Voyager and BlockFi are two of the top names when it comes to earning interest in your crypto holdings. Or simply get a loan against your crypto assets.
Both the platforms offer you the best in the industry APY and offer tons of features. Plus, they do offer quite a lot of other features. However, most crypto holders have this question, which one should be chosen between these two?
To help you out with this question, I will be sharing a Voyager vs BlockFi comparison and help you choose the best crypto interest account.
Voyager vs BlockFi: Introduction
- What is BlockFi?
BlockFi is considered to be a full-fledged crypto bank. The company offers you various services, BlockFi interest account being one of them. The company was founded back in 2017, and with this, you can earn interest in your crypto holdings.
With the platform, you can earn up to 11% APY per year on your crypto assets with no hidden fees.
Apart from just allowing you to earn interest, it also lets you buy, sell, and trade crypto. Plus, it supports a wide range of digital currencies for both earning interest and trading on the platform.
- What is Voyager?
Voyager is a mobile-based crypto trading app that also offers you a crypto savings account and allows you to earn up to 12% in annual rewards.
Voyager Digital LTD was founded back in 2018, and it is a publicly owned company based in the United States.
Using the app, you can buy and sell 100+ digital currencies. Also, it offers you a pretty straightforward way to get started with crypto. Simply create an account, connect your bank account, and you are all set to make trades.
The app also makes it super easy for you to send and receive crypto. Plus, you can manage your crypto portfolio in a better way by setting up recurring auto-invest.
Voyager vs BlockFi: Supporting Crypto Assets & LTV
When it comes to supported assets, BlockFi and Voyager offer you a long list of currencies. Voyager supports more than 100 top crypto assets. Also, the number of tokens keeps increasing on the platform.
Some of the popular cryptos that you can trade on the Voyager invest app are AAVE, ADA, ALGO, APE, ATOM, AXS, BTC, CHZ, CAKE, DOT, DOGE, DAI, NEO, ETH, and more.
But when it comes to earning rewards, it only supports about 33 assets as of now. This includes DOT, KAVA, USDC, KSM, LUNA, VGX, ETH, BTC, AVE, ADA, and many others.
Voyager doesn’t really have any LTV. Since it is not into providing loans to individuals. So if you are planning to get a loan against your crypto asset, Voyager isn’t the option.
Instead, you can try out BlockFi, which allows you to borrow up to 50% of the collateral value of your assets.
Plus, it supports a wide range of tokens for both trading and earning interests. You can hold and earn interest on tokens like Gemini dollar, Link, UNI, Bitcoin, Litecoin, USDT, Solana, Polkadot, Ether, and many others.
However, when it comes to trading crypto, it only supports the top 15 of the most popular crypto tokens. In this case, Voyager stands out to be a better option for trading crypto.
BlockFi vs Voyager: Interest Rate Accounts, Lock-in Terms & Payouts
Both Voyager and BlockFi offer you one of the best crypto interest rates in the market. However, both platforms offer different interest rates for different cryptocurrencies.
With Voyager, you can stack and earn over 35 crypto assets. The platform allows you to earn up to 12% in annual rewards for selective tokens. For instance, if you hold DOT and KAVA in your portfolio, you will enjoy 12% rewards.
For coins like ETH and BTC, you will enjoy rewards of 3.75% and 3.05%, respectively. Also, no matter which coin you are holding on the platform, it requires you to meet a minimum monthly balance quota. So you can start earning rewards on your crypto holdings.
Moreover, on Voyager, your rewards are calculated on an annual basis and then paid monthly to your account. You should see your rewards within the first week of the month.
On Voyager, there is no lock-in period. Instead, to be eligible to earn rewards, you will need to hold the minimum monthly average balance.
Coming to BlockFi, you can earn up to 11% APY with a BlockFi interest account. On BlockFi, your interest accrues daily and gets paid out monthly. It doesn’t require you to maintain a minimum balance like Voyager.
However, BlockFi has a tiered interest rate structure. So the interest rate varies based on how many tokens you are holding in your portfolio.
Also, BlockFi has a maximum lock-in period of 12 months and offers you flexible lock-in periods.
