TeslaCoin appears to be both a cryptocurrency – an altcoin, or alternative to Bitcoin – asset with the ticker TES and the name of an automated trading software program, aka a crypto robot or ‘bot’.
Not much information is yet available on the TeslaCoin robot as this tool is new in 2022 however it has been gaining attention in media, for example news.cision.com posted a TeslaCoin review in February 2022.
That review of TeslaCoin states that the digital asset ‘has made headlines as the most promising altcoin of 2022. This crypto is experiencing massive volatility and is expected to gain rapidly this year. TeslaCoin is unique as it offers both a wallet and an automated crypto trading system. You will be prompted to choose your preferred investment method on registration. The TeslaCoin buying and selling process through its wallet is quite easy. Trading the digital coin through its inbuilt auto-trading system is beginner-friendly.’
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What is TeslaCoin?
TeslaCoin, aka Tesla Coin or TES, claims to be backed by the Tesla Company and reviews describe it as one of the most promising cryptos of 2022, although it does date back to 2017 and went on an over 1000% rally in 2018, making it a 100x altcoin based on its price history.
The TeslaCoin token is not currently listed on the major crypto exchanges such as Binance or Coinbase however Coinbase does have a TeslaCoin price chart to track it and users can add it to their watchlist of cryptos.
TeslaCoin Coinbase chart
Interest in TeslaCoin crypto could be due to its current low price of $0.0024, it has corrected back to a previous support area and the level from which it began its over 1000% run in 2018.
Altcoins often repeat their bull cycle to retest their all-time high – Ripple (XRP) and Dogecoin (DOGE) are two examples of altcoins that have had several brief, several hundred percent price rallies during their bull cycles. Timing these swings is difficult however even for experienced traders, explaining the interest in TeslaCoin trading robot software to automate buys and sells. The Teslacoin robot program currently only appears to be available through private crypto brokers.
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.
TeslaCoin Website
The Tesla coin official website can be hard to find online and appears to be accessible via several portals. According to our research and an Economywatch.com review of TeslaCoin the robot trading platform also goes by the name Digital Tesla:
‘Digital Tesla has been described as one of the top ten technological revolutions of the twenty-first century by a prominent Financial Times editor. Analysts anticipate that the Tesla token will have surpassed most cryptocurrencies in market valuation by the end of next year. Furthermore, according to the site, the Tesla price might rise from $0.017 to nearly $6300 by the end of June 2022. With the TeslaCoin, it has been said that with a $250 deposit, a user can make up to $5100 each week, which seems highly unlikely. This has raised doubts about the platform’s credibility. This review of Tesla Coin will respond to this concern.’
The price of TeslaCoin has increased from $0.0017 to $0.0024 since that January 2022 TeslaCoin review was written, however it does raise some questions about the claimed winrate of the TeslaCoin robot and weekly profit potential.
Tesla Coin signup page
Bitcoin has broken out of it’s three month downtrend last week, breaking a diagonal resistance trend line and reclaiming the important $42,000 level, even spiking above $45,000.
That has caused many tokens and meme coins to pump – Dogecoin (DOGE) and Shiba Inu (SHIB) have seen double digit rallies – as investor confidence improves for more ‘risk on’ assets. That may explain the increase in the TES price. Some crypto traders and investors are anticipating an ‘altcoin season’ in 2022 as Ethereum (ETH) has also reclaimed the $3,000 level.
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.
TeslaCoin Wallet
Digital Tesla also provides a free TeslaCoin wallet to manage and store your TES investment. On the platform users can invest in TeslaCoin and take profit targets are managed by the crypto robot AI (artificial intelligence) so it isn’t necessary to monitor the market yourself and introduce human error.
The TES wallet and TES software is said to monitor the price of the major caps – high market cap cryptos such as Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH) to predict fluctuations in altcoins and the TES price.
The Teslacoin bot is also said to trade market movements in the TSLA share price, which is listed on the Nasdaq stock exchange.
Crypto price charts on the TeslaCoin site
TeslaCoin Deposit
The TeslaCoin minimum deposit is stated to be $250, which at the current exchange rate (a TeslaCoin price of $0.0024) would be converted to 100,000 TES coins for the robot to trade.
A personal broker appears to get in touch with investors via email or phone to arrange a debit or credit card deposit, or bank transfer to make an investment, and create an account.
Bear in mind however that Bitcoin robot and crypto robot software is unregulated – only invest what you can afford to lose, start with a minimum deposit (currently $250 for TeslaCoin) and test out the withdrawal process to check payouts are legitimate.
TeslaCoin Robot Platform
Little information is available about the TeslaCoin platform itself which appears to be proprietary software. Some investors asking is TeslaCoin a scam or legitimate may wonder why no screenshots are available.
TeslaCoin robot platform advert
One graphic appears on the website stating users who make a deposit and signup for an account will be able to ‘Get access to our innovative trading platform. Experience its easy-to-use and seamless design. Available from both a desktop computer and a mobile for a complete trading experience.
