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Cryptocurrency Terminologies for Beginners

The rise of cryptocurrency is making a huge influence towards different businesses, companies or even simple individuals that supports the use of it in exchange of service, products, investments, etc.
Number of users increases seemingly. However, beginners often get confused with the jargons, known only in the said network. In this article, I will be sharing basic terms that exists in cryptocurrency world:
Cryptocurrency - is an internet-based, digital/virtual form of currency that is secured by cryptography (which makes it almost impossible to counterfeit) and operates independently from central bank. These include Bitcoin, Bitcoin Cash, Etherium, Ripple, Litecoin, etc.
Cryptography - process of securing communication and data in various electronic transactions (such as account name, account number, amount, digital signature, etc.) by converting plain texts to unintelligible texts and vice versa. It is also be utilized for user authentication.
Blockchain - refers to a growing list of record or the digital information (blocks) stored in public database (chain).
Wallet - or software wallet, is where you “store” your cryptocurrency. It is basically a digital program/system/site/app that store public and/or private keys used to track ownership and transactions of your cryptocurrency. Example: Coinbase, Trust Wallet, Exodus Crypto Wallet, Coins.ph, Binance Wallet, etc.
Wallet Address - is a destination associated with the software wallet where a user sends and receives cryptocurrency. Usually include a long series of letters and numbers. Example: qz8wlltmrj83mj2waw6rgaw9wtzqywuc5s3xqm67g7
Fiat Money - a currency that has actual value maintained; established as money; and backed up by the government. Example: US Dollar, British Pound, Philippine Peso, Japanese Yen, Euro, etc.
Altcoin - or "alts"; refers to any cryptocurrency other than Bitcoin.
ATH (All-time High) - it's when a cryptocurrency breaks its previous record price.
FOMO (Fear of Missing Out) - refers to the strong urge or need to purchase a cryptocurrency when the price starts increasing rapidly.
Mining - process of validation of transactions such as computers trying to solve blocks in a blockchain. Thus rewarding new cryptocurrency to successful user (miner). However, mining scams are rampant nowadays. Miners are always reminded not to provide private keys, deposits, etc to avoid these frauds.
FUD (Fear, Uncertainty and Doubt) - this is the greatest risk for investors; A state of mind that often influence when and how crypto-enthusiasts make trades, purchase or hold onto their coins thus affects greatly in the actual prices/convertion rate of cryptocurrency.
DeFi - short term for "decentralized finance" which includes digital assets, protocols, smart contracts, and dApps; is a financial software built on the blockchain that can be pieced together like Money Legos. Etherium is the primary choice for DeFi Application.
Stablecoin - refers to a class of cryptocurrency that attempts to stabilize coin prices, backed by reserve assets.
Reserve Assets - financial assets denominated in foreign currencies, held by central banks; must be readily available for monetization and/or must be an external physical asset. Example: US Dollars, Gold.
That's all for now, I hope this information might help especially beginners who still lack knowledge regarding these terms. Continue supporting #Cryptocurrency
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Best Cryptocurrency Exchanges for Beginners

Best Cryptocurrency Exchanges for Beginners
Best Cryptocurrency Exchanges for Beginners
Before we get into exchanges, let’s refresh our minds about what cryptocurrency is. The concept behind cryptocurrencies is relatively simple, while the math and technology are not. Essentially, a cryptocurrency is a virtual or digital currency that utilizes cryptography as a means for protection and security.
Cryptography is also used to regulate the creation of additional units, so as to not drive the overall digital currency market wild. One of the greatest appeals of cryptocurrencies is that they are not regulated by any government agencies. The most popular digital asset is the bitcoin, followed by ethereum.

What Are Cryptocurrency Exchanges?

Cryptocurrencies can be traded through cryptocurrency exchanges. These cryptocurrency exchanges are platforms through which you can purchase or sell digital currencies for dollars, euros, and pounds, as well as other digital assets. For example, you can sell bitcoins and purchase dollars with the sold bitcoins, or you could exchange bitcoins for ether. These exchanges are a vital part of the virtual currency expansion rate.
There are private exchanges, which are exclusive and operate by invite only, as well as those available for the public. Local exchanges also exist. Some are easier to use than others are; certain exchanges are so flexible that digital assets can be traded directly through the built-in chat features of specific popular messengers, like Telegram.

