TeslaCoin Review, Is It A Scam? We Investigate!
If you’re seeking an honest evaluation of TeslaCoin and wondering if it’s legitimate or a scam, we’ve got you covered. In this article, we’ll provide you with an unbiased review of TeslaCoin, an automated trading software founded by Steve McKay, and ascertain whether it’s a scam or not.
Our research on TeslaCoin has revealed that it is not an original website but an exact replica of Bitcoin Code, which was a fraudulent trading platform. Therefore, we advise you not to invest in TeslaCoin based on misleading articles that are endorsed by the company to promote its legitimacy.
We’ve received numerous complaints about TeslaCoin, prompting us to investigate further. The complaints mainly fall into two categories: some individuals have reported that there is no software at all, while others are struggling to withdraw their funds. Like other scam websites, TeslaCoin is a get-rich-quick scheme that entices users through its affiliate programs and coordination with media agencies. It pays referral fees to brokers for promotion, which is a revenue-sharing model adopted by many gambling websites.
To assess the legitimacy of this platform, we did not rely on customer complaints. Instead, we deposited 250 euros and were assigned a broker named “Online Trading,” whose address was in St. Vincent and the Grenadines, a dubious legal jurisdiction. Furthermore, the broker was not licensed to provide financial services on the client’s behalf. To avoid any confusion, we’ve provided all the facts and evidence to expose this scam. Therefore, before investing your money in TeslaCoin, we recommend that you read our honest review and make your own informed decision.
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Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Table of Contents
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Official website
There are many website TeslaCoin websites that are claiming themselves as official TeslaCoin websites. We personally checked three websites, and they all were the official ones.
Scam evidence
TeslaCoin is a cheap imitation of the Bitcoin Code, that too is a Scam website. if you visit the TeslaCoin and Bitcoin code websites you will get to know that these both have the same dashboard. the scammers didn’t even bother to change the claims written on the old scam websites Bitcoin Code. There is the same registration process on both websites and the same video is there.
These scammers also went with the same name of Steve Mckay as the founder of TeslaCoin and displayed the picture of him, which too was there on Bitcoin Code.
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Fake TeslaCoin Reviews
Many cryptocurrency experts review websites claiming a safe and reliable with an almost 90% success rate, which is quite insane. As we mentioned, to get the affiliate commission, they intend to prove it legit and send them the potential leads.
In the case of reviews, our policy is quite strict. It is an act of betrayal as people expect an honest and unbiased suggestion from a professional review website.
Fake News About TeslaCoin
Fake news is another way that is used by scammers to trap innocent people. They make many fake advertorial-style news stories and shape them in such a way that it is endorsed by any celebrity, and he/she has generated a huge amount of money by using this platform.
These scammers mostly use the name of those celebrities who influences this particular category, and these names include Elon Musk, Prince Harry and Meghan Markle, Richard Branson, Bear Grylls, Holly Willoughby, and many more. TeslaCoin targeted the world’s richest man and CEO of Amazon as we know the reason for sure as they wanted to prove its the resemblance with amazon prime.
Who is Steve McKay?
Steve McKay is known as the founder of TeslaCoin. He is known to be a software developer who used to work for a big company and developed software for trading that helped his company’s rich clients to earn lots of money. Then he decided to develop his own software on the same pattern and offered it to beta testers who wanted to make huge profits out of it.
In reality, there is nothing like that. These all are mere lies to portray this website as a credible one. Although few websites called him a scammer, it does not make any sense, as there is no real person like Steve McKay. Its mere a fictional character developed to hide the identity of the real scammer.
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What Is TeslaCoin, and how does it work?
TeslaCoin is a trading software that works automatically with the help of its strong artificial intelligence system and guarantees a huge amount of profit, $13000, in 24 hours. They claim to use some kind of autopilot algorithm that helps them to earn this huge amount of money through bitcoin trading within a single day. But as we already proved to you, these are just lies that are designed to trap innocent people.
TeslaCoin signals
Unlike the other authentic trading platforms, TeslaCoin does not have trading signals on its Dashboard. They claim that their working mechanism is supported by artificial intelligence which automatically analyzes the market signals, makes a trade, and gives the trader huge profit. And it is same for the all TeslaCoin websites, which claim themselves original.
"TeslaCoin Review, It’s A Scam – Period!"
