When it comes to investing these days, there are many more options available, especially when it comes to cryptocurrencies. These cryptocurrency assets include Voyager, BlockFi, and more. And with all these choices, it is easy to get confused about which assets to invest in. Let’s see look at this Voyager vs. Blockfi roundup.
What are BlockFi and Voyager?
Voyager and BlockFi are cryptocurrency management platforms that enable users to gain and trade interest in crypto assets. These cryptocurrency platforms are amazing for buying, selling, trading, and tethering all types of altcoins. And with these platforms’ fierce competition with their various services and benefits, it can be confusing which one to choose.
BlockFi and Voyager both have great interest rates on deposits. However, Voyager’s interest rates on deposits are slightly better. Voyager also has one of the affordable and best ways to purchase cryptocurrency.
Who invests in BlockFi and Voyager?
More and more individuals are searching for alternative means of payment, instead of running to government-issued currencies. This is where decentralized currency platforms, like BlockFi and Voyager, come into play.
Please note that if you are interested in lending out stablecoins or taking out crypto-backed loans, BlockFi is a better choice. Otherwise, Voyager is the best platform for most people when it comes to trading, selling, and buying cryptocurrency. The following information includes more details concerning Voyager vs BlockFi.
Voyager vs BlockFi: Which one provides the best yields?
Voyager supersedes in this category quite well. This platform has higher rates throughout the board, with approximately one to two percent higher interest rates. With the exception of stablecoins, these rates are higher on mostly all cryptocurrencies on BlockFi.
Please note, however, that both platforms don’t support all coins. For instance, BlockFi currently does not allow a yield on Cosmos/ATOM, but Voyager does allow lending/staking of this coin for three percent annually. Another example is that Voyager does not yield nor support PAXG (gold-backed stablecoins), but BlockFi does provide a five percent yield on them.
Voyager vs BlockFi: Which one has lower fees?
As previously mentioned, Voyager has lower fees for selling and buying cryptocurrencies and trading these assets back and forth. This platform has one of the lowest brokerage fees of any cryptocurrency, but this isn’t the case for their withdrawal fees. In most cases, these fees are around $5 to $10 for each withdrawal.
The BlockFi buying and selling fees, however, are not good. This platform does provide free withdrawals when it comes to transaction costs. However, BlockFi also has an origination fee on crypto-backed loans.
Voyager vs BlockFi: Which one has the best signup bonuses?
Both platforms have great signup bonuses, but technically, Voyager’s signup bonus is slightly better. The signup bonus at Voyager is $25 in Bitcoin, and BlockFi’s signup bonus is $20 in Bitcoin. Either way, it’s easy to get these signup bonuses.
For Voyager, all you have to do is to download the app through a link and signup with a promotional code. For BlockFi, all you have to do is simply deposit a few hundred dollars for crypto. You can do this by first creating an account on this platform or after being referred to by someone.
Voyager vs BlockFi: Which is more trustworthy?
Both platforms are trustworthy, and their business models are sustainable, financially secure, and highly profitable. Voyager is just more trustworthy.
Voyager is a publicly-owned company, but BlockFi is a privately-owned company. So, Voyager is likely to have much more financial backing than a privately-owned company.
VYGVF (Voyager Digital Ltd.) is the name Voyager was traded under. The parent company is InvestVoyager, and InvestVoyager releases financial statements and financial reports quarterly.
BlockFi is not only a private company, but they also don’t publish such information. On the other hand, this company does have a slew of high-scale investors as well as hedge fund backers. Morgen Creek Capital, Coinbase, Winklevoss Capital, and others are its hedge fund backers.
Advantages & Disadvantages of both platforms
Specifically made to be an easy-to-use platform, Voyager not only has significantly lower trading fees, but it also has a straight-up superior fiat on-ramp. Also, due to Voyager being a public company, it may be a little more transparent.
Other than that, there is no other advantage that this company has over BlockFi. It is a wonderful all-in-one solution due to it being one of the best crypto-brokerages. This is due to it having ease of access, the lowest cost, and decent yields. So, if you plan on having long-term investments in cryptocurrency and you don’t have thousands to invest, then Voyager is most likely the better option for you.
BlockFi provides free withdrawals and better yields. However, it isn’t a good choice when it comes to selling/buying cryptocurrency. This is due to this company not having a real focus on being a cryptocurrency exchange. This company’s main focus is being a lending/loan platform.
So, if you are planning on holding large amounts of currency for a long time, BlockFi is the way to go. It is also great if you have enough money for cryptocurrency, which makes it worth paying a transfer or withdrawal fee. Also, BlockFi does have good support, which is a plus since all cryptocurrency brokerage companies seem to have somewhat shoddy support.
Pros and Cons of Voyager
The interest rate is up to 12%. Voyager cash withdrawal fees have recently increased.
The referral bonus is $25.
The verification process is a very long process.
Many available digital assets are available.
This is not an ideal platform for coin-to-coin trade.