- Web trader
- Meta Trader 4 (MT4)
- Tailor-made web mobile’
The availability of a mobile app for iOS and Android, and the choice to trade in-browser or via MT4 (or potentially MT5) software is a bonus.
The TeslaCoin signup page we found also has the usual disclaimers for using the Teslacoin robot software – ‘You need to be aware that you can lose money when you invest. Terms and conditions apply. CFDs are complex assets and carry a high risk of losing money due to their leverage effect. We are required to tell potential investors that our software’s past performance does not necessarily predict future results, therefore you should not speculate with capital that you cannot afford to lose. Tesla Coin is not supervised or regulated by any financial agencies nor US agencies.’
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.
TeslaCoin Media Mentions
In terms of whether TeslaCoin has been featured in the media or endorsed by a celebrity – according to our research we found:
TeslaCoin Elon Musk
Billionaire business magnate Elon Musk has made many comments on Bitcoin, crypto in general, and altcoins such as Dogecoin and Shiba Inu. In January 2022 on his Twitter he confirmed that Tesla would accept DOGE as a form of payment for merchandise.
However he is yet to tweet about TeslaCoin so it can’t be confirmed that despite the cryptocurrency’s name and apparent link to the Tesla company, whether Elon Musk supports the TeslaCoin project. The TeslaCoin robot appears similar to QuantumAI, another popular crypto robot which claims to be linked to Elon Musk although that also can’t be verified.
TeslaCoin TrustPilot
TrustPilot does not currently appear to have a rating page for TeslaCoin, only a similarly named software program TeslaChain which has 10 reviews, an Excellent rating and a score of 4.3. There are often fake user reviews on that site however.
Scam adviser, a similar site to TrustPilot does have a TeslaCoin reviews page, giving it an average to good trust score and stating ‘The positive trust score is based on an automated analysis of 40 different data sources we checked online such as the technology used, the location of the company, other websites found on the same web server. It seems that TeslaCoin is legit and safe to use and not a scam website.‘
TeslaCoin Binance
TeslaCoin hasn’t been listed on Binance exchange – TeslaCoin trading currently only seems to be accessible through its official website and trading app, which approved investors can also connect to using Metatrader.
As on Coinbase, there is a price chart on the Binance website for Teslacoin however it is lacking in data or price information.
TeslaCoin Coinbase
TES hasn’t been listed on Coinbase, although Coinbase users can add it to their watchlist on the exchange and view a price chart.
We were unable to find a major Tesla Coin exchange listing – some rumors circulate that it was at one point or may be listed on India based cryptocurrency exchange WazirX.
TeslaCoin Reddit
There is a Tesla movement Reddit subforum which follows the Tesla corporation and Elon Musk however no dedicated subreddit for TeslaCoin reviews or testimonials.
One thread in r/Cryptocurrency describes Teslacoin as an ERC20 token used to make fractional shares in Tesla more available. No moderators comment on these claims however.
TeslaCoin Youtube
There are some Youtube videos advertising a 500 million free Tesla Coin airdrop – these crypto airdrop promotions unless from reputable sources are usually scams.
Crypto airdrop scams work by prompting you to connect your Trust wallet or Metamask wallet to a website the scammers set up, which then drains all funds and crypto tokens from your wallet. Avoid airdrops that don’t take place on an actual crypto exchange such as Binance or Coinbase.
TeslaCoin Facebook
There are two main Facebook groups related to TeslaCoin on Facebook although these don’t give details of the TeslaCoin trading robot software and user feedback, only the TES currency. They also haven’t been updated for some years.
TeslaCoin Twitter
There is an @TeslaCoins twitter handle last active in 2021 advertising a move to the Binance smart chain. The Teslacoin twitter account has 4,800 followers and links to a Tesla Coin Telegram group.
Like the TeslaCoin Facebook accounts this page only goes into detail on the TES coin, not TeslaCoin bot user reviews.
TeslaCoin Coinmarketcap
As with the TeslaCoin Coinbase price chart, Coinmarketcap.com also has a price chart and not many metrics available apart from that. There is no data available on the marketcap, maximum total supply, 24 hour trading volume, or its rank in the market.
TeslaCoin Coinmarketcap chart
The circulating supply is available, stated as 79,150,714 TES. The coin is reported to be on 973 watchlists and has the tags ‘mineable’, ‘hybrid – PoW & PoS’, and ‘multiple algorithms’. These refer to TeslaCoin mining, proof of work and proof of stake consensus mechanisms used by Blockchain networks.
Does TeslaCoin Work?
A demo version of the TeslaCoin has not been made publicly available for backtesting, and there are few user testimonials to back up the winrate claims. The TeslaCoin software claims to use high-frequency trading (HFT) and be connected to a network of crypto brokers.
