Even if you’ve traded stocks your entire adult life, you may have never heard of Best Execution. That’s because it’s not something your broker typically advertises. In the traditional stock market, offering Best Execution is not a differentiator, it's the law. Best Execution is guaranteed by National Best Bid and Offer (NBBO), a regulation under SEC Rule 611, that requires brokers to execute trades at the best available ask or bid price when buying securities on behalf of their clients.
NBBO is possible because of smart order routers (SORs). Voyager brings this standard to the crypto market with our smart order router—ensuring you always get the most out of your trades.
Best execution in the crypto market
Market volatility often leads to price differences across exchanges. For example, during the 2017 BTC bull run, prices of Bitcoin on American exchanges topped out near $19,500, while the Korean markets hit $25,000 USD (Coindesk). Our smart order routing engine takes advantage of this type of price discrepancy by finding the best execution route every time, meaning you get a better price across multiple exchanges.
Currently, there is no regulation requiring crypto trading platforms to honor NBBO. Because of this, the order routing architecture of the most popular crypto trading platforms is not designed to offer customers Best Execution. Most crypto “brokers” use one single exchange to route their orders—offering customers a single price option and limited access to the market. Voyager, however, connects to over a dozen exchanges to find you price improvement on every trade.
Voyager's smart order router
No more searching across multiple exchanges for a better price. Our state-of-the-art router is constantly monitoring the crypto market and always knows where to achieve Best Execution, even if that means filling an order fractionally across multiple exchanges.
How does it work?
When you click 'buy' or 'sell' on Voyager, your trade is sent to a smart order router that uses advanced algorithms to determine the type, size, and potential market impact of the order. Our smart order router technology then searches multiple exchanges and liquidity providers to fill your order quickly and to your cost advantage. It processes data in real-time and executes orders within milliseconds of a customer placing a trade.
In short, Voyager ensures you always get the most Bitcoin for your buck—all from one simple app.
As with everything at Voyager, our goal is to bring the maturity and reliability of trading in the equities market to the world of crypto, while developing new and innovative solutions tailored to the crypto investor.
All investments involve risk and the past performance of a digital asset or other financial product does not guarantee future results or returns. Cryptocurrencies are highly speculative in nature, involve a high degree of risk and can rapidly and significantly decrease in value. It is reasonably possible for the value of Cryptocurrencies to decrease to zero or near zero. While diversification may help spread risk, it does not assure a profit or protect against loss. Investors should consider their investment objectives and risks carefully before investing. Previous gains may not be representative of the experience of other customers and are not guarantees of future performance or success.