Zaif Review
The cryptocurrency market has succeeded in attracting numerous investors due to its massive potential gains and a huge pool of opportunities it offers investors. Generally, for investors to be able to participate in the crypto market, they have to register with a legitimate and credible exchange platform like the Ziaf cryptocurrency exchange.
This is the Zaif cryptocurrency exchange review and this review is sought at giving a credible insight into the overall operations and workings of the Zaif exchange platform.
It is quite important that new investors realize that choosing a decent exchange platform in the cryptocurrency market cannot be overemphasized. This is because the financial success of every trader depends on the crypto exchange platform employed. Hence, recklessly choosing an exchange platform without proper evaluation of the features and benefits of such an exchange spells doom for investors.
Investors need to be careful of exchanges and carry out necessary research to have enough information about various exchange platforms so that they can easily conclude as to which one best meets their trading needs. These researches also save investors and traders from falling for various tricks and gimmicks used by scam exchanges to rip off newbie and unsuspecting investors.
To save investors the trouble of having to search for a decent exchange platform, we are making a review of one of the top suggestions made by investors in the crypto market. As mentioned earlier, this is the Zaif cryptocurrency exchange review.
The Zaif exchange is well praised for its incredible and decent features and services it offers its clients across the globe. At a glance, the exchange platform seems like a great exchange platform but to be sure, let’s have a closer look at the exchange’s offerings
| 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 |
The Zaif cryptocurrency exchange is recognized as one of the most trusted, respected, and oldest Bitcoin exchange platforms in Japan. The change platform has been in operation and successfully offering decent features ans services since before the era of cryptocurrency regulations.
This implies that the Zaif exchange platform is one of the forerunner exchanges that assisted in paving the way for regulation of various cryptocurrencies in Japan. In fact, Zaif became the very first regulated and licensed cryptocurrency exchange under the authority of the Japanese Financial Services Agency (JFSA).
The Zaif cryptocurrency exchange platform is operated and owned by Tech Bureau and was founded in June 2014. The exchange platform has its headquarters based in Osaka Japan where it manages and oversees its overall operations all over the world.
Zaif accepts all crypto enthusiasts and traders across the globe, offering its services and features both in English and Japanese. Furthermore, Zaif has grown and expanded incredibly since its inception and has never stopped growing seeing the exchange platform evolve over the years. Today, Zaif is recognized for listing top-performing and promising cryptocurrencies on its trading platform
Although, is the Zaif exchange platform truly as incredible as many claims it to be? That’s what we are about to find out in this review as we expressly discuss the features and benefits that set the exchange platform apart from others in the crypto market.
Signing up with the Zaif exchange platform
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.
Verification of Account
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
- Proof of identification may either be your ID cards, Driver’s license, or International passport.
- Proof of residence which may either be a health insurance card, utility bill, resident card e.t.c
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.
Security Protocols
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.
Trading Platform
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.
Commission and Fees
The Ziaf cryptocurrency exchange charges low fees and commissions on trading activities carried out by its clients. In fact, the low fees charged by Ziaf offer it a great competitive advantage over other crypto exchanges in the market. Even after offering very competitive fees, Zaif from time to time does implement promotional discounts to further lower its fees. This allows investors and traders to maximize their profits effectively.
Zaif charges different rates for its takers and makers fees. Takers get to pay a trading fee of 0.10% on every trade executed. This fee is way below the industry’s average which is roughly between 0.20% – 0.25%, however, a lot of exchange platforms are now following suit charging considerably low fees. Several exchanges now charge between 0.10% – 0.15%.
As low as the taker fee is, it is not the best offering from the Ziaf exchange platform. Ziaf further offers a 0.00% fee on trades executed by makers. This implies that the exchange platform does not charge any markers fee.
Furthermore, clients of the Zaif exchange platform who participate in margin and futures trading are also required to pay a trading fee on every trade executed. Zaif charges a commission of 0.70% and a lending fee of 0.039% per day for Margin trading. For its futures and AirFX trading, the exchange platform charges a daily fee of 0.039% and a swap fee of 0.375% respectively.
It is also important to know that the Zaif exchange charges a general fee called “account maintenance fee”, however, this applies only to accounts that have not been fully verified and have an incomplete KYC. Generally, the fee is charged to incentivize clients to finalize their KYC verification, hence, the account maintenance fee continues to increase as the value of the digital assets being held increases.
- Withdrawal Fees
Just like its trading fee, Zaif charges a very low commission and feels on every withdrawal executed on its trading platform. The exchange charged a withdrawal fee of 0.0001 BTC on each BTC withdrawal at an average speed. This fee as expected is way below the industry’s average of 0.0006 BTC.
However, to make withdrawals at a greater speed, clients will have to pay extra fees for that which can be up to 0.01 BTC on every Bitcoin withdrawal.
Customer Support
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.
Final Thoughts
Truly, the hype around the Zaif cryptocurrency exchange is well deserved as the exchange platform offers one of the best trading services for crypto investors in Japan and all over the world.
The Zaif exchange platform offers exceptional services such as margin trading, instant exchange, Bitcoin features and so much more. Considering all the features and benefits offered by Ziaf it is without a doubt to say the exchange platform is best for everyone.
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What hasn’t been told in this review is that Zaif is a Japanese company that does not allow people outside of Japan to use it. There are fake Zaif sites like Zaifglobalvip, Zaifvip.com and Zaifbit.com. In fact these are all the same because after they get found out as being fake they rename their site.