Zaif Exchange Review

Local/Regional Exchange - cannot be rated at this time.

Zaif is launched and based in Japan, a country that is home to numerous cryptocurrency exchange platforms. The exchange is one of the oldest ones out there and is known for its prestigious features. The platform was owned by a company called Tech Bureau, which made headlines in the last few years with the investments it has secured from Money Partners Group, a Japanese brokerage. This means good things for the platform, as due to the new flow of money, its ability to further add to its features and enhance its technical abilities is easier than before.

The reason why Japan is home to many cryptocurrency exchanges lies in the fact that the country is one of the first to regulate and license exchange platforms. Japan’s Financial Services Agency (FSA) is its local cryptocurrency exchange regulator, and all platforms wishing to operate in the country must obtain a license from the agency. Zaif was one of the very first platforms to obtain the license and undergo the specific regulation process that is required by the government. This ensures that Zaif is not run by fraudulent people, but rather a team that is working towards its users’ needs in the industry.

The exchange boasts high liquidity and trading volume, as well as an impressive list of coins available for trading. Alongside large crypto coins such as Bitcoin, Bitcoin Cash, Litecoin, MonaCoin etc, the exchange also offers its own NEM coin for trading.

Security on the platform is ensured through the use of advanced SSL encryption and offline/cold storage of users’ wallets. As commonly used in many other cryptocurrency exchange platforms, two-factor authentication system (2FA) is also utilized by Zaif. This does not mean that the exchange has been completely secure, however. In September 2018, Zaif was a victim to a hacker attack, from which the exchange lost 60 million USD. This has caused the platform to change the owner company, as April 2019 saw Zaif change hands from Tech Bureau to another Japanese company called Fisco, with the hopes of better and more secure management. The exchange has fully refunded users who lost money during the attack.

The exchange offers both fiat-crypto and crypto-to-crypto trading on its platform, making it an entry-level exchange. This means that Zaif is friendly towards new cryptocurrency investors. Fiat-crypto trading can be mainly done is the local Japanese currency of JPY. Users can deposit such fiat currency to their accounts via both bank transfers and credit cards. Likewise, existing cryptocurrencies can be deposited into an account with a deposit fee that varies from method to method. The specific amounts can be found online. The exchange charges relatively low trading fees to its customers, though fees vary from pair to pair. The average trading fee amounts up to 0.01%, which is significantly lower than the global industry average of 0.25%. This is a major advantage and a competitive edge for the exchange. Zaif supports a trading interface called “Instant Exchange”, through which users can instantly buy Bitcoin or MonaCoin for JPY. The fees on the interface are valid for only 30 seconds as they are adjusted according to the market trends. This makes trading on Zaif very practical for new investors. The exchange also offers bitcoin futures trading, which is an advantage for those who are looking for more than just the simple features.

Zaif supports a website that is very modern and practical. As mentioned before, it has two different interfaces designed and adjusted for users of different investment capabilities and backgrounds. This makes the exchange very user-friendly as everyone can easily trade on the platform. The exchange has customer support between the hours of 9 am and 5 pm, however, users can resort to e-mailing the exchange if they need support after service hours.