Buying DOT on Voyager - meh

By BussTechno | BussTechno | 13 Mar 2021


I recently opened a Voyager account after seeing their interest rates and that they offered the ability to purchase Polkadot (DOT).  Currently they pay 8% APR if you hold at least 25 tokens of DOT in your account monthly.  

My reasoning:

  • I wanted a position in DOT, it has been trading flat about 12% below its ATH from last month, which I believe conservatively could hit an $80B market cap this cycle.  
  • Voyager is a public U.S. based company with a large number of coin offerings that aren't available on other platforms.
  • Coinbase and Binance.US, which I use regularly, do not offer the ability to purchase Polkadot.  I consider myself a noob and haven't branched out into coin swaps or other methods of procurement.
  • They are paying 8% for a minimum 25 DOT token stake.
  • They have a good referral program offering $25 of BTC for you and the referee when $100 is traded on the platform.  Feel free to use my referral code and we will both get a taste.
  • Short term- DOT should rise with the release of the latest U.S. stimulus package.  Voyager is in a good position to gain customers since the two larger platforms mentioned do not offer DOT.

What I don't like about the platform:

  • It appears you may not be getting the best immediate market price.  It looks like they are rolling fees into the purchase and sale prices.
  • Their limit order option didn't work for me.  Anecdotally, I have seen some Reddit posts and YouTube videos regarding this as well.
  • While their mobile UI is simple, I kind of hate it. I don't like scrolling sideways and I don't like immediately having to sort through 60+ ticker symbols.
  • There is no desktop version
  • They only trade against USD
  • The high minimum requirement in order to earn interest

Voyager itself has a lot of room for improvement as a platform.  Despite the obvious setbacks, the availability to purchase and my individual plan for DOT outweighs the overall negatives of the Voyager platform. My initial plan is to hodl DOT for about 6 months earning enough interest to cover any fees and by then I should be able to realize the gains of the token itself.  If you know of a better US based platform to purchase DOT please let the community know in the comments below.

Thanks for reading and we'll see you next time.


disclosures: I own positions in all crypto mentioned. This post contains a referral link. 

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