New Kids on the Blockchain
Everyone give a warm welcome to Voyager Exchange & FTX US into the cryptospace! The two most recent players in the cryptocurrency exchange, and trading markets that are also available for use by US residents.
If the recent Bullrun in the cryptocurrency markets has taught us anything, it's that the traditional Exchanges like Coinbase, and BinanceUS are severely under prepared for the influx of new users interested in exploring cryptocurrencies, and blockchain technology.
Up until very recently US residents were limited to Coinbase, Coinbase Pro, and Binance US to buy, sell, or trade in cryptocurrencies. These weren't terrible options, but when you combine the cons of these three it can get bad real quick.
Coinbase is notorious for having "technical difficulties" everytime the Bitcoin price spikes to a new ATH, while Binance US can take up to three months to verify your documents, and link your bank account. Both big problems for new, and existing users.
There is nothing worse for a trader than being locked out of an Exchange because of a technical problem everytime an assets price rises to a new ATH. Neither of these examples are exaggerations either. I have experienced both numerous times from both companies during my four plus years involved in cryptocurrencies.
I am not going to go over every pro & con with each exchange. What I am going to do is give a brief description of each, and tell you a little bit about my experiences using both. I will leave links to all of the information you need to research them for yourself.
The Good The Bad The Ugly
For this mini-review I am using an Android smartphone running android 10, and the apps from the Google Play Store. I am only giving you my experience as an reference point for you to further research. Nothing mentioned in this article should be taken as financial advice.
Voyager :
The good :
Fast, easy sign up & verification process .
Access to over 50 crypto assets
Instantly link your bank account, and start buying , and trading crypto immediately .
Earn interest on certain tokens .
Link your Roundly account to earn BTC on your retail purchases.
The bad :
No option for debit/credit card transaction yet. Only ACH deposits are available so you can't move your crypto off of the Exchange until your ACH deposit clears.
My ACH deposit was available for trade immediately, but it took almost ten business days for it to show as confirmed in my Voyager account. Fortunately I was not planning on moving any crypto off of the exchange. This was just a trial run to see how the Voyager Exchange worked.
User interface is a little clunky. Some features like sliding transactions can be annoying, and the constant flipping of numbers on the home screen can be distracting.
Voyager Verdict :
So far I am very happy with Voyager. If they add the debit card option, and make the UI a little more user friendly I could see me leaving Coinbase for good.
For US residents I think Voyager is a must have application if you want to buy, sell, or trade in cryptocurrencies.
They offer the same features that Coinbase Pro, and Binance offer, but without the constant crashes, and months long waiting for the verification process.
Overall Score 8/10
FTX Cryptocurrency Derivative Trading Exchange :
My sign up with FTX was quick, and easy. I only needed a valid email address, and to activate two factor authentication to be able to withdraw up to $10,000 lifetime without ever verifying my identity.
US residents can choose to go through the KYC registration process if you want higher withdraw limits, but 10k was plenty for me so I didn't bother doing the KYC.
As far as features for charting, and technical analysis go FTX is far superior to Coinbase, Binance, and Voyager.
FTX is for more experienced traders. There are more ways lose your money so trading on FTX is not recommended for beginners.
I did not make a deposit on FTX, nor have I transfered any crypto to my account yet either, so I cannot give a fair score. As far T/A, and charting options go it's a 10/10.
If I do end up trading on FTX , I will write a separate article to cover things in more detail.
I can't give an overall Score for FTX as I have yet to deposit. Just having another option is a plus in my book so they get points just for joining the fray.
Please use FTX with caution. You can lose everything in the blink of an eye.
Conclusion :
I'm excited to see new players join the cryptospace. It can only help to push companies like Coinbase, and Binance to improve, or get out of the way. The great thing about the Crypto Community is that we get to decide !
Important Links :
https://www.investvoyager.com/
https://www.investvoyager.com/app/charting/
https://ftx.com/en
https://www.hedgewithcrypto.com/ftx-review/
*All links will need to be copy and pasted into your browser. Unfortunately I can't figure out how to add live links here on my Android phone. Real professional right ? LOL. Oh well, at least you know I'm not giving out links with malware right, lol.
Disclaimers:
*Not Financial Advice.
*All graphics creating with free online software from Canva, or edited screenshots from my smartphone.
*I do not provide referral links. I'm sure if you are interested, you can lose your money without the extra incentive of a referral bonus. Always use caution.
Thanks for reading ! If you have used, or plan on using either of these Exchanges let us know about your experience in the comments section below
why no mention of Kraken?