What to Consider When Picking the Best Cryptocurrency Exchanges

Here are a few things you will want to consider before picking the best cryptocurrency exchange suited for your trading and speculative needs.
Fees – Almost all exchanges charge fees for you to do business on their platforms. Make sure that when you are signing up or committing yourself to a specific exchange that you know everything about its fees.
Verification Requirements and Security – These are vital to understand before starting out on an exchange. Most exchanges require some sort of identity verification in the form of a passport, driver’s license, proof of residence, or other similar document before joining. The more complex the verification process, the safer the exchange platform.
Exchange Rates – Exchange rates are also important, as you don’t want to join a cryptocurrency exchange that charges draconian fees for transactions and exchanges. That just wouldn’t be fair to you or financially savvy.
Reputation – The best cryptocurrency exchanges always have ups and downs. However, the general opinion of the top ones is positive. The best exchanges have a solid reputation and are well trusted by traders.
Region – It’s also important to find an exchange that supports your geographic region. Some exchanges may support all of the countries in South America, while not supporting any of the countries in Asia, and vice versa. If you are living in Russia, for example, make sure you pick the best exchange platform that supports your region.
Now, let’s take a look at some of the best cryptocurrency exchanges out there.

Security

Something which is important to bare in mind when choosing a cryptocurrency exchange to make your trades and purchases on is their security measures. It is well-known that many exchanges have been hacked in the past, most notably the Mt Gox exchange, which people are still feeling the fall-out from ever since.
You should know that the your funds or coins on an exchange or not really yours, unless you own the private keys to the wallet of your coins you are relying on someone else to be custodian of your funds.
Luckily there are some basic measures you can take when using an exchange. The most important is to never store more there than you are willing to lose, if you have a significant balance, you should withdraw it back to your own wallet and for extra security, use a Hardware wallet to secure these funds.
Exchanges should be used for quick purchases of your desired cryptocurrency or for trading an amount you are happy with. They should never be used as your primary wallet, that is not their intended function.
Another important step to take is to use all the security options available on the site, make sure that two-factor authentication (2FA) is setup correctly and you use an app like Authy or Google authenticator. Do not use the mobile phone option which texts you a code, this is not safe as their have been a number of high-profile hacks involving sim-swaps which allow a would-be hacker to take over your phone number and then gain access to your account.

Coinbase

Coinbase is one of the, if not the, most trusted cryptocurrency exchange platforms in the world. It is also the largest digital asset exchange platform in the world. The platform supports more than 32 countries and has more than 4 million active users. Traders are allowed to acquire and sell bitcoins using their bank account, credit card, PayPal, and other payment methods, as well. In order to begin trading on Coinbase, you will have to set up an e-wallet for buying and selling cryptocurrencies. Furthermore, users have to be able to link a valid bank account in order to purchase bitcoins.

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Currently, fully verified U.S. residents are only allowed to hold up to 50,000 bitcoins per day. Overall, Coinbase has a great reputation and is highly respected in the trader community. Most transactions through Coinbase only have a 1 percent transaction fee in addition to any fees that your selected payment method may carry.
As with CEX, you can only purchase a few currencies: Bitcoin, Ethereum and Litecoin. You would then need to use Changelly to convert these to other crypto currencies.
Another benefit of registering with Coinbase is the fact you are then able to use the Coinbase Pro exchange which is owed by the same company. Coinbase Pro allows to more advanced trading features such as margin trading and Market, Limit, & Stop Orders. Coinbase Pro also has lower fees than Coinbase.
Read our full Coinbase Review here to learn more. We have also conducted a thourough look at Coinbase’s security measures here.
Visit Coinbase

Binance

Binance is a newer exchange but one we have grown to love, it has a wide range of cryptocurrencies available to purchase and trade and has a basic and advanced view which you can switch between easily. Their fees are very reasonable and they allow you to register and trade immediately without having to verify your account. You will then be able to make withdrawals of up to 2 BTC per day, if you want to withdraw higher amounts you will then need to upload your photo ID and a “selfie” photo.

