Binance has since long been one of the most prominent names in the crypto industry, and for good reason. Binance is currently the world’s leading crypto exchange, achieving somewhere between $400 and $500 million in daily trade volumes.
There has been a lot of hype surrounding Binance as the exchange made various headlines last year. The exchange expanded its business into Africa with Binance Uganda and has recently set its sights on moving its headquarters.
On January 16, 2019, Binance launched a regulatory compliant subsidiary called Binance Jersey. Designed to operate within the framework that is supervised by the Jersey Financial Services Commission, the new subsidiary aims to serve crypto traders based in Europe and in the U.K who want to trade crypto and make use of fiat transfers.
For a bit of background, it’s important to note that the island of Jersey is a well-established jurisdiction in the world of financial services, and acts as a home to various firms and institutions involved in traditional finance.
More to the point, this fiat-to-cryptocurrency exchange subsidiary allows users to buy and sell Bitcoin (BTC) and Ethereum (ETH) for either Euro (EUR) or British Pound Sterling (GBP). The exchange aims to provide impeccable trading services for users in 59 countries and plans to support as much as 1,400,000 orders-per-second.
Since Europe is an important part of the whole crypto market, we’ve decided to create a comprehensive guide on how to get started with and to trade on Binance Jersey.
1. The registration process
After the confirmation email has been received, the account will be activated, which means you can now log in. You will be asked to verify your identity and address (classic KYC process), as well as if you like to enable the two-factor authentication feature. You are provided with two options, either Google authenticator, or SMS verification.
As part of the verification process, you will also be required to submit some documents that prove your residence, as well as bank account statements and various utility bills. Please note that the name and the address on the documents must match, that the documents are uploaded in JPEG, PNG, or PDF formats, and they should not exceed 5 MB. Furthermore, the documents should not be older than three months.
The next step involves you having to link a bank account. Go to “Funds,” click “Bank Account Management,” and link a bank account in order to be able to manage your deposits and withdrawal operations.
2. Adding fiat to your account
The first thing you need to do before actually starting to trade is to add some fiat to your account. Go to “Funds,” and select “Deposit.” You can add GBP, EUR, BTC, or ETH. Of course, you will be required to choose the specific amount. Once the order has been received, in the case of either EUR or GBP, you have 20 days to complete the wire transfer at your local bank.
3. Trading on Binance Jersey
If you’re familiar with Binance (the original platform), then you should have no problems trading on Binance Jersey. The interface is quite similar, and the process is almost identical. Just as expected, you can choose between two modes: Basic and Advanced.
You can access the Exchange section from the top left of the navigation menu. On the top left part of the trading platform, there’s your selected trading pair. The middle part of the chart is reserved for the current performance of the pair, while the right side panel contains all the different trading pairs.
The platform also provides you with various more advanced trading options such as Limit trading, market trading, and stop-limit trading. To place a limit and market order, you can use the Buy&Sell boxes, located in the center section of the panel, right underneath the price charts. To create a buy position, first, enter the target price of the buy order, input the number of currency purchases at the specified price. Users can also create trades that will be automatically executed by Binance.
4. Withdrawing funds from your account
Withdrawing funds is probably the simplest part of the whole process. Go to “Funds,” then select “Withdrawals,” and enter the desired fiat currency. In the following screen, you will have to input your bank information and enter the withdrawal account. Click “Submit,” and input the Google Authentication code. Withdrawing cryptocurrency is just as simple. After selecting the desired crypto, select the address, and input the amount of crypto you want to withdraw.
Other useful details
As mentioned before, the Binance Jersey platform only supports four trading pairs: BTC/EUR, BTC/GBP, ETH/EUR, and ETH/GBP. The fees differ based on what type of currency or cryptocurrency you want to deposit or withdraw. For GBP, the deposit fee is 7 GBP, and the withdrawal fee is 20 GBP. For EUR, it’s 8 EUR and 20 EUR. The general trading fee is of 0,1%.
Even though it’s a very new service, Binance Jersey is one of the best platforms of its type. It has all the traits that make Binance great. It supports EUR and GBP, it’s regulatory compliant, it has a very good reputation, and the overall trading experience is an intuitive and enjoyable one.
On the flipside, the exchange has very high fees, the selection of digital currencies is very small, and the service is not accessible to residents of the US and China.
Image Source: www.binance.com/en/blog