Last Updated on August 19, 2022 by Stephan Lindburg
Welcome to our TeslaCoin review and scam investigation.
Have you seen an advertisement about a new crypto app which generates money trading “Teslacoin” online? If so, you may want to take a few minutes and read about this latest get-rich-quick scheme. But before we get into our review, let’s start with a little factoid. TeslaCoin is a real cryptocurrency and has ticker at CoinMarketCap.Com (TES).
If you are looking to trade TeslaCoin (AKA Tesla Coin) on various exchanges such as Binance or Kraken, this TeslaCoin review is not for you. So, have you seen a fake Elon Musk advertisement about a new way to generate passive income with Teslacoin? If that is the case, then you may want to take a few minutes and see why this latest get-rich-quick scheme is getting so much attention.
According to some fake review websites and a variety of advertising channels, TeslaCoin is presented as an automated signals app which trades cryptocurrencies in a programmatic or algorithmic way. In reality, Teslacoin is a completely anonymous service which is being promoted these days by a European affiliate network specializing in search engine optimization tactics. That means when victims go online and search Google or Bing for an independent TeslaCoin review, chances are you will find one of their deceptive websites.
TeslaCoin Scam: Our £250 Deposit Test
- 1 TeslaCoin Scam: Our £250 Deposit Test
- 2 Official TeslaCoin Website, Login Page, and Members Area:
- 3 Evidence Of Fraud
- 4 TeslaCoin Scam: Fake Testimonials
- 5 TeslaCoin Fake News
- 6 What Is TeslaCoin and How Does It Work? (Functionality Testing)
- 7 TeslaCoin Review, TeslaCoin Is Not What You Think So Tread Carefully
- 8 Teslacoin Review Continued: Live Versus Demo Trading
- 9 Our Extensive Checklist
- 10 Manual Versus Automated or Fully Robotic Trading
- 11 Minimum Trade Amount
- 12 Teslacoin Scam: Security and Safety
- 13 Cashier FAQ
- 14 TeslaCoin and Taxes
- 15 Is TeslaCoin a Mobile Friendly App?
- 16 Is Teslacoin Web-Based Or Do I Need To Download The Software?
- 17 Teslacoin Scam In Social Media and Forums
- 18 The Fake Teslacoin Trading App Is Not Supported By Any Of The Major Cryptocurrency Exchanges!
- 19 CFD’s Versus Exchange Trading
- 20 A Few Working Alternatives
- 21 Teslacoin Review, Summary, and Conclusions
We took this software out for a test drive and voila, the money evaporated after about 10 minutes. We immediately received a phone call from a particularly rude person named Dennis Silverman, who suggested we invest an additional $/€/£5,000 “if we wanted to generate some real money”. Silverman approached us after we were taken to a broker named I Trade Capital, which has a registered business address in Seychelles.
We checked the credentials of this broker, and it seems they are not licensed to manage customer portfolios or provide financial advise. Offshore CFD brokers like I Trade Capital often operate in a highly coordinated manner with affiliate networks and media agencies like Aff Paying, Odigger, or Aff Plus.
Together, they are responsible for planning and executing large marketing campaigns that are commonly referred to as “click bait”. This means there is no real value or benefit for the users, but the promoters get to cash in on massive commissions. This also helps explain the excessive amount of complaints we received about TeslaCoin.
So if you find yourself tempted to give the TeslaCoin trading robot a try, we urge you to think twice and read our informative Teslacoin review.
Official TeslaCoin Website, Login Page, and Members Area:
We identified a total of 6 (six) websites claiming to be the official one. They are all fraudulent.
Evidence Of Fraud
If you take a look below you can see the TeslaCoin main website and registration area. Please take a good look at the background image, the registration form, and the fonts.
There is a very good reason we asked you to examine those fonts and background image. If you take a quick peak below you will see that in at least 3 documented cases this website has been copied and recycled in what we refer to as as cookie-cutter or production line scam. Due to lack of space we have produced “only” 3 cloned sites, however there are at least 24 other examples that we have on our scam bucket list which look and behave in exactly the same way.
