What is Binance Jersey? – Beginners Guide & Review
NOTE: Binance Jersey is due to cease trading in November / December 2020. Thereafter, we advise that customers move across to the main Binance site: Binance.com
Binance Jersey is the recently launched subsidiary of Binance, which provides a fiat-to-crypto exchange platform. Binance Jersey is specifically designed for those wishing to deposit / withdraw in either Euros (€EUR) or British Pound Sterling (£GBP), to then trade in Cryptocurrencies.
Binance Jersey follows Binance’s recent expansion into a number of local territories around the world, including Binance Uganda. It also extends Binance’s product portfolio, which also includes the Trust Wallet mobile app, an OTC trading desk, an incubator for Blockchain projects, and various educational resources.
Overview – Binance Jersey
Binance Jersey is based in Malta, which enables Binance to provide a regulatory compliant service to customers wishing to transact in both £GBP and €EUR. Deposits and withdrawals in / out of these fiat currencies have previously been limited to only a few cryptocurrency exchanges, and weren’t adequately catered for by the larger Binance.com platform itself.
Binance Jersey (Binance.je) was announced on 16th January 2019, and went into service shortly afterwards. Binance Jersey is the first fiat-to-cryptocurrency exchange operating out of Jersey, and under the Jersey Financial Services Commission. Jersey itself is now a well-established and recognised jurisdiction within the financial services sector. It is already home to a wide range of financial firms and institutions, all involved in the various facets of traditional finance, asset management, and now Cryptocurrencies.
Binance are just one of a number of Blockchain companies and projects who have recently opened up shop in Jersey. All with the hope of leveraging the existing hotbed of financial talent in the region, whilst capitalising on its geographic and political positioning within Europe.
The proposition underlying Binance Jersey, is to offer the same level of secure, stable, high quality services as offered by Binance.com, but specifically to those individuals and institutions wishing to make use of fiat transfers in £GBP and €EUR. It is therefore ideally placed to serve its target market of Europe and the UK.
Currently, Binance Jersey provides trading of British Pound Sterling (£GBP) or Euro (€EUR) with 4 major Cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance’s own Binance Coin (BNB). It is anticipated that more trading pairs and Altcoins will be listed on the exchange in the future.
Making use of the same technology as Binance.com, the Binance Jersey exchange is able to sustain up to 1.4 million trade orders per second. The service is available to users in 58 countries currently, and is supported by a 24/7 customer service team. Also available is an over-the-counter (OTC) trading desk, and various asset management services, much in the same manner as Binance.com.
Key Features of Binance Jersey
- UK and European fiat currency deposits and withdrawals – Binance Jersey is one of very few established trading platforms, which offer direct deposit and withdrawal transactions in either British Pound Sterling (£GBP) or Euro (€EUR).
- Fiat-to-Crypto Trading Pairs – Although a somewhat ‘stripped-back’ service compared to it’s parent site, Binance Jersey is great for trading either £GBP or €EUR directly with 4 of the world’s current largest Cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Binance Coin). Other trade pairs are expected in the near future.
- Market Leading User Interface and Functionality – Binance Jersey offers an easy to use web based trading platform, built on the same trading engine and technology as Binace.com. Anyone familiar with navigating and using Binace.com, will instantly be familiar with the same trading screens and user interface over on Binance.je. The excellent ‘Basic’ and ‘Advanced’ trading views from Binance.com are both there, along with common features including market buys, limit orders, and stop limit orders. Everything is well laid out, easy to navigate and a breeze to use on Binance Jersey. Regardless of whether you’re using the Basic trade view, or the more detailed ‘Advanced’ view, which offers additional charts and technical analysis tools, trading on Binance should be simply, straightforward and efficient.
- Market Leading Performance – Using the same underlying technology and trade engine as Binance.com, Binance Jersey is capable of handling up to 1.4 million orders per second. That’s a lot! You can also access the site via any desktop or mobile web browser, and the well developed and supported API lets you integrate with a range of trading bots or software of your choice.