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The public opinion of Binance at this time is very high with people praising the speed of the site, ease of use and cheap fees.
For more details you can read our complete review of Binance here.
Visit Binance

KuCoin

KuCoin is a new but very exciting exchange based in South Korea. They operate similarly to Binance in the fact that they list new altcoins much quicker than other exchanges so it’s a good place to purchase cryptocurrencies shortly after their ICO meaning there is a greater opportunity to profit by getting in early.
The interface is very clean and modern and much easier to operate than other older and more clunky exchanges.
They also offer their own token KCS which allows all holders to receive a daily share of profits of the platform, this is a great token to hold as you are paid in the many different currencies that the site allows people to trade in.

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Visit Kucoin

LocalBitcoins

LocalBitcoins is a peer-to-peer cryptocurrency exchange used in most big cities around the world. The general principle behind this exchange is that you can find people who live in your area or city and meet with them in person to conduct an exchange. The platform also offers options for purchasing digital currencies via PayPal, Square, direct-to-bank transfers, and many other payment-processing methods. The platform charges a small fee of 1 percent per transaction in cases where sellers apply their own exchange rate.

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Similar to the way Uber passengers and drivers are rated, LocalBitcoins applies a rating to each trader that uses the platform, and this rating is publicly displayed. Trades first have to undergo an escrow process to ensure that nobody will be scammed by using the platform. Once everything is verified, the funds and cryptocurrencies transfer between traders. LocalBitcoins takes a commission of 1 percent from sellers. W
Take a look at our LocalBitcoins Review to find out more.
Visit LocalBitcoins

CoinMama

CoinMama is a large bitcoin brokerage that allows users to acquire coins with their debit or credit cards. The platform issues small fees for transactions. To make up for this, however, the limits for how many bitcoins a user can buy are much higher in comparison to Coinbase. Users can acquire up to $5,000 of coins per day or up to $20,000 per month. All users need to do to use CoinMama is to set up an account, log in, and navigate to the profile page section to fill in personal information.

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Following this, users will be introduced to a page that allows them to select how many bitcoins they would like to purchase, and once a fitting amount has been selected, users will be allowed to add their preferred payment methods and bitcoin addresses. Users will also be required to verify their phone number and email address. CoinMama does not require most users to upload their government-issued ID. After completing the aforementioned steps and passing the verification process, users will be able to acquire bitcoins through CoinMama.
Read our complete CoinMama Review here.
Visit CoinMama

CEX.IO

CEX.IO is one of the oldest cryptocurrency exchanges in the world. However, despite being referred to as a cryptocurrency exchange, CEX.IO can only be used with bitcoins and ethereum which are the main two trading pairs for alt-coins. If you want to purchase other currencies, you can use CEX and then a service named Changelly to convert them to many other cryptos.
The platform is registered with the FINCEN and applies KYC and AML principles. In other words, users have to completely verify their identity before they can get involved in any trades with this platform. Currently, the platform supports purchases with credit cards, wire transfers, or SEPA transfers for European residents.

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Once you enter a trade, the platform automatically calculates the price of the transaction and freezes the exchange rate for 120 seconds, which is quite convenient. However, many users note that there are occasional hidden fees. CEX.IO has a flat fee of 7 percent for anything involving fiat currencies. For example, if you acquire $100 in bitcoins, you will only receive $93 in coins.
Read our indepth CEX Review here to learn more.
Visit CEX

Bittrex

Bittrex is well established and highly regarded crypto trading platform, with many coins and tokens to choose from. The interface is not for complete beginner’s but you should be able to find your way around after a little while.

