Binance, one of the world’s largest exchanges in terms of trading volumes, has recently launched a new fiat-to-crypto exchange based in Jersey.
Jersey is the largest island in the English Channel, located between the UK and France, and is a self-governing dependency of the United Kingdom, with a mix of British and French cultures.
Through this new exchange, which targets European and UK traders, it is possible to trade cryptocurrencies for pounds and euros. Initially only four pairs were available, now there are ten:
- BTC/EUR and BTC/GBP
- LTC/EUR and LTC/GBP
- BCH/EUR and BCH/GBP
- ETH/EUR and ETH/GBP
- BNB/EUR and BNB/GBP
“Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector”.
These were the words of the Chief Financial Officer of the exchange, Wei Zhou, when it was launched.
Binance Jersey is an entity independent of the main exchange, Binance.com, but based on the same technologies. In June 2018, Binance partnered with Digital Jersey to collaborate on initiatives to support the island’s growing blockchain ecosystem and Binance Jersey is part of this joint effort.
Binance Jersey: the guide
For those who are familiar with Binance, it won’t be difficult to start using Jersey. The interface is practically identical. In order to register, it is sufficient to enter an email and password and confirm the registration by clicking on the link that will be sent to the e-mail address. After that, the safety test needs to be carried out.
After registration the user will be strongly recommended to set the 2FA (by SMS or Google Authenticator). Google Authenticator can be downloaded from the Android Play Store or the Apple App Store. Once the app is installed, it must be opened and the Qr Code scanned.
If the SMS verification is chosen, a phone number must be entered. KYC is required to operate, this is the information required:
If the KYC is not completed, no deposit can be made.
Depositing is simple: simply go to the “Deposits” section (top right of the interface) and select a FIAT currency or cryptocurrency. Binance has published a detailed guide to deposits and withdrawals.
The fees for deposits and withdrawals were initially high but are now quite advantageous. Depositing and withdrawing FIAT currency is free of charge.
As far as trading is concerned, it is possible to open the actual exchange by clicking on the exchange entry at the top left of the interface. It is possible to choose the basic or advanced exchange interface.
The exchange has the same interface as Binance, it is possible to choose the trading pair at the top right and place the order in the BUY and SELL fields below.
In the central part of the interface there is a graph with the trend of the last hours of the selected currency.
The possible orders are the following:
- Limit order allows to buy or sell and the order will be fulfilled only when the price of the currency reaches the threshold selected by the user;
- Market order allows to buy or sell immediately at the market price with a certain fixed amount;
- Stop-Limit orders are a pair of orders that protect against market downturns or to cash in profits above a certain threshold. The fulfillment of one implies the cancellation of the other.