Voyager vs. BlockFi - Which is Better for You?
While both Voyager and BlockFi offer good interest rates on deposits, we believe Voyager is an overall better choice as they offer nearly identical interest rates while at the same time offering one of the best low-fee ways to buy into cryptocurrency.
We hope to give you the information you need to decide for yourself which is better for you — personally we use both BlockFi and Voyager as they both have advantages that we’ll outline below, and we believe they’re both trustworthy — not to mention they both offer great sign-up bonuses that we’ll go over towards the end of this article.
To Summarize: We’d say BlockFi is much better for long-term holding and earning interest as they allow lending of more cryptocurrencies and higher yields + Crypto-backed loans, however they’re not the best platform to buy/sell/trade cryptocurrency on, and thus we’d say using both is best, Voyager for purchasing, then BlockFi for long-term holding more substantial amounts of cryptocurrency on.
Which Offers the Best Yields - Voyager or BlockFi?
This is the most important category in this comparison in our opinion and BlockFi wins this category quite firmly — they have higher rates across the board with around 1% -> 2% higher interest rates on pretty much every cryptocurrency on the platform, from stablecoins to mainstream cryptocurrencies such as Ethereum and Bitcoin, BlockFi generally has quite a bit higher yields on deposits — and when they don’t they have comparable or marginally higher yields.
With that being said not all coins are supported by both platforms — Voyager for example allows staking/lending of Cosmos/ATOM for 3%/year while ATOM currently doesn’t offer yield on Cosmos/ATOM — in the same regards BlockFi offers 5% yield on PAXG (Gold-backed stablecoin) while Voyager doesn’t support gold-backed stablecoins at all currently, nor offers yield on them.
Which has Lower Fees - Voyager or BlockFi?
This category is a draw in our view — Voyager has quite a bit lower fees for buying/selling cryptocurrencies and trading them back and forth, one of the lowest of any cryptocurrency brokerage, however their withdrawal fees are not the lowest — but rather quite standard at around $5-10 per withdrawal in most cases.
As for BlockFi their buying/selling fees are quite horrible as this isn’t their primary service — however BlockFi does offer fee-free withdrawals (they cover the transaction costs) and otherwise has more or less no fees (they charge a loan origination fee on crypto-backed loans currently, but that’s it).
Ultimately what this boils down to is if you’re buying/selling/trading don’t do it on BlockFi long-term, but rather opt for Voyager or another crypto-exchange, and use BlockFi nearly exclusively for Lending out your crypto or taking crypto backed loans out against it.
Which Has The Best Signup Bonus Offers - Voyager or BlockFi?
This Category is a bit of a draw as well — While technically Voyager has a slightly better sign-up bonus as it’s worth $25 in Bitcoin and BlockFi’s is only $20 in bitcoin they’re both extremely easy to get — for Voyager you just need to download their app and then sign up with a promotional code (ZACYAJ) and buy/sell a bit ($100+) of crypto, you can read our article on Voyager’s Sign-up bonus by clicking here.
BlockFi you simply need to deposit a few hundred dollars worth of crypto after being referred by someone. You can be referred to BlockFi by us by creating an account through this link or using code “aaf07db8″ during the sign-up process in Blockfi’s App; Regardless we’d recommend checking our page on all of BlockFi’s current sign-up promotions as they often have multiple promotions you may be able to take advantage of at the same time.
Which is more Trustworthy - Voyager or BlockFi?
We’d say this category is also essentially a draw as well, maybe with a slight edge towards Voyager — This is because we believe both to be trustworthy and keep crypto on both of the platforms personally, and believe both of their business models are not only sustainable, but highly profitable and thus the financial security of both Voyager and BlockFi are likely excellent.
Beyond that though, Voyager is technically a publicly owned company, traded under the ticker “VYGVF” (Voyager Digital Ltd), and thus it’s transparency is quite good if you understand how to read the financial reports and statements and corporate-garbage the parent-company of InvestVoyager releases quarterly — while BlockFi is a private company and thus doesn’t publish such information — however they are still very legitimate and use Gemini as a custodian, have dozens of big-name investors and hedge fund backers including Winklevoss Capital, Coinbase, and Morgen Creek Capital amongst others.
What Advantages does Voyager have over BlockFi?
Voyager is specifically meant to be an easy to use exchange and thus has significantly lower trading fees, making it the downright superior fiat on-ramp — they also may be a little more transparent due to being a public company.
Beyond that Voyager doesn’t really have any advantage over BlockFi — They’re a great all-in-one solution as they’re one of the best (lowest cost and ease of access) crypto-brokerages and they have decent yields as well, only beaten out by pure-lending platforms like Celsius and BlockFi.
Ultimately if you don’t have thousands invested in cryptocurrency and plan to hold for the long-term then Voyager is probably the better option for you, however if you have a few thousand dollars of cryptocurrency at least and plan to hold it many months, then it’s probably worth getting an account with BlockFi or Celsius as well.
What Advantages does BlockFi have over Voyager?
BlockFi offers better yields and free withdrawals — but they aren’t a good choice at all when it comes to buying/selling cryptocurrency due to not really being focused on being a cryptocurrency exchange, but rather a lending/loan platform.
BlockFi has good support, while Voyagers is so-so in our experience, but hey all cryptocurrency brokeragers seem to have not so great support so we don’t really think that’s a big deal — to us the deciding factor is if you will hold cryptocurrency long-term and if you have enough crypto to make it worth paying the withdrawal/transfer fee to BlockFi.
If you have large sums of cryptocurrency to make it worth the bother and plan to hodl we don’t see a reason to not use BlockFi for crypto-lending and loans, although personally we prefer to take loans out with Celsius due to their lower fees for crypto-backed loans.
So Which is Better for You?
As we covered above, we’d say if you have more than a few thousand USD worth of cryptocurrency, and plan to hold it for more than a few months, we believe it’s worth moving funds over to BlockFi due to it’s higher yield and no-fee withdrawals if you ever do decide to cash out — of course make sure to get BlockFi’s $15 -> $250+ sign-up bonus and the others they offer that we covered in this article.
However if you’re new to cryptocurrency and just want a simple all-in-one brokerage with low-fees, that also gives decent yield on deposits, then you may be better off simply going with Voyager — make sure to get the $25 sign-up bonus we mentioned above if you decide to sign-up to Voyager with a referral code.
Personally we use both BlockFi and Voyager — we buy via Voyager and then after we’ve accumulated a few thousand USD worth we transfer it to either BlockFi or Celsius (we use both), as before then the transfer-fee Voyager charges is too high to make it worthwhile in our opinion.
Voyager vs BlockFi FAQ's:
If you have any questions you’d like answered related to this article feel free to contact us through our contact page and we can answer them for you — but here are some questions we’ve either been asked many times in the past about this article or think many people might have about it.
What Alternatives are there to using Voyager or BlockFi?
While personally we use both Voyager and BlockFi, if for whatever reason you don’t want to go with either of them, then we’d recommend checking out Kraken for an alternative to Voyager, as they offer good yields via staking on many cryptocurrency while still having relatively low fees.
As for an alternative to BlockFi, really the only other crypto-lending and loan platform we can recommend would be Celsius, which in our opinion is just about as good as BlockFi. You can check out our comparison on them both on this page of our website.
How much Cryptocurrency is okay to keep on these exchanges?
This is obviously up to you and what you feel comfortable with — there’s always risks that they’ll go bust or get hacked, but in our opinion we feel these risks are not very high at all. As a result we personally keep the vast majority of our crypto on Voyager, BlockFi, and Celsius.