UPDATE 30 June 2020: This exchange announced on 30 June that they had to close down, as it was no longer possible to operate the exchange in a profitable manner. However, on 10 August 2020 they announced in an email message to its users that they had managed to "work through the numbers and have formulated a business plan that will see TAGZ Exchange continue it’s operations for at least the next 12 months and into the foreseeable future".
UPDATE 27 December 2020: When accessing the TAGZ Exchange-domain (tagz.com), we are now met with information that the domain name is for sale (USD 95,000). This can only be understood as meaning that the exchange has in fact closed down. Accordingly, we have marked this exchange as dead in our database and moved it to our Exchange Graveyard.
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TAGZ is an exchange from Australia that launched in March 2019. Apparently, its parent company Tagz Group Pty Ltd has four different licenses to conduct operations. An ASIC Registration, an AUSTRAC Registration, a Digital Currency Exchange Registration and a Remittance Dealer registration. We have no reason to believe that this platform is anything else but duly and properly registered to conduct the operations it is currently conducting.
TAGZ also lists a number of advantages with its platform on its website. Out of these, we note that they have 99.8% up time (which is definitely a passing grade), 0.01% trading fees (which is incredibly low, more on that below under TAGZ Trading Fees) and a trade engine capable of 75,000 transactions per second. One thing which is a little bit disappointing though is that they refer to this trading engine as the "world's fastest". We know for a fact that handful of other exchanges at least present on their respective websites that their trading engines can execute 100,000 transactions per second. Accordingly, we find it hard to believe that TAGZ's trading engine would be the "world's fastest". It feels a bit unnecessary to lie about this, especially considering how competitive TAGZ's offering in all other respects as well.
TAGZ Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at TAGZ:
TAGZ Trading fees
This exchange doesn’t treat takers (persons taking orders off the order book), and makers (persons placing the orders that the first group of persons take off the order book) differently. Instead, they charge something that we call a “flat fee”. This means that they charge both takers and makers the same fee. The fee they charge is 0.01%.
0.01% is an incredibly low trading fee. Global industry average has historically been around 0.25%, but today we are seeing more and more exchanges moving towards lower trading fees, and new industry averages are starting to form around 0.10%. So even in comparison with the new emerging trading fee averages, TAGZ fees are 90% lower.
TAGZ Withdrawal fees
TAGZ charges a withdrawal fee amounting to 0.00786 BTC when you withdraw BTC. According to our industry studies, this is way above industry average. The industry average BTC-withdrawal fee is arguably around 0.0006 BTC per BTC-withdrawal. TAGZ withdrawal fees are more than 10 times higher. Surely, this level depends upon network congestion at the time of our research, but still, there must be some maximum level for the withdrawal fees in our opinion. Not good.
Deposit Methods and US-investors
TAGZ does not accept any other deposit method than cryptos, so new investors are restricted from trading here. If you are a new crypto investor and you wish to start trading here, you will have to purchase cryptos from another exchange first and then deposit them at this exchange.
To find an exchange where you can deposit fiat currency, just use our Exchange Filters and we’ll help you through it.
We have not found any information on this exchange's website that indicates that US-investors are restricted from trading here. However, many exchanges do not allow US-investors in spite of not having any clear prohibitions obtainable on their respective websites. Accordingly, we urge any US-investor interested in trading here to perform their own analysis of whether they can indeed trade here or not. Sometimes, exchanges might even allow investors from certain states in the US but not investors from other states in the US. So the answer to whether you can or cannot trade at an exchange if you're from the US is not always obvious. Rather the opposite.