Complete Binance Jersey Exchange Review (Binance.je) !!

Binance is a household name for anyone who has been into crypto even if for some time.

Binance is the world biggest cryptocurrency exchange and has been an example of the fastest success story in the crypto and the blockchain world.

Binance Exchange is the leading global cryptocurrency exchange, with users from over 190 countries and regions. Capable of processing more than 1.4 million orders per second, Binance Exchange is the largest crypto exchange by trade volume and one of the fastest in the world.

Launched in 2017, Binance exchange has garnered a huge market share where out of every 10 crypto people you will find 7 or 8 of them using Binance.

It started as superior crypto to crypto exchange to help cryptocurrency enthusiasts to trade cryptocurrencies at a lightning fast speed. Meaning, one needs to buy ETH & BTC like currencies from somewhere else, and then they can transfer those to Binance to trade for other cryptocurrencies.

And now it has more than 300 cryptocurrencies/trading pairs listed on it mainly in base pairs of BTC, ETH, USDT, BNB, etc. But Binance.com, which is the worldwide brand of Binance had not yet touched fiat currencies directly.

But this is changing now !!

Binance has launched Binance.je for fiat users and has also launched credit/debit card purchases on Binance.com.

So What Is Binance.je (Binance Jersey Exchange)?

Binance.je (Binance Jersey exchange) is a leading sister exchange of Binance.com launched and registered in Jersey Island, a part of the British Isles.

Binance.je offers a stable and safe fiat-to-crypto trading platform built on the same technology developed by Binance and thus enabling the Europe & UK residents to buy/sell Bitcoin & Ethereum for fiat currencies like GBP and EUR.

Why Binance.je?

In June 2018, Binance developed a partnership with Digital Jersey ( government-backed digital center of excellence) to collaborate on initiatives supporting the growing blockchain ecosystem in Jersey. That’s why Binance Jersey is the part of the cooperative effort in promoting growth, such as developing local banking relationships and local talent.

Also, Binance Jersey is the crystallization of Binance’s efforts towards increasing its reach to cryptocurrency traders and enthusiasts around the world.

binance jersey trading pairs & Volume

Since Binance Jersey is focused on the European region, so it’s trading pairs are in GBP and EUR mainly. Trading pairs for the new Binance.je exchange include:

  • BTC/GBP,
  • ETH/GBP,
  • BTC/EUR &
  • ETH/EUR.

Note: Binance will only enable users to trade on its exchange in GBP and EUR fiat currencies upon their account verification (KYC)

binance jersey sign up & KYC verification

Signing-up on Binance Jersey is easy and same as Binance.com.

You just need your email ID to register and sign-up. You can do so by clicking here, and you will see this screen as shown below when you do so:

Fill in the necessary details and confirm your email ID from your email account. Once this is done, you will able to login to Binance.je using your email.

Now, once you have logged in, go to the Account section and complete the Account verification formalities by submitting the relevant photo ID proofs. This is done to ensure KYC as you will be dealing here in fiat currencies like GBP and EUR. You also, need to complete your Address verification by submitting the address proof.

Note: Without identity verification, you will not be able to do address verification. So complete the identity verification first by filling the following form:

Once this is done, you should be able to fill your address verification form, and you will be required to submit your ID proofs and address proofs.

Note: The information you enter must match exactly the information on your ID and your address proof. Address proof documents should not be older than 3 months. Also, reports can be submitted in PDF, JPEG, JPG, or PNG format and the file size should not be larger than 5MB.

binance jersey supported countries

As of February 15th, 2019, Binance Jersey supports the below jurisdictions (this includes 57 countries):

Argentina Eswatini (formerly Swaziland) Liechtenstein Singapore
Armenia Finland Lithuania Slovakia
Australia France Luxembourg Slovenia
Austria Germany Macau South Africa
Azerbaijan Gibraltar Malta South Korea
Belgium Greece Mauritius Spain
Brazil Hong Kong Mexico Sweden
Bulgaria Hungary Monaco Switzerland
Canada Iceland Netherlands Turkey
Chile Ireland New Zealand
United Arab Emirates (UAE)
Croatia Israel Norway
United Kingdom (UK)
Cyprus Italy Peru Uruguay
Czech Republic Jamaica Poland
Denmark Jersey Portugal
Estonia Latvia Romania

binance jersey fees (withdrawal/deposit limit)

EUR Deposit/Withdrawal Fees

  • Deposit: FREE
  • Withdrawal: 0.15%, minimum 3 EUR, maximum of 15 EUR
  • Withdrawal Limits: 10,000 EUR per day

GBP Deposit/Withdrawal Fees

  • Deposit: FREE
  • Withdrawal: 0.15%, minimum 3 GBP, maximum of 15 GBP
  • Withdrawal Limits: 10,000 GBP per day

Trading Fees General

  • 0.05% trading fee

binance jersey vs. coinbase

Of course, there has been a rivalry between Binance and Coinbase since the launch of Binance in 2017. Binance has been the fastest growing crypto company whereas Coinbase has started losing its ground.

Just like Coinbase, Binance recently launched cryptocurrency buying through credit/debit card and now with Binance.je’s launch Binance is planning to take significant market share of fiat-to-crypto transactions in Europe & UK, which have been the stronghold of Coinbase since 2012.

Needless to say, it is not a zero-sum game because we have only a fraction of Earth’s population involved yet in crypto and that’s why there is much room for both companies to co-exist in Europe & the UK.

Of course, Coinbase needs to work upon its support system and delivery speed which is quite outdated when compared to Binance.je

Lastly, if you want to buy/sell BTC or ETH for GBP or EUR, then you should once try Binance.je over Coinbase as it is now even providing 50% off in the trading fee on its platform.

Conclusion

Binance.je is a product of Binance.com and is built on the same technology, so as a user you don’t need to worry about the quality of trading infrastructure you are using.

Moreover, if you have used Binance.com, you will find Binance.je almost similar to use. And even, if you are using Binance.je for the first time, it is easy to get started and navigate.

With Binance.je, you will also get all the advanced trading tools and charts that you used to get on Binance.com, but the only drawback here is that you have only two cryptocurrencies as of now (i.e., ETH & BTC).

But I think, it should not be a problem because once you have bought ETH or BTC from Binance.je, you can always transfer them to Binance.com to get access to unlimited cryptocurrencies.

Lastly, there has been no cryptocurrency hack from Binance.com or Binance.je so far, so you don’t need to get bothered about the security of your funds. However, it doesn’t mean that you should always keep your funds on Binance’s exchange, choose a hardware wallet like Ledger Nano S or Trezor if you are serious about the security of your cryptocurrencies.

So that’s all from my side in this first round-up of Binance.je. These where my findings and experience, now you tell us about your experience of using Binance.je

Do share this post with friends and family who want to buy BTC or ETH in Europe and the UK !!

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