Binance is one of the world’s leading cryptocurrency exchanges and continues to build an ecosystem that includes a token launch platform and incubator for blockchain projects, various education and research portals, an OTC trading desk, and the Trust Wallet mobile application.
In addition, the exchange has expanded into Africa with Binance Uganda, and has set its sights on establishing a base in Malta.
The recent launch of Binance Jersey has seen the exchange provide a regulatory compliant subsidiary for anyone interested in trading cryptocurrencies while being able to deposit and withdraw in Euros or the British Pound Sterling.
Binance Jersey Overview
- 1 Binance Jersey Overview
- 2 Binance Jersey Features
- 3 How to Get Started on Binance Jersey
- 4 Supported Currencies
- 5 Binance Jersey Fees
- 6 How to Trade on Binance Jersey
- 7 Is Binance Jersey Safe?
- 8 Supported Jurisdictions
- 9 Is Binance Jersey Suitable for Beginners?
- 10 Pros
- 11 Cons
- 12 Conclusion
- 13 Binance Jersey
- 14 Pros
- 15 Cons
Announced on January 16th2019, Binance.je is the first fiat-to-cryptocurrency exchange in Jersey and will operate within the framework administered by the Jersey Financial Services Commission. Binance Jersey aims to provide a secure and stable platform for both individuals and institutions to trade cryptocurrencies and make use of fiat transfers and the Jersey based operation builds upon the technology developed and used by Binance.com.
The island of Jersey is a well established jurisdiction within the world of financial services, and acts as a home to various firms and institutions involved in asset management and more traditional finance.
More recently, the island has become more welcoming to blockchain projects and Binance looks set to leveraging the capabilities of a jurisdiction with a high number of experienced and extremely dedicated financial services professionals.
The exchange aims to build a secure trading platform for users in 58 countries, and plans to sustain a 1,400,000 orders-per-second matching engine, and provide a 24/7 customer service and technical support team.
In addition, the exchange currently provides the trading of Pounds Sterling (GBP) and Euros (EUR) with Bitcoin (BTC) and Ethereum (ETH), as well as an over-the-counter (OTC) desk, and asset management services.
Binance Jersey Features
- Functionality – Binance.je utilises a web-based trading platform, and uses the same trading screens and trade engine as Binance.com. The platform incorporates both Basic and Advanced screen options which include a wide range of functions. Common features such as the order box, trading history, and available markets are well laid out, while the Advanced screen contains more detailed charts and a range of popular technical analysis indicators.
- Technology – The exchange relies on the same fundamental technology as Binance.com and their trade matching engine is capable of processing approximately 1.4 million orders per second. The platform is also accessible by web interface or any mobile device and integrates with trading software and numerous trading bots via API.
- Trading Options – Binance.je provides a slimline service compared to Binance.com and allows users to trade cryptocurrencies for fiat and vice versa. Users can currently trade Pounds Sterling (GBP) and Euros (EUR) with Bitcoin (BTC) and Ethereum (ETH), and additional cryptocurrencies may be added in the future.
- Customer Support – Binance Jersey is available to the residents of 58 countries, and a support team is available to deal with any issues 24/7. Users can open tickets in the Support section, by submitting requests, and the team can also be contacted via their Twitter account, Facebook page, or Telegram They also provide an FAQ page in the Support section that addresses a number of key issues.
How to Get Started on Binance Jersey
The main website displays a login and register panel both centrally and at the top right of the page.
1) Create an Account
You can sign up by entering your email address and password.
After confirming your email address by clicking the link in the confirmation email, you will need to sign into your account.
2) Verify your Account Details
You will be prompted to verify your identity and address soon after you sign in to your account. You can begin the account verification and Know Your Customer (KYC) process by enabling Two-Factor Authentication (2FA), and then clicking the “Verify” button.
You can verify your identity by first entering your personal details such as name, date of birth, and nationality.
Once this is complete, you can move onto verifying your primary residential address, and confirming that you are not a US citizen.
