Tag Markets, accessible at tagmarkets.com, presents itself as a forex trading platform. Despite its claims to legitimacy, various sources indicate that the company engages in deceptive practices and is potentially fraudulent.
Misleading Investor Practices
Tag Markets has been reported for engaging in misleading practices to lure investors with the promise of high returns. Users have highlighted issues such as unresponsive customer service and questionable activities that result in significant financial losses.
Lack of Regulation and Fake Licenses
A major concern with Tagmarkets.com is the lack of valid regulatory licensing. The company claims to be registered in Saint Lucia with registration number #2024-00138, yet this does not meet the regulatory requirements necessary for operating in Europe, the USA, and Canada . This absence of proper regulation raises significant red flags about its legitimacy.
Non-existent Physical Locations
Tag Markets claims to have a global office presence in 29 countries, allowing it to “meet you where you are”. However, specific locations are not provided on their website, making the physical existence of these offices doubtful. Such inconsistencies further question the authenticity of the company’s operations1.
Buying Positive Reviews
Reports indicate that Tag Markets may employ the practice of buying positive reviews to boost its reputation and mislead potential investors. This practice, which is now banned by the FTC, involves compensating users or commissioning fake reviews to manipulate public opinion.
Customer Complaints and Financial Losses
Many users have reported negative experiences with Tag Markets, such as the inability to withdraw funds and unresponsive customer service. Reviews on Trustpilot and other forums show mixed feedback, with numerous complaints about financial loss and poor customer support.
Warnings from Financial Authorities
Tag Markets is listed on FINMA’s warning list, highlighting that the company may be involved in unauthorized financial activities and has not complied with regulatory requirements. Financial authorities recommend thorough research and caution when dealing with such platforms to avoid potential scams