In today’s crypto world, there are various exchanges for investors to choose from. It can be a little overwhelming for them to decide which one to use and find the one that best suits their goals and needs. That’s why we’re constantly researching crypto platforms to help you make that decision. In this article, we are going to take a closer look at one of the crypto exchanges that offer some exciting features to their users. The name of the exchange is Zaif crypto exchange.
Zaif is a cryptocurrency exchange that was launched back in 2015, so it is not a new player in the crypto market but has established its market position. Based in Japan, the exchange is widely regarded as one of the most popular in Asia. Zaif Headquarters is located at Orix Honmachi Building 4F, 1-4-1 Nishihonmachi Nishi-Ku, Osaka-shi, Osaka Japan.
The Zaif crypto exchange operated in the Japanese crypto market before their crypto regulations. Zaif paved the way for cryptocurrency regulations in Japan and was officially the first cryptocurrency exchange licensed by the Japanese Financial Services Agency (JFSA).
Although Zaif is based in Japan, the platform is open to traders around the world and their website is translated into Japanese and English. If you take a closer look at the Zaif exchange, it looks like it has a lot of users and is growing fast. But can you trust him? Is the hype real? Without further ado, let’s jump into the details.
Zaif crypto exchange Services & Features
Zaif offers traders a variety of services and features such as buying and selling crypto, trading, Zaif’s referral program, or the Manepa card. So let me break everyone
Zaif crypto exchange Buy & Sell Crypto – Easy Trading
In the top menu of the Zafi homepage, you will find the “Easy Trading” section. From there you can fund your Zaif account and buy cryptocurrencies like Bitcoin or Ethereum. The whole section looks pretty well organized, the buy button changes the UI to blue color and the sell button changes it to pink color.
However, one of the downsides of the Zaif exchange is the limited number of cryptocurrencies available to traders. More on that later in the article.
On the right side of the “Easy Trading” section, you can check your trading history and participate in “General Chat”. Although the entire chat is in Japanese, it’s pretty much irrelevant if you don’t speak the language.
Zaif crypto exchange order book trading
In addition to simple or quick trading, Zaif crypto exchange offers its users trading in the order book. For those unfamiliar with the term, an order book is an electronic document of an asset’s buying and selling activity on a crypto platform such as cryptocurrency exchanges (or, in this case, Zaif). An order book shows a smooth view of an asset purchase, recording its buy and sell orders.
Zaif crypto exchange margin trading
Zaif crypto exchange also offers users margin trading, which is quite nice since a significant portion of crypto exchanges do not offer it to users. This type of trading carries higher risks, which is why crypto platforms choose to bypass them.
Zaif allows users to trade on margin with leverage up to x7.7. The margin trading feature is best for experienced traders. In other words, my suggestion is always not to go there if you are a beginner due to higher risks.
Zaif payment – a referral program
The Zaif crypto exchange payment is part of Zaif’s referral program. The referral program is quite normal – you receive payments for invited users. You can share the invitation link on different social network platforms and every user who registers on the exchanges will become your referral. Then you can qualify for two types of bonuses:
- 1,500 yen if your referral goes through the verification process;
- 10,000 yen if your referral trades more than 1,000,000 yen in one month
Bonuses are received in Yen and transferred to your Zafi account.
Zaif has his card called Manepa card. You can order the card and link it to your Zaif account. You can use the card to shop at any offline store that accepts yen.
Zaif supported coins
The limited number of supported coins is one of the downsides of Zaif exchanges. Apart from Bitcoin and Ethereum, there are only a few more available – Fisco Coin (FSCC), CAICA Coin (CICC), Nekkoin (NCXC), XYM, NEM (XEM), Bitcoin Cash (BCH), and MonaCoin (MONA).
Zaif deposits and withdrawals
On Zaif, you can make fiat deposits and withdrawals, but only in yen (Japanese national currency). Go to the Easy Trading section at the top of Zaif’s homepage and from there you can fund your account. So this is suitable for local traders, but not exactly for foreign ones. Deposits and withdrawals are also available in crypto.
