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
- When did they start?
- Do we know the founders?
- Does it have an exchange token?
- How secure is it, is there 2FA, etc.?
- Is it insured, if not, is there a backup fund?
- What does the exchange focus on?
- 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.
Unlike the main exchange, Binance Jersey does not have an exchange token currently; however, this can change in the future.
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.
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.
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
Their trading fee is reduced to only 0.05% until the end of 2019, making it the lowest in the entire industry.
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