7Tesler Review 2024: Is It a Legit Trading Software?
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With all of the reported success stories surrounding crypto and the high level of press digital finance has received over the last decade, it’s little wonder that the markets are still going strong in 2024. With the rise of accessibility and AI software, more and more trading robots are entering this space than ever before – but as we know, regulation in the industry isn’t where it really needs to be, so there are just as many scams as there are legit sites out there (if not more).
As it can be extremely important to sign up to a reputable platform before putting your money on the line, we’re going to take an in-depth look at one of the newer names generating interest – 7Tesler.
A quick look at 7Tesler
As mentioned above, 7Tesler is one of the newer trading robots on the market and is generating quite a bit of buzz due to its name. The immediate thought is that it has been created by Elon Musk (or at the very least that he has some hand in its creation), but there is significant evidence to suggest that this mogul isn’t affiliated with the platform in any way. While this means that the site is banking on individuals to take a leap of faith judging by the name alone – but this could be the first (and quite frankly the most major) red flag.
The next thing we notice when looking at 7Tesler is that it appears to partner with Meta4, one of the leading trading software on the market – and this can certainly be a plus point when choosing between providers that can help with your endeavours (more on this later). Aside from this, there is no other information on the website itself about its features, functions, or even credentials, so it certainly looks like you should exercise caution before signing up.
How to Start Trading with 7Tesler
Here’s all you need to know about signing up to 7Tesler:
Go to the official 7Tesler website
The 7Tesler landing page has a quick sign-up form; simply input your first name, last name, email address and lastly, your phone number.
Make your initial deposit and start trading with your demo account
Once account setup has begun, you will be prompted to make your initial deposit. This will give you unfettered access to the site and the MT4 trading platform (as well as brokerages), but don’t forget to start demo trading before moving forward with real-time trades.
Set your preferred parameters and trade for real
Once you are familiar with everything and feel you are ready to trade properly, set your trading parameters and let the 7Tesler software do the hard work for you.
What to know about 7Tesler
As the website isn’t a good resource to determine what is and isn’t on offer at 7Tesler, we have had to do some extensive research and draw our own conclusions to bring you the most relevant information we could find. With this in mind, here are some key pieces of information that may help you to decipher whether it is a scam or legit.
A word about the development team
It definitely seems like an underhanded tactic to name this platform 7Tesler, so we did some digging to try to find out who is actually behind the trading software. We came up with some interesting theories, such as crypto giant John Meyers is behind the site or potentially a team of expert web engineers, but none of this is confirmed.
There are quite a few mentions of something called the 7Tesler Trading Strategy, which is linked to another trading robot with a similar name – but again, there is no clear evidence of collaboration or otherwise. All of this does make 7Tesler look extremely shady, but it isn’t uncommon for developers of these sites to want to remain anonymous.
Trading capabilities
7Tesler claims to provide users with high-performance AI software that has the primary function of scouring markets in milliseconds, comparing analytics and market trends and then determining the best trades that a trader can enter into.
These can be automatically executed by the robot when the necessary parameters are set by the user and instructed to start. 7Tesler facilitates CFD trading with brokerages, but all of this is likely to be because it has been linked to the MT4 trading platform (like plenty of other sites in the niche) and not by 7Tesler itself.
Meta Trader 4
MT4 is a trading platform that can be integrated into third-party software like trading platforms and brokerages, but it can also be used as a standalone service. It primarily caters to Forex trading and CFDs for both Forex and crypto – and can be used by virtually anyone. As it is such a comprehensive trading software in fact, that it can be fully customized, set to perform automated tasks, and can be used as an alternative to proprietary software, all while being widely trusted and used throughout the niche.
What about consumer reviews?
One of the best tools in your arsenal when selecting the right trading platform for your needs is consumer reviews, as these will provide relevant, unfiltered opinions on the real functionality of 7Tesler, as well as outline any issues experienced when using the software in real-time. Right now, across review websites and social media, there seems to be more gossip surrounding 7Tesler than actual thoughts on its capabilities or services.
Top features of 7Tesler
No fees or transaction costs
7Tesler doesn’t have any sign-up fees and there are no reports of transaction or trading fees either. There isn’t really anything to suggest that there are commissions for trades, but this could be possible. You will need to make an initial deposit of $250 to open the website fully, but this is a typical feature of trading robots across the web.
Demo trading
Demo trading accounts are a great way to get familiar with trading robots and give you live access to crypto markets without having to use real funds. You will need to open a 7Tesler account and make your initial deposit to start this function, but as long as you’re in the right place, it will be protected. While you’re here, be sure to test out an array of trading parameters and strategies to see what aligns with your needs best.