3) Submit your Documentation
From here you can complete the address verification process by submitting your proof of residence documents. The accepted forms of proof include bank account statements and various utility bills.
In order to simplify the process, users should ensure that:
- Documents contain only Latin characters (a-z), if not it’s necessary to contact the support team with certified copies translated into English
- The address on your document must be the same as the one previously inputted, and the proof of address document must be in your name.
- The document provided cannot be older than 3 months, and details such as name, address, issue date and issuer must be clearly visible.
- The document must be uploaded as a PDF, JPEG, JPG, or PNG and the file size cannot be larger than 5MB.
Next, you can enter the source of your wealth and expected monthly trading amount, and complete the process by clicking the “Submit” button.
4) Link a Bank Account
Under the “Funds” tab, you can link a bank account and manage your deposits and withdrawals.
The exchange currently supports four trading pairs which involve Bitcoin, Ethereum, Euros, and the British Pound:
- BTC / EUR
- BTC / GBP
- ETH / EUR
- ETH / GBP
Binance Jersey Fees
GBP Deposit/Withdrawal Fees
- Deposit: 7 GBP
- Withdrawal: 20 GBP
EUR Deposit/Withdrawal Fees
- Deposit: 8 EUR
- Withdrawal: 20 EUR
- General 0.1% trading fee
Crypto Withdrawal Fees
Bitcoin: 0.0005 BTC (Min withdrawal 0.001 BTC)
Ethereum: 0.02 ETH (Min withdrawal 0.01 ETH)
Fiat facilities are at a premium on Binance Jersey and the fees for both deposits and withdrawals are on the high side. As a result, anyone looking to transfer either Euros or Pounds will benefit from making higher value, less frequent transfers.
However, the fees for crypto withdrawals and general trading remain in keeping with the rest of the industry. The team also state that international wire transfers usually require 2 to 5 business days, while SEPA transfers requires 1 to 3 business days.
How to Trade on Binance Jersey
If you have traded on the regular Binance website before, you will instantly feel at home here on the new site. The website layout will feel familiar to you and the actual trading screens are the same – you have the choice between a basic version and an advanced version.
This is what the basic view looks like, you will see the charts in the center with the prices in your chosen currency on the left and the latest trade history on the right.
To choose between trading pairs, you can use the links on the top right hand corner to switch between BTC/EUR, BTC/GBP, ETH/EUR & ETH/GBP.
To place a limit and market orders, you use the Buy & Sell boxes, located in the center under the price charts.
The charts make use of Trading View, and you can enlarge the chart to full screen and make use of the usual tools for Technical Analysis.
If you prefer, you can switch to Advance view which is the version I prefer which uses a dark theme and the charts take up more of the screen real estate and it moves all the order information to the right hand side.
Is Binance Jersey Safe?
Binance has proved itself to be one of the most resilient exchanges so far and has not yet succumbed to any known hacks. However, in March 2018, a hacking attempt was caught by their automated systems and detected hackers who had been able to secretly install API access on compromised accounts.
The hackers attempted to convert all accessible funds into BTC in order to purchase Viacoin, thus massively pumping up the coin and allowing them to transfer sell their Viacoin holdings into BTC for a huge profit. However, the attempt was foiled and the hackers’ funds were donated to charity.
The exchange is quite secretive about its various security protocols although they do provide SMS and Two Factor Authentication (2FA) features for all user accounts, and a Whitelist feature which limits account withdrawals to whitelisted withdrawal addresses.
In order to help maintain optimal security levels, it’s crucial to ensure that you are on an official Binance website, and check the Binance url before logging in. It’s recommended to bookmark the site and only access it in that way, and to refrain from using search engines or clicking links from emails or various social media platforms.
Binance Jersey will be incorporating the same security protocols as Binance.com and in addition, remain fully compliant with the regulations overseen by the Jersey Financial Services Commission.
Users from any of the 58 supported countries should also be aware that it is their responsibility to abide by their local laws, and must stay on top of the collection, reporting and remittances of appropriate data and funds to their respective tax authorities.
