TAGZ Exchange – Is TAGZ Legit or just another scam?
TAGZ Exchange – Is TAGZ Legit or just another scam?

TAGZ Exchange – Is TAGZ Legit or just another scam?

By Ivy Samboh | Blockchain Latest News | 16 Dec 2019


Here is an honest TAGZ review of the crypto exchange where we look into TAGZ Exchange fundamentals and find out the true facts of the cryptocurrency exchange by digging up all the evidence. Let’s  look into whether or not one should even consider to trade on the TAGZ Exchange and to answer the question; is TAGZ a scam?

Is TAGZ Exchange Legit?

Is TAGZ Exchange Legit?

TAGZ is very transparent when it comes to displaying their registrations and licensing and anybody wanting to verify for themselves can easily click on the relevant links on their website which is shown in the above screenshot.

TAGZ GROUP PTY LTD is an Australian privatized company which trades under the name TAGZ, going by the pseudonym TAGZ Exchange. There is no denying that the company is above board and registered with the proper legal body. The relevant business registration for TAGZ can be found in the Australian Securities and Investment Commission (ASIC) database.

This is a public database and anybody can choose to carry out this check themselves by using the government database online tool provided by ASIC. A lookup of TAGZ GROUP PTY LTD can be done in real-time by clicking this link: https://connectonline.asic.gov.au/RegistrySearch/faces/landing/panelSearch.jspx?searchTab=search&searchText=tagz+group&searchType=OrgAndBusNm&_adf.ctrl-state=oprnhxwtu_12

Does TAGZ have an exchange license?

Any cryptocurrency exchange operating in Australia requires a Digital Currency Exchange license. TAGZ license number is DCE 100598185-00 which is displayed on their own website for everyone to see.

To verify this license and to make sure TAGZ Exchange did in fact have the correct registration licensing in place to operate a digital currency exchange legally, there is an official Australian government online check that can be done by anyone. To do this and to verify TAGZ Exchange license, anybody can check it themselves by clicking the link below and searching for the word “TAGZ”:

https://online.austrac.gov.au/ao/public/rsregister.seam

Any digital currency exchange offering crypto services that is attempting to run legally out of Australia first needs to have the appropriate registrations and licensing in place. The above 2 registrations can easily be verified which gives TAGZ Exchange a 100% accreditation to operate a digital currency exchange in Australia.

TAGZ Makes the claim of being “1 of the Top 10 World's Largest Crypto Exchanges”

TAGZ Makes the claim of being “1 of the Top 10 World's Largest Crypto Exchanges”

Upon investigating into this bold claim, I looked into this more deeply by navigating to the most trusted and well known place where the data for all reputable crypto exchanges are displayed; CoinMarketCap.

To my amazement TAGZ Exchange actually does rank at #4 spot in the world as shown in the below screenshot capture:

To my amazement TAGZ Exchange actually does rank at #4 spot in the world as shown in the below screenshot capture:

The claim of being 1 of the top 10 crypto exchanges in the world actually checks out and this is a valid claim that they are making.

How is TAGZ any different compared to other crypto exchanges?

The big positive thing for TAGZ is that they do not charge any trading fees at all which is fantastic for day/swing traders who rely on each fraction of a penny to make as much money as possible.

The negative is that withdrawal fees are slightly higher than normal which sit around the $5 mark for each withdrawal but compared to saving hundreds or if not thousands of dollars on each and every trade, the higher withdrawal fee in not even comparable to the amount saved in the mid - longterm.

The TAGZ Exchange GUI User Trading Experience

The TAGZ Exchange GUI User Trading Experience

At first glance the TAGZ Exchange user interface looks quite stylish and is very easy to navigate and submit orders by market, limit and even allows to create and manage stop-loss orders which is a big positive compared to most other exchanges who do not offer this option.

Any user can deposit with zero fees and can also withdraw “instantly” as per TAGZ claim. I researched this more deeply and found out that instant withdrawals are in fact real, meaning that any withdrawal request is processed by the system automatically and there is no manual delay or backend team that needs to approve requests.

This is an excellent thing for users as many other competitor exchanges only process withdrawals within certain times or working hours or like Bitmex only processing withdrawals once per day.

The CEO of TAGZ: Bryan Seiler

There is some controversy surrounding Bryan Seiler, the CEO of TAGZ in his somewhat questionable past concerning a past project named Fitrova.

I spent quite a lot of time myself researching that project too and there is a lot of good and bad things including a lot of hearsay and just nonsense badmouthing the project for accusations that I found to be unsubstantiated and untrue.

The Fitrova project was labeled a scam like most other projects throughout 2017 and faced a lot of FUD and Bryan did a good job of facing it head on but Fitrova was overwhelmed by way too much FUD and heated debates. The main debate was that they never had GYM partnerships, and this was the basis of the main argument/accusation. It’s too little too late now but Bryan did end up showing proof of the NDA’s in place which proved that the GYM partnerships were in fact 100% real and the evidence can be seen in his YouTube video that shows the real truth about Fitrova and what happened.

I for one believe that Bryan Seiler is a decent human being and is actually trying his best to set the record straight by cleaning up the industry and doing something good for the crypto space.

Summary

On the surface everything looks fine with TAGZ and all looks in order with over 400,000 users registered on the exchange who are actively trading on a daily basis and withdrawals are working completely fine with no dilemma. More often than not, the number 1 tell-tale sign that an exchange is a scam, is when withdrawals do not work or there are no updates or any sign of development from the team.

This is not the case with TAGZ as there is no issues with withdrawals and communication from their help team via support tickets is quite good. Tickets seem to always get answered within a few hours’ and usually the same day but sometimes can take a couple days depending on the question.

I do not believe TAGZ to be a scam but always be careful in crypto when dealing with ANY exchange and know there is inherent risk with any investment.


Ivy Samboh
Ivy Samboh

Ivy Samboh is the descendant of a long line of entrepreneurs with business in multiple areas, from Fintech and real estates to mass-media and ICO investments.


Blockchain Latest News
Blockchain Latest News

This blog is all about my personal experience and innovations, i'll be posting about my conversations or personal interviews with CEO's, Entrepreneurs and Enthusiast.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.