One of the largest cryptocurrency exchanges in the world is Binance, which does almost half a billion dollars in trading volume every day. It offers a wide variety of digital currencies for users to buy, sell, and trade, while also providing a simple and easy to use platform.
The problem, however, is that until recently Binance only dealt in cryptocurrencies. It offered no support at all for fiat currencies. This made it hard for newer users to start trading on Binance since it required converting fiat to crypto on another platform or exchange.
Thankfully, Binance released its Binance Jersey platform. On this exchange, users can exchange their fiat currency for cryptocurrency. Binance Jersey allows those interested in purchasing Bitcoin and Ethereum the ability to do so with EUR and GBP.
We’ve created a How-To Guide, to walk you through setting up an account and depositing your fiat currency of choice on the Binance Jersey exchange. The first thing you want to do, of course, is to navigate to the Binance Jersey site so you can get started.
Here are some of the features you can expect when using the Binance Jersey platform.
- Technology: Binance Jersey relies primarily on the same technology employed by Binance.com. The platform’s trade engine can handle nearly 1.4 million trades each second. Binance Jersey is available through any mobile device or web interface and integrates easily with trading software via its API.
- Trading Options: Compared with Binance.com, Binance Jersey doesn’t provide the robust trading pairs users are accustomed to. However, it does allow users to trade with fiat currencies. The site supports both EUR and GBP along with BTC and ETH.
- Functionality: Binance Jersey uses a web-based trading exchange, employing many of the same screens users would encounter by using Binance.com. Users have access to both Advanced and Basic trading functionalities. The site is well laid out and easy to use, providing users with trading history, an order box, and detailed charts.
- Customer Support: The platform currently supports 58 different countries and offers a support team that is available 24/7 to answer questions or address issues. The team can be contacted through Facebook, Twitter, or Telegram. The site also provides an FAQ section that answers many questions and addresses key issues.
Opening an Account
To get started, the first thing you’ll need to do is register for an account. When you get to the Binance Jersey homepage, you can see an option to register. Click on that button and you’ll be taken to the register page.
After you hit the Register button, you’ll get a message in your inbox asking you to verify your email address. When you do, you’ll be redirected back to the Binance Jersey site where you’ll be able to log in. Once you log in, you’ll see a screen that has multiple boxes that you’ll have to check to move forward. Read them thoroughly to get some tips and tricks on how to better use the site.
When that’s complete, Binance Jersey will take you through their Know-Your-Customer (KYC) process. The site will ask you to validate your identity, set up two-factor authentication, and request your address. Essentially, the platform wants to validate that your account is 100% legitimate and valid. This helps prevent those who have nefarious or harmful intentions from accessing the site.
Lastly, Binance Jersey will request your bank account information. Link your account so you can easily deposit your fiat currency whenever you need to purchase more cryptocurrency.
Adding Funds to Your Account
To get started buying cryptocurrencies, you’ll need to deposit fiat monies into your account. Located in the top right corner of the navigation bar, you’ll notice a menu titled “Funds.” Select this dropdown and find the “Deposit” options. Users have the option to deposit funds using either cryptocurrency (BTC and ETH) or fiat currency (EUR and GBP).
Let’s take a look at how to deposit funds with fiat.
How to Deposit Fiat Currency
After you select the “Funds” option, you’ll notice a menu on the left and side of the screen which gives you your choices. Find the fiat currency that you want to use and click on that option.
After you make your choice, Binance Jersey will ask that you enter the amount you wish to deposit into your account. Once you provide that information, click the “Submit” button. You’ll get a “Successful” screen that shows you the details of your deposit.
How to Deposit Cryptocurrency
Depositing cryptocurrency into the Binance Jersey platform is much the same as depositing fiat currency. Find “Funds”, then select “Deposits.” Choose which cryptocurrency you’re going to deposit: Bitcoin or Ethereum.
Once you decide which digital currency you’re going to deposit, provide the address to the originating wallet. You can either scan the QR code on the site or copy and paste it.
Of course, as you can with many exchanges, you’re able to follow the status or your cryptocurrency deposit. To view the status, all you have to do is go back into “Funds” and go to “Transaction History.”
When you’re ready to withdraw your funds from Binance Jersey, you need to follow a few simple steps. For your fiat currency, head back to the “Funds” dropdown, then choose “Withdrawals.” Select the fiat currency you want, then enter the amount you want to withdraw.
Once you select “Submit,” you’ll get a pop-up that will ask you to validate the transaction by entering the Google Authentication code associated with the platform. After you input that information, your withdrawal request is officially submitted.
Pulling out your cryptocurrency funds are done much the same way. You’ll essentially follow the same steps as you would when withdrawing your fiat currency, then select which cryptocurrency you want to withdraw. Provide the wallet address you’re sending your funds to, enter how much you’re withdrawing, then hit the “Submit” button.