On TeslaCoin website there is an outdated video based on the “hard sell” approach that was of bitcoin code. For bitcoin code, it makes sense as at that time, binary options were on the decline, and bitcoin started to take off. TeslaCoin just copied their video and, without any sense pasted it on their website without any sense.
These scammers just didn’t stop on this, they designed the logo in such a way that it looks similar to amazon prime, the famous video streaming platform. They did this for the purpose that everyone can relate them to that successful household brand. And to add on, they spread the fake news of Jeff Bezos, the CEO of Amazon, endorsing this trading platform. But in reality, there was nothing common between these two. Amazon prime is a successful and reliable brand; on the other hand, TeslaCoin is just fraudulent software.
On TeslaCoin, there are trading robots, and these trading robots generate huge profits by buying and selling and optimal market rate. They do this by scanning the whole financial markets through their superfast algorithms that recognizing the entry signals. These robots buy cryptocurrencies when the market is at a low and then sell them at a high rate. This is how these scammers lure their victims and justify this much huge amount of promised profits. In reality, these are just other lies that are designed to fool people.
In real-time, the stock exchange or any other trading market never works in that way. There is no such thing as technical analysis, which helps you to generate lots of money. Also, a trader can only buy and sell crypto manually, and the risk factor is always there, which is opposite to TeslaCoin. So there is no such thing as a bitcoin trader claim, and the trading market never works in that way.
Mining over TeslaCoin
Some websites on the internet are trying to convince people that they can earn profits by mining cryptocurrencies and then trade them at the exchange to generate more profits. It, too, is just a lie aimed to set a trap for people, and unfortunately, they became successful in doing so. People are falling into their traps and losing their money.
Is TeslaCoin mobile-friendly?
TeslaCoin has an app that is available for both android and IOS. But it does not even matter as both websites and apps are just fraud. There is no use of them. Google shouldn’t allow this type of scam software, but at least people are giving bad reviews.
TeslaCoin support
TeslaCoin does not have any customer support system. We experimented by collecting the email address given on the “Contact Us” page, and then we sent the emails to all addresses. We didn’t get a reply from any email address. In most cases, the email address was incorrect, and the email just bounced back. You, too, can try it out by yourself, and it would be enough proof for you that it is a scam and don’t fall into the trap.
TeslaCoin Deposits and withdrawals system
On TeslaCoin, depositing money is way easier, and in most cases, they redirect to the cashier. This process varies from country to country. In some cases, you will be asked to verify your identity on a phone call. It is just another trap to snatch money from the victims. The brokers on TeslaCoin designed their policies in such a way that they should keep on scamming people in a more realistic way. And when it comes to withdrawal your earned money, the system gets complicated. These scammers make members wait for an extended period of time. Through this, they want them to realize that their money is gone, and they can no longer withdraw it.
TeslaCoin regulation
TeslaCoin is not regulated by any government authority as this is completely illegal, and there is no such news claiming the legality of this software. We thoroughly checked the all news about its regulations, and we haven’t found any one of the claims about it. Rather in many countries, their regulating bodies issue statements declaring it a scam software. In Belgium FSMA and ConSob in Italy blacklisted TeslaCoin and declared it fraud.
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Tax-related FAQS
Many people seemed to be worried about taxes and tend to question how much money they will have to pay as taxes when they trade and withdraw money out of TeslaCoin. The answer is quite easy. You are not going to pay anything because you will not be getting your income at all. It’s just fraudulent software that will scam you and never give you any income. Those who should be worried about taxes are those offshore brokers on this platform who steal your money, but they have their lawyers and accountants who turn their black money into white.
Is TeslaCoin free?
No way. It is not free at all. To start on this platform, you have to pay at least 250 euro through your credit card, and then you will get a broker who will steal that money from you.
CFD’s and forex
Contracts for difference, mostly know as CFD,s are derivatives that can be traded on their underlying asset. These derivatives include commodities, stocks, and even prize bounds. On the other hand, you can only trade currency pairs on Forex that can be BTCUSD, etc.
Conclusion
The automated trading software TeslaCoin is fake software and none of their claims is true and they Just imitated the old scam software Bitcoin Code. TeslaCoin does not have any solid working mechanism and there are no such special strategies that are going to generate huge money overnight. All its claims are lies and they are just trying to steal the money by setting different traps.