A TeslaCoin demo account is said to be available for users that create an account, for new signups to paper trade with virtual funds. The real version of the TeslaCoin bot then appears to be able to be set up to be fully automated, or allow some user input and oversight if preferred.
How to Sign up to TeslaCoin – Steps
Various Teslacoin reviews online describe the sign up process as straightforward with the following steps:
1. Sign Up
To register a TeslaCoin account, visit the TeslaCoin website and fill in the information you see in the top right corner. Currently that’s your name, email address, and telephone number, then click ‘Register.’ A copy of your government issued ID or other KYC (know your customer) documentation is not required.
The site will connect you with one of TeslaCoin’s registered broker partners who will be in touch, and you will be taken to your home page.
2. Deposit Funds
To begin trading with Teslacoin, you will need to deposit the funds you wish to trade with. TeslaCoin supports deposits using credit / debit cards – Mastercard, VISA, Maestro, etc.
The minimum deposit on TeslaCoin is $250.
3. Browse the Demo Account
TeslaCoin provides registered users who deposit a demo account to test out investing strategies and review the platform.
When you are ready to being your investment, move onto the real platform which can be set up to be automated and alongside TeslaCoin is said to be able to trade the volatility in Bitcoin, Litecoin, DASH, EOS, IOTA, ZCash, and a range of other altcoins.
4. Withdraw Profits
Once you are set up and making money online, be sure to withdraw earnings (known in trading as taking profit, or TP) regularly. Your dedicated account manager will be able to assist in this.
TeslaCoin claims to not charge any commissions – offering zero commission trading and no hidden charges. They may however charge a spread to cover operating costs.
Advantages of Robot Trading
TeslaCoin and similar automated trading software offers an investment opportunities for anyone interested in generating passive income online in 2024.
Compared to traditional swing trading, day trading or a simple buy and hold (affectionately known as HODL) strategy it has its advantages and disadvantages:
Pros
- More accurate position entry and exit points
- Mathematically optimal stop loss calculation
- Risk / reward (R:R) factored in
- No human error
- Unbiased, emotionless trading
- No gambling addiction risks
Cons
- Trading bots are unregulated
- Robot trades can still fail in very volatile market conditions
- Bot API (application programming interface) can be hacked
Conclusion
The Teslacoin cryptocurrency (TES) does exist, having been listed on Coinmarketcap since the 2017 bull run and does have high volatility which would make a good case for the use of trading algorithms or ‘bots’ to generate profit from its price action, especially using leverage and CFD trading (‘contracts for difference’). It has also corrected back in 2022 to historical support levels.
It isn’t possible to 100% verify the existence of or claims made by the associated TeslaCoin software however, due to it being proprietary and requiring a personal broker to sign up to and open an account. Investors should proceed with caution and consider splitting up their portfolio into a long-term investing portion which they put into cold storage, and a smaller portion they allocate to speculative robot software.
Traders might also want to try out several bots – QuantumAI is a similar popular bot – and only deposit the minimum on each until they can verify the winrate and ROI for themselves. Also request a cashout early on to test out the withdrawals – for example withdraw your principal investment once you’re in profit, so that trades after that are risk free.
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.
Automated Trading via Exchanges
An alternative to using a crypto bot is to use the copy trading feature on eToro – this FCA, ASIC and CySEC regulated cryptocurrency platform allows you to mimic the trading decisions of a winning, profitable trader of your choice, or several.
As mentioned we recommend diversifying your portfolio by allocating part of your funds into a long-established, safe and reputable platform such as eToro – never invest 100% of your cryptocurrency into one trading bot or hold it on one website, broker or exchange. Start with a minimum deposit on any platform you use, and make a small withdrawal as a test.
FAQs
Is Teslacoin a scam?
Since the Teslacoin software appears to be proprietary and require a deposit to use, we can't verify if it works as described. We recommend to only deposit the minimum if you decide to invest using Teslacoin to test if it works.
Can I make money with TeslaCoin?
The winrate claims on TeslaCoin affiliated sites claim thousands of dollars can be made per day, however it's unclear if these are sustainable or exaggerations made for marketing and advertising purposes.
Is TeslaCoin safe?
To ensure safety you could set up a virtual bank account using e.g. Revolut and only provide those card details when signing up to Bitcoin robot and crypto robot software online. That way the virtual card details you provide only have a fixed sum of funds in them, to protect you from scams, fraud and hacking attempts. Also use a burner email.
My antivirus displays a phishing warning for TeslaCoin?
This could be a false positive, however we also recommend creating separate email addresses that you use to sign up to crypto exchanges and platforms, rather than your main personal email - this lowers the risk of phishing.
What are Bitcoin robots and crypto robots?
Automated trading software programs use algorithmic trading to respond to market movements faster and more accurately than most human traders can, setting limit orders to buy and sell to scale into and out of a position and maximise profits.
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