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Read our full review of Bittrex here.
Unsurprisingly, Bittrex’s most popular trading pairs are BTC and ETH. It must be noted that the exchange currently does not offer any kind of fiat-to-crypto pairs, e.g. with U.S. dollars, euros, or British pounds). One thing investors can do is buy USDT (Tether tokens) via wired bank transfers in order to use USDT for crypto-to-crypto exchanges.
However, you’ll need to be fully verified and willing to slap down at least $10,000 USD for Bittrex to even consider the transfer. And we here at Blockonomi don’t remind this approach anyways; there’s been a lot of controversy surrounding Tether lately, and it’s best just to stay away for now until further developments actualize.
Visit Bittrex

Conclusion

Picking the ideal cryptocurrency exchange platform for your specific needs may be a difficult and time-consuming process. Remember to pay attention to the fees, reputation, security, verification processes, and geographical services an exchange platform has to offer. Remember that you are not limited to using only one cryptocurrency exchange. Hopefully, the information provided will assist you in deciding which exchange platform to use.
We have selected 6 Cryptocurrency exchanges here which are trustworthy and easy to use for beginners to get started building their investment portfolios.
Original article link: https://blockonomi.com/cryptocurrency-exchanges/
submitted by Tokenberry to NewbieZone [link] [comments]

