Binance Jersey Exchange Review with Pros and Cons – Is it Safe?

Binance Jersey is Binances own Fiat exchange. They are offering EUR and GBP pairs for major cryptocurrencies, like Bitcoin, Ethereum and Litecoin.

Table of Contents

  1. When did they start?
  2. Do we know the founders?
  3. Does it have an exchange token?
  4. How secure is it, is there 2FA, etc.?
  5. Is it insured, if not, is there a backup fund?
  6. What does the exchange focus on?
  7. What are the fees?

START AND FOUNDER

Binance Jersey started in early 2019, by Changpeng Zhao, who is also the founder of Binance.

It is located in Jersey, which is a small island, between France and the United Kingdom.

THE TOKEN

Unlike the main exchange, Binance Jersey does not have an exchange token currently; however, this can change in the future.

SECURITY

You have to verify yourself to use the exchange. It is also possible to secure your account by attaching a two-factor authenticator to it, like Google Authenticator, or Authy.

BACKUP FUNDS

It is not specified if the exchange has any backup funds in case of hacks, but since it is part of the Binance family, we can assume that hacks would be covered using Binances main backup fund.

THE EXCHANGES FOCUS

Binance Jersey focuses on buying and selling cryptocurrencies for regular currencies, like the EUR, or the GBP.

They do not offer any altcoin-to-bitcoin trading on this exchange, so you can look at it as a gateway to cryptocurrencies.

Just like Binance.com, they also use a robust trading engine on this website too, which is capable of processing 1.4 million transactions per second.

FEES

They have very competitive fees, one of the best in the industry.

It is free to deposit EUR or GBP to their website, while the withdrawal is only 0.15% (This, however, has a minimum 3, and a maximum 15 EUR/GBP limit.)

The trading fee is only 0.1%.

Their trading fee is reduced to only 0.05% until the end of 2019, making it the lowest in the entire industry.

Disclosure: The links in this review are referral links, which means that at no additional cost to you, you are helping this website to keep running, and that allows us to work on quality, fact-based reporting. We are trying our hardest not to include any shady exchanges with fake volumes, or questionable practices. You will only find exchanges that we would also personally use. We did not contact any of them before writing these reviews, and we rated them to our best knowledge.

Binance Jersey

8.7

Ease of Use

8.9/10

Security

7.5/10

Fees

9.6/10

Pros

  • Very competitive fees
  • User-friendly interface
  • Good customer support

Cons

  • You have to verify yourself to use the website