Voyager vs BlockFi: More in-depth comparison
Security is one of the most crucial, if not the most crucial, issues of any crypto exchange platform. Otherwise, no crypto exchange platform is any good if it doesn’t have a great security infrastructure for the users’ data. This sentiment is especially true due to the recent hacking scandals.
So, Voyager and BlockFi take astronomically cautionary security measures to make massive reliability overall. These platforms provide state-of-the-art protocols, 2-factor authentication, secure data transmission, and deeply encrypted asset storage.
Being a publicly-traded agency, Voyager provides up to $250,000 USD in FDIC insurance. On the other hand, BlockFI deals tremendously in risk management in the following ways:
- By using third parties to maintain an astronomical amount of digital assets that are withdrawable
- Purchasing SEC-regulated equities and CFTC-regulated futures
- Applying risk management when it comes to lending activities
In the last few months, these rates have been a lot lower than what they recently were. And of course, people don’t like the fact of receiving only a .1% yield for anything more than 0.35BTC. Before this change, the interest rates of BlockFi for BTC were .25% for tier 3, 1.5% for tier 2, and 4% for tier 1.
Other than that, please note that the interest rates for both platforms constantly change. So, it’s imperative to frequently visit these platforms’ info to stay updated.
The withdrawal fees for Voyager recently increased, and this platform quickly notified its users of this increase. Nevertheless, its fees are still comparable to or lower than its largest competitors.
Many crypto companies don’t even inform people how much the withdrawal fees of crypto are to put into their external wallets. And while that’s understandable in one sense, due to the current volatility of the market, some competitors still publicly list their fees.
Voyager doesn’t have a problem informing its withdrawal fees. So, if you want to see them, all you have to do is initiate the process. Then, you must choose the asset you want to check out. And from there, you will see the fee at the upper right part of the screen.
BlockFi, on the other hand, provides free monthly withdrawals. In fact, you can freely withdraw 10,000 LTC, 100 BTC, and 1,000,000 USDC, GUSD, PAX, BUSD, UADT, and DAI. However, there are charges for subsequent withdrawals as shown in the following table:
Cryptocurrency Subsequent Fee for Withdrawals
LTC 0.001 LTC
ETH 0.015 ETH
USDC, GUSD, BUSD, DAI, PAX, USDT 50 USD
PAXG 0.035 PAXG
LINK 2 LINK
UNI 2,5 UNI
While bonuses are not important in the long run, they are great incentives, especially for newcomers. Thus said, Voyager still has a $25 refer-a-friend bonus available upon trading over $100 on its platform.
BlockFi also offers a referral bonus, but this bonus program is more complicated. Through this program, you can receive up to $250 BTC in earnings. The catch is you must maintain a balance that’s more than $100,000.
Voyager vs. BlockFi FAQs
To earn interest in crypto with these platforms, there is no need to join a staking pool. And by holding crypto on BlockFi, you can automatically opt-in to its interest program. So, you can select to receive interest in something like stablecoin or another crypto asset, or in the same crypto.
Voyager has an easier process to earn interest. All you must do is click a link to opt-in. So, go to account and then crypto interest. Afterward, you must set to the current earning interest.
Signing up for both platforms is relatively easy, but the ID verification process takes longer with Voyager. Other than that, to get started, just upload either your state ID or passport to the platforms and proceed with the prompts.
Both platforms are basically a tie as far as who has the best security. Many may feel a little more confident with Voyager since it’s a publicly owned company that may seem like it has more backing. And with Voyager providing up to $250,000 USD in FDIC insurance, many will feel even more confident.
As previously mentioned, BlockFI deals tremendously in risk management by using third parties to maintain an astronomical amount of digital assets that are withdrawable. They also purchase SEC-regulated equities and CFTC-regulated futures, and they apply risk management when it comes to lending activities.
The following includes more about these platforms’ processes:
Voyager customer support only includes in-app messaging and email for contacting them. The email address for customer support is firstname.lastname@example.org. However, you can contact them via in-app messaging if you want faster service.
BlockFi offers users several types of channels to reach customer support. So, you can reach customer support by calling them, emailing them, submitting a ticket, or searching through its help center. Searching through its help center may provide the answer you need right away, and you won’t have to contact them in other ways. Otherwise, customer support’s phone number is +1 646 779 9688, and their email address is email@example.com.
Voyager is supportive of a wide array of cryptocurrencies, ranging from bitcoin to stablecoins, such as USD Coin (USDC), and altcoins, such as Chainlink. And since being established in October 2019, the Voyager app continually adds new cryptocurrency assets on a regular basis. In fact, this app only supported 20 crypto assets when it first launched in 2019.
Conclusion: The Verdict
Both Voyager and BlockFi are remarkable cryptocurrency platforms. However, Voyager is the best for most people. For one, everyone doesn’t have tons of money. Secondly, Voyager’s withdrawal fees are very reasonable. Also, due to Voyager being a public company, it may be a little more transparent. Other than that, there is no other advantage that this company has over BlockFi.