Official site Zaif
The Japanese cryptocurrency trading platform, Zaif, is one of the largest in the local market. It makes it possible to trade bitcoins, XEM, MONA, a number of tokens in pairs to the Japanese yen. Recently, the exchange also announced the addition of Ethereum to trading.
Following the closure of Japan’s largest exchange, Mt. Gox, the Zaif administration is attempting to take its place. The exchange plans to become a bridge between the global and regional cryptocurrency markets. In this regard, the company does a lot to expand its influence and increase trading volume.
Zaif Exchange is part of Tech Bureu Inc. In 2014, she bought the Etwings currency exchange site. For some time there was a rebranding and expansion of the site’s functionality, until at the end of the year a new exchange was registered – Zaif Exchange.
The purchase of the exchanger and its modernization was made possible thanks to the funds of Nippon Technology Ventures Partners. This company is engaged in venture capital investments and has allocated $ 835,000 to purchase the exchange.
Tech Bureu Inc has done a good marketing job promoting and developing a new cryptocurrency exchange. This led to the fact that at the beginning of 2016 the total daily trading volume on the Zaif exchange exceeded $ 19 million. At peak times, the share of this cryptocurrency exchange accounted for up to 64% of all bitcoin trading in a pair to the Japanese yen.
Trading volumes continued to grow. In October 2017, only the BTC / JPY pair gives a turnover of $ 54 million. Well, it may well be that the vacant place after the close of Mt. Gox won’t stay that long.
Registration on the exchange
New user registration is completely free. The main difficulty is to translate the information on the site. The fact is that the exchange has only the Japanese version and can not do without the help of an online translator.
To register, you just need to provide your email address and check the box that you are not a robot. After that, an email will be sent to the email with a link that you must click to confirm registration. This completes the registration procedure. Next, you need to specify personal data in your account that will be used to enter the system and to pass verification.
In order to be able to carry out trading operations on the Zaif exchange, you need to go through an identification. It will consist of several stages: registration of a phone number and attachment of identity documents.
The first step is to authenticate the phone number. Find your “Personal Identification” section in your account. There will be a field for a phone number. After attaching the number, an SMS with a code will be sent to it, which will also need to be entered for confirmation. This will complete the registration of the phone number.
Next, proceed to the attachment of personal documents. In the same section about personal data, there is a field responsible for uploading your documents to the system. Please note that only PNG and JPEG formats are supported.
To verify your identity, you can download scan copies:
- Your international passport;
- Driver’s license;
- ID cards
- Japanese passport (for residents of this country).
You also need to attach a document confirming registration. This can be a scan of a utility bill, a health insurance card, a resident card, and so on. The main thing is that the document shows the address of residence and username.
Additionally, the system may require downloading a selfie with an ID card or passport. This procedure is optional on the Zaif exchange and is carried out selectively.
Verification of personal documents is usually carried out within one business day. After its successful completion, information appears in the section on personal data that documents have been checked and is additionally marked with a green tick.
The main pair at the Ziaf exchange is BTC / JPY. It accounts for more than 80% of the total daily turnover. The second place is occupied by the pair MONA / JPY. As of October 2017, the daily trading volume in this pair is almost $ 9 million. The turnover in the XEM / JPY pair is much less – $ 2.5 million. The PEPECASH / JPY pair is a little less than a million dollars. The remaining pairs have an order of magnitude less volume and vary from a few thousand to $ 100,000.
It is expected that volumes will increase substantially in the near future. Recently, official information appeared that Ethereum will be added to the auction. This cryptocurrency will be traded in pairs to Bitcoin and the Japanese yen.
Commission at the auction is minimal. For some cryptocurrency pairs, the maker’s commission is 0%. For others, it is 0.01%. The commission of the taker is in the range from 0.01% to 0.3%.
In the most popular pairs, the commission is:
- BTC / JPY: for the maker – 0.01%, for the taker – 0.01%;
- XEM / JPY: for a maker – 0%, for a taker – 0.1%;
- XEM / BTC: for the maker – 0%, for the taker – 0.1%;
- MONA / JPY: for the maker – 0.01%, for the taker – 0.01%.
All deposits are free of charge. When withdrawing funds in cryptocurrencies, no commission is charged. If the cashout is executed in Japanese yen, the commission is 350 JPY for the amount up to 500,000 yen, and 756 JPY for large amounts.
Zaifcoin Reserve Service
Zaifcoin exchange has launched a service that makes automatic investments in Bitcoin. It works as follows – a fixed amount (at the discretion of the user), which goes to purchase Bitcoin, is monthly withdrawn from the linked bank account. This makes it possible to invest in BTC for business people who do not have the opportunity to regularly view quotes and monitor the rate.
The system automatically buys Bitcoin at the average market rate. This method of investment is suitable for investors who are interested in the long term trading.
Zaif exchange is actively developing in the local market. Its trading volumes are constantly growing, new trading pairs and services appear. All this cannot but please traders who are interested in trading Japanese yen. Therefore, feedback on the activities of the exchange is mostly positive.
As for European and American users, trading on this exchange will not be very convenient and profitable for them. The lack of an English version of the exchange also leaves its mark.