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A Brand New No-Fee Crypto Trading Option

A Brand New No-Fee Crypto Trading Option

Cryptocurrency traders will soon have a major new no-fee trading option. On Wednesday, Voyager announced plans to offer commission-free trading for at least 15 major cryptocurrencies in the near future.

What Happened?

Voyager is a startup with a long list of deep-pocketed investors, including Uber co-founder Oscar Salazar. The company intends to take on Robinhood, the current market leader in no-fee crypto trading.

Voyager can forgo trading fees by taking advantage of price discrepancies in the crypto markets,according to Voyager CEO Stephen Ehrlich. 

“We saw an opportunity to build a dynamic smart order router that can take advantage of the marketplace and also offer customers no commissions,” Ehrlich said in an interview with Fortune.

Why It's Important

Voyager will be listing crypto prices from 10 currency exchanges and three additional market makers and said it will be able to provide better prices for customers than they would pay by directly using a single exchange such as Coinbase or Binance.

Voyager will initially offer around 15 major cryptocurrencies, the majority of which will come from the list of most valuable currencies by market capitalization. The top five currencies in today’s market include bitcoin, Ethereum, XRP, Bitcoin Cash and EOS.

What's Next

Voyager may not be available everywhere in the U.S. in the near future. The company is obtaining the necessary licenses on a state-by-state basis, but is already approved to operate in California, Massachusetts, Missouri, New Hampshire and Montana.

Bitcoin and other cryptocurrency investors have had a rough year so far in 2018 after last year's market boom. The Bitcoin Investment Trust (OTC: GBTC) is down 47 percent in 2018.

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Posted-In: Fortune Stephen Ehrlich VoyagerCryptocurrency News Markets Best of Benzinga

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