BlockFi vs Voyager: Which Crypto Platform is Better in 2023?

Everywhere you look, someone is talking about crypto currency. If you’ve not already jumped on the bandwagon, this is your sign to get started. There are dozens of crypto platforms for you to choose from, with BlockFi and Voyager being amongst the two most popular options.

This in-depth guide compares to the two platforms to help you decide which one will be better for your crypto trading, including which one has the best referral program.

What is BlockFi?

BlockFi is an innovator within cryptocurrency trading. While the platform is relatively new, it has gained a loyal and growing following since its launch. The platform’s major selling points include their affordable loan interest rates, easy-to-navigate platform, and their Gemini security that provides extra peace of mind. It’s these additional features that help to set BlockFi apart from similar platforms like Voyager.

What makes BlockFi one of the best platforms for crypto trading is that it is backed up by several leading investment firms. Their team of investors include Akuna Capital, Arrington XPR Capital, Avon Ventures, Coinbase Ventures, Castle Island Ventures, and ConsenSys. These financial backers give you extra peace of mind when using BlockFi.

BlockFi’s Products and Crypto Trading

What makes BlockFi stand out from other cryptocurrency trading platforms is its unique product range. Their most popular product is their BlockFi Interest Account that allows you to gain interest on your deposited funds to create passive income. You can also earn various incentives for your account depending on the amount and type of cryptocurrency that you’ve deposited into your account at any given time.

BlockFi also offer their traditional Trading Account, which is another popular product. This allows you to transform BlockFi into a trading platform to buy and sell crypto currencies.

One of the most unique products that BlockFi offers is their crypto-backed loans. It’s a feature that is only available on a select few platforms. It allows you to take out a loan based on US dollars by providing BlockFi with virtual currencies that are held in your online wallet as collateral against the loan. BlockFi also offers its users its Bitcoin rewards credit card that allows for worldwide card-based purchases. The so-called ‘BlockFi Bitcoin Rewards Credit Card’ allows you to get 1.5% back in BTC for every transaction as a reward.

BlockFi also offers a corporate product for institutional clients to take advantage of. Their ‘BlockFi Global Digital Markets’ product allows users to access USD-backed loans to facilitate market-making and hedging. BlockFi also allows institutional clients to borrow virtual assets. As a corporate client, BlockFi will provide you with negotiating terms that are tailored to fit your corporation’s specific needs.

Another corporate product offered by BlockFi is their ‘OTC Desk’. It essentially acts as a bridge between the cryptocurrency industry and corporations who are hoping to migrate over from conventional financial services to crypto trading.

What is Voyager?

Voyager is a zero-commission cryptocurrency trading and investing app operated by Voyager Digital (Canada) Limited and by its subsidiary Voyager Digital Holdings in the United States. It entered the Canadian Stock Exchange in 2019 as a public company. The Voyager app is available for iOS-powered and Android devices.

The platform was established by a team of financial veterans, including Stephen Ehrlich, the founder of Lightspeed financial. Oscar Salazar was another member of the Voyager team and is one of the founders behind Uber.

Voyager is currently available in the United States – except in New York – and has ambitious plans to go global. It’s currently in the process of acquiring a BitLicense to allow it to provide its platform to New York residents.

Currently, Voyager supports over 50 types of cryptocurrencies, making it one of the largest platforms on the market. Popular cryptocurrencies include BCH, BTC, ETH, ADA, BAT, and LINK. It also supports decentralized finance protocols, including COMP, UNI, MANA, BAND, and YFI.

You can also utilize the Voyager Token (VGX) to earn interest within the Voyager ecosystem. The token also improves the user experience on Voyager and lives on the Ethereum blockchain as an ERC-20 token with a supply of over 222 million tokens, meaning that VGX is leveraged by the second-largest decentralized network after Bitcoin.

Voyager’s Products and Crypto Trading

Voyager is a platform that allows its users to buy and sell various cryptocurrencies. One limitation of Voyager is that it only allows for the sale and purchase of cryptocurrency against the US dollar. Voyager’s smart order routing connects different platforms and multiple market makers to provide competitive pricing and quick transaction execution speeds.