When your transaction completes, you’ll get a confirmation email. You can then open the message to confirm everything looks the way it should. Just like you can when sending crypto to your Binance Jersey account, you can view your withdrawal through the Transaction History tab.
How To Buy & Sell On Binance Jersey?
Using Binance Jersey to trade cryptocurrencies is pretty simple. In the navigation menu, you’ll see a dropdown labeled “Exchange.” You can choose one of two options: Advanced and Basic. Choose which one makes the most sense for your trading level. However, the basic principles for trading remain the same no matter which choice you make.
Here’s what you’ll see when trading cryptocurrencies:
In the top left of the screen, you’ll notice the selected trading pair. The middle of the screen shows how the pair is currently performing, while on the right is a box which displays the pairs from which you can choose.
As you can see from the box below, the BTC/GBP trading pair gives you the ability to Buy BTC or Sell BTC. This is what you use to define your buy and sell orders.
If you want to buy BTC with your funds, enter the price at which you want to make your purchase into the “Price” field. Then enter the amount you want, then choose whether you want to use 25%, 50%, 75%, or 100 of your funds to make the purchase. When you’re finished, click on the “Buy” button to enter the order. When the target price is realized, your order will execute.
Selling works the same way, except that instead of you’ll be using the “Sell” portion of the box. You also have the choice to enter a stop-limit if you want to go that route. Stop-limit options let you create an order that executes automatically when a specific stop price is realized.
Binance Jersey Fees
Users will incur the following fees when using Binance Jersey:
- Deposit Fee – 7 GBP
- Withdrawal Fee – 20 GBP
- Deposit Fee – 8 EUR
- Withdrawal Fee – 20 EUR
- General Trading Fee – 0.1%
- Bitcoin – 0.0005 BTC Withdrawal Fee
- Ethereum – 0.02 ETH Withdrawal Fee
As you can see, fiat deposits and withdrawals are fairly high when using Binance Jersey. So if you’re not doing a significant amount of trading, this might not be the platform for you. If you want to transfer Pounds or Euros, you’re definitely going to benefit from making less frequent, higher value transfers.
However, the crypto fees do keep in line with the rest of the market, so it might be wise to deposit fiat and withdraw crypto. Additionally, users can expect to wait 2-5 days for wire transfers, and 1-3 days for SEPA transfers.
Currently, Binance Jersey only provides support for Bitcoin and Ethereum. Users can trade these against EUR and GBP. That means the only trading pairs available on the platform are BTC/GBP, BTC/EUR, ETH/GBP, and ETH/EUR. Unfortunately, at this time, users are unable to trade BTC against ETH.
Binance Jersey Supported Countries
Even though the exchange is fairly new, Binance Jersey provides support to a wide range of countries. Even though the platform intended to target primarily European countries, there is no shortage of countries outside of Europe that Binance Jersey supports. The table below shows you all the countries Binance Jersey supports:
Binance is considered one of the most reliable and secure exchanges available. To date, the platform has yet to suffer a known hack. That doesn’t mean it hasn’t been targeted though. In 2018, the Binance systems caught hackers who were trying to install secret APIs on accounts which had been compromised.
The platform is very secretive about how its security works, however, Binance does provide Two-Factor Authentication and SMS Authentication to help ensure the safety of user accounts. Users can also employ a Whitelist feature which they can set up so that their funds can be sent only to wallet addresses they specify.
When using the Binance Jersey platform, be sure that you are only using an official Binance site. Check the URL before you log in. If needed, bookmark the site and access it only through the bookmark. This way, you’re not relying on a search engine or link from an outside source to direct you to the proper site.
Pros and Cons of Binance Jersey
No exchange is perfect, which means Binance Jersey has its fair share of benefits and drawbacks. Here are some of the more prominent pros and cons we discovered on the platform.
- Deposit EUR & GBP using Binance.
- Buy Bitcoin or Ethereum using the world’s largest exchange.
- Accepts users from 58 countries.
Buy Crypto With Fiat using Binance.
Final Thoughts on Binance Jersey
With the launch of Binance Jersey, many interested in crypto from around the world are given the opportunity to get started with fiat currencies. Even though there are only two available currencies, Binance Jersey offers a realistic alternative in a market dominated by the likes of Coinbase and Kraken.
Users will get an exchange that benefits from the business acumen, security, and infrastructure that already exists with Binance.com. They’re also getting a platform that adheres to the rules and regulations set for by the Jersey Financial Services Commission.
Lastly, the small number of trading pairs might be a turnoff for some that want to do more. Overall though, Binance Jersey offers a great alternative to those who need to use fiat currency to get started in the crypto industry. If you use Pounds or Euros on a regular basis, then this platform is a solid choice.