As a result, Zaif played a key role in paving the road for cryptocurrency regulation in Japan and was the first cryptocurrency exchange to receive a license from the Japanese Financial Services Agency (JFSA). Tech Bureau founded the Zaif exchange in June 2014, and it is owned and run by them. With its headquarters in Orix Honmachi Building 4F, 1-4-1 Nishihonmachi Nishi-ku, Osaka-shi, Osaka, Japan, Zaif is a Japanese company.
| Exchange Platform | Zaif Exchange |
| Website | https://zaif.jp/?lang=en |
| Takers Fee | 0.10% |
| Language | Japanese and English |
| Payment Method | Wire transfer, Credit and Debit Card, and Cryptocurrency transfer |
| Withdrawal Fee | 0.0001 BTC |
| Trading assets | Nem (XEM), Monacoin (MONA), Bitcoin (BTC), Ethereum (ETH), Litecoin, and lots more |
| Trading Platform | Two Web-based platform (Instant exchange and advanced exchange) and Mobile app |
| Support | FAQ section, Twitter, Facebook, Email. |
| Security | Two-factor authentication (2FA), Know Your Customer, Secure Socket Layer, Cold Wallets, and lots more |
Zaif offers their traders two distinct web-based exchange platforms to choose from for the exchanging of cryptocurrency assets. The first platform is known as the “Instant Exchange” and is very simple and basic. The Instant Exchange platform was built for beginner traders who simply want to buy or sell Bitcoin or MonaCoin for Japanese Yen. This exchange interface is very straightforward and allows traders to make simple buy or sell orders for the current market price.
The other exchange platform is much more advanced and is the company’s main trading platform. The platform utilizes a simple design and user interface which incorporates various advanced charting and analysis tools. This platform is not the best-looking or most user-friendly platform we have seen, but the sheer amount of charting and analysis tools is great for advanced cryptocurrency traders. Traders have the option to place market and limit orders for buying and selling cryptocurrencies. As well, users can trade on margin with a leverage of up to x7.7. It is very evident that the main Zaif cryptocurrency exchange is built for experienced and advanced traders in mind.
Zaif is solely a cryptocurrency exchange and therefore deals in the cryptocurrency markets. However, the Japanese Yen (JPY) currency is available to trade in these cryptocurrency markets as well. In total, Zaif features over 40 carefully selected cryptocurrencies on their platform. The markets in which they can be traded in are:
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade. The maker thus “makes” the order being executed. The other party is the taker, who places the order that matches (or “takes”) the maker’s order. The maker-taker model normally encourages market liquidity by rewarding the makers of that liquidity with a fee discount.
Zaif’s trading fees for takers are 0.10%. This fee is a bit below the global industry average. The global industry average is arguably around 0.25%, although we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.
But the taker fees are not even this platform’s strongest edge. At the Zaif-exchange, makers don’t pay any fees at all (0.00%). Naturally, this is a great deal for the makers in the trades at this exchange.
However, Zaif also charges something they call an “account maintenance fee”, but only for accounts who haven’t completed KYC. Naturally, this is a way to incentivize users to complete the KYC. The account maintenance fee becomes higher, the higher the value of the assets you hold at the exchange is. The following is a table of the account maintenance fees:
Zaif charges a withdrawal fee amounting to 0.0001 when you withdraw BTC (in normal speed). This fee is far below the industry average. You can also increase the speed of the withdrawal by paying a higher fee, all the way up to 0.01 BTC. The deposit and withdrawal fees are further specified in the below picture:
The Zaif exchange platform offers its clients two types of web-based trading platforms so they can choose one that best suits their trading style to trade various digital assets. The first trading platform is called the “Instant Exchange” which is a basic and very simple model.
The Instant exchange is designed specifically to have newbie and amateur investors in mind. The trading platform is used for basic trading activities such as selling and buying of Monacoin or Bitcoin in exchange for the Japanese Yen. The Instant exchange has a very simple see interface allowing investors and traders to execute simple sell and buy orders as it pertains to the prevailing market price.
The second trading platform is the advanced trading platform which serves as the primary trading platform used by the Zaif exchange platform. The trading platform also makes use of a simple user interface and design, integrating several advanced and latest analysis and charting tools.
