This article compares Binance vs Voyager, which is both cryptocurrency trading platforms with unique options you cannot find on some of the other platforms.
At a Glance
When comparing Binance vs Voyager, each platform has different features to offer the user. Voyager has security protection that is top of the line to protect all users from fraud. The interface is easy to use for investors at any level. It is a crypto broker and provides investors the ability to participate in digital asset investing. A perk that comes with investing with Voyager is it allows you to earn as much as 12% in annual rewards on your investments. This helps you to maximize your portfolio growth.
Binance has low fees and provides traders the ability to watch the market and get some education about trading. Binance has over 500 currencies, and the maximum trading amount is based on each specific cryptocurrency. Not all transactions are available to U.S. residents. Voyager is a clear winner between the two with lower fees, higher profits, and easy to use interface.
How the Best Choice Was Determined
When we reviewed these two platforms, we determined which one of the two is the best option and the best choice overall. We also compared many of both platforms’ features. Therefore, we also ensured that we verified the validity of the information before we used it for comparison of the platforms. In addition, we understand the numerous functionality options and features of the two platforms.
To do this, we gathered feedback from all users, including updated pricing and all service features. We believe in the value of feedback from the users and its importance in making decisions. We feel it is critical to ensure that no claims are false. We dig deep into the features to understand the options each platform provides.
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We have outlined here that Voyager is the winner and best for the overall user, which we have outlined for you here in this article.
Binance Overview
Binance is best for a trader that has some knowledge of investing and is experienced with trading. This platform has features geared towards advanced users, including placing market orders, stake crypto, and access to other transaction types. Unfortunately, not all of these transaction types are available to residents of the U.S.
Binance provides its traders access to over 500 currencies. Each cryptocurrency has its own maximum daily trading amount limit. In addition, it has a mobile app that is available on Android and iOS.
Pros:
- Lower trading fees
- They accept ACH and debit card deposits
- It offers a wide variety of coins
Cons:
- Not as transparency with security measures
- The user interface may be difficult for beginners
- Fewer options for U.S. residents
Voyager Overview
While Voyager caters to all crypto traders and investors, it is best for an investor with a little more experience. Those who want to maximize their portfolio and growth should consider the Voyager platform. Traders can earn monthly rewards from close to 30 digital assets. In addition, Voyager does not require a contract, and traders can leave the site at any time.
Voyager has unlimited investment options with low fees. A trader that is interested in diversifying their portfolio should consider the Voyager platform. Voyager has a proprietary feature called the Smart Order Router. This feature gives traders the ability to find and connect with the best crypto exchange services at the lowest possible transaction price.
Pros:
- Simple, easy to use, and intuitive mobile platform
- Numerous investment opportunities
Cons:
- Only available on mobile, no desktop version
Comparison of Features
User Interface
Traders want an easy interface and platform for them to use and accessible wherever they go. Therefore, both platforms have a relatively easy-to-use and intuitive interface design. In addition, both platforms offer a mobile application. However, Voyager is only available as a mobile app on iOS and Android. Binance is available on iOS and Windows.
Binance and Voyager have a fast process for creating new accounts. In general, it takes no time to gain access to each platform once a trader has created an account. Binance has an advanced verification process that could take up to 15 days. There are some users that have said it takes much longer than 15 days. This category is evenly split. It depends on the type of user you want to be. If you must have a desktop app, then Voyager is not the best for you.
Fees
Understanding the fees and fee structure charged by any platform is essential to a trader. Fees are taken directly from your cash and affect your bottom line. This is why all traders want the fees to be as low as possible.
Voyager states they are commission free, and it is true that they charge $0 commission on all cryptocurrency order placements. However, they do have rates they charge to trade. Depending on what is being traded, the fee could be high or low. The withdrawal fees charged by Voyager are low, and traders only have a flat fee for each token. There is a $50 fee for a wire transfer.
Binance uses a fee structure called the maker-take structure. This allows their fees to be lower than most of the popular platforms but not necessarily lower than Voyager. Binance maker-taker fees range from 0% to 0.10%. Binance does offer traders a fee discount of 25% if they pay fees with Binance Coin (BNB). The more BNB that a trader holds, the lower their fees are going to be. Binance fee structure is more complex to understand, and then it begins to vary when a trader is at the VIP level.
While on the surface, it may seem like Voyager wins in this category because of their no commission, it depends on what is being traded. The fees between the two platforms end up averaging out to be the same.
Security
In general, both Voyager and Binance are trustworthy for traders to use regularly and keep a moderate amount of cash. They both follow strict protocols and standards. Binance does not really disclose a lot about the measures they take for security. They provide a limited statement that mentions what they do with their coins. They do not fully disclose where they hold their deposits to protect them from being hacked or stolen.
Binance has had some difficulty with security over the years. In 2019, they had a security breach that was wide scale. During this breach, more than $40,000,000 was stolen. This resulted in both the Internal Revenue Service (IRS) and Justice Department investigating Binance for any illegal activity. In addition, the founder of Binance has some association with China, which makes some traders nervous. However, it does not seem as though China is a threat to traders and users. There is also no evidence that China has any influence over the founder of Binance.
Voyager does not have any of these ties. This is a company firmly rooted in the U.S. However, Voyager is a fairly new trading platform. They are not as big as Binance. They do not have a proven history that Binance has. Despite the youth of Voyager and the difficulties Binance had in the past, they are competent and trustworthy. Traders should feel equally conformable using either one of these platforms.
Binance vs Voyager: The Winner
Best Overall
Voyager is the best overall platform. While it may seem like a tough comparison between the two because they are so evenly matched across many categories, Voyager comes out slightly ahead of Binance. They both have an easy to use interface that is readily available on mobile devices. Voyager does not have a desktop version, which is not a huge drawback. Voyager’s most significant advantage over Binance for the experienced trader is transparency. While Voyager offers a good amount of currency options, Binance does have a few more. Voyager is the best overall platform for the average trader and user when comparing the two.
Best for a Beginner Trader
Voyager is also best for the beginning trader. U.S. residents do not have access to Binance’s main platform. This automatically makes Voyager the best option for any beginning trader in the U.S. In addition, Voyager is an affordable option. Beginning traders are usually hesitant to spend a large amount of money. They are not sure about what they are doing and do not want to take a lot of risks. The last thing a new trader wants to do is lose a lot of money. Voyager is convenient and has a centralized trading exchange. It is commission free and provides the best and easiest access to trading to beginners. Binance does have some features to offer a new user. They are not entirely out of the running. The Binance platform provides speed and reliability, which are also important.
Now that you know all about Binance vs Voyager, now is the time for you to get started. It is much easier to get started on Voyager as your trading platform than you probably realize.
It only takes a few minutes to create a Voyager account. It is an effortless and easy process. All Voyager needs you to do is provide basic information about yourself. This information includes email address, your full name, mobile number, the current address of residence, date of birth, and social security number. Voyager keeps all of your personal information secure and safe. You do need to provide a picture of a current government issued photo ID, such as a driver’s license or passport. It is critical that the barcode on your ID is not blocked. Most accounts are automatically approved. However, it is possible a member of Voyager support has to review your information. You can explore the market screen to track prices and move around the Voyager application while you are waiting for your approval.
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