In mid-January, the Voyager app was launched by Crypto Trading Technologies for U.S. residents, with Canadian users expected to join before 2019 ends. The app has been surprisingly user-friendly since its beta phase, seamlessly locating optimal prices across numerous crypto exchanges.
Through collaborating with Plaid, once your account is set up, linking a bank account becomes possible, facilitating secure cash transfers. Connecting my checking account took approximately half a minute, and I could begin trading post-transfer approval. Customers can also deposit both Bitcoin (BTC) and Ethereum (ETH) into their crypto portfolios. Ehrlich remarks, “Depositing and withdrawing Bitcoin and Ethereum has been warmly welcomed by our expanding customer base, reflecting in our growing deposits and trade volumes.”
Experiencing a registration flow akin to opening an online brokerage or bank account occurs when downloading and commencing the IOS app from the App Store. Despite the relatively light regulation of cryptocurrency trading currently, Ehrlich and his team anticipate future regulations mirroring current online brokerage rules. As Ehrlich emphasizes, “Our commitment to the know-your-customer process is strong, ensuring compliance with existing broker-dealer expectations.”
An overview of tradable currencies is presented upon logging into Voyager with touch or face ID. By September 2019, 21 currencies are accessible, with more anticipated as exchange connectivity improves. Market data for each asset is viewable across multiple timeframes—ranging from an hour to a year. Sorting the price and percent change columns from high to low or vice versa requires just a single tap. With green indicating upward trends and red signaling declines, price updates are push-notified every second.
U.S. residents, with the exception of those in New York state, can already trade using the Voyager IOS app. Working tirelessly with regulators, Voyager aims to secure a BitLicense to operate within New York and globally by year’s end. An Android version of the app is also in development, expected to launch before 2019 concludes.
Tapping a coin symbol reveals a line graph depicting price shifts over your selected time span, complete with basic statistics such as market cap, trading volumes, and high/low pricing. Embedded within the details screen are a news feed and a coin’s mining description. A “Buy” press activates a trade ticket, ready for the desired dollar amount entry. Swiping sends the order through Voyager’s trading mechanism. Presently, the platform supports only market orders, but there are plans to introduce limit and stop orders. The presence of both pre-filled buttons and a calculator aids in determining trade quantities.
Cryptocurrency trading continues to rise in popularity. According to Statista, the number of Blockchain wallet users worldwide has reached over 70 million by August 2021, demonstrating the growing acceptance and trust in digital currencies.
Voyager’s chief marketing officer, Steve Capone, shares, “Our aim is to offer customers tools from the brokerage realm they’re already comfortable with.” The data flow from CryptoCompare, a sophisticated matrix calculating multisource averages, supports this.
After executing a trade, access a “Sell” option in the detail view. Opt to either liquidate your entire position or specify a portion.
The app’s trades are cost-free, though Voyager benefits from the bid-ask spread differential. Ehrlich mentions, “Considering the current wide market spreads, our slice doesn’t jeopardize customer profits. We strive for price enhancement with each order.”
Some cryptocurrencies require a minimum investment, a fact learned upon attempting a $5 Ripple (ticker: XRP) order, which necessitated a minimum of $10. Displaying trade minimums on the order page would prevent entry errors, especially during volatile market activity.
Enhanced Trading Efficiency
Future plans from Ehrlich and Capone involve new order types and advanced options like bracket orders for position management, along with capabilities such as live alerts and sophisticated charting. The platform aims to introduce pairs trading, a forex sector mainstay, within the year.
Ehrlich affirms, “We’re integrating advanced functionalities into this asset sphere. The equity market is a model, and similar achievements can occur here.” He concludes, “Aspiring to be the leading crypto broker for the U.S. and globally is our focus. Our passion and dedication to cryptocurrency are unwavering.”
Wallet features operate through a collaboration with Ethos, with plans to eventually develop an in-house solution.
Offering weekly market summaries, the app includes a news feed sortable by asset class.
Returning to the Markets section is a simple tap of the graph icon. Day or night, cryptocurrencies can be traded, given the absence of a centralized exchange with set trading hours.
Diversifying one’s investment portfolio by allocating funds to cryptocurrencies is a belief Ehrlich strongly promotes. “Our aim is to expand cryptocurrency investment diversity,” states Ehrlich. “Facilitating easy access to this asset class is paramount to our vision. We stand by the innovative digital accretion of assets.”