Zaif Cryptocurrency Exchange Review : Pros & Cons

About Zaif

Zaif is a Japanese centralized cryptocurrency exchange (CEX). It was one of the first crypto exchanges to obtain a license from the Japanese Financial Services Agency (JFSA). As of September 2018, it was ranked as the 35th largest cryptocurrency exchange by turnover. However, on September 14, 2018, the exchange’s hot wallets were hacked, with the equivalent of $60 million in cryptocurrency stolen. Following the incident, Zaif suspended operations, entering a bailout agreement with FISCO, a Japanese brokerage that injected 5 billion yen ($44.675 million) in financial support.

In November, the company was sold to FISCO Digital Asset Group Co. Ltd. The company was founded by Takao Asayama, CEO of Tech Bureau. Tech Bureau operated Zaif until FISCO purchased it in late 2018. At the time of publication, Ryuji Yagi headed the platform. Other members of the management team include Toshiya Kotake, Norifumi Imai, Takayoshi Abe, Kenji Yamaguchi, and Osamu Fukami.

Information Table

How To Register At Zaif Exchange?

To register on Zaif, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Zaif Cryptocurrency Account ?

There is no mandatory verification at Zaif, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 30,000 yen. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Zaif, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Zaif Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Zaif Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Zaif Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Zaif Fees

Zaif charges some of the lowest fees in the cryptocurrency exchange market — 0.10% for takers and free of charge for makers for its spot trading market.

Trading fee

Deposit and withdrawal fee

Coin reserve fee

Features Of Zaif Crypto Exchange

Available At Android & IOS Store

Zaif Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Wide range of assets

Zaif offers a wide range of assets for trading, including cryptocurrencies, fiat currencies, and commodities.

User-friendly interface

Zaif has a simple and user-friendly interface, making it easy for new traders to get started.

Low fees

Zaif charges relatively low fees for trading and withdrawals, making it an affordable option for many users.

Good security measures

Zaif implements strong security measures, including two-factor authentication and SSL encryption, to protect users’ assets.

Deposits and withdrawals in fiat currency

Zaif supports deposits and withdrawals in fiat currency, which is not always the case with cryptocurrency exchanges.

Japanese-based

Zaif is based in Japan, which has a well-developed regulatory framework for cryptocurrency exchanges.

Mobile app

Zaif has a mobile app, allowing users to trade and manage their assets on-the-go.

Multi-language support

Zaif offers multi-language support, making it accessible to a wider range of users.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Zaif Conclusion

Zaif is a Japanese-based cryptocurrency exchange that offers a wide range of assets for trading, including cryptocurrencies, fiat currencies, and commodities. It is known for its simple and user-friendly interface, low fees, and strong security measures. Additionally, Zaif is based in Japan, which has a well-developed regulatory framework for cryptocurrency exchanges.

However, Zaif is not without its limitations. It is primarily focused on the Japanese market and may not be available in all countries. Additionally, it is not as well-known as some other exchanges, and has limited customer support options.