Binance is the world’s leading cryptocurrency exchange, clearing over $460 million in daily trade volumes, according to data from CoinMarketCap. We’ve devised a thorough and comprehensive guide to everything you need to know about the exchange and how to use it.
However, one thing that’s worth noting about Binance is that, until recently, users could only trade cryptocurrencies against other cryptocurrencies. In other words, the exchange didn’t support fiat currencies.
All of this has changed over the past few months. The company launched its first fiat-to-crypto exchange in Uganda. And, just recently, Binance took another major step in supporting fiat currency to crypto trades.
A few days ago, Binance announced the launch of Binance Jersey – a fiat-to-cryptocurrency exchange which allows users to buy and sell Bitcoin (BTC) and Ethereum (ETH) for GBP and EUR, essentially expanding into the European markets.
With this in mind, we decided to create a fully-fledged guide to creating an account and starting to trade on the new Binance Jersey fiat-to-crypto exchange platform.
Click here to go to Binance Jersey, the link will open in a new window so you can still follow this guide.
How to Open an Account at Binance Jersey
Starting off, the first thing that’s needed is a registered account. On the homepage of the exchange, there is a “Register” button.
– it will take you to the registration process.
As soon as you’re done with this and you’ve verified your email, you’ll be able to log in. Upon doing so, there’ll be a big screen with several checkboxes, which have to be ticked to allow you to continue. These include general security tips that everyone should follow.
After that, the platform will redirect you to a page where you have to verify your ID, address, set up 2-factor authentication, and go through all the necessary steps to make sure that your account is completely legitimate.
How to Add Fiat to Your Binance Jersey Account
First, you need to deposit funds into your account. On the navigation bar, in the top right corner, there is a drop-down menu called “Funds”. Hovering over it gives a few options, and you need to select “deposit”. Users are allowed to deposit in GBP, EUR, BTC, and ETH.
Let’s look at how to deposit fiat currencies first.
Once you have clicked on the “Funds” button as mentioned above, you’ll quickly see a menu on the left where you can choose all the options you wish to use. For this guide, let’s imagine you want to deposit GBP. Click on it.
Once this is done, the platform will require you to specify a deposit amount. After clicking the “Submit” button, you will get a “Successful” screen with the details of the deposit. From there, you have to take the information to the bank and complete the transfer within 20 days.
It’s important to pay attention when filling out the information at the bank because if any information is entered inaccurately, it could subject you to additional fees and prolong the time before the transfer is credited.
Once the transfer has been completed at the bank, you can follow the status of the deposit after clicking Funds and Transaction History.
The process is the same for depositing USD.
How to Deposit Crypto at Binance Jersey?
Again, first go to Funds, then click on Deposits, and then select one of the two available cryptocurrencies you want to deposit – it’s either BTC or ETH at the time of writing.
After that, it’s necessary to input the amount you want to deposit and the address. You can do so by either copying it, or scanning the QR code.
Once again, if you want to follow the status of the deposit, you can go to Funds and then to Transaction History.
How to Withdraw Funds from Your Binance Jersey Account
Withdrawing funds is pretty straightforward. If you want to withdraw fiat currency, you go to Funds, then select Withdrawals and the desired fiat currency.
You will then see the following screen.
You will have to input your bank information, if you haven’t already, and enter the withdrawal amount. After you click on the “Submit” button, there will be a pop-up requiring you to input your Google Authentication code, and as soon as you input it, the withdrawal request will be submitted.
Withdrawing cryptocurrency is also very easy. After selecting the desired crypto, you get the following screen:
You only have to select the address and make sure to input the amount of the cryptocurrency that you want to withdraw.
You will receive a confirmation message to your registered email address, and you then open the message to confirm it. Make sure that this is your intended transaction.
All kinds of withdrawals can be monitored through the Transaction History tab as it is with the deposits.
How to Trade on Binance Jersey
Trading on Binance Jersey is more or less straightforward. On the top left corner of the navigation menu, there is a button which says “Exchange”. There are two options to go through – Basic and Advanced.
Naturally, both are geared to the respective level of advancement of the user. Let’s have a look at the basic trading principles.
This is the way the trading layout looks:
On the top left, you can see the trading pair that is currently selected. In the middle, there is a chart which displays the current performance of the pair. On the right, there is a box which contains all the different trading pairs that you can choose from.
For the sake of this guide, let’s use the ETH/GBP trading pair and see how it is traded. As seen on the screenshot, towards the bottom there are two boxes – Buy ETH and Sell ETH. That’s what’s used to create the buy or sell orders.
In order to create a buy position, the first thing to do is to input the target price of the buy order. After that, you need to input the amount of ETH to be purchased at the specified price. The system allows you to automatically select 25%, 50%, 75%, or 100% of your current holdings if you want to.
As soon as that’s done, clicking on the Buy ETH button will place the order, and it will be executed as soon as the target price is reached.
The same thing is true for creating a selling order – the only difference being that you will be selling instead of buying ETH.
As you can see in the screenshot, there is also a stop-limit option. This allows for the creation of an order that is automatically executed when the specified stop price is reached.
At the time of writing this, Binance Jersey only supports trading Bitcoin (BTC) and Ethereum (ETH) against the GBP and the EUR. Hence, the currently available trading pairs are BTC/EUR, BTC/GBP, ETH/EUR, and ETH/GBP.
Despite having launched fairly recently, Binance Jersey supports a wide range of jurisdictions. Interestingly enough, even though the primary focus is supposed to be on European countries, there are plenty of locations outside of Europe too. The table that is shown below gives all the currently supported jurisdictions:
Pros and Cons
Just like every exchange, trading on Binance Jersey does come with its pros and cons. These are as follows:
- Supports both GBP and EUR fiat currencies
- A broad range of supported jurisdictions
- Seamless trading experience
- Trades are made in a user-friendly way
- The exchange is currently only supporting BTC and ETH to fiat trading
- You won’t be able to trade BTC against ETH
- Particularly thorough KYC process
Binance Jersey is a convenient trading platform if you are looking to trade BTC or ETH against the GBP or the EUR. However, if you’re looking for something more than that, you’d have to turn to their main exchange or to another platform.
At the same time, though, the exchange is enjoyable. The experience is friendly, and there aren’t any complexities to go through.
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Source: Crypto Potato