Zaif Exchange Review. Registration on Japanese Zaif Exchange For Non-residents

Why is it important to register on Japanese exchanges

In recent months there was a significant growth of interest in Japanese exchanges especially Zaif exchange. First of all, it is associated with sensational Comsa ICO and growing popularity of NEM Platforms with its XEM tokens. There are excellent traded values on tokens and crypto currency of Japanese developers. Another reason is that Japan supports crypto currency and development of blockchain technology at the state level. Japanese exchanges operate legally adhering to all the requirements of the regulator. Japanese exchanges allow to operate not only with crypto currency, but also with fiat money. At the moment, it is Japanese yen, but in the future, trade pairs are expected to exist for other international currencies.

Another reason to register and pass verification on the Japanese exchange is ICO series in Japan, which will be held in 2018. The main peculiarity of these ICO will be their legality and control on the part of the financial regulator, and therefore, good guarantees for the investors.

According to Cosma representatives’ words said in social networking platform, a number of companies have already expressed their desire to conduct ICO on the platform, and everything has been scheduled for a year ahead. The only they need is to order and coordinate with the Japanese regulator on bureaucratic intricacies.

Why Zaif exchange

More than a dozen of exchanges have obtained permission for work in Japan. It seems that any large company and corporation are intended to open their own exchange obtaining independence from western exchanges located in countries with ambiguous approach to the crypto currency. It is normal.

Zaif, as a part of Comsa platform, stands out favorably against other Japanese trading platforms. There are about dozen of companies willing to conduct their ICO on Comsa, and therefore to get to Zaif exchange. This exchange provides good volumes and interesting tokens. Even if you are not currently going to trade on Japanese exchanges, we recommend you at least to register and pass verification. As it is a long process because of the regulator’s requirements and if you suddenly wish to buy or sell something on the Japanese exchange in the future, non verified users won’t be able to do it quickly.

Without regard to Comsa platform, Zaif exchange has a number of advantages and functions available only on large sites such as Bitstamp, Kraken, Bitfinex and others. We are talking about trading of crypto currency for fiat money and margin trading. At the moment only Japanese yen is available of fiat money, but I would think like in future we will have pairs for dollar, euro and yuan. Also you can trade and advise your balance with Zaif Exchange API.

Among additional services we should mark Zaif coin reserve, which allows to withdraw every month a fixed amount from your bank account for purchasing cryptocurrency. All operations are automatic, and purchased crypto currency is averaged over time. This way of investment is designed for long-term investors and ordinary people who are not familiar with all the intricacies of exchange trading. Unfortunately, this function is more suitable for those who use the services of Japanese banks. But, it is quite possible that in the future this situation will change.

Registration and verification on Zaif exchange

The exchange interface is in Japanese and partly in English. Therefore, those who don’t speak Japanese are recommended to use interpreter. Google Translate executes this function excellent.

At once it is necessary to prepare documents indispensible for identity verification, phone numbers and addresses. Such documents are:

Passport, ID and driving license;
Invoice from Telephone Company or another document that confirms that you own the specified phone number;
Document that confirms your address.
All of the above documents are better to be done in two formats: jpeg and pdf.

Other analogues of documents are possible as well as documents not in English when contacting the exchange’s support service and personal correspondence with them.

The registration and verification on the exchange consists of several parts.

1. Registration

You should register on Zaif and confirm your email. When registering, read and accept all conditions (tick). Then confirm your letter box by clicking on link in the email. It is recommended to install and configure 2FA verification immediately.

2. Verification of identity and phone number

After registration you should pass verification of identity. To do this, fill in all the required fields in English. Specify address. Upload documents and send it for review.

At once upload document scans and your selfie with documents. This will save time in future. Documents can simply be photographed on a smartphone with good camera in HD resolution.

Important! After you uploaded and sent documents, write to customer support in English (create a ticket) requesting to help pass the phone verification and hasten a process of identity verification. Ask what documents you need to provide in order to speed up the process.

As a rule, support answers within two weeks. Perhaps you will be asked in your personal correspondence to send additional data or to clarify something.

3. Letter with confirmation code sent to the notified address

After confirmation of identity, phone number and address, you will be informed about sending a paper letter to address specified at registration.

Letter from Japan takes from two weeks to one month. The letter will contain code, which you should enter in exchange. Then, it will become possible to make deposits and trade.

The whole process takes from one to two months. It is long, but it’s worth it.

Conclusion

Zaif exchange in no way trails to other major well-known exchanges, and integration into Comsa platform and Japanese politics in regard to crypto currency in general, favorably point it out against their background. The only problem of exchange at this stage is particularly a focus on the residents of Japan. It creates some inconvenience for Western users. But we must understand that these inconveniences are caused by rules of financial regulator. Also the exchange developers are actively working to make Zaif an international trading platform. I think Comsa investors have already noticed changes in interface and many people have already been registered.

Original: https://medium.com/@tonimarino/zaif-exchange-review-registration-on-japanese-zaif-exchange-for-non-residents-ecc1e86923a9