Binance Jersey: Everything You Need To Know

Sign-up for Binance Jersey Fiat Exchange
At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users.
Binance is a popular cryptocurrency exchange which was started in China but recently moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. While the company is still fairly new on the market ( it launched last year ), it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, professional attitude and friendly CEO and also due to its low trading fees.
Binance Website
In our review, we will attempt to outline everything that you must know about Binance, including how it works, the crypto pairs that you can exchange, trading fees/limits, security aspects, and customer support.
Visit Binance »
How the Exchange Works Contents [Show]
Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be easy to use for complete beginners. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services.
The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history.
3Commas This is what the basic view looks like :
Binance Trading View
The Basic view is nicely designed and well laid out, all the information you need is clearly presented with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is presented on the right so you can quickly see what the latest trade prices were.
And this is what the advanced view looks like:
Advanced View
The advanced view uses a dark theme and makes the trading charts larger and the latest trade prices are displayed on the right with the buy sell boxes underneath.
Which you choose is a matter of preference really, I like the lighter colored basic view and find the layout a little easier to use.
Binance Signup & Login To use the exchange, users will first have to create an account. The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that.
Time for verification can vary depending on how busy the site support staff are, so make sure to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange.
ID Verification
Now, that this is out of the way, users can go ahead and fund their Binance account. While you can choose from a multitude of digital currencies, it is recommended that you stick with either BTC or ETH.
To fund your account visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency you wish to send, then click the “Deposit” button next to it which will then you give you the wallet address. You can then send your funds to this address to begin trading on the platform, depending on which currency you deposit it will take different times to show up as this is reliant on that currencies blockchain. Some currencies like Ethereum are faster than Bitcoin which can take a while.
Binance Wallets
Now that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens.
At this time, the platform can only be used to generate limit and market orders. This has been considered a disadvantage by some, as many expected trading options that would be more advanced. Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set.
How to Trade on Binance Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before. To get started, make sure you have deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT. Once you have your funds, at the top right menu, select “Exchange” > “Basic” or “Advanced” to load the trading screen. We will be using the Basic view.
Binance Trading View
On the right hand side, of the screen select a tab from BTC, ETH, BNB or USDT this is what you will be trading in. Then choose your desired currency from the list. You can also search here and you can create a favorites list by clicking the star next to any currencies.
Choose currency to buy
Once your desired currency has loaded, take note of the left-hand column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sale price.
Buy and Sell Prices
Now to place a buy order, use the center box underneath the graphs and you will see the buy box is in green on the right. You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have ( in this case BTC ).
Buy Order
Once your order is placed it will be show underneath in the “Open Orders” section until it is filled. At that point your new currency will be available under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice.
Supported Crypto Currencies Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.
Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road.
They currently offer trading pairs in BTC, BNB, ETH and USDT.
Binance Markets
Binance ICO & BNB Coin Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
Binance BNB Coin
If you’d like to read more about the BNB Coin, check out our indepth guide.
Binance Fees & Limits At the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time.
Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals:
COIN CODE Fee Unit Binance Coin BNB 1 BNB Bitcoin BTC 0.001 BTC Ethereum ETH 0.01 ETH Litcoin LTC 0.01 LTC Neo NEO Free NEO Qtum QTUM 0.01 QTUM Status SNT 10 SNT Bancor BNT 1.2 BNT Eos EOS 0.7 EOS Bitcoin Cash BCC 0.0005 BCC Gas GAS Free GAS USDT USDT 50 USDT When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.
Binance Competitions A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. Some examples of competitions in the past include Waves and Tron. The waves competition gave away 20,000 Waves to Traders based on how many trades they have made of this currency.
The other competition for Tron (TRX) gave participants the chance to win a Maserati car, Mercedes Benz car, a Macbook Pro or a iPhone X. Again, the winners were the people with the highest trading volume of this currency.
The current rankings show that the person in first place had over 358 BTC volume in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter.
Is Binance Safe? While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture.
Update: In March 2018 Binance suffered a hacking attempt.
The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. They then struck, converting all the victims altcoins to BTC and purchasing Viacoin, pumping the coin to a huge price and then selling their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets. Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity.
As this hack was made possible by people entering their site logins and 2FA details into a fake website, you should always make sure you are on the correct Binance url before logging in. We recommend you bookmark the site and only use that to access it, never click links from emails, Twitter, Telegram etc.
This event has done a lot to instill confidence around Binance, not only did their automated processes catch the attempted hack before anyone lost any funds, they have since offered a $250,000 bounty to anyone who can help catch the hackers. Throughout this event, Binance acted exemplary and have been praised for their swift action in resolving this.