BlockFi vs Voyager: Products & Features Comparison
When it comes to products and features, BlockFi and Voyager have a lot to offer. But it turns out that, BlockFi is definitely a better option. It offers you much more features when compared with Voyager.
Since Voyager is only offering you three main products, which include the app, Voyager debit card and rewards.
Since Voyager is a mobile phone-based cryptocurrency exchange, the app is where all the operations happen. Using the app, you will be able to buy/sell crypto in the crypto market, stake your crypto for rewards, send crypto to other users, and more. However, it would have been better if they had introduced a web app. So it would have been a better crypto management platform.
The Voyager debit card is absolutely a killer product that ears like crypto and spends like cash. You can use the card everywhere debit MasterCard is accepted. With the debit card, you will get to earn rewards every month, it has no annual fee and lets you earn 9% just for holding USD coins.
The rewards are what lets you earn yearly vested interest on your digital assets. You will get to earn top annual rewards on your crypto. All you have to do is simply buy and hold the minimum monthly average balance of a reward-generating asset in your portfolio.
On the other hand, BlockFi is full of features and products. Primary, it offers you five main products that include the BlockFi crypto wallet, BlockFi trading account, crypto-backed loans, BlockFi interest accounts, and personalized yield.
Using the BlockFi crypto wallet, you can store and manage your crypto assets safely and securely. You can also use the wallet to trade cryptos instantly that too with reasonable fees and pay other users easily.
The BlockFi trading account allows you to start trading at competitive fees. You can easily buy, sell and trade a wide range of digital currencies. Also, you start earning interest on your holdings the moment a trade is placed on the platform.
You can also get crypto-backed loans from BlockFi for rates as low as 4.5% APR. You can borrow up to 50% of the value of your crypto.
The BlockFi interest account lets you earn interest on your crypto. The maximum rate it provides is 11% APY. But depending on the value and currency, the interest rate will vary. Also, your compounding interest earns interest.
Lastly, using BlockFi’s personalized yield, you will enjoy additional and advanced crypto lending features. It allows you to lend your crypto and earn custom interest rates. Also, you can negotiate a personalized loan to value, and APR on crypto-backed loans and so on.
BlockFi vs Voyager: Fees Comparison
When it comes to the fees, both BlockFi and Voyager are pretty equal. Both of the platforms charge you a similar type of fee. Also, the charges are pretty nominal.
On one side, Voyager Invest charges you withdrawal fees. The transaction costs completely depend on what token you are withdrawing, the current balance, and the network fee. However, you can use the send crypto out of Voyager to see what fee you will be paying. Unfortunately, Voyager doesn’t offer free withdrawals like BlockFi.
Also, there is a wire transfer fee. Although, Voyager Invest doesn’t charge you on ACH transfer for cash. But there is a $50 fee for incoming and outgoing wire transfers. Also, you must transfer a minimum of $10,000 out.
On the other hand, BlockFi’s fee structure is pretty simple. There are no hidden charges, plus they do mention everything beforehand about the fees you have to pay.
BlockFi also doesn’t have any deposit fee, but it has a withdrawal fee. But it offers you one free withdrawal per calendar month only if you meet certain requirements. Any additional withdrawal requests in a month will be subjected to fees.
Also, it completely depends on what currency you are withdrawing and based on that, you have to pay a different withdrawal fee. For instance, if you are withdrawing BTC, 0.00075 BTC will occur as the withdrawal charges.
However, deposits on BlockFi are completely free. But you still need to pay some fees depending on your deposit type. For example, if you choose to deposit funds via wire transfer, it will cost you additional fees.
Additionally, if you are taking a crypto loan from BlockFi, there will be a loan origination fee of 2%.
BlockFi vs Voyager: Safety & Security Features
BlockFi stores 95% of the funds it manages in its offline storage. The cold storage is managed by the Gemini Trust Company, which is SOC certified by Deloitte. Also, it offers several security features to its users like 2-factor authentication, whitelisting specific cryptocurrency addresses for withdrawals, and more.
