Zaif Cryptocurrency Exchange Review (2020)

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Though Zaif is based out of Japan, the exchange accepts traders from all around the world and offers their services in both Japanese and English. Again, the exchange has prospered since their inception and continues to grow and add more and more promising cryptocurrencies to their exchange platform. However, is the Zaif exchange really as great as it’s hyped up to be? Let’s find out in the following review, where we delve deep into the aspects that make up this cryptocurrency exchange and see what sets Zaif apart from the competition and whether or not they can be trusted.

Exchange Platform

Zaif offers their traders two distinct web-based exchange platforms to choose from for the exchanging of cryptocurrency assets. The first platform is known as the “Instant Exchange” and is very simple and basic. The Instant Exchange platform was built for beginner traders who simply want to buy or sell Bitcoin or MonaCoin for Japanese Yen. This exchange interface is very straightforward and allows traders to make simple buy or sell orders for the current market price.

The other exchange platform is much more advanced and is the company’s main trading platform. The platform utilizes a simple design and user interface which incorporates various advanced charting and analysis tools. This platform is not the best looking or most user-friendly platform we have seen, but the sheer amount of charting and analysis tools is great for advanced cryptocurrency traders. Traders have the option to place market and limit orders for buying and selling cryptocurrencies. As well, users can trade on margin with a leverage of up to x7.7. It is very evident that the main Zaif cryptocurrency exchange is built for experienced and advanced traders in mind.

Zaif Advantages 

 

  • Good 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.
  • Low 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.
  • Lots of 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.
  • Accepts 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.
  • Good 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. 
  • Multiple 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.
  • Pays 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. 
  • GoodSecurity. 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.

Zaif Disadvantages

  • 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.
  • No 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.

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