Binance Customer Support For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team.
Binance Customer Support
Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works.
Binance FAQs
It should be noted that customer support on Binance has been known to be slow to respond to customer requests. This is a familiar phenomenon with most of large exchanges and is due simply to the volume of users and amount of support staff. The exchanges have grown at an explosive rate this past year and the companies simply haven’t been able to keep up with demand. Binance grew fast especially, going from launch to the largest exchange on the planet in a few short months. Support staff for exchanges have to be carefully vetted and trained due to the technicalities and security requirements involved – unlike other traditional companies where staff can be trained quicker.
Some things to bare in mind are double-checking wallet addresses, make sure you are sending the correct cryptocurrency to it’s corresponding address on the site. Mixups with wallets are one of the biggest mistakes people make when using exchanges. Other things to note are, try a smaller test payment first if you plan to transfer large sums – it may cost you a little more in fees but will be worth it for peace of mind.
If you do need to contact support, make sure you provide them with enough information to be able to help you first time. Include wallet addresses, times of transactions and any other information you think they might need to help speed up the process.
The Move to Malta In March 2018, Japanese Newspaper Nikkei reported that Binance was trading in Japan and not following their official regulations. This caused some turbulence in the markets until Binance made an official announcement that they were going to be moving operations to the crypto-friendly island of Malta in Europe, stating :
After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.
This is good news for the company and they even received a warm welcome from the Prime Minister of Malta on Twitter. Binance also announced that they were in talks with Maltese banks with the goal of providing Fiat transactions, meaning they can offer an on-ramp for fiat to crypto transactions in future along with fiat trading pairs on the exchange.
More good news for Binance, it seems as their profile and reputation within the industry continues to grow.
Launching a Decentralized Exchange More recent news for Binance and what seems like good news BNB holders is the fact that they are planning to launch their own Decentralized Exchange ( DEX ):
“After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.”
The BNB digital asset, now an ERC-20 token, will migrate as the native token of that network and be used for paying the trading fees on the new exchange.
Launching a Decentralized Stock Exchange More good news recently for Binance is that they are partnering with Neufund to build the world’s first Decentralized Stock Exchange. Alongside the Malta Stock Exchange, they are aiming to create a regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets.
According to CapLinked, the market cap of equity tokens alone is projected to reach $1 trillion by 2020 and thanks to the partnership with MSX, a subsidiary of the Malta Stock Exchange and Binance, Neufund will become the first end-to-end primary issuance platform for security tokens, in particular, equity tokens. It will secure ways for secondary trading of equity tokens and enable companies around the world to fundraise on Blockchain in a legal way while offering much-needed liquidity.
This is more positive news for Binance as they aim to consolidate their position as the world’s number one Crypto Exchange.
Binance Jersey Launch – Now Supports Fiat to Crypto As of 16th January 2019, Binance has announced the launch of a new Fiat to Crypto exchange named “Binance Jersey“. The trading platform is live and active and allows you to trade in fiat currencies such as euros and pound sterling, with Europe being their target market.
We have now carried out a full review of Binance Jersey, so take a look for more indepth details about the new platform.
Binance Jersey
Visit Binance Jersey »
At the time of writing they are only offering four trading pairs with more to follow soon:
BTC / EUR BTC / GBP ETH / EUR ETH / GBP Supported Jurisdictions: Argentina Eswatini (formerly Swaziland) Latvia Romania Armenia Finland Liechtenstein Singapore Australia France Lithuania Slovakia Austria Germany Luxembourg Slovenia Azerbaijan Gibraltar Macau South Africa Belgium Greece Malta South Korea Brazil Hong Kong Mauritius Spain Bulgaria Hungary Mexico Sweden Canada Iceland Monaco Switzerland Chile Ireland Netherlands Turkey Croatia Israel New Zealand United Arab Emirates (UAE) Cyprus Italy Norway United Kingdom (UK) Czech Republic Jamaica Peru Uruguay Denmark Japan Poland Estonia Jersey Portugal Customers who wish to trade in the support fiat currencies will need to carry our KYC procedures by uploading their ID documents such as passport and driving license.
Wei Zhou, Binance’s CFO released this statement about the launch :
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption”.
If you are familiar with trading on Binance, then you will feel at home on their new exchange – it uses the same engine and the trading screen is laid out in the same fashion with the option to choose between Basic and Advanced views:
Binance Jersey Trading Screen
To fund your account in fiat, you will first need to complete the KYC process, once that is done you can then deposit funds directly from your bank account by linking it from the Deposits screen. You can also fund your account with BTC or Ethereum. Once you have your account setup and bank account linked, you can also withdraw funds in fiat currency – this is great news as Binance is now able to offer a way for investors to cash out their cryptocurrencies.
We have upgraded our review scores below and we feel this is a huge improvement to Binance’s Exchange offering, if they manage to roll this out to even more countries ( USA is currently excluded) it could be a game changer as people now have an extra, regulated fiat on and off ramp for their holdings.
Buying Bitcoin with Australian Dollars On March 20, 2019, Binance announced the launch of Binance Lite Australia, the continent’s first fiat gateway to the world of cryptocurrencies which provides a secure, reliable, and easy to use way to buy Bitcoin with cash in Australia.
The cash-to-Bitcoin brokerage service operates via a network of over 1,000 newsagents across Australia, and currently allows anyone to buy Bitcoin using Australian Dollars (AUD), and there are plans to include additional digital currencies and fiat purchasing options in the future.
