Zaif

Zaif Review

Zaif Highlights

Zaif crypto exchange is a legitimate and trustworthy platform with a long-standing history in the Japanese cryptocurrency market. With low trading fees, a wide variety of cryptocurrencies to trade, and a strong emphasis on security, Zaif is an attractive option for novice and experienced traders.

All significant features, including spot and margin trading, are presented in our Zaif review. To discover more trustworthy crypto exchange platforms, check out our list of top crypto exchanges.

What Is Zaif?

Zaif is a trusted Bitcoin exchange that has been operating successfully in the Japanese market since 2016. As one of the oldest cryptocurrency exchanges in the country, Zaif has played a vital role in shaping the regulatory framework for exchanges.

An interesting fact about Zaif is that it’s the first crypto exchange in Japan licensed by the Japanese Financial Services Agency (JFSA), which is a testament to its high security and transparency standards.

Therefore, Zaif is a legitimate and trustworthy website that prioritizes its users’ needs and operates under Japan’s regulatory framework for cryptocurrency exchanges.

Moreover, this exchange has its token. Zaif Token [ZAIF] is 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: Register and verify your email
Step 2: Agree to legal documents and create a password
Step 3: User information registration
Step 4: Verify your identity
Step 5: Set 2FA (two-factor authentication)

In addition, Zaif requires all clients to complete a verification process before they can engage in trading activities.

First, clients must authenticate their phone number by submitting it on the Zaif website and confirming it with an SMS code. They can then upload personal data and documents, including 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 submission is complete, the verification process typically takes 24 hours to approve.

Moreover, the Zaif crypto exchange charges an account maintenance fee for users who haven’t completed KYC verification. This price is aimed at incentivizing users to complete the KYC process, which improves the website’s security.

The account maintenance cost is calculated based on the total value of assets held on the exchange, with higher asset values resulting in higher fees.

The account fees are presented in the following table:

Is Zaif Safe?

Zaif is regarded as a safe and secure cryptocurrency exchange in the industry.

This is due to the latest SSL encryption protocols and segregated offline cold storage accounts to protect clients’ funds from hacking attempts.

In addition to robust security measures, the Zaif crypto exchange offers a multi-signature withdrawal process and two-factor authentication to ensure clients can access their accounts safely and withdraw funds easily.

However, in September 2018, Zaif suffered a security breach, resulting in the theft of around ￥6.7 billion worth of cryptocurrencies, including Bitcoin, Bitcoin Cash, and MonaCoin.

After the cyberattack, Zaif promptly suspended all deposits and withdrawals and reported the incident to the authorities. The company also promised to compensate its affected customers for their losses.

The hack was a significant blow to Zaif’s reputation, and the company took steps to improve its security measures, such as enhancing its monitoring systems and implementing a cold wallet storage system to store the majority of its users’ funds offline.

Now, the Zaif exchange takes the security of its client’s funds and personal information seriously.

What Are Zaif's Features?

Zaif is a leading cryptocurrency exchange that offers a range of features and tools to enhance the trading experience. With multiple cryptocurrencies and low trading fees, Zaif is an attractive option for both novice and experienced traders alike.

Some of the most significant features we have to mention in this Zaif exchange review are spot and margin trading.

Spot Trading

Zaif offers spot trading services where customers can buy, sell, or exchange virtual currencies according to Zaif’s prescribed methods. As a platform for trading, Zaif isn’t involved in any buying, selling, or exchanging of virtual currencies except for exceptional cases.
The price at which virtual currencies are traded is determined by matching the bid prices of the customer and the counterparty, and Zaif bears no responsibility for that price. Once the transaction is completed, the customer can’t withdraw or change their order.

Margin Trading

Margin trading is a popular feature of Zaif that allows users to trade with leverage, potentially amplifying their profits.

In margin trading, a user borrows virtual currencies from the exchange and returns them after a specific period of time. To borrow virtual currencies, the user must deposit a margin in line with the price of the virtual currencies to be borrowed.

Borrowing fees are incurred for each day of the borrowing period, and any borrowing fees incurred until the time in which liquidation of the margin trade is complete are deducted from the deposited margin. Customers may only use borrowed virtual currencies to trade on Zaif exchange and may not transfer them to external parties or other Zaif users.

The amount of margin required fluctuates depending on the trading conditions of virtual currencies, and the leverage ratio used may change based on campaigns or market situations. If the maintenance margin rate falls below 30%, this triggers a loss cut, and positions are forcibly liquidated, with all borrowings being automatically canceled.

What Are Zaif Fees?

Zaif offers low trading fees for cryptocurrency trading on its platform. The maker and taker fees differ for crypto asset pairs, including BTC/JPY, ETH/JPY, ETH/BTC, and TRX/BTC.

Zaif charges a range of commissions from 0.1% to 8.0% for actual purchase and sell prices. However, sudden price changes or market liquidity conditions may cause the purchase/sell prices to exceed the commission range. At the moment of writing the Zaif exchange review, the promotional fee was 0%–0.1%.

As Zaif offers 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.

Deposit:

Withdrawal:

Zaif exchange requires a separate stamp duty fee of 200 yen for deposits of 50,000 yen or more. This cost is in addition to any other fees charged for trading, margin trading, or deposit/withdrawal transactions.

Zaif Customer Support - Which Options Does It Offer?

Zaif offers friendly and responsive customer support in both Japanese and English. Customers can reach out through a support ticket email system, which helps in organizing and addressing inquiries.

The customer service representatives are available five days a week from 10:00 to 17:30. Additionally, Zaif provides an extensive FAQ page and informative resources to help clients find answers to their questions.

Moreover, you can reach the customer support team by calling 050-5213-4651.

Customer Reviews - What Do Customers Say About Zaif?

Zaif has received mixed reviews from customers. Many people appreciate the exchange’s extensive FAQ section, which is particularly helpful for beginners. The site is also praised for its ease of use when exchanging fiat currency for cryptocurrency and vice versa, as well as for trading cryptocurrency pairs.

In addition, users are satisfied with the Zaif app, which features monitoring of the currency rate at Zaif.

However, some customers have expressed frustration with the customer support system, noting that it can be difficult to get in touch with a representative. Despite these criticisms, many customers still trust Zaif for its serious attitude toward customers, high level of security, and large volume of trading in Bitcoin paired with the yen.

Summary of Zaif Review: Is Zaif Right for You?

Zaif is suitable for individuals who are looking for a cryptocurrency exchange with a strong emphasis on security and a high trading volume in Bitcoin paired with the yen. The platform also offers a wide variety of cryptocurrencies to trade, and the customer support team is helpful.

However, Zaif may not be suitable for advanced traders looking for a platform with more advanced trading features and tools. It’s important for individuals to carefully consider their own needs and preferences before deciding if Zaif is the right platform for them.

FAQ

Is Zaif Legit?

Zaif is a legitimate cryptocurrency exchange registered and regulated by the Japanese Financial Services Agency (FSA).

How safe is Zaif?

Zaif takes several steps to ensure the safety of its customers’ funds, including using cold storage to store the majority of its cryptocurrencies, two-factor authentication, and SSL encryption.

How much does Zaif charge for fees?

Zaif charges a range of commissions from 0.1% to 8.0% for actual purchase and sell prices. However, at the moment of writing the review, the promotional fees ranged from 0.0% to 0.1%.
Who owns Zaif Exchange?
Zaif is owned by Tech Bureau Inc., a Japanese blockchain technology company.

How to register on Zaif?

To register on Zaif, go to the official website and click on the “Sign Up” button. You will be prompted to provide your personal information, including your name, email address, and phone number. The next step is the verification process, which is explained in our Zaif review.