SPOT TRADING AND INSTANT EXCHANGE

Zaif Exchange This is an explanation of spot trading and Zaif Instant Exchange, types of trading that can be engaged in through Zaif Exchange.
By engaging in these types of trading, you will be deemed to have agreed to the Zaif Exchange Terms of Use and the details of the explanations below.


Last update date: September 29, 2017

Spot trading on Zaif Exchange

Customers may engage in spot trading of virtual currencies by making an order to buy, sell, or exchange virtual currencies prescribed by us in accordance with our prescribed methods.
We provide a place for buying, selling, or exchanging virtual currencies in accordance with the orders described above, and we are not a party to the buying, selling, or exchanging of these virtual currencies, excluding exceptional cases in which we are a party to those transactions. Furthermore, we do not provide to customers any promise or guarantee that a buy, sale, or exchange of virtual currencies will be consummated.
The price at which virtual currencies are bought, sold, or exchanged is determined by matching the price bid by the customer and the price bid by the counterparty and we bear absolutely no responsibility with respect to that price.
An agreement between the customer and the counterparty for the buy, sale, or exchange of virtual currencies is formed when the price bid by both parties matches. Once the buy, sale, or exchange of virtual currencies is consummated, the customer is unable to withdraw or change that order for buy, sale, or exchange.
Any other terms and conditions pertaining to spot trading of virtual currencies are governed by rules separately determined by us.

Instant Exchange on Zaif Exchange

Customers may engage in spot trading of virtual currencies with us by making an order to buy or sell virtual currencies prescribed by us in accordance with our prescribed methods (such spot trading of virtual currencies conducted between a customer and us in accordance with the rules described below, “Instant Exchange”).
The virtual currencies are bought or sold at the price bid in accordance with our prescribed methods.
An agreement between the customer and us for the buy or sale of virtual currencies is formed when an order to buy or sell, at the price bid in accordance with the methods described above, such virtual currencies has been made by the customer in accordance with our prescribed methods. Once such a buy or sale of virtual currencies is consummated, the customer is unable to withdraw or change that order for buy or sale.
Any other terms and conditions pertaining to Instant Exchange are based on rules separately determined by us.

Trading fees

If a customer engages in spot trading or Instant Exchange, that customer must pay to our Company trading fees as prescribed by us.

Risks

Please refer to the “Explanation on important matters” section of the document “Explanations on Our Services” for risks associated with trading of handled virtual currencies in spot trading or Instant Exchange.