Zaif crypto exchange charges fees for deposits and withdrawals, but this depends on the asset and channel you want to use. For example, the fee for a bank transfer in Japanese yen is 385 JPY for transfers up to 30,000 yen. Ethereum withdrawal fee can be 0.01-0.05 ETH depending on the withdrawal channel.
At Zaif, you can deposit using both wire transfer and credit card. This can be especially helpful for complete beginners who don’t own crypto yet.
Zaif Trading Fees
Spot Trading Fees
As most of you probably know, most exchanges charge both maker and taker fees. For those unfamiliar with these terms, make fees are the fees paid by the traders who make a new trade entry in the order book. Taker fees are charged to traders who want to get in at the best entry price available.
To be completely honest, I’ve analyzed more than 20 exchanges at this point and the Zaif crypto exchange is the first one that doesn’t charge the maker fee (it’s 0.00%). Maker and taker fees are fixed and do not depend on assets, trading volume, or the size of trades. Fees are 0.0/0.1% for all couples. The only exceptions are BCH/JPY and BCH/BTC – for these, the commission is 0.0/0.3%.
Margin Trading Fees
The margin trading fee on the Zaif crypto exchange is 0.7%. The rental fee per day is 0.039%
Does Zaif need KYC?
Yes, if you want to use all features (without restrictions), you should go through the required KYC (Know Your Customer) verification process. In addition, Zaif crypto exchange charges what is known as an “account maintenance fee” if you have not gone through the KYC. This is how they ask users to verify their accounts.
Zaif supported countries
Zaif is currently available in more than 190 countries. From Australia to Seychelles.
Are US investors allowed on Zaif?
Based on the available information, US investors are not allowed in the Zaif crypto exchange. This is always a negative side for the exchange, in my opinion, as the US market is still (by far) the largest crypto market in the world.
How do I get started with Zaif? (Steps like registration, activation, verification, etc.)
Registering an account with the Zaif crypto exchange is a fairly simple process. You’ll need to enter your email address and secure password, then verify your email address with the link they sent to your inbox. Pretty normal process.
When you complete the registration, the platform will prompt you to go through the verification process and set up your 2FA (two-factor authentication).
The ID verification process can be a bit overwhelming as exchanges ask for various pieces of information about you other than the standard ID documents – your occupation, annual income, the status of financial assets, debts, etc. Quite unusual for the exchange to provide all of these requests data, but it looks like Zaif wants to know everything about its users.
Does Zaif have a native token?
Yes, the Zaif crypto exchange has a native token called Zaif Token (ZAIF). At the time of writing (December 2021), the price of ZAIF was $0.00300041, with an all-time high in February (~$0.006).
Besides the local exchanges, you can also buy ZAIF on eToro.
Is Zaif Legit and Safe?
Zaif should be considered as one of the safest and most secure exchanges in the crypto world. They have the latest SSL encryption protocols and store their users’ funds in segregated offline cold storage accounts. These methods prevent any hacking attacks. In addition, Zaif encourages its users to set up additional protections such as 2FA (two-factor authentication).
As mentioned above, Zaif asks for a variety of details when it comes to your financial status – they want to protect their users from losing money.
Is Zaif regulated?
Yes, Zaif is regulated by the Japanese Financial Services Agency (JFSA). In other words, Zaif is a completely legit cryptocurrency exchange.
Zaif is a cryptocurrency exchange widely used in Asia and one of the best in Japan. But Zaif is more than just Asian exchanges – it is used all over the world as it is supported in more than 190 countries. Zaif is suitable for beginners as the platform is fairly easy to use and supports fiat deposits (only in yen though), so you can use the exchange even if you haven’t owned any cryptos before. The Zaif crypto exchange offers a variety of features and services, as well as margin trading, to advanced and experienced traders.
Zaif does have its downsides, the biggest of which is probably the fact that the exchange caters mostly to traders in Japan. In addition to the Japanese version, there is also an English version, but the exchange’s fiat currency is the yen, which may be a deal-breaker for some traders living outside of Japan. Keep in mind that this is just my opinion based on my thorough research of the exchange. Please do your research before deciding whether or not to use the Zaif exchange.
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