What is Zaif?
Zaif was founded and is situated in Japan, which has a plethora of cryptocurrency trading platforms. The exchange is one of the oldest in existence and is well-known for its prestige. The site was controlled by Tech Bureau, a business that has garnered news in recent years thanks to investments from Money Partners Group, a Japanese brokerage.
Japan has a large number of cryptocurrency exchanges because it was one of the first countries to regulate and license exchange platforms.
All platforms intending to operate in Japan must first get a license from the Financial Services Agency (FSA). Zaif was one of the very first platforms to receive a license and go through the government's specific regulation process. This assures that Zaif is not run by con artists, but rather by a team dedicated to meeting the industry's needs. The exchange has a lot of liquidity and trading volume, as well as a large number of coins to trade. Major crypto coins including Bitcoin, Bitcoin Cash, Litecoin, MonaCoin, and others are traded on the platform including its own NEM token.
The platform's security is secured by strong SSL encryption and the offline/cold storage of users' wallets. Zaif uses the two-factor authentication mechanism (2FA), which is also used by many other cryptocurrency exchange platforms. However, this does not imply that the transaction was totally safe. Zaif was hacked in September 2018, and the exchange lost 60 million dollars as a result, the platform's owner firm changed in April 2019, with Zaif passing from Tech Bureau to Fisco, a Japanese corporation, in the hopes of improved and more secure administration. Users who lost money as a result of the assault have been fully compensated.
"Instant Exchange," a feature that allows customers to buy Bitcoin or MonaCoin for JPY instantaneously. Because the costs on the interface are updated according to market developments, they are only valid for 30 seconds. This makes trading on Zaif possible. The exchange is an entry-level exchange because it supports both fiat-to-crypto and crypto-to-crypto trading. This indicates that Zaif welcomes new bitcoin investors. The local Japanese currency, JPY, is used to conduct most fiat-crypto trade. Users can fund their accounts with fiat currency via bank transfers or credit cards. Existing cryptocurrency can also be put into an account for a fee that varies depending on the method. The exact amounts can be discovered on the internet.
Customers are charged relatively minimal trading costs by the exchange, though rates vary by pair. The average trading fee is 0.01 percent, which is considerably less than the global industry average of 0.25 percent. This is a significant benefit and competitive advantage for the exchange. Zaif offers a user-friendly trading interface called aif, which is ideal for inexperienced investors. The exchange also offers bitcoin futures trading, which is advantageous for individuals who want more than just the basics.
Zaif has a website that is both modern and useful. It includes two alternative interfaces, as previously noted, created and customized for users with varying investment capacities and backgrounds. This makes the exchange extremely user-friendly, as anyone can trade on it. Customers can contact the exchange for help between the hours of 9 a.m. and 5 p.m., but if they need help outside of those hours, they can e-mail the exchange.