Are you looking for the best cryptocurrency exchange company in 2022? In this Voyager vs Binance article, we will compare the two largest cryptocurrency exchanges in trade volume. We’ll cover their apps, customer service, fees, cryptocurrencies available to trade, and security.
Voyager: Where No Man Has Gone Before
Voyager is a viable company with reasonably low exchange fees, so the process is simple and straightforward. Voyager is popular with many people for its ease of use and the fact that it is a U.S. -based company with no ties to a foreign power such as China.
Voyager is also a smaller company than Binance, creating a smaller customer service ratio to customers when you need help with your account when making an exchange. This makes the process less painful when you have questions and keeps you from hanging on the line while they try to find someone who can help.
Voyager is also considered more trustworthy by users, partially because of other companies’ ties to China and other countries, making them an easier choice for most people.
Voyager Pros and Cons
There are more than 50 cryptocurrencies on the market Unlike an exchange, Voyager offers no coin-to-coin trading
Up to 9% APY There is no desktop trading app
Platform is regulated and audited, and USD deposits are insured by the FDIC Deposits are capped at $5000
Provides access to multiple exchanges through a brokerage model
Binance: Bitcoin Meets Finance
Binance means “bitcoin meets finance” and is a coin (pardon the pun) term that evolved out of the need for bitcoin and other altcoinage systems that could accommodate the need for currency transfer.
Binance, as mentioned before, has connections with China’s digital monetary coin system, so, for some, it is a more murky choice, depending on where you see the world of finance going over the next decade or so.
Binance Pros and Cons
Over 500 cryptocurrencies are traded on the market. As of this writing, U.S. customers cannot use the Binance platform, and the Binance.US exchange is limited to certain cryptocurrencies.
One of the most inexpensive platforms available Even experienced users can sometimes find it difficult to keep track of all the features available in a given program.
A variety of transaction are available. No digital wallet capable of storing cryptocurrencies
The company's future is uncertain given its current regulatory problems in several countries and its investigation by U.S. authorities.
Voyager vs Binance In-depth Comparison
Now that you know about both companies’ critical elements let’s take a more in-depth look at what they are focusing on.
Binance, to date, is the most extensive cryptocurrency exchange system in the world and can handle millions of trades at a time. They serve as a crypto exchange portal, and an alternative means to pay for travel expenses, entertainment, online services, and financial services.
Binance’s financial standing in their market ranks behind only three major similar corporations regarding their market cap:
- USD Tether
Their total revenue is around $56 billion, and that’s not bad!
Initially, Binance had a 200 million BNB tokens cap, leaving 10% of them for Angel investors (investors who focus on helping new entrepreneurs). To keep the number of tokens at a manageable level, Binance has regular “burns.” In a burn, the company destroys many of its crypto coinage to restrict the amount and prevent a system like the Federal Reserve’s “printing money,” with nothing to back it up.
Unlike the Binance system, which once borrowed coinage from Ethereum and now operates as an independent type of “global coinage,” Voyager is a broker of cryptocurrencies that allows trades across more than a dozen or more crypto exchange markets. This opens the door to more choice for the consumer ( a big plus) in this day when the average person thinks of centralized systems as wanting to control the people’s options.
Voyager and Binance are reputable and secure crypto exchanges, with FDIC insurance for users up to $250,000. Furthermore, Voyager mentions that the platform features advanced fraud protection mechanisms that keep hackers at bay.
Binance follows a strict security protocol, including mandatory two-factor authentication for all users upon registration. In addition, funds in hot wallets are insured, but not those held in cold storage. The platform also offers to whitelist frequently used devices and wallets against phishing attacks.
Traders need to understand the fees and fee structures charged by any platform they use. Fees are taken directly from a trader’s cash, affecting a trader’s bottom line. As such, traders want fees to be as low as possible.
Voyager offers commission-free crypto trading, where traders pay no more than the quoted spot price of the digital assets they buy and receive nothing less than the quoted market price when selling their digital assets on the exchange.
Binance uses a fee structure called maker-taker. Binance fees range from 0% to 0.10%. Binance traders offer a fee discount of 25% if they pay fees with Binance Coin (BNB). The more BNB that a trader holds, the lower fees will be.
While Voyager appears to win this category because of its no-commission structure, it depends on what is being traded. The fees between the two platforms average out to be the same.
Voyager’s sign-up process is straightforward as traders need only to follow the prompts on the screen and complete KYC and AML processes. This requires submitting identification documents, after which an account is opened.
On Binance, the sign-up process is simple. To access higher withdrawal limits, though, users must manually complete further identity verification steps by the Binance team. This process can take a few days to complete.
Centralization vs. Decentralization
In broad terms, your choice of cryptocurrency exchange may be influenced more by your philosophy of how things should work in the world than by any other factor. For example, choose to use Binance, a global-based company that seems independent on its face. You may unwittingly participate in another centralized monetary system, even though that is not your intention.
But, if you believe that a globalist view is better without having as much control over your money yourself, Binance is the best choice.
If you choose Voyager, you are dealing with a US-friendly system that prefers to deal with US and North Americans, so they are more able to help you and offer more choices rather than total control.