What makes Voyager unique within the crypto trading space is that it is able to navigate through the ecosystem to provide the best price for your crypto trade. However, Voyager does not facilitate crypto-to-crypto trading, but it allows users to deposit some popular cryptocurrencies, including Bitcoin Cash (BCH) and True USD (TUSD)

Voyager is popular as a way of earning passive income through cryptocurrency as the platform allows you to earn interest on your deposits, although the amount will depend on the type and amount of assets you have. USD Coin (USDC) holders can benefit from an annual percentage yield of 9.0 percentage so long as they have at least 100 USDC coins in their Voyager account. ETH investors can utilize a 5.25% interest as long as they have a monthly balance of at least 0.5 ETH.

Voyager also operates for institutional users by leveraging their technology to provide extensive market access and liquidity through their institutional offering. The ‘Voyager Institutional’ platform is dedicated to crypto trading solutions that are designed for business. The dynamic smart routine process behind the Voyager Execution Platform allows institutional investors to have access to faster trade execution time and better prices. The liquidity network for Voyager institutional clients includes cryptocurrency exchanges and over-the-counter (OTC) desks.

BlockFi vs Voyager Referral Programs

BlockFi offers two referral programs – known as BlockFi Partner and BlockFi Refer-A-Friend. Firstly, the ‘partner’ program is relatively unique. This program allows users to engage directly with their peers. You’ll have to be vetted and approved by BlockFi before being admitted into the partner program, which allows you to get rewards when you introduce your audience to financial tools.

If you’re accepted into the BlockFi Partner program, you’ll get access to tracking tools, exclusive marketing materials, exclusive offers, and trading support. This program is unique and rewards its Partner members 0.5% of all deposits made by their referrals into their interest-earning accounts during the first month of their time on BlockFi.

The referral program that you’re most likely to use is their ‘Refer-a-Friend’ program. This referral program is one that most crypto trading platforms, including Voyager, operate with. Existing users can invite their friends to join BlockFi with both users earning $10 in BTC. The new user will need to deposit at least $100 into their BlockFi Interest Account for both parties to receive your referral credit. You can sign up for BlockFi via our referral link here.

Voyager’s referral program is similar to BlockFi’s ‘refer-a-friend’ incentive. You can earn a $25 referral bonus by referring your friend to the platform, although they will have to deposit and trade $100 to meet the requirements for the sign-up bonus. Both the existing and new user will receive $25 in bitcoin when the requirements are met.

You can expect this bonus to appear in your account within three days of the requirements being met. You can withdraw the bonus from your account after 14 days. Voyager allows users to invite up to 100 people through their referral link. You’ll get an email notification every time that you receive a referral bonus. Our Voyager referral code SALAD32EE will give you a sign-up bonus of $25 worth of bitcoin when you trade a minimum of $100. You can find out more about Voyager’s referral program here.

BlockFi vs Voyager: Fees

Both BlockFi and Voyager offer commission-free crypto trading. BlockFi has a withdrawal limit and fees for their cryptocurrencies. For UNI, only 5,500 UNI can be withdrawn in a 7-day period with a fee of 1 UNI. Voyager has a daily withdrawal limit of $25,000 with a maximum number of withdrawals of 20 per day. You can expect funds to take between two to five days to reach your bank account. Although Voyager does not have fees, it requires you to deposit a minimum of $10 when opening your account with a maximum deposit limit of $10,000 every 24 hours. Any crypto trade over $20,000 will be subject to a five working day clearing period.

BlockFi vs Voyager: Final Thoughts

Both BlockFi and Voyager are leaders in the crypto trading space, making either of them an ideal platform to choose from. Voyager is the clear winner for institutional clients, whereas BlockFi is targeted at a wider demographic, including beginners to the world of crypto trading, as well as corporate clients.

BlockFi’s affordable loan interest rates, easy-to-navigate platform, and their Gemini security shouldn’t be discounted though. It’s an ideal platform that anyone can use, whether you’re a beginner or a seasoned pro.

Whatever platform you choose, ensure that you’re utilizing the referral programs on BlockFi and Voyager to help boost your portfolio with referral credits.