Zaif exchange is one of the major Japanese cryptocurrency exchanges. It is owned by Tech Bureau, which last year secured a major investment from the Japanese forex brokerage Money Partners Group.
Zaif was among the first Japanese cryptocurrency exchanges to obtain a license from the local regulator the Financial Services Agency (FSA), along with other majors like bitFlyer, Quoine, GMO Coin, etc. The exchanges underwent a six-month rigorous regulation process, under the Japanese legislation on cryptocurrency exchange licensing. Japan became the first country to regulate the operations of the crypto exchanges and is one of the major crypto trading markets in the world. Furthermore, the cryptocurrencies and Bitcoin in particular, are widely accepted as a valid payment method for various goods and services in the country.
Zaif offers trading both in cryptocurrency-for-cryptocurrency and cryptocurrency-for-fiat currencies. The fiat currency, naturally is JPY. As for the cryptocurrencies, Zaif offers some of the largest (by market cap) coins, as well as its own NEM coin and some others, like Bitcoin Cash, MonaCoin, Pepe Cash, etc.
The BTC/JPY pair holds the largest share of the volume, with a little over 74%, followed by the NEM(XEM)/JPY pair.
Zaif also offers bitcoin futures trading, with a leverage of up to 1:25, trading fee of 0% and a daily fee of 0.039% of the total position amount per day.
– Regulation. As we have already said, Zaif is among the first cryptocurrency exchanges in Japan to get a license from the FSA. This means it complies with all legal requirements and is not a scam.
– Leverage. Zaif is one of the few cryptocurrency exchanges that offer leveraged trading. This surely can be more profitable, but is also riskier. The leverage is 7.77 and there is no margin call. Other major exchanges who have a similar service are Kraken, bitFlyer (another Japanese exchange), CexIo and Quoinex. There are also a lot of forex brokers who offer cryptocurrency CFDs for margin trading. The big convenience there is that their clients do not have to set up a new account and can use the familiar trading platforms, with all their features and tools.
– Fees. Zaif’s trading fees are fairly low, compared to those of other exchanges, but, generally the Japanese exchanges tend to charge lower trading fees. In fact, Zaif charges different fees, depending on the instrument and applies various bonuses.
– Instruments. Zaif has a fairly extensive list of cryptocurrencies that can be traded for JPY and between themselves. There are a total of 41 JPY pairs, 28 BTC pairs, 21 XEM pairs and 15 MonaCoin pairs, as well as bitcoin futures.
– Instant Exchange. Zaif offers a feature, called Instant Exchange that allows clients to instantly buy and sell Bitcoin and Monacoin for JPY. This is done through a simple buy and sell form. However, Zaif notes that this type of trading is done on market prices and the displayed price upon filling in the form is valid for 30 seconds. Hence, it may be different when the order is completed. The maximum daily total for trades is 50 million yen.
– Cards. Zaif accepts payments with Visa and MasterCard credit cards. There are, however, a few stipulations. The cards have to be issued by a Japanese bank and there is a withdrawal limit of 10,000 yen a day for a week from the first deposit. Additionally, only Bitcoin and MonaCoin can be bought and sold with cards.
– Platform. Zaif’s trading platform has all the necessary features for advanced trading, like charts and charting tools, analysis tools, an order book and order history.
– Payments. In addition to credit cards, Zaif works with bank transfers and a cash deposit at Japanese convenience stores. As for cryptocurrencies, Zaif accepts deposits in Bitcoin, MonaCoin, XEM and Counterparty tokens. Same goes for withdrawals both in fiat and cryptocurrencies. The fees vary depending on the payment method.
– Zaif Reserve. Zaif has a service called Zaif Coin Reserve. With it a client can connect a bank account and set up a monthly sum, with which to buy a cryptocurrency. The process is automatic.
– Interest. Zaif pays a maximum 3.6% Annual Interest Rate Money-Making Login Bonus. There are a few conditions, however. The client needs at least 3 BTC in their balance, and either have a cumulative total of over 100,000 yen in transaction volume over the past three months, or sign up with Coin Reserve and complete an account withdrawal. The bonus is calculated daily, upon login.
– Security. Zaif keeps clients’ funds in segregated accounts and in offline cold storage, with encryption and a multi-signature withdrawal procedure. Additionally, there is the standard two-factor verification.
– Location. Zaif is a Japanese exchange and targets mostly Japanese clients, even though we did not find any specific limitations for clients from other countries. It is true that Japan is a huge market in itself, so apparently the exchange does not need clients from elsewhere, but it would have been nice if the services were easily available globally.
– Deposit fees not disclosed. Zaif doesn’t disclose any info about the fees charged for deposits via credit card and bank wire.
– Anonymity. Trading on Zaif is not anonymous. There are verification procedures for new clients, that include phone number and ID documents. Naturally, this is part of the legal requirements for the FSA license.
Zaif is a major regulated Japanese cryptocurrency exchange with a lot of nice features, such as instant exchange, margin trading, bitcoin futures and even pays an interest. The exchange offers something both for novice and advanced traders and seems quite attractive in many ways.
Unfortunately, Zaif’s services can only be used from within Japan, so no matter how much we like it, we must knock off a few stars for the geographical limits.
Zaif Review Conclusion
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