Tessline Review: How To Identify Exit Scams
Tessline is already an exit scam. This ordinarily should not be a surprise based on the evidence that we presented in this review. It is important that readers go though these to understand the trait of scams even after understanding their threat and the hazards associated with them.
The internet and cryptocurrencies are ideal channels through which people create impressions anonymously and motivate investors to send them money. People know the power of the internet and are doing whatever they could to harness it for profit as we shall see with this Tessline review.
What is Tessline?
According to the Tessline.com website, the company is an investment and trading firm that does all its business online. This means that there is no way the clients can reach the team managing their investments because every transaction is expected to originate and terminate on the internet.
“An Unquestionable Leader?”
The site stated that,
“Tessline is an investment and trading company, which is also an unquestionable leader in the global online investment and asset management markets.”
It is not clear why the company describes itself as a leader in global online business considering the fact that it did not present any evidence that it is.
A Search for Legitimacy
It is common knowledge that no country permits entities to manage financial investments without license so Cryptoinfowatch ran a search for the Tessline authorization from the Irish government.
A search for the incorporation license of Tessline Limited the purported entity behind Tessline.com shows that it was listed by the country’s Companies Registration Office (CRO).
However office of the Financial Services provider of Ireland which is in charge of authorizing services such as rendered by Tessline has no record of the company.
The company may not be authorized by a regulator to render financial services in the country despite the claims made on the site.
The entities behind the project also stated that,
“Tessline’s relative distance from traditional issues arising around companies with similar business is stipulated by the fact that we offer most of our services online.”
Can Tessline Be Trusted?
Whether a company’s services are based online or operated from a brick and mortar building, the authenticity of its claims should be premised on reality. A company ‘rendering’ financial services should prove beyond doubt that people can safely entrust their money to it.
Tessline.com claims that thousands of people entrust their funds to them from around the world. This may be debatable but hardly proves anything. These days, scammers with the financial ability to hire marketers can create enough buzz to attract many investors.
Many investors are driven by the quest for profit and hardly carry out due diligence before investing their funds to online site sometimes set up by scammers.
How Does Tessline Make Money?
The site claims that they help all their investors make profit by investing in profitable ventures. Vague as the assertion is, it is clearly not enough proof that the people behind the project are involved in any business activities aside receiving deposits from investors in an extensive Ponzi. You’ll see why this is a likely Ponzi in a moment.
The quality of the web copy is enough indication that the team behind the project is anything but professional despite this claim:
“Tessline strives to make everything as delicate and as effective as possible by allocating your funds in profitable commercial industries while receiving stable and secure maximum profits both for ourselves and you in a long-term prospect.”
The Quest to Convince
It is obvious from the website that the owners of the site used a cheap copywriter that struggled to convince. In any case, it is common practice among entities like this to strive to create impression of trustworthiness.
The site continued:
“Tessline is the best financial future for every client in the nearest future and reliability of cooperation at every stage of your work with the company. We are professionals whom you can and should trust. Our work will be the primary evidence of our excellent business competence.”
Like most high profit investment schemes, Tessline promises its investors immense gains. Available investment plans are Start, Elevation, Riches and VIP.
Minimum Investment is $50 and maximum is $2,500 for 30 day duration. The interest is 1.6 percent daily. This means that the investor is promised 48 percent profit in just 30 days and this is the lowest investment plan of the business.
This suggests that if you invest $1000 in Tessline, in just 30 days, you’ll make profit of $480. How could that be possible? At Cryptoinfowatch, we have strong doubts about this.
There are the Increase Plan that yields 205% in 50 days under the start plan. Elevation, Riches and VIP offer even higher interests aimed at attracting bigger funds.
The VIP demands a minimum investment of $1 million for a 50-day investment. The interest for this plan is 200%.
Is This A Realistic Income?
We should ask how the company makes this money to pay the investors. In reality, if they ever pay anyone, their plan is to use the early investors to create publicity for the scam.
Large funds sent to this project would certainly be lost because the intent of the project is to accumulate funds from people. Even if they could pay early investors, most of the later investors will lose their money when more people could not join the scheme.
The projects referral program rewards users with up to 7 percent of the deposit made by the client. Not even an extensive affiliate program has the capacity to sustain such schemes indefinitely.
Who is Behind this Project?
The site has the image of five men who were listed as the executives of the company. The CEO and co-founder is Iain Cameron. Other executives are Joseph Morales, Lee Holman, Robert Davis and Martin Novotny.
Interestingly, none of these executives is listed in LinkedIn, neither is their social profiles listed on the site to prove that they are real people with real identities.
Location of Tessline Limited
Tessline gave its office address as Block B, The Cresent Building, Northwood, Santry, Santry Demesne, Dublin, D09 C6X8, Ireland. Although none of the reviews posted online has visited them there, investigations showed that the address could be used as a virtual office.
Although Tessline didn’t prove the authenticity of the IDs of the people behind it, it is safe to posit that this company is not reliable. All HYIPs depend on recruitment of new investors to pay older ones. When they’re unable to get new investors they simply pack up.
Ponzi schemes are unreliable because they simply rob people to pay people. The losers are those that joined later so this is not a reliable form of investment. If you’d want to buy into an investment service that is legitimate, check up my recommendation.
Please note that due to a number of complaints about Tessline from users that said funds sent to the company did not reflect, these complainants turned around to say their funds later reflected, we made our investigation and found out that this may be due to network problem on the blockchain.
However, our stance is that this is a risky business to invest in due to the high unsustainable profit it offers. Unless you are willing to risk your funds, do not invest. As a rule, never invest what you cannot afford to lose.
What is your experience with Tessline? Please share it in the comment box below.