The other day I wrote a guide on buying Bitcoin (BTC) on Binance directly with my credit card.
Today i’m going to teach you how you can deposit or withdraw your fiat currency via bank transfer with Binance.
If you haven’t register with Binance, you ought to do so right now here.
Meanwhile, Bitcoin has seen a recent surge recently, having jumped around $600 in the past two weeks and trading at $3,926.71 at press time, according to CoinMarketCap.
In January 2019, Binance announced the launch of a new exchange located in Jersey, in the English Channel just off the coast of Northern France.
Jersey have hosted a number of Cryptocurrency startups since 2014 and the island nation is positioned strategically for the European and U.K. market.
Binance is working in collaboration with Digital Jersey, the island-nation’s economic development agency to provide support to the blockchain ecosystem in Jersey.
Just 24 hours after Binance Jersey was launched, they encountered a massive backlog in registrations. Their first 5000 KYC compliant customers were rewarded with 20 EUR.
https://t.co/THxfdd3RD2 is overwhelmed with registrations. There is a backlog of KYC verifications already. More resources are allocated to reduce it. In the mean time, we appreciate your understanding and patience. The registration prize is FIFO based, no worries. Just crazy!
— CZ Binance (@cz_binance) January 17, 2019
Trading pairs on this new exchange included:
- BTC/EUR and
You will be able to trade by depositing and withdrawing Euros (EUR) and Pounds (GBP) instantly upon successfully verifying your identity via their KYC compliance system.
At the moment, Binance Jersey only supports the following territories or jurisdiction:
|Argentina||Eswatini (formerly Swaziland)||Liechtenstein||Singapore|
|Chile||Ireland||New Zealand||United Arab Emirates (UAE)|
|Croatia||Israel||Norway||United Kingdom (UK)|
I know it sucks if you don’t find your country on the list. But you can still buy and trade Bitcoin on Binance.com.
How to Find Binance Jersey?
If you are on Binance.com
Check out the two dots > Click on the bottom to reveal:
Click on the box indicated by the red square. And you will now be directed to Binance Jersey.
- Register your account.
The Guide to Buying & Selling in Fiat on Binance
- Complete your Safety Risk Notice:
- Setup your 2-Factor Authentication with your Mobile phone. You can check the exact steps here.
- Complete the KYC process by filling in your name, date of birth, address and nationality. Binance Jersey only supports you if you are from the list of accepted countries.
How to make a fiat currency (GBP/EUR) deposit to your account
Note: Before you can deposit or withdraw money inside your Binance account, you need to pass your account verification via the KYC process first.
After you fill in your details and submit, you will be directed to Netverify.com to upload your Passport or ID. Images must be colored, clear and details must be coherent with the ones you entered.
List of ID documents that are accepted
A valid government issued picture identification document, which is either one of the following;
- National Identification Card
- Permanent Residence Card
- International Passport
No other identification documents will be accepted. Please note that driving licences, electoral cards, health cards, temporary permits, military cards and any other forms of identification that are not on the above list will be rejected.
Quality check of ID documents
Please ensure the following;
- All 4 edges of the document are fully visible
- Your submitted ID document must also be duly signed and the signature is clearly visible
- Documents which were masked or altered will not be accepted
- Photocopies of documents will not be accepted, please provide a colour scan or picture
- Inside your account, click [Funds], [Deposits], and your desired fiat currency. (In this case, GBP).
- Then please specify a deposit amount and click [Submit].
- The information required for the deposit will be displayed as below. Please take this information to your bank and complete your wire transfer within 20 days.
- At the bank, while filling out the deposit request, please make sure you fill out the information precisely. If any information is missing/inaccurate, additional fees may incur at intermediary banks. Also, it may take more time for the wire transfer to be credited to your account.
- After that, by clicking [Funds], [Transaction History], you can check the status of your deposit requests as below.
How to withdraw your Fiat currency (GBP/EUR) to your bank account
- After login, please click [Funds], [Withdrawals], and your desired withdrawal amount. (In this case GBP).
If you have already conducted a withdrawal or registered your desired bank account, you can select it here. Or else, please input your bank information. Then please enter the withdrawal amount and click [Submit].
- A popup will be shown, asking your google authentication code. Please type the code.
- Your withdrawal request is now submitted. You can check the status at [Funds], [Transaction History].
How to manage your withdrawal accounts
- Inside your dashboard, click on [Funds], [Bank Account Management]. You will see the bank account which has been already used and/or registered in the past.
- To add an additional bank account, please click [Add a Bank Account]. Then the following section will be displayed.
- Please enter your bank details, and click [Save]. Please make sure you enter the correct information. If any information is missing/inaccurate, additional fees may incur at intermediary banks. Also, it may take more time for the wire transfer to be credited to your account.
- Then the new bank account is added to the list.
- If you want to remove a bank account, please click the trash can logo next to your desired account.
In A Nut Shell | Binance Jersey
Binance Jersey is part of the new Binance exchange ecosystem. It provides a new channel for customers to trade in fiat-crypto more conveniently.
If Binance Jersey is not available in your country, you can now buy Bitcoin and Ethereum on Binance.com as well with your credit card. It’s really simple.
While Binance Jersey is still accepting new registrations at the moment. At peak times, just like last December, they can just choose to stop accepting new users altogether.
So I would suggest that you register a Binance account right here even if you’re not using it anytime soon – having a Binance trading account gives you the the edge into Cryptocurrencies which will be as important if not more important than having a conventional bank account.
20 years ago, nobody thought anyone could do business and make money on the internet. Today its so common that even kids on YouTube can try and make a professional career out of. Don’t get left behind this time. Learn about Bitcoin, the technology and why it is democratizing money.
The next Cryptocurrency fever is just around the corner… Most people are only attracted at the high point, few are smart enough to realize this is the best time to get in.
If you do, be sure you follow the golden rules of cryptocurrency trading…
- 2 Factor Authentication is a must!
- Store your valuable cryptos in a Ledger Nano S
- Do not take a bet you cannot afford to lose.
- Impatience, thinking you can be rich overnight is faulty thinking.
- The Crypto Market is a device for transferring money from the impatient to the patient.
- HODL and don’t panic on the dips.
- Don’t listen to FUDs and Mass media bulletins.
- The more research you do, the stronger your fundamentals you hold, the more money you will make. – Good luck!