TeslaCoin Scam: Fake Testimonials
Here we have the TeslaCoin testimonial section. We found it on one of the cloned websites which are circulating on the internet these days. As you can see it is totally fake, and the same can be said about what the scammers are saying about an “easy to use platform” and “top notch” security. These are all lies designed to trap new and uninformed investors.
TeslaCoin Fake News
On a side note, there are many Bitcoin scams involving Elon Musk, and one in particular grabbed our attention. There was an article on the BBC which talked about how a school teacher named Julie Bushnell was conned out over £9,000. This Sussex native was enticed by a fake news article which promised her she would double her money if she invested a certain amount of bitcoin. We also saw fake news articles featuring Mark Cuban and Keanu Reeves.
Other scams associated with the Tesla CEO have been diagnosed by McAfee Anti-Virus software as being engaged in “malicious activity”. As you can see below, we were able to produce screenshots of blacklisted IP’s which are associated with these types of scams.
So in a matter of speaking, TeslaCoin can is a service or software which can be viewed as a natural progression of previous scams which have been adapted or modified in a way which is now suitable for CFD-related get-rich-quick schemes.
What Is TeslaCoin and How Does It Work? (Functionality Testing)
TeslaCoin is definitely not a reliable or functional automated trading robot. In fact, it is not a trading robot at all! It is merely a website which has been copied, and it is now being peddled online by affiliate websites and press release companies. There are no signals or trading dashboard for that matter. We attempted to identify indicators such as MACD or Bollinger Bands, but those did not exist.
TeslaCoin Review, TeslaCoin Is Not What You Think So Tread Carefully
Let’s reiterate what we said at the start of our review. There is a cryptocurrency name TeslaCoin, and it is traded in the various coin exchanges. We have placed a screenshot of how this cryptocurrency can be found on legitimate trading websites like Coin Market Cap. However, the scammers are smart and are riding the reputation and media buzz this digital coin has created. They have launched their own little scheme and called it TeslaCoin, but instead of integrating with an API key to a coin exchange such as KuCoin or Bitfinex, the integration is with unlicensed CFD brokers like “I Trade Capital”.
So please don’t confuse the TeslaCoin scam with the genuine cryptocurrency! We can’t over-stress this.
Teslacoin Review Continued: Live Versus Demo Trading
There are two affiliate networks which have now latched on to the TeslaCoin scam and are endorsing it. One of them actually offers demo mode, but it doesn’t work. We tried it out and it’s not functional at all. The second one just redirects existing members to CFD brokers. This is done via RESTful API, which is simply way to transfer data from one source to another.
When examining the TeslaCoin signals app, it’s important to remember that trading live money or demo mode is not the main issue since we are dealing with fraudulent software. In fact, we have even received a complaint from one of our members that they kept winning on demo mode, but after investing real money they started losing very quickly.
Our Extensive Checklist
We have drafted a checklist which consists of the parameters we believe to be important when examining the quality and worthiness of TeslaCoin.
Customer Service: Simply put, customer service does not exist. We tried reaching out to these people but the contact form doesn’t work and we were not able to get a proper response.
Ease of Use and Navigation: The software is non-existent so you will not need to navigate anywhere except to the little “X” at the top right-hand side of the web page where you should close this fishy website and move on.
Accuracy Levels: These scammers target your wallet very accurately indeed.
Manual Versus Automated or Fully Robotic Trading
This does not matter in the least bit since you will get ripped off regardless if you are trading manually or on auto-pilot. Still, full automation is not possible using the TeslaCoin app any way you look at it.
Minimum Trade Amount
In most cases it would be $/€/£25, however this can change depending on the broker which is assigned to you.