However, Voyager is somewhere lacking when it comes to security. Although, the company offers $250,000 in insurance for users USD funds. But it doesn’t insure crypto assets. However, you will get features like 2-factor authentication, but it doesn’t provide much info about how it secures its funds.
Voyager vs BlockFi: Insurance Coverage
When it comes to insurance coverage, both BlockFi and Voyager don’t really offer you anything. And this is not really a surprising thing. Since most crypto interest accounts don’t provide you any insurance coverage at all.
If we talk about Voyager, the cryptocurrencies held on the platform are not protected by FDIC insurance or any other government-backed or third-party insurance.
Similarly, BlockFi Interest Accounts have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States, to U.S. persons, for the account or benefit of a U.S. person or in any jurisdiction in which such offer would be prohibited.
As a result, in case of funds loss, both platforms won’t be able to help you out. But BlockFi keeps 90% of its funds in cold storage. As a result, your funds will stay protected. Also, they have some of the best in class security measures in place. So losing your funds to hackers is not something you should worry about.
Minimum Deposits for earning interest & Withdrawal Limits
When it comes to minimum balances to earn interest on your crypto, BlockFi doesn’t really have a set limit. So you can deposit as little amount of crypto as you want, and you will start earning interest on it.
Also, for withdrawal, it completely depends on what digital currency you are withdrawing. The minimum withdrawable amount on the platform is 0.003 BTC or 0.056 ETH.
However, if you wish to withdraw anything less than this, the withdrawal time can take a month or more.
To earn rewards on your crypto holdings on Voyager requires you to meet the minimum monthly balance of a rewards-supported currency.
For instance, if you wish to hold a USDC coin, you will need to have 100 USDC coins to be eligible to earn rewards. For Polkadot, the minimum balance required is 20 DOT, for ETH there is a 0.5ETH minimum balance is required.
Also, for withdrawals, it completely depends on crypto to crypto. Voyager didn’t really mention anything about it.
Account Sign-Up Process & KYC
Signing Up on BlockFi
- First, go to BlockFi.com and click on Get Started button.
- Now create an account by entering your personal details.
- Next, complete the KYC verification process by submitting your personal ID and other details.
- Finally, add funds using one of the payment methods, and you are all set to earn monthly interest.
Signing Up On Voyager
- First, download Voyager on your iOS or Android device.
- Launch the app and tap on creating an account.
- Next, enter your details and follow the onscreen steps.
- Once your account is created, complete the KYC process.
- Finally, connect your bank account and add funds to your account, and you are all set to start trading.
When it comes to global availability, Voyager is nowhere in competition with BlockFi. As of now, Voyager only offers its trading services to residents in all U.S. states, excluding New York.
Voyager is also available to residents of U.S. Territories, including American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the United States Virgin Islands. But it doesn’t really have a global presence yet.
On one side, BlockFi is available globally. However, BlockFi doesn’t offer all of its services in all the USA states even after being a US-registered company. This is due to rules and regulations. Also, BlockFi might not be available in a few regions.
But overall, most countries can access BlockFi and use its services. You can open a BlockFi interest account from anywhere globally, except USA-sanctioned countries or countries under USA’s watchlist.
- Is BlockFi Safe?
BlockFi is one of the safest platforms to store and gain interest on your crypto assets. It has implemented industry-standard security features and protocols. Plus, it stores most of its funds in offline wallets, so you don’t end up losing your funds. For additional security, you can also enable two-factor authentication and use other security features.
- Is Voyager Safe?
Voyager is an excellent app for trading cryptocurrency. The platform is highly secured and keeps its funds in offline storage. Plus, you will find lots of security features that protect both your account and funds.
Both BlockFi and Voyager are two of the best platforms to earn compound interest. Both the platforms offer you lucrative interest rates. However, Voyager is low on features compared to BlockFi, and it doesn’t really have a global presence.
So if you are from the outside USA, BlockFi is the only option you are left with. But if you are a USA resident, then you can definitely consider using Voyager. Since it offers you better interest rates for selected tokens. However, it doesn’t offer any free withdrawals.
However, it completely depends on what currency you are planning to hold, and based on that, you should be choosing a suitable platform for your needs.
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