Introduction
When it comes to investing in cryptocurrency, fees are an important factor to consider. Voyager is a popular cryptocurrency trading app that has gained a lot of attention in recent years. One of the questions people often ask about Voyager is whether or not it charges fees. In this article, we will explore the fees charged by Voyager and help you determine if it is the right platform for your investment needs.
What is Voyager?
Voyager is a cryptocurrency trading platform that allows users to buy and sell digital assets. It was launched in 2018 and has quickly become one of the most popular trading apps in the industry. The app offers a user-friendly interface that allows investors to trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Types of Fees Charged by Voyager
When it comes to fees, Voyager charges two types of fees: trading fees and withdrawal fees. Trading fees are charged when you buy or sell cryptocurrencies, while withdrawal fees are charged when you transfer your digital assets to an external wallet.
Trading Fees
Voyager charges a flat rate of 0.50% on all trades. This means that if you buy $1,000 worth of Bitcoin, you will be charged a trading fee of $5. While this fee may seem high compared to other trading platforms, it is important to note that Voyager does not charge any additional fees, such as deposit or account maintenance fees.
Withdrawal Fees
Voyager charges withdrawal fees that vary depending on the cryptocurrency you are withdrawing. For example, if you are withdrawing Bitcoin, you will be charged a fee of 0.0005 BTC, which is currently equivalent to around $30. If you are withdrawing Ethereum, you will be charged a fee of 0.005 ETH, which is currently equivalent to around $12.
Pros and Cons of Using Voyager
Pros
One of the biggest advantages of using Voyager is its user-friendly interface. The app is designed to be easy to use, even for those who are new to cryptocurrency trading. Additionally, Voyager offers a wide variety of cryptocurrencies to trade, including some of the most popular digital assets on the market.
Another advantage of using Voyager is its transparency when it comes to fees. While the trading fee of 0.50% may seem high, it is important to note that there are no hidden fees, such as deposit or account maintenance fees.
Cons
One of the biggest disadvantages of using Voyager is its withdrawal fees. While the trading fees may be reasonable, the withdrawal fees can add up quickly, especially if you are transferring small amounts of cryptocurrency.
Another disadvantage of using Voyager is that it is only available in certain countries. Currently, the app is only available to users in the United States, Canada, and parts of Europe.
Conclusion
Overall, Voyager is a great option for those who are looking for a user-friendly cryptocurrency trading platform. While the trading fees may be slightly higher than other platforms, the transparency and lack of hidden fees make it a great choice for investors. However, the withdrawal fees can add up quickly, so it is important to consider this when deciding if Voyager is the right platform for your investment needs.