Teslacoin Scam: Security and Safety
You can forget about 2FA (2 factor authentication) or any kind of API key. That is reserved for legitimate cryptocurrency trading apps, not for TeslaCoin. Neither could we find any information in regards to PCI compliance and firewall settings. This means that if you register for this hoax, your personal data can be resold to third parties.
The minimum deposit amount is the usual $/€/£250. You will need to pay that amount to the broker which has been assigned to you. We caution you against investing with unlicensed TeslaCoin brokers.
Withdrawals are always a thorny issue, so please make sure to inquire about investor protection before committing any funds.
Depositing Options or Methods: In most cases you will be able to fund your trading account using Visa or Mastercard only. In some cases Bitcoin will be accepted, and for larger amounts they will have you send a wire transfer. Alternative payment methods such as PayPal, Neteller, Skrill, or Payoneer will not be available.
TeslaCoin and Taxes
You needn’t lose any sleep at night about taxes related to the TeslaCoin scam. That’s because taxes are levied on profits or income which is generated. Since you will be losing money and not making it, you can pretty much forget about paying taxes.
Is TeslaCoin a Mobile Friendly App?
Sure it is, but that won’t matter a bit if you end up losing your money.
Is Teslacoin Web-Based Or Do I Need To Download The Software?
You will not be required to download anything. TeslaCoin is web based as we have mentioned so there is no software to install or download anyways.
Which Countries Qualify?
The real question here is which countries are targeted by the scammers. And here is the list: Australia, United Kingdom, Canada, Sweden, Norway, Netherlands, South Africa, Finland, Spain, Portugal, New Zealand, Singapore, Denmark, Singapore, Ireland, Belgium, and Switzerland.
Efficiency Versus Volatility
Some fake review websites are trying to build up a lot of hype around the TeslaCoin scam. They are doing so by saying the software utilizes a unique algorithm which mitigates volatility in the financial markets and streamlines the trade execution process in an optimized or efficient way. That is just more nonsense so just make sure to disregard that type of misleading information.
Teslacoin Scam In Social Media and Forums
Get ready for fake TeslaCoin testimonials on Trustpilot and Reddit. This thing has yet to go viral, and we are already seeing fake press releases grabbing positions on search engines before the TeslaCoin full launch.
The Fake Teslacoin Trading App Is Not Supported By Any Of The Major Cryptocurrency Exchanges!
We would like to emphasize once more that the fake version of the Teslacoin app is not supported by any of the cryptocurrency exchanges such as CoinBase. If you have seen a TeslaCoin review which claims otherwise then let us know, there is a hidden agenda here and we would hate for you to lose your money.
|TeslaCoin||Compared To Other Bots|
|Licensing and Regulation||The fake bot is not licensed.|
|Demo Account||In some formats it exists, however you will lose your money regardless.|
|Reliability and Trustworthiness||It's not a reliable trading robot.|
|Customer Service||Does not exist!|
|Minimum Deposit Amount||$/€/£250|
CFD’s Versus Exchange Trading
CFD’s or contracts for difference are in essence derivatives which are traded like Forex currency pairs. It means that traders speculate on a certain contract price and based on how the contract expires they can win or lose. Trading on exchanges is vastly different since you are purchasing the actual stock or in this case currency. There is significant risk in both cases, however this is not mentioned anywhere on the TeslaCoin website.
A Few Working Alternatives
If you are searching for a legitimate trading app then look no further. We have done all the research for you and compiled a very short list of trading systems we have tested extensively. We only recommend systems after risking our own money and seeing how the app performs. If it is consistently in the money, it moves up and if it stops performing it is rotated out.
Teslacoin Review, Summary, and Conclusions
The Teslacoin scam trading software and fake auto-trader is formally blacklisted here in our review. We know that there are other websites endorsing this phony app, but that is because they have an alternate agenda and want you to invest through their website. From a factual perspective, this app does not even conform to the definition of software.
It’s just a fancy website which has been duplicated and recycled, but there is no intrinsic value or anything of substance which we were able to find. Should you need additional information or clarifications, please reach out through our contact page and leave a message.