To deal in cryptocurrency, you’ll need to find a digital platform to exchange the currency. A digital currency exchange – otherwise known as a DCE – allows users to store, trade, and transfer crypto assets to other people. There are plenty of platforms to choose from, but today we’ll be looking at Voyager vs Gemini.
We also recommend that you check out our articles on Gemini vs. Coinboise and Coinbase vs. Voyager to understand better how these platforms work. The more informed you are about the exchange process, the more lucrative decisions you can make in this digital marketplace. So which is better, Gemini or Voyager?
What to Know About Gemini
Gemini is a user-friendly cryptocurrency exchange site, offering services for beginners and experienced traders alike. Founded in 2013 by the Winklevoss twins, this platform is primarily focused on security and compliance. It’s available in all 50 U.S. states, and it offers wallet insurance to users in the event of theft or fraud.
In addition to its insurance coverage, Gemini offers strong security measures and a decent number of control features. You can exchange in the following currencies: Bitcoin, Ethereum, Dogecoin, Gemini Dollar, Solana, Cardano, USD, Terra, and Uniswap.
What to Know About Voyager
Voyager is a mobile-friendly broker that offers commission-free trades. With over 100 cryptocurrencies to choose from, this platform offers both individuals and institutions exchange services. Users earn monthly interest to maintain their account balance.
Voyager emphasizes liquidity so that you can sell digital assets for cash. While Voyager doesn’t have a rating from the Better Business Bureau, it has developed a reputation as a recognizable broker that facilitates easy trades.
Altcoins Supported on Voyager vs Gemini
While both exchanges offer a large number of popular altcoins, the offerings differ somewhat. Here is a list of top altcoins found on one exchange but not on another:
|Terra Luna (LUNA)||1inch (1INCH)|
|Avalanche (AVAX)||SushiSwap (SUSHI)|
|Serum (SRM)||Loopring (LRC)|
|Shiba Inu (SHIB)||Cosmos (ATOM)|
|Tron (TRX)||Loom (LOOM)|
Which Platform Charges Lower Fees
When choosing a platform, it’s important to look into its fees and commission rates – you don’t want to be charged an exorbitant or unexpected amount of money. At Voyager, there aren’t any commissions from the interests or trades. However, when you buy or sell on the Voyager app, expect the coin price to move up or down by about .3% from the original cost.
Gemini charges somewhere between 1.5% and 5% in fees. You can theoretically work around this by wire-transferring money and waiting two weeks for the funds to settle, then buying a DAI to transfer to another exchange. However, this process may not be worth the effort as it only saves you about .1% in commission, which is $1 for every $1,000.
Voyager tends to be much lower in the amount it charges in terms of fees. However, this may not always be the case; Gemini may decide to lower its fees someday.
How the Sign-Up Processes Compare
Both exchange platforms are similar in the sign-up process: you register by providing the personal information needed to verify your identity. This could include your email, phone number, birth date, and residential location. To set up monetary exchanges, you may need to provide bank account details or a transfer option such as Paypal.
When comparing Gemini to Voyager, there are a few key differences in the sign-up process. Voyager tends to be more mobile-based than Gemini, so it will ask you to download the mobile app to get started. Gemini asks you to enter promo codes to access certain aspects of the site.
Both platforms offer a bonus for signing up. Voyager gives $25 after depositing $100 into your account, while Gemini provides $10 for buying or selling $100 worth of cryptocurrency. While Voyager outmatches Gemini regarding sign-up bonuses, there are other things to consider when selecting a platform.
Which Platform Offers the Best Yields?
On average, Voyager offers better yields to its userbase. We’re basing this on the ability of the user to stake or loan a cryptocurrency to earn a yield on it. Gemini doesn’t allow this practice at this time. Meanwhile, Voyager is offering a 1% to 2% yield on its currencies, paying out on an annual basis. However, Voyager’s yields aren’t as lucrative as other crypto-lending platforms – Celsius and Blockfi tend to outmatch competitors by offering 5% to 12% yields.
Which Platform is More Trustworthy?
For some exchange users, trustworthiness will be prioritized over all else. Users want to know that their platform is safe, credible, and run by a trustworthy team. Both Gemini and Voyager have developed decent reputations in this area, as both platforms are multi-million dollar companies with years of backing experience.
Both companies use cold storage, a security measure that holds cryptocurrency tokens offline. This method prevents financial loss from hackers or thieves. In addition, Voyager has FDIC insurance for balances over $250,000, and it has a system to prevent fraud.
Meanwhile, Gemini has a report feature for fraudulent activity and a coordinated disclosure program to improve security. While Gemini currently doesn’t offer phone-based support, it does offer two-factor authentication and security keys. Gemini’s site also lists educational resources to avoid scams.
Choosing Your Exchange Platform
When selecting an exchange platform, you should always take the time to figure out your priorities and then do the research to learn which platform works best for you. Learning any information could be incredibly beneficial to you in the long run.
Here are some things to look for in choosing an exchange platform:
- Accessibility. Is the platform available at your location?
- What coins does the platform trade?
- What payment methods does the platform accept?
- What are the fee rates?
- What is its liquidity like?
- What tools and resources does the platform offer?
- Does the platform have robust security measures?
- What kind of reputation does the platform have?
These questions will help determine if the platform is right for you.
Why We Prefer Voyager
While we use Gemini and Voyager for crypto exchanges, we believe Voyager has a better platform. It has lower fees and no commissions and provides a greater variety of alt-coins. Both platforms come with benefits.