The advanced trading platform is not the best when it comes to its user interface which can become quite complicated for newbie investors. However, the sophistication of its analysis and charting tools offers a lot of advantages to expert and professional traders in the cryptocurrency market.
With the advanced trading platform, investors and traders have the choice of executing limit and market orders for the selling and buying of various digital coins. Furthermore, Zaif enables its clients to make use of margin trading services with a maximum leverage of 7.7X. Considering both trading platforms offered, it is apparent that the Zaif cryptocurrency exchange tailors its services to suit both experienced and newbie traders in the crypto market.
Signing up with the Zaif exchange platform is quite simple and straightforward and above all, registration is free. However, the primary difficulty lies in translating the information on the website from Japanese to English but an online translator can handle that perfectly.
To begin registration, you will be required to submit your email address and confirm that you are not a robot by checking a box. Subsequently, a confirmatory email bearing a link to complete your registration will be sent to the submitted email.
After completing the registration procedure, the next step involves submitting and specifying the necessary personal data in your trading account to be used for other verification processes and logins.
Clients are required by Zaif to complete their verification process to be able to perform all trading activities. Clients are expected to submit their proof of identification and phone number upon registration.
The first step towards completing the verification process is the authentication of your phone number. This is done by submitting your phone number on the Zaif website. After that, an SMS code will be sent to your phone number for confirmation which completes the verification of your phone number.
The next step is the upload of personal data and documents. The attachment of documents is also done in the same section as the verification of the phone number. The documents to be uploaded must be either in JPEG or PNG formats.
The personal documents to be uploaded include
The primary criteria are that all documents must bear your full name and residential address.
The entire verification process usually takes 24 hours to be approved. After a successful verification, all clients’ information is updated on their website and is checked with a green tick.
The Zaif exchange is considered to be one of the safest and most secure cryptocurrency exchanges in the industry. They employ the latest SSL encryption protocols and store clients’ funds in segregated offline cold storage accounts. This protects them from any sort of hacking attempts on the exchange. Also, users are protected with a multi-signature withdrawal process and two-factor authentication techniques for accessing their account and making withdrawals. As well, every user on the Zaif exchange is treated fairly and equally. All traders and investors have access to all the tools and features on the exchange.
The Zaif cryptocurrency exchange is evaluated as among the most secure and safest cryptocurrency exchange platforms in the crypto industry. The exchange makes use of the latest Secure Socket Layer (SSL) encryption and safeguards its clients’ digital assets in a separate offline cold storage wallet.
This helps to secure and safeguard the exchange platform from all kinds of cyberattacks and third parties access to the exchange’s database. Furthermore, clients are protected using the Two-factor authentication and multi-signature process of withdrawal for gaining access to their trading accounts and requesting withdrawals.
When it comes to the security of funds and personal sensitive information, the Zaif exchange platform is very ethical treating all of its clients equally and fairly.
One of the primary indications of a decent exchange platform is the customer support it offers. The customer support offered is clear proof of how customer-oriented an exchange platform is, hence we do not recommend you choose an exchange platform with low regard for its clients.
As a result, investors must be careful to choose an exchange platform they know will go the extra mile to offer the needed support in the crypto market most especially during unforeseen circumstances.
The Ziaf exchange platform excels adequately in offering decent customer support to its clients across the globe. Support is made available both in English and Japanese and the support agents are efficient and quick to respond to all questions and complaints.
The exchange platform makes use of only one support channel which is the email system and even though the exchange doesn’t offer much flexibility when it comes to offering multiple support channels, the email system works efficiently and adequately.
The support agents are accessible during the weekdays that is five days a week between the hours of 10:00 am and 5:30 pm. Furthermore, clients can also reach out for support via their social media channels such as Twitter and Facebook.
Zaif exchange and offers exceptional services for the trading and investing of cryptocurrencies. They offer many nice features such as an instant exchange, a trading platform, margin trading, and Bitcoin futures. The exchange implements the latest security features and is also regulated by a reputable authority. They also accommodate both beginner and advanced trader needs very well. Zaif is truly a cryptocurrency exchange for everyone.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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Annie
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