Binance is really on fire the last few days. After introduction of its new Blockchain network and BNB coin starting a new rally to ATH, now it’s time to introduce a new platform called Binance Jersey. I think launching this new platform is very good news when you are a ‘crypto believer’. Extra liquidity will be delivered to the markets by making it possible for European natives to buy crypto currencies with euro’s and pounds. For the time being you can only buy Bitcoin(BTC) and Ethereum(ETH) with fiat money, but this will be extended with several other crypto currencies in the future.
According to founder Wei Zhou, this platform must ensure that Europeans and Britons can buy crypto currency (even) more easily, but also sell. This new platform is part of the strategy for a broader adoption of digital money. So this all sounds very interesting and promising but Binance Jersey what is it?
Binance Jersey what is it
To be able to buy crypto with euro or gbp is great news but this isn’t new. There are other exchanges in Europe which offer this possibility also. One of the biggest crypto exchange in Europe, Kraken, has been offering this for a very long time already. The big question is whether this new trading platform for Europeans can charm and persuade us to start trading over there. So why should you consider trading at Binance Jersey?
Registration at Binance Jersey
First I visited the website of Binance Jersey and because the interface has the same look and feel of Binance itself, I assumed I could use the same account which I use for Binance. Unfortunately, it doesn’t work that way, because they are two complete different trading platforms with no relation between. So I had to create a new account which works quite similar as of trading at Binance.
Secondly I had to go through the following steps:
- Complete checklist with safety instructions
- Activation of 2FA measure, can also be skipped(not mandatory)
Identification or KYC
After performing the basic steps of registration I entered the platform of Binance Jersey. Immediately it became clear that this platform has a lot more to offer but to continue I had to do a KYC procedure first. If you refuse this then it’s not possible to do trades on the platform. It is important that you have enabled 2FA in advance, otherwise it is not possible to enter your data.
To be able to verify your account, you must provide your name, as well as address details, as stated on your passport. After that have to send a photo of your passport or driver’s license and conclude with a selfie. This works great, similar to submitting on the Binance platform. The account verification took a few minutes to complete and you will be notified by e-mail that you must provide additional information regarding your address. For this you need to go back to the account, to complete the remaining data. This last step went smoothly, including the verification. Finally I was able to make a start with my first deposit in euro.
To deposit euro or gbp you can do this at Binance Jersey with the ‘deposit’ option. Currently, there are four options for this : euros, pounds, Ethereum or Bitcoin. As of I’m interested in depositing euro, I took the test and opted for depositing euro by ‘deposit’.
If you want to make a quick deposit through a payment provider I have to disappoint you. IDEAL or Trustly aren’t working yet. You have to transfer euros by bank transfer, very old-fashioned if you ask me. We all know that this is not directly in your account, this can take up to 5 business days. The speed of this depends on the bank you use. Hopefully that this will be made even more accessible (with eg iDEAL) very soon in the future. The costs of Binance Jersey seem expensive because depositing money costs € 8, and on top of that you pay 0.1% fee per trade. But if you compare the purchase of bitcoin or Ethereum with, for example, BTCDirect or BL3P, Bitcoin is 100 euros each cheaper! Depositing large amounts of fiat makes this very interesting.
Exchange euro with ETH or BTC
So now that I have euro in my Binance Jersey account, what can I trade with it? Currently, only ETH or BTC can be bought on the exchange. To do this you have to go to ‘Exchange’. There you can see the various trading pairs at the top right (BTC / EUR, BTC / GBP, ETH / EUR, & ETH / GBP). To purchase BTC with euros, click on BTC / EUR. You can then place a trade.
Add another bank account
After succeeding the entire KYC procedure, you can add a bank account to your account. This bank account is used to transfer your withdrawn euros. You can have this bank account number whitelisted in your account by enabling this whitelist function in your dashboard. Cashing out in fiat or taking profit is also quit expensive : currently you have to pay € 20! In fees.
The fantastic news is that Binance Jersey makes it possible to deposit euros in your account. Personally, I secretly wished for an even more user-friendly system. A system where you do not have to trade yourself, but simply enter an amount in euros, after which it is automatically converted into the desired crypto currency.
On the other side, with this basic set-up Binance Jersey makes it possible to trade euro/ gbp for BTC. Furthermore, I can conclude that Binance Jersey works great, from registration to withdrawing money, this just works flawlessly. The biggest criticism is the relatively large amounts that you have to pay for a deposit or withdrawal. Even though, the platform offers very low trading fees which will give you the possibility to quickly earn it back! For now we can only hope that even lower costs may be charged in the future.