Zaif crypto exchange is a legitimate and reliable platform with an established reputation in the Japanese cryptocurrency field. Zaif is a compelling choice for both inexperienced and expert traders due to its minimal trading costs, extensive range of cryptocurrencies available for trading, and solid security measures.
We have covered every important aspect in our Zaif review, including leverage and spot trading. You can also seek out more reliable cryptocurrency exchanges by looking through our list of the best cryptocurrency exchanges.
What Is Zaif?
Founded in 2016, Zaif is a trusted Bitcoin exchange that has been operating successfully in the Japanese market. Being among the nation’s first cryptocurrency exchanges, Zaif also has played an important role in creating the exchange regulatory structure.
In addition, Zaif is the first cryptocurrency exchange in Japan to be approved by the Japanese Financial Services Agency (JFSA), demonstrating its strong security and transparency requirements.
As a result, Zaif is a reputable and trustworthy website that prioritizes its users’ demands and adheres to Japan’s regulatory framework for cryptocurrency exchanges.
This exchange also has its own token called [ZAIF], a unique cryptocurrency with its blockchain, serving as the native currency of the Zaif crypto exchange platform.
How to Open an Account at Zaif
Step 1: Sign up and verify your email
Step 2: Agree to legal documents and create a strong password
Step 3: Provide user information registration
Step 4: Verify your identity
Step 5: Set up the 2FA (two-factor authentication)
Additionally, before participating in trading operations, all clients of Zaif must finish a verification procedure.
Customers must first verify their phone number by entering it on the Zaif website and receiving an SMS code to confirm it. After that, they may upload their personal information and documentation such as proof of identification (ID cards, driver’s licenses, or international passports) and proof of residence (health insurance card, utility bill, or resident card).
Once the application is completed, the verification procedure usually takes 24 hours to approve.
In addition, individuals who have not finished their KYC verification are subject to an account maintenance fee on the Zaif cryptocurrency exchange encouraging them to finish the KYC procedure, which strengthens the security of the website.
This cost is determined by the total value of assets kept on the exchange, with higher asset values resulting in higher fees.
The account fees are demonstrated in the following table:
| Less than 10,000 yen | Fixed 100 yen |
| 10,000 yen to less than 100,000 yen | 3% |
| 100,000 yen to less than 500,000 yen | 5% |
| 500,000 yen to less than 1 million yen | 7% |
| 1 million yen or more | 10% |
Is Zaif reliable?
Zaif is widely considered a trustworthy and secure cryptocurrency exchange because it provides the latest SSL encryption protocols and segregated offline cold storage accounts to protect clients’ funds from hacking threats.
Besides, in order to ensure that users can access their accounts safely and withdraw money at ease, the Zaif cryptocurrency exchange also provides a multi-signature withdrawal procedure and two-factor authentication.
Nevertheless, in September 2018, Zaif experienced a security breach that led to the loss of around ¥6.7 billion worth of cryptocurrencies including Bitcoin, Bitcoin Cash, and MonaCoin.
After that, Zaif immediately stopped accepting deposits and withdrawals and notified the authorities of the incident. Additionally, the business committed to compensating those affected.
Since the attack substantially damaged Zaif’s reputation, the firm has further enhanced its security measures such as improving its monitoring systems and implementing a cold wallet storage system to store the majority of its users’ funds offline.
The Zaif exchange now prioritizes the security of its clients’ assets and personal information.
What Are Zaif’s Features?
Zaif is a leading cryptocurrency exchange providing its users with a wide range of features and tools to enhance their trading experience with low trading fees making it an attractive option for both novice and seasoned traders.
Some of the most important things to discuss in this Zaif exchange review are spot and margin trading.
Spot Trading
Zaif provides spot trading services, allowing consumers to purchase, sell, or swap virtual currencies using Zaif’s predefined approaches. Zaif, as a trading platform, does not take part in any purchase, sell, or exchange of virtual currencies unless in exceptional situations.
Zaif does not set the price at which virtual currencies are traded, instead, the price is set by matching the bid prices of the counterparty and the customer. The consumer cannot modify or remove their order once the transaction has been completed.
Margin Trading
Margin trading is a popular feature of Zaif that allows users to trade with leverage, which can multiply users’ earnings.
When trading on margin, users can borrow virtual money from the exchange and give it back after a specific period. The user has to deposit a margin equal to the cost of the virtual currency they want to borrow in order to borrow them.
Borrowing costs are charged for each day of the borrowing term, and any borrowing fees paid before the margin transaction is liquidated are taken from the deposited margin. Consumers may not transfer their borrowed virtual currency to other Zaif users or to anyone else, they may only use them for trading on the Zaif exchange.
