Teslacoinx Review – There’s Simply No End To These Scams

Something in particular attracts crypto swindlers to keep targeting TikTok users. Whether that’s because the younger audience frequents the platform more often or because they lack trading experience, but all these things are quite easy to exploit. 

That’s why, once again, we have to expose another copy from the infamous production line. This Teslacoinx review describes a foul crypto portal with allegations of huge returns, attractive giveaways and fake celebrity support. 

Apparent Schemer

Since the website reveals nothing of any relevance to our investigation, we had to consult the legal papers. 

After a thorough examination of the legal documents, we found claims about an Australian registration and license and laws of Malta having the legal jurisdiction. This information couldn’t be more opposing and fake.

Firstly because neither AUSTRAC or MFSA have ever licensed this company. Secondly because they do not appear in legal registers of FCA, BaFin, CySEC, NFA or any other Tier 1 database.

We’d also take this chance to warn you about Spacexlove as well, which is just as fake and unregulated. 

Who is on the List of Targets

The financial swindler we’re reviewing doesn’t filter their victims by any particular standard. Their only goal is to flood social networks with their promotions and alleged free giveaways in order to reach as many people as possible. Teslacoinx social media fraud has been religiously working on that since September 2023. 

Statistics show that, so far, the majority of the people who have fallen for the sham originate from:

• United States
• Brazil
• Peru
• Germany

Users See Through the Disguise

Unfortunately, the domain is relatively new, and there’s no ratings posted yet on popular review sites. However, we did manage to dig up a Reddit page that has an abundance of comments posted on the account of this scheme. 

Victims are reporting about Teslacoinx TikTok giveaways promised to those with referral links. Minastax is also known for practicing this strategy. These supposed rewards have the purpose of attracting investors and luring them into the risky trading environment that leads them into bankruptcy. 

VIP Levels Determine the Fee Structure

If this platform was legit, it would have been admirable how rewarding they were to their most active investors. You see, the charges for the beginners are 0.075% / 0.075% for the Maker/Taker fee. 

However, the more you trade and the bigger your trading volume, you should be able to get discounts on these charges, as you climb up the VIP hierarchy. The final level is VIP 7 that features reduced fees of 0.035% / 0.045%.

Other costs revealed are the transaction charges that follow every monetary transfer, including deposits and withdrawals. For bitcoin transfers the fee applied to deposits is 0.00005 BTC and 0.00012 BTC for withdrawals.

Ponzi Scheme at Work

Joining the portal comes with a chance to allegedly earn more, based on how many other victims you get to sign up. To promote the company and get rewarded for it, all you have to do is share your referral link on social platforms.

The more users join, the greater your commission, as the starting bonus is 40% of the fees paid by your affiliates. There’s also a discount on fees, but nothing guarantees such benefits are real.

Teslacoinx Exchange Has Nothing To Offer

A bunch of unreal services promised have no practical use or functionality. While it may seem like there’s a diverse offer of reliable trading software tools, none of them are purposeful. Everything offered on this bogus site serves the purpose of baiting investors.

Why the Platform is Untrustworthy

Without an account you can’t examine the terminal in detail and get insight into its functionality. Or better said non-functionality, considering how severely it lacks any advanced features and reliable tools that allow market insight and complex analysis. 

The distribution itself doesn’t quite instill trust, as it could be seen on every other crypto scam site. So be cautious when utilizing such software.

Crypto Markets Prefered

Besides the exchange services, the online crypto portal claims to also allow users to trade leveraged crypto products and stake funds. The exact conditions of these services are not revealed anywhere, and you have to be a member in order to access them. 

What we could determine is that most popular crypto products are advertised on the site as available. These include  BTC, ETH, ETC, LTC, XRP, ZEC, NEO, DOT, ADA, DOGE and others.

No Effort Invested in Account Types

What you’d usually expect to see on online trading sites is customized account types that are carefully designed to meet every trader’s expectations. While there’s no such offer on here, we’d also advise you to think twice before proceeding with the sign up. 

The portal apparently only allows certain email addresses to be used for registering. That means that none of the safe and popular choices are accepted, only easily compromised ones. 

No Guaranteed Payouts

The con artists do a good job at promoting their ultra fast and swift transaction channels. However, the truth about compromised crypto transfers is that they lack transparency and are not so easy to track unless you possess the right software. 

Additional problem is the fact that cyber criminals come up with a variety of conditions to prevent your withdrawals. Not only can you not cash in your profits, but you will not be able to take back the initial investment either. Trading volume requirements and extra costs are just some of the reasons they use to block your funds.

Support Tickets Get Ignored

Facing an issue during the usage of services is quite distressing for every investor. That’s why customer service should be by your side every step of the way to make sure you can properly utilize all the services offered. That is, of course, not the case with the non-existent support channel on this site. 

While there’s some communication channels like online forms and email advertised, your inquiries simply never go through.

Keep In Mind: Help Exists!

Making money on crypto markets involves a significant risk that you should only take after making sure you’re investing with a reliable and properly regulated firm. 

In case the fraud has already happened to you, we advise you to keep level head and ask for help with fund recovery, right after reporting the criminals to the local authorities. If you contact our chat agents, you can book a free consultation and examine your recovery options. So, contact us today!

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