- Excellent Customer Support – Binance Jersey is supported by a 24/7 customer service team who can deal with anything from signup issues, to technical issues and banking. Users of Binance Jersey can quickly and easily open up support tickets in the support section, and then engage with the support team over their choice of email, Twitter, Facebook, or Telegram. There’s also a great FAQ and support pages directory if you’d prefer to find an answer yourself.
Supported Currencies and Trade Pairs
Binance Jersey currently supports four? trading pairs which across British Pound Sterling (£GBP), Euros (€EUR), Bitcoin (BTC), and Ethereum (ETH):
- BTC / EUR
- BTC / GBP
- ETH / EUR
- ETH / GBP
Binance Jersey Fees
GBP Deposit and Withdrawal Fees on Binance Jersey are currently:
- Deposit: £0.25 GBP
- Withdrawal: £2.00 GBP
EUR Deposit and Withdrawal Fees
EUR Deposit and Withdrawal Fees on Binance Jersey are currently:
- Deposit: €0.48 EUR
- Withdrawal: €1.50 EUR
Trading Fees on Binance Jersey are currently:
- General 0.1% trading fee
Fees to Withdraw Cryptocurrency from Binance Jersey are currently:
Bitcoin: 0.00 BTC (Min withdrawal 0.001 BTC)
Ethereum: 0.00 ETH (Min withdrawal 0.01 ETH)
Litecoin: 0.00 LTC (Min withdrawal 0.002 LTC)
Binance Coin: 0.00 BNB (Minimum withdrawal 0.12 BNB)
Transferring fiat funds into (Deposit) and out of (Withdrawal) Binance Jersey is relatively inexpensive. You can expect international wire transfers to take up to 2-5 business days, and SEPA transfers 1-3 business days.
Supported Jurisdictions / Geographical Regions
Binance Jersey currently supports the following jurisdictions and geographical regions:
Argentina, Armenia, Australia, Azerbaijan, Belgium, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Estwatini (formerly Swaziland), Finland, France, Germany, Gibraltar, Greece, Hong Kong, Hungary, Iceland, Ireland, Israel, Italy, Jamaica, Japan, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Macau, Malta, Mauritius, Mexico, Monaco, Netherlands, New Zealand, Norway, Peru, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, Turkey, United Arab Emirates (UAE), United Kingdom (UK), Uruguay.
- Offers Fiat Payments in either EUR & GBP
- Great Reputation, built on same tech and customer experience as Binance.com
- Regulatory Compliance
- Easy to use Trading Interface
- No Telephone Customer Support
- Fees can be High (relative to market)
- Limited choice of Cryptocurrencies (more being added)
- Not Accessible to US or China Residents
In conclusion, Binance Jersey helps to open up Cryptocurrency trading for a broad customer base across the European Union (EU) and the United Kingdom (UK). A wide range of countries can access and use Binance Jersey to engage in Crypto trading using their native fiat currency of either £GBP or €EUR.
Prior to the launch of Binance Jersey, the available options for regulated fiat-based cryptocurrency exchanges was largely dominated by the likes of Coinbase, Kraken and Gemini. Binance.com was itself primarily and crypto-to-crypto only exchange, so the expansion of the very popular Binance platform into fiat currencies, will be well received.
All of the market expertise, brand power, security and infrastructure of Binance.com will undoubtedly benefit Binance Jersey. Additional benefit will come in the form of the added regulations and security imposed by having to comply with the Jersey Financial Services Commission.
Drawbacks of Binance Jersey are few, but include the relatively high Deposit and Withdrawal fees, and the small range of trading pairs currently available. Additionally, the exclusion of support for customers in either the US or China is maybe a negative, although the former will be suitably catered for by the upcoming launch of Binance US, no doubt.
All round, Binance Jersey looks to be a great solution for customers wanting to trade Cryptocurrencies with either Euros or Pound Sterling. Certainly, it should quickly prove to be a better option than having to convert into USD or other major fiat currency, before being able to enter the market.
The Binance Jersey platform is set to develop and expand over time. No doubt we’ll see additional trading pairs and extended support for other regions and fiat currencies.