The leverage ratio that is used might change in response to market conditions or campaigns, and the needed margin amount varies based on the current situation of virtual currency trading. Positions are forcefully liquidated and all borrowings are promptly canceled if the maintenance margin rate drops below 30%. This triggers a loss cut.
What Are Zaif Fees?
Zaif offers competitive trading fees for cryptocurrency trading on its platform. The maker and taker fees vary based on the asset pairs including BTC/JPY, ETH/JPY, ETH/BTC, and TRX/BTC.
Zaif charges fees ranging from 0.1% to 8.0% based on real buy or sell prices. However, unexpected price fluctuations or market liquidity conditions may cause purchase/sell prices to exceed the commission range. The promotional fee was between 0% and 0.1% at the time the Zaif exchange review was written.
As Zaif allows its users to participate in margin trading, it comes with a daily lending fee of 0.039% and a profit commission of 0.7%.
However, the fees for deposits and withdrawals depend on the payment method that users select.
Deposit:
| Bank transfer | Customers bear the transfer fee |
| Convenience deposit | >/<30,000 yen = 495/605 JPY |
| Pay-easy deposit | >/<30,000 yen = 495/605 JPY |
| Crypto asset deposit | Free |
Withdrawal:
| Bank transfer | >/<30,000 yen = 385/770 JPY |
| BTCRemittance fee | 0.0001–0.01 BTC |
| XYMRemittance fee | 220 XYM |
| XEMRemittance fee | 2–20 SEE |
| MONARemittance cost | 0.001–0.01 MONA |
| Counterparty tokenRemittance fee | 0.001–0.01 BTC |
| BCHRemittance fee | 0.001–0.01 BCH |
| ETHRemittance cost | 0.01–0.05 ETH |
| CMS: XEMRemittance price | 5–25 SEE |
| CMS: ETHRemittance fee | 0.01–0.05 ETH |
| ERC20 Token Remittance fee | 0.01—0.05 ETH |
| DOTRemittance fee | 0.1 DOT |
| TRXRemittance fee | 1–10 TRX |
| MATICRemittance price | 1 MATIC |
Zaif exchange offers a separate stamp duty fee of 200 yen for deposits of 50,000 yen or more in addition to any other fees charged for trading, margin trading, or deposit/withdrawal transactions.
Zaif Customer Support
Zaif provides professional and responsive customer service in both Japanese and English. Users can contact them using an email support ticket system, which facilitates organizing and addressing inquiries.
The customer service department is available from 10:00 to 17:30 on five days a week. Zaif also offers a comprehensive FAQ page and instructional resources to assist customers in discovering the answers to their queries.
Additionally, you may phone the customer service department at 050-5213-4651 to speak with a representative directly.
Customer Reviews
Customers’ opinions of Zaif are not all that consistent. A lot of users appreciate the exchange’s comprehensive FAQ area, which is very beneficial for newcomers. The website is also praised for being user-friendly for converting fiat money into cryptocurrencies and vice versa, as well as for trading pairs of cryptocurrencies.
Users are also happy with the Zaif app allowing them to keep track of the currency rate at Zaif.
Nonetheless, a few clients have complained about dissatisfaction with the customer service platform, noting that it is difficult to get in touch with a representative. Despite these complaints, a lot of users continue to trust Zaif because of its high degree of security, serious approach toward users, and volume of Bitcoin and yen trading.
Conclusion: Is Zaif Suit for You?
For those seeking a cryptocurrency exchange that prioritizes security and offers a substantial volume of trading in Bitcoin combined with the yen, Zaif is an excellent option. The platform also allows users to trade a wide range of cryptocurrencies, and the customer support team is friendly.
Zaif, however, might not be an appropriate choice for experienced traders searching for a platform with more sophisticated trading tools and features. Therefore, individuals must thoroughly analyze their requirements and interests before selecting whether Zaif is the best platform for them or not.
FAQ
Is Zaif Legit?
Zaif is a legitimate cryptocurrency trading platform that is completely registered and regulated by the Japanese Financial Services Agency (FSA).
How safe is Zaif?
Zaif takes many approaches to ensure the safety of its customers’ funds such as using cold storage for the majority of its cryptocurrencies, two-factor authentication, and SSL encryption.
How much does Zaif charge for fees?
Zaif charges commissions between 0.1% and 8.0% for real purchase and sell prices. However, at the time of writing this review, the promotional fees ranged from 0.0% to 0.1%.
Who owns Zaif Exchange?
Zaif is managed by Tech Bureau Inc., a Japanese blockchain technology firm.
How to register on Zaif?
To register on Zaif, you can visit its official website and click on the “Sign Up” button. You will be notified to provide your personal information including your name, email address, and phone number. After that, you need to complete the verification process, which is explained in our Zaif review.
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