All users are also expected to declare that their funds come from a legitimate source and are not associated with illegal activities. Binance Jersey reserves the right to request a proof of source of wealth or source of funds from any user, whether personal and institutional, and aims to cooperate fully with law enforcement authorities worldwide.
The exchange will also freeze or seize the funds of any users flagged or identified as being acting illegally by the relevant authorities. As a result, users need to stay on top of their own housekeeping in order to not lose access to their funds and/or accounts due to not following the rules laid out in their own jurisdiction.
As is often the case in the world of cryptocurrencies, funds can often be lost due to user errors, as opposed to external malicious parties.
Binance Jersey currently supports the following jurisdictions:
|Argentina||Eswatini (formerly Swaziland)||Latvia||Romania|
|Croatia||Israel||New Zealand||United Arab Emirates (UAE)|
|Cyprus||Italy||Norway||United Kingdom (UK)|
Is Binance Jersey Suitable for Beginners?
When logging into the site, it’s clear that it has less trading options than Binance.com which helps to simplify the entire process.
However, it still takes some getting used to and newer entrants to the world of cryptocurrency trading will have to familiarize themselves with the process of making fiat/crypto deposits and withdrawals, adjusting their account settings, setting up 2FA, and of course, navigating the trading screens.
Despite this learning curve, Binance offers two different types of trading interface, and the Basic and Advanced versions allow traders with different experience levels and requirements to conduct their affairs on the platform in a way that is tailored to their specific needs.
The Advanced mode contains more extensive charting options and incorporates a range of popular technical analysis indicators, while the Basic mode is beginner friendly and requires minimal navigation, as the most important features are easily accessible from the main page.
In addition, as the exchange only supports four trading pairs, and there’s less opportunity for newer traders to become overwhelmed by the interface when compared to Binance.com which plays host to hundreds of different coins.
In order to entice new users, Binance Jersey is currently running a Referral Program, and anyone who invites their friends to trade on Binance.je, will receive 80% of their trading fees as commission. The program has been effective since 15/01/2019 0:00 AM (UTC), and each referee must be signed up through your Referral Link, QR Code or Referral ID.
Furthermore, the first 5,000 users to complete Account Verification (KYC) on Binance.je between January 16, 2019 and January 31, 2019 at 0:00 UTC will each be rewarded with 20 EUR.
- Supports EUR and GBP
- Good Reputation
- Regulatory Compliant
- Intuitive Trading Interface
- No Phone Support
- High Fees
- Small Choice of Digital Currencies
- Not Accessible to US or China Residents
The launch of Binance Jersey provides cryptocurrency enthusiasts in a wide range of countries with increased opportunities to engage in fiat to crypto trading. The regulated fiat side of exchange operations has been dominated by companies such as Coinbase, Gemini, and Kraken and Binance Jersey allows traders to use a well known, popular platform while also incorporating fiat transfers.
The exchange will benefit from the security, infrastructure, and business expertise of Binance.com in addition to falling under the regulations administered by the Jersey Financial Services Commission.
This bodes well for the future as the Binance brand continues to grow in terms of trust, reputation, and positive sentiment. Despite this, there are still some drawbacks when dealing with Binance.je, firstly the fees applied to fiat deposits and withdrawals are highly prohibitive and favour individuals or institutions making less frequent, high value transfers.
The exchange is also proving to be a popular option, and has attracted a high number of new registrations. Due to the lack of phone support, the verification process may become bogged down, and users with any issues related to dealing with the platform may have to wait for an extended period before their problem is dealt with.
Finally, the small quantity of trading pairs may feel restrictive to some while the exchange is also not available to citizens of the USA or China. All in all, Binance.je represents a good alternative to the more established choices for the natives of any of the 58 supported countries, and it also appears to be a solid choice for anyone already using either Euros or Pounds on a regular basis.
The platform looks set to develop over time, and continue to expand the reputation, and relevance of the Binance brand.