Compared to Binance, Voyager is the much simpler and more toned-down kid on the block, offering all the perks you would expect from an all-American company. The two companies were launched about the same time; however, Binance has amassed a more global audience and features a higher trading volume making it the most tried and tested crypto exchange at the moment.
If you are trying to decide which among these two is suitable for your needs, it is important to first compare the features on each platform to come up with an informed view of which platform is best.
In this guide, we are going to compare the various aspects of each of these two crypto exchanges ranging from their security features to the fees charged and also ease of use.
Voyager Quick Overview
With over 30 digital assets supported on its, platform Voyager is a crypto brokerage app preferred for its straightforward investing and crypto trading platform.
It features a cryptocurrency investment app that is available on both iOS and Android operating systems and offers users the ability to invest on the go and earn up to 9% APY on their crypto holdings. Founded in 2017 by Stephen Ehrlich, Philip Eytan, Gaspard de Druzy, and Oscar Salazar, Voyager is building out its services beyond crypto trading to facilitate payment capabilities using digital assets.
Voyager offers commission-free trading services with top security features such as advanced fraud protection, FDIC (Federal Deposit Insurance Corporation) insurance of up to $250,000 on user’s deposits. Plus, Voyager also holds a stamp of approval from regulators and auditors. The downside is that Voyager only allows users to trade fiat for crypto, and there are no coin-to-coin trades or market pairs supported on the platform.
Voyager Pros & Cons
1. Over 50 listed cryptocurrencies
2. Up to 9% APY on crypto holdings
3. Features a regulated and audited platform and USD deposits are FDIC insured
4. Offers a brokerage model with access to multiple exchanges
1. Voyager is technically a broker, not an exchange, so it does not offer coin-to-coin trades
2. There is no desktop trading app
3. Deposits are capped at $5000
See more detailed review HERE
Binance Quick Overview
Similar to Voyager, Binance has been in the crypto game since 2017 and has grown deep roots in the industry, amassing a whooping daily trading volume of over $20 billion.
Founded by Changpeng Zhao, Binance has its headquarters in George Town, Cayman Islands, and boasts of over 13 million active users. As a top crypto exchange, Binance supports the trading of over 350 cryptocurrencies; however, its U.S platform is much more restricted with support for only 50 cryptocurrencies.
Binance offers a variety of crypto trading tools including a spot trading market, a derivatives market, and also a margin trading market. There is also a Binance mobile app available that comes with all the features you get from its desktop application, such as a trading chart, a futures trading market, and even an NFT marketplace.
Binance Pros & Cons
1. Supports more than 300 cryptocurrencies
2. Well established with high levels of liquidity
3. Secure hot wallets with two-factor authentication
4. Features a derivatives crypto trading platform
1. Not ideal for holding huge amounts of funds
2. Customers complaints about site crash at peak traffic
3. Its user interface can be intimidating to beginners
See more detailed review HERE
As a mobile-based platform, Voyager has a beginner-friendly user interface. The interface to its mobile application comes with a variety of useful tools that allow users to automate their trades which can be great for dollar-cost averaging.
Sending funds from one wallet to the other using the Voyager app is also straightforward with portfolio management tools and an interactive chart that is quite intuitive.
Although Binance also comes with an intuitive user interface both on its desktop and mobile application, Binance caters more towards the needs of sophisticated users with a focus on offering tools for expert traders such as margin trading, a launchpad, and also an NFT marketplace.
Simply put, Binance has a much more cluttered user interface that can be intimidating to beginners.
Trust & Security
Voyager and Binance are reputable and secure crypto exchanges. Voyager offers advanced fraud protection with FDIC insurance for users up to $250,000. Furthermore, Voyager mentions on their website that their platform features advanced fraud protection mechanisms that keep hackers at bay.
Binance also takes security just as seriously with the usual two-factor authentication implemented on its platform upon account registration for each user. While there is no insurance on crypto funds held by the company’s hot wallets, Binance offers to whitelist frequently used devices and wallets and also offers protection against phishing attacks.
Voyager offers a commission-free crypto trading experience where traders pay no more than the quoted spot price of the digital assets they buy. Traders also receive nothing less than the quoted market price when they sell their digital assets on the exchange.
Voyager can do this thanks to a unique Smart Order Routing system that leverages the discrepancies between listed prices across multiple exchanges to find the best price for each trade. By extending the savings to its users, Voyager keeps a small percentage of the difference at zero expense to its users. Simply put, Voyager is designed with a business model that is only profitable as long as its users are making profits as well.
Binance also offers competitively lower fees; however, when compared to Voyager, it is clear who takes the win. On Binance, traders will be charged a maker and a taker fee of 0.1%; however, they can enjoy a 25% discount if they pay their fees with the Binance Coin (BNB).
The sign-up process on Voyager is pretty straightforward as all that is needed is for the trader to follow the screen prompts and complete KYC (Know Your Customer) and AML (Anti Money Laundering) processes. This requires the submission of identification documents upon which an account is opened.
Binance also features a straightforward process; however, for users to access higher withdrawal limits on Binance, they will have to complete further identity verification steps. At higher levels, Binance’s verification processes are performed manually by the Binance team and can take a few days to complete.
Out of the two crypto exchange and brokerage platforms, Binance offers the most diverse collection of supported cryptocurrencies. Binance hosts over 300 assets, including but not limited to the following:
- Ripple XRP
Voyager’s list of supported cryptocurrencies is much smaller as there are just over 30 cryptocurrencies supported on the Voyager mobile app. These include but are not limited to the following:
- Basic Attention Token
- Bitcoin Cash
- Enjin Coin
While Voyager stands out for its zero fees on all trades, Binance is loved for its variety in terms of supported tokens and a variety of trading tools and markets to choose from.
Apart from being an affordable platform, Voyager also boasts of tight security with the backing of FDIC-insured deposits, which is a plus for its US-based customers.
Binance also offers competitive fees but can seem expensive, especially when compared to Voyager’s commission-free trades. What makes Binance stand out apart from the variety of assets to trade is the company’s move into Defi with an NFT marketplace as well as a proprietary smart contract enabled blockchain called Binance Smart Chain. Binance also comes with a variety of markets to trade, including derivatives and margin trading markets, among other options. You also get access to a launchpad if you are looking to invest in the latest Defi projects launching on Binance Smart Chain.
Conclusion: Voyager Better for Beginners
Given that Binance’s main site is not available in the US, the Voyager platform offers the best option for traders in the U.S to access an affordable crypto trading solution. Voyager adds to the convenience of trading on a centralized exchange with a commission-free trading experience that is like no other.
Binance, on the other hand, offers speed, reliability, and sufficient liquidity that is hard to come by anywhere in the crypto sphere. Whether you like Voyager or Binance exchange, we hope that this comparison will help you make an informed decision.,