack attacks. Voyager offers its institutional customers a custom security suite, which can be adjusted according to the company’s needs.
Originally published at https://finexcrypt.net on October 22, 2020.
