Binance JEX came about following Binance’s acquisition of the JEX exchange. Binance, which is barely three years old, is now the largest cryptocurrency exchange by adjusted trading volumes and completed the deal in Q2 2019. This was Binance’s attempt to break into the crypto derivatives offerings for pro traders that is largely dominated by BitMex.
JEX Exchange is a pioneer in the Bitcoin options trading and other crypto options trading in the world. JEX Technology Co., Ltd built the infrastructure that underlies the platform. Even with the acquisition, the foundation behind JEX will continue to guide some operations. Accordingly, Binance JEX is a leader in the Bitcoin futures and crypto options trading sector.
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How do I use Binance JEX?
Binance JEX works seamlessly with your Binance exchange account. All it requires is 5 simple steps:
- Register for a Binance account if you haven’t already done so;
- Load up your account with cryptocurrency;
- Head over to Binance JEX;
- Transfer your cryptocurrency from your Binance account over to JEX using the “transfer” button (circled in red); and
- Start trading!
Binance JEX security: Is it safe?
JEX Exchange has carved a niche for a solid developer team with experience in crypto-asset product development. This team has extensive knowledge in product design, development, and operation of blockchain asset/derivatives transaction platform.
As such, JEX uses mechanisms like GSLB, cold storage, GSLB and distributed servers to guarantee security, speed and stability of transactions. Moreover, for the hot e-wallet, the platform stores private keys offline. These enable Binance JEX exchange to provide safe and reliable crypto options transactions.
Users can secure their account using measures like 2-Step verification to further bolster account integrity. At the end of the day though, it is not advisable to store more cryptocurrencies than you need for short-term trading on an exchange wallet. This is because only hardware wallets can provide fool-proof security.
Accepted Payment Methods
Binance JEX is now under Binance policy umbrella meaning that accepted payment means includes fiat bank transfers and credit cards.
Cryptocurrencies Supported
Binance JEX supports a number of trading pairs. That said, Bitcoin futures are dominant in the derivatives market. USDT is also a prominent trading pair because of its status as a stablecoin. Therefore you can find BTC/USDT, EOS/USDT, and ETH/USDT on the futures terminal.
Other pairs supported are ETH/BTC, LTC/BTC, JEX/BTC, Huobi ETF, Binance ETF, DASH and EOS. For USDT, the trading pairs are more extensive and in addition to the BTC pairs include: BNB, NEO, OMG, IOST, BSV, XRP, ADA among others. The JEX token is the native token of the platform.
Binance JEX Fees
JEX offers different trading fees depending on the trading pair. The trading fees are two-fold in terms of makers and takers for margin trading. Trading fees range between 0.10 and 0.20 percent depending on the trading pair. Also, there is a 50 percent off for using JEX token, monthly trading volumes and order type-maker and taker.
The platform offers a 50 percent discount in fees for traders who use JEX token in their trading activities. For margin traders, JEX offers up to 100x leverage for their trading operations.
There is no charge for withdrawing and recharging.
Customer Support
Binance JEX has a robust customer support platform. This is because the derivatives market is complicated especially for a new trader.
As such, the JEX website has an array of articles to educate potential customers on the nitty-gritty of options, spot trading and other aspects of the derivatives markets.
Furthermore, customers can contact the platform service via email to make inquiries.
Verdict
Binance JEX represents Binance’s foray into the derivatives market.
Derivatives are increasingly an important part of the crypto economy. They represent an unprecedented level of maturity for an industry that is only about ten years in existence. Binance already has a huge customer base, and Binance JEX has simple setup and intuitive interface. Therefore, Binance JEX, represents a chance for Binance to really make a presence in the derivatives market and possibly even come up tops.
And as part of the launch of Binance JEX, the Exchange will conduct a monthly airdrop of JEX tokens starting from 6th October 2019. JEX tokens, as mentioned above give you 50% discount on trading fees.
Check out our guide on how you can get some JEX tokens!