Users must first undergo account verification on Binance Lite, and after being successfully verified, users can place online orders and deposit cash at their nearest newsagent, in order to receive their pre-ordered Bitcoin.
The Binance Lite brokerage service is operated by InvestbyBit, an independently operated subsidiary of the Binance.com cryptocurrency exchange. The service aims to simplify the process of purchasing cryptocurrencies and make digital assets such as Bitcoin readily accessible across Australia.
Fees A 2.5% transaction fee (50% discount applied) plus GST on the transaction fee for each purchase is currently being charged as an introductory rate. Therefore, for a $50 order, the transaction fee will be $1.22 and the GST will be 10% of the transaction fee, which is $0.12. Limits The system is currently in its Beta phase, and the minimum purchase amount has been lowered to $30 with the maximum purchase amount capped at $1000. These limits may change over time and only multiples of $10 are being accepted, such as orders for $50, $60, $70 etc. Verification First time customers are required to go through a one-time Know Your Customer (KYC) document verification. When using the service, it’s necessary to follow the instruction prompts after the order page and go through the verification.
In order to complete the verification process, it’s necessary to submit 1 or 2 forms of government issued ID documents as a Passport, Driver’s Licence, or Medicare card, in addition to your residential address. Any returning customers, who have already completed KYC verification, will be sent to the order summary page directly after opening a new order.
Each account is linked to a mobile number, and users should ensure to use the mobile number provided when first completing the verification process. Anyone choosing to use a new mobile number will be required to complete the ID verification process once again.
Paying by Debit and Credit Card Binance allows users to make debit and credit card payments for cryptocurrencies via a partnership with Simplex. It’s possible to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP tokens by Visa and MasterCard and the benefits of using a debit or credit card on Binance include:
Swift Transfers: Average 10-30 mins for cryptocurrency to reach your wallet Low Fees: only 3.5% per transaction or 10 USD, whichever is higher Convenient: Visa and MasterCard accepted In order to purchase the supported cryptocurrencies with a debit or credit card, users can first go through the official instructions page and then visit: https://www.binance.com/en/creditcard.
Binance Launchpad and Initial Coin Offerings (IEOs) Binance Launchpad is the exchange’s token launch platform that aims to connect blockchain projects with the greater cryptocurrency community and enable projects to raise funds while interacting with Binance’s significant user base. In December 2017, the BREAD and GIFTO projects were able to hold successful token sales on Binance Launchpad and projects such as BitTorrent and Fetch.AI have also held successful launches in 2019. The platform makes use of the exchange’s native BNB token and rewards users for holding the token as well as allowing it to be used to participate in token sales.
Read: What is an IEO?
How Token Offerings Work on Binance Launchpad The ability to part in token offerings continues to attract a significant amount of users to Binance and it’s necessary to go through a number of steps in order to get used to the Launchpad platform. Anyone interested in a project should first go to the Binance Launchpad website and click on the project page and thoroughly research any of the projects on offer. If not already done, it’s also necessary to complete your Binance account verification, as token sales are carried out in compliance with the regulatory requirements in supported user jurisdictions.
The Lottery System Binance Launchpad operates a lottery system which sees that the number of lottery tickets you can claim being dependant on the amount of BNB tokens you hold in your Binance account over a 20-day period leading up to the day of the lottery, with a maximum of up to 5 tickets per eligible account.
The 20 days leading up to the lottery draw date is represented by X below, and by example, 100 ≤ X < 200 means that your BNB balance over the entire 20-day period is kept at 100 BNB or more, but does not exceed or reach 200 BNB.
A snapshot at 0:00 AM (UTC) each day records each user’s BNB balance, and should your BNB balance drop below the minimum balance required on any given day during the 20-day period, they will be put into the lower threshold. For example, if User A holds 301 BNB for 19 of the 20 days but their balance drops to 299 BNB on one day. They will move to the lower threshold and only be eligible to claim 2 lottery tickets.
Before the actual lottery date, users are given a 24 hour period to select how many lottery tickets they wish to enter, with the maximum number based upon their BNB holdings over the previous 20 days. Here, if a user submits an entry of 5 tickets and 2 tickets end up winning, they are committed to pay for 2 ticket allocations (in BNB) for the tokens.
Each lottery ticket has a unique number with multiple lottery ticket holders, obtaining tickets with consecutive numbers. For example, when claiming 5 tickets, the tickets may be numbered 100010, 100011, 100012, 100013 and 100014.
Once the 24 hour period ends and all tickets have been fully issued, Binance begins to randomly select multi-digit numbers. These are matched against the tail digits of all issued tickets in order to determine the list of winners. The selection process continues until the maximum number of winners are matched, and the respective BNB is deducted from each winning user’s balance, as soon as they are deemed a winner.
Binance announces the maximum number of potential lottery ticket winners, and the allocation amount corresponding to each winning ticket in advance.
Conclusion Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5. Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese.
Based on everything that has been outlined so far, Binance is undoubtedly the leading Cryptocurrency Exchange and offers great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges.
Update, April 2019: We have continued to update this review since Binance was first launched ( we were one of the first to offer a review of the platform at the time ). And as time has progressed, time and time again Binance have proven to be one of the very best, if not the best, exchanges available. Their CEO Changpeng Zhao (CZ for short) has been part of the cryptocurrency community and shown high standards of integrity. Binance the exchange has continued to innovate, bringing new products to market and new options for purchasing and trading cryptocurrencies to all corners of the globe.

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