Based on trading volumes, Binance is considered to be the biggest cryptocurrency trading platform in the world. The exchange offers a platform for trading over 100 cryptocurrencies. The exchange has been expanding its operations with the recent launch of Binance Jersey. The exchange is meant to benefit the entire European economy.
Binance settled on Jersey because the island has structures to boost cryptocurrency adoption across Europe. The island has a favorable legal and regulatory framework supporting the crypto sector. Binance partnered with Digital Jersey in a collaboration meant to develop the banking sector and boost local talent. Here is an overview of Binance Jersey operations.
Opening An Account With Binance Jersey
Creating an account with Binance Jersey is easy. You just need an email address to sign up and confirm it. For security purposes, the exchange requires users to verify their accounts. You are expected to begin the verification process through the two-factor authentication which is also part of the know your customer.
Personal identity is verified by submitting your name, date of birth, nationality, residential address, and confirming that you are not a US citizen. The platform requires new users to verify their proof of residence by submitting either bank statements or any utility bills. All documents should have clear names and not more than three months.
Supported Currencies and Trading Pairs
After a customer’s account has been verified, the next course is to deposit the supported currencies. Binance Jersey offers direct fiat to cryptocurrency exchange. The exchanges support the Euro and the British Pound under fiat category. With these two currencies, users on the platform can exchange with Ethereum and Bitcoin.
At the moment, Binance Jersey supports four trading pairs; BTC / EUR, BTC / GBP, ETH / EUR, and ETH / GBP. The exchange also offers cryptocurrency management services for clients across the globe.
How Secure is Binance Jersey?
Since its inception, Binance has proved to be a secure exchange in the cryptocurrency world. The platform has not suffered any major security breaches. In 2018, the exchange managed to foil an attempted hacking that involved several compromised accounts. The platform has a reputation of concealing some of its security features.
Binance Jersey deploys the same security features like Binance.com. The exchange has SMS and Two Factor Authentication capabilities to all accounts. Additionally, it has the Whitelist feature that caps account withdrawals to whitelisted withdrawal addresses. Users of the platform are always advised to avoid using search engines to access the platform. Additionally, Binance Jersey adheres to security requirements rolled out by the Jersey Financial Services Commission.
Binance Jersey Fees
Fiat deposit and withdrawals on Binance Jersey are high since the services are premium. If a user wants to transfer the supported fiat, they benefit from making higher value, less frequent transfers. On the other hand, crypto fees are standard compared to other exchanges. For international wire transfers, users will have to wait for about two to five days before accounts are credited. SEPA transfers reflect after one to three days.
For GBP, deposits are charged at 7GBP while withdrawals go for 20GBP. To deposit Euros, users will be charged 8EUR while withdrawing will cost them 20EUR. The platform charges 0.1% in trading fees.
For cryptocurrencies, Binance Jersey charges 0.0005 to withdraw Bitcoin. The minimum amount of Bitcoin to withdraw stands at 0.001BTC. For Ethereum, withdrawal charges stand at 0.02ETH while the minimum withdrawal amount is 0.01ETH.
The Functionality of Binance Jersey
The trading screens of Binance Jersey (Binance.je) are similar to the parent Binance.Com. Developers of the web platform managed to use both basic and advanced categories for the screen. Both screens serve different purposes. On the Basic screen, users get features like order box, transaction history, and currency markets. The advanced screen is more detailed with in-depth charts and a variety of common technical analysis indicators.
Binance Jersey services are available in over 50 countries. The customer support team is available 24/7 to all users from the covered countries. The website has a support section where users can open tickets for further follow-up. Users can also send requests and make contact through social platforms like Twitter, Facebook, and Telegram. The website also has a detailed FAQ to offers answers to some different concerns by users. Unlike other major exchanges, Binance Jersey lacks mobile phone support.
Binance Jersey User Friendliness
Beginners on Binance.je have an easy time navigating the website due to lack of many trading options. Since the platform only supports four pairs, chances of new users being overwhelmed are minimal. Notably, cryptocurrency newbies can have difficulty learning about trading, verification of accounts and navigating the basic and advanced screens.
Binance Jersey Incentives
Binance Jersey announced that the first 5000 customers to completely verify their accounts between January 16, 2019, and January 31, 2019, will be rewarded with 20 EUR. Furthermore, as a means of attracting more users, the platform has an active referral program. Active users who invite other traders will earn 80% of their trading fees in commission. However, every referee needs to create an account via the referral link, QR Code or the unique referral ID.
The launch of Binance Jersey is an excellent move towards expanding cryptocurrencies in Europe. The incorporation of fiat pairs by the exchange means that traders have a new experience. Traders are assured of security protocols backed by Binance.com.
However, the exchange platform still has some hurdles to overcome before it becomes effective. Some clients might find the high charges on fiat deposit and withdrawals to be discouraging.
Additionally, customer support might not be effective due to the lack of phone support. Phone support is critical especially for users who might find the verification process confusing. Responding to emails and tickets might take longer due to the high number of users joining the platform.
Furthermore, there is a need to increase trading pairs. Some people may consider the four trading pairs as limiting. Lastly, citizens based in the United States and China are disadvantaged because Binance Jersey does not offer its services in the two countries. A list with the supported countries has been shared with the public.
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