What is Zaif? Is there anything outstanding that it offers? Are those who are already on it happy about it? Is there any alternative to it in its industry of operation? Welcome to today’s review in which I will take you through yet another interesting platform, in a bid to help you determine its usefulness and relevance to you. Let’s get right into it:
- What is Zaif?
- Which cryptocurrencies and fiat currencies are supported by Zaif?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is Zaif Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Zaif
Official website URL: https://zaif.jp/
Overall Rating: (3.7 / 5)
What is Zaif?
Zaif is a well-known Japanese cryptocurrency exchange. This platform is not the first one of its kind in Japan, which has many operational and regulated crypto exchanges that serve both Japanese customers and those in different parts of the world.
This platform offers multiple trading features that customers can take advantage of by creating their accounts and picking the coins to trade. Zaif lets you trade your preferred cryptocurrency against the Japanese Yen. According to the owners of this platform, Zaif is designed to help customers who are out to make a stable crypto trading income.
Those who intend to use this platform do not need any technical background. The set-up guidelines are provided for all beginners to utilize. The platform mainly tries to help customers who would like to make a steady income, on a long-term investing basis, since the owners have already made it clear that Zaif is not one that’s meant for high-risk, high-return investors? Is Zaif fulfilling its objectives in this industry properly? Read on to find out.
Which cryptocurrencies and fiat currencies are supported by Zaif?
This platform, like its other counterparts in Japan, does not support very many cryptocurrencies. If you’re a trader who likes variety, then Zaif may not be your best option, since only the following cryptos are supported:
- Bitcoin Cash
What about fiat currencies? This platform is currently capable of supporting the use of the Japanese Yen and USD. Could be that they will add other cryptocurrencies or fiat currencies in the future but as you can see, these are the few ones it has availed to its customers currently.
Countries this platform is available in
As you’d imagine, this platform is mainly meant to serve those living in Japan. This is true. Only that the owners of this platform have also made it possible for it to be used in multiple countries in the international space. Some of the countries in which Zaif is being used by a significant number of customers include:
- Hong Kong
- Countries in the European Union.
- Most of African Nations
- New Zealand
- Russian Federation
- Middle East nations
- UK & North Ireland
- Latin American nations
Note that Zaif doesn’t explicitly shun investors based in the USA. They, like other traders, have to meet the account registration requirements, for them to get started with Zaif.
One of the most commonly utilized trading fee models in this industry is the maker-taker fees model. The maker “makes” the order to be executed, while the taker places the order which matches the maker’s order.
Zaif’s taker fee stands at 0.10% which is below the global industry average. In most countries, the industry average is usually roughly 0.25%, but most platforms are already taking steps to lower their fees towards anything ranging between 0.10% and 0.15%.
For the maker fees, Zaif does not charge its traders anything! With the 0.00% maker fees, traders are encouraged to provide liquidity to this platform, without necessarily having to fear losing money even before doing anything significant, i.e. trading.
Note that Zaif also charges you a withdrawal fee of 0.0001 BTC, when you withdraw your Bitcoin at the normal speed. This fee is way below the industry standard. The good thing is that you can increase the speed of withdrawal by paying a higher fee (which can be as high as 0.01 BTC).
The deposit and withdrawal options
When using a platform such as Zaif, you need to know that flexibility is guaranteed, moreso when it comes to the deposit and withdrawal of funds. From the look of things, this platform does not offer the flexibility that you’d be very interested in. Currently, you can only make your transfers through wire transfers and credit cards.
The fact that you can use your credit card makes things a whole lot easier, since a number of platforms that are based in Japan do not cater to this option, and customers have to figure out which bank is best suited for them to make the wire transfers.
Is Zaif Legit or is it a Scam?
When it comes to the legitimacy of this platform, I don’t think I’d question its genuineness. It’s a platform that has been around since 2015, helping customers achieve their crypto trading objectives. Zaif is, in fact, one of the well-known players in the Japanese virtual currency market. In the periods in which there are high trading activities, Zaif owns about 60% of all BTC/JPY trades, making it one that receives international attention.
There aren’t so many customer reviews that we can scrutinize to see how this platform has been serving its customers. There are, however, some that I came across on Revian, where Zaif has an average rating of (3.7/5) stars. This rating, I believe, is an average score in this industry, but is also one that paints the picture of a company that’s doing a decent job of offering what it promises its customers. If you’re not very confident about what is being offered by Zaif, then you can check out what my recommended alternative to it has in store for you.
Pros and Cons
- Relatively low fees
- Credit card deposits supported
- Doesn’t prohibit customers from all over the world from using its services
- The website could do with a little more innovativeness
- Few cryptos are supported
Do you own or represent Zaif?
If you are a representative or associate of Zaif have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to email@example.com.
Final Words and Verdict
Overall Rating: (3.7 / 5)
Zaif, like many other platforms in the crypto-exchange space in Japan, has been making attempts at delivering the best services to its customers. From the look of things, it’s doing well so far, since it’s been operational for about half a decade, without receiving any significant media attention for being a scam. I think the one main thing to note about it, is that it’s designed to help customers make money in the long-term horizon, which a good thing since most people lose a lot of money trying to execute their intraday trades. You can utilize Zaif for these services, or you can try out my recommended alternatives below:
Thank you for making it to the end of this review on what Zaif is about, and what it’s offering its customers. I hope you found it informative, and that you now know whether you’ll be utilizing its services. Let me know what your thoughts about it are, as well as any experience you’ve had with it so far.
I wish you well,
Eric, investor, and team member on Gold Retired!