Binance is a name that requires almost no introduction as it’s one of the leading centralized cryptocurrency exchanges. During the past couple of years, the exchange has massively increased its popularity thanks to its incredible cryptocurrency portfolio, a useful native token that proved highly resilient in 2018’s bear market, top-notch security features, and its built-in wallet.
Binance’s CEO, Changpeng Zhao, has been hinting about future improvements for the service’s infrastructure of supporting fiat-to-crypto operations for quite some time now. Finally, on 16th 2019, Binance made headlines with the launch of its bespoke fiat-to-crypto exchange dubbed Binance Jersey.
Binance Jersey overview
With the launch of its new subsidiary, Binance Jersey, the famous crypto exchange aims to take a big part of the fiat-to-crypto trading market that has since long been dominated by giants such as Coinbase, Gemini, and Kraken.
The recent launch of the Jersey subsidiary has seen the exchange provide a regulatory framework to its services. The subsidiary is a result of a MoU (memorandum of understanding) signed between Binance Jersey and Digital Jersey, the organization that represents Jersey Island’s interest in digital industries. The collaboration will ensure a fruitful partnership that promises to promote blockchain technology in Jersey and all of Europe.
The subsidiary is located on the island of Jersey, a place often described as a sort of fintech paradise. Most importantly, the exchange operates within the island’s current regulatory framework administered by the Jersey Financial Services Commission.
This move comes after the exchange’s recent expansion into Africa (with Binance Uganda), and after the exchange announced plans to establish its base of operations in Malta, the place often regarded as the best crypto haven.
Binance Jersey allows users to trade cryptocurrencies to fiat and vice-versa. Users are provided with the option of trading Pounds Sterling (GBP) and Euros (EUR) with Bitcoin (BTC) and Ethereum (ETH). While the number of tradable cryptocurrencies is indeed a lot lower than what Binance offers, the service is expected to improve its fiat-to-crypto list of pairs in the foreseeable future.
In short, the exchange currency supports the following trading pairs: BTC/EUR, BTC/GBP, ETH/EUR, and ETH/GBP.
Trading on Binance Jersey
The good news is that the Jersey-based exchange boasts the same practical and user-friendly interface as Binance. This means that regardless of their experience with Binance, even the most novice of users should be able to get started with Binance Jersey without problems.
The interface’s Basic mode offers the typical features one might expect from a top-notch exchange such as order box, trading history, available markets, as well as a comprehensive set of technical analysis indicators (available in the Advanced mode).
The platform is accessible via any modern-day web browser, be it from a desktop device or a mobile one. There are three types of orders one can place on the exchanges to either buy or sell cryptocurrencies: market trades, limit trades, and stop-limit trades.
Binance Jersey Fees
The exchange requires a premium when it comes to fiat transactions. However, the withdrawal fees are by far the largest fees on this service. The general trading fee on Binance Jersey is 0,1%, and the rest of the trading/withdrawal fees don’t deviate by a lot from the industry standard.
The deposit fees are as follows: 8 GBP (for GBP deposits), and 8 EUR (for EUR deposits). The withdrawal fees are 20 GBP in the case of the first, and 20 EUR in the case of the second. When it comes to withdrawals fees for crypto, these are as follows: 0,0005 BTC (with a minimum withdrawal of 0,001 BTC), and 0,02 ETH (with a minimum withdrawal of 0,01 ETH).
Getting started with the exchange
Because the exchange operates within the framework administered by the Jersey Financial Services Commission, it logically means that anonymous trades are not supported. All traders that want to use Binance Jersey are required to perform a full KYC account verifications before starting to trade.
That said, the process is quite straightforward. Users can easily register an account on the official Binance Jersey website by entering a valid email address, a password, and a referral ID (optional). The second step involves users having to verify their account details by adding personal details such as name, date of birth, nationality, etc. The documentation proving all that needs to be uploaded as PDF, JPEG, JPG, or PNG, no larger than 5MB per file. Lastly, users have to link a bank account to their Binance Jersey account, and they are all set of start trading.
First off, it’s important to note that Binance has a stellar reputation within the cryptosphere in terms of security. It’s one of the few exchanges in the industry that has not been hacked. Besides all the KYC procedures and the compliance with all Jersey Financial Services Commission laws, the exchange also boasts advanced encryption technology, cold storage, and two-factor authentication.
Binance has always been renowned for having top support/customer care services, and its newly established subsidiary makes no exception. Binance Jersey offers 24/7 live support to its users. Furthermore, all KYC requests are processed within a 24-hour timeframe.
Pro and Cons
Probably the biggest advantage of Binance Jersey is the fact that it supports EUR and GBP to crypto trading, opening the European market to cryptocurrencies even more. Secondly, the exchange is regulatory compliant/officially supported which is a big plus for any serious investor.
Just like Binance, the new subsidiary exchange benefits from the same stellar user interface and accessible trading experience. Furthermore, Binance Jersey has one of the best 24/7 customer services around.
As far as disadvantages are concerned, one can point out that Binance Jersey has a very limited number of trading pairs, even though the exchange is expected to improve upon this situation in the future. However, the biggest disadvantage is represented by the relatively high fees. Furthermore, the service is not accessible for US and China residents.
Binance Jersey benefits from all the trademarks that make Binance such a great crypto exchange as it has the same features, security, infrastructure, and business model. Binance Jersey is a very solid choice for any crypto trader from the European space looking to use either Euros or Pounds on a regular basis.
At the end of the day, despite the very few disadvantages the platform brings forth, Binance Jersey ensures a much-needed influx of capital into the crypto world, one coming from one the biggest crypto markets, that of Europe.
- Supports two of the most widely usable fiat currencies: GBP and EUR
- Officially regulated and supported in a wide range of jurisdictions and countries
- User-friendly and efficient trading experience
- Provides top-notch customer services
- One of the best reputations in the industry
- Involves the typical KYC process
- Limited number of trading pairs
- Crypto-to-crypto exchanges are not available
- Relatively high fees
- The service is not accessible for US and China residents.