Supported currencies and payment methods
7Tesler supports all of the industry names you could want (such as BTC, ETH, ADA, NEO, DASH, LTC and many more) and you can make deposits and withdrawals using debit and credit cards, services such as PayPal and even eWallets.
UI and beginner friendly-design
7Tesler has reportedly been designed with a host of users in mind, but don’t forget that you will also likely be working with MT4, which is also simple to use and well laid out to cater to both beginner and expert traders.
7Tesler advantages and disadvantages
The pros of the 7Tesler trading software:
- No fees
- 24/7 trading with a plethora of cryptocurrencies
- Free demo account
- Reports of an 85% win rate
- CFD trading support
- Access to the popular MT4 trading software
- Passive trading capabilities
The cons of the 7Tesler trading software:
- No proprietary mobile app as of yet
- Misleading brand name and no information about the developers
- Additional risks associated with leveraged trading
Important information about trading cryptocurrencies and leverage
By design, trading robots were created to increase accessibility into crypto markets for individuals from all walks of life and this means that you won’t need much experience to get involved. This doesn’t mean that you should go in blindly, however. It will always be worth your while to arm yourself with at least some information on how trading robots work, the processes involved with automated trading and how the crypto markets work.
Having a greater understanding of volatility, current market trends, past and present values and more will help you to set the correct parameters for your needs and potentially make a higher number of worthwhile trades.
As 7Tesler partners with Meta Trader 4, you should really do some research into leveraged trading before you enter into any CFDs or contracts with brokerages. Leveraged trading typically connects traders with a broker who will offer a loan amount to use against larger trade sizes – and this will come with its own fees and pitfalls. The biggest consideration is that both successful trades and losses will be equated across the entire spread (the loan amount and your margin combined), so you could stand to lose more than you may have expected.
Don’t forget that the overall digital finance market is still widely unregulated, so there is plenty of opportunities for not just trading robots, but even brokerages and other industry services to operate under shady circumstances.
You will be using your own money to trade and it isn’t unheard of for this to be stolen, for sites to withhold funds and even for personal and financial information to be leaked to the wrong people. In plenty of cases, scam platforms take on as many new sign ups as they feel they can get away with before abandoning the site or shutting it down completely and those at a loss never see any financial restitution.
Is 7Tesler a scam website or is it actually legit?
One of the biggest things to keep in mind when determining whether a site is legitimate or not is the sum of its parts. This may sound like a strange way to select a website, but as there are no guarantees in this space, it is better to look at the overall pointers than to focus on just one. The most glaring red flag, as mentioned above, is that the site’s name, 7Tesler, could potentially have been purposefully misleading in the hopes that people would link it to the billionaire Elon Musk and sign up. Start as you mean to go on as they say, so this fact is extremely concerning.
Considering that the website has no information outside of linking to Meta Trader 4 could also be something that points to a scam and this goes alongside the rather high 85% win rate. The lack of information means that there are no positive attributes to speak of as fact, so the outlook isn’t particularly good.
Is 7Tesler the right choice of trading robots?
When it comes to selecting trading software like 7Tesler, it is imperative to make the right selection and safeguard not just your money, but also your personal data. On the face of it, we can’t find any information to support its legitimacy, but outside of this, as there are plenty of other robots out there that provide extensive information about their services and software, you may be better off knowing exactly what you’re gaining access to by signing up before you do.
The question is, is it ever a good idea to go in completely blind when your finances will be at risk? The answer is of course not, so it could be worthwhile to leave 7Tesler on the back burner for the time being at least, as it could prove to be a legitimate site in time. The fact that it is relatively new could go in its favour in terms of not being established enough just yet to have earned some legit status, but in a more general sense (and with other information in mind), it may just be one to avoid.
7Tesler FAQ
What can you expect from 7Tesler?
This isn’t the easiest question to answer as the website mentions little outside of its integration with Meta Trader 4, but going on reviews and other similar sites, this robot should provide fast, automated trading functions with little input from the user (outside of intermittent performance checks).
Do I need experience in crypto trading when using 7Tesler?
The main aim of trading software like 7Tesler is to provide access to the digital finance markets with little to no experience or input. It can be wise to go in armed with some understanding of the niche as part of your risk management strategy.
Can trading be profitable on 7Tesler?
As it reports to have an 85% win rate, there is supposedly potential for profitability – but this number does seem a little on the high side. If this site is legit and the software reliable, there will likely be an array of winning trades, but don’t forget that nothing is guaranteed so there will also still be losses.
