Zenbot Review 2021

Rating: 4,5/5

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Rating: 4,5/5

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What Is Zenbot?

Zenbot is an artificial intelligence (AI) bitcoin trading algorithm that can handle high-frequency trading due to its ability to perform extensive market analysis. This bot's algorithm can run on platforms such as MongoDB and Node.js. In addition to this, the bot can be integrated into several cryptocurrency exchanges such as Binance, Gemini, Bitstamp, Bittrex and others. With its capabilities, it makes it easier for traders to handle multiple cryptocurrencies, and reduces the time traders need to perform market analysis on various digital coins.

Review Summary

Feature

Total Rating

Ease of Use

4,5 ⭐⭐⭐⭐

Commissions

5 ⭐⭐⭐⭐⭐

Reputation

5 ⭐⭐⭐⭐⭐

Customer support

4,5 ⭐⭐⭐⭐

Design

4,5 ⭐⭐⭐⭐

Advantages and disadvantages

Advantages

Disadvantages

  • Has open source code that can be modified to the user's needs;
  • Available free of charge.
  • It is only compatible with some exchanges;
  • Updates are very rare;
  • The developers warn that it can only be used with large sums at your own risk.

Zenbot appeared on GitHub in September 2017, before the price of bitcoins hit the $20,000 mark. The bot went viral in 2018, as more and more programmers and traders realised how important it was to their trading careers. Zenbot was founded and developed by David Vazquez, an online marketer with a master's degree in internet marketing and e-commerce.

Unlike many other bots, Zenbot does not charge for its services. Zenbot also differs from many other cryptobots in that it is an open-source system that uses a command-line interface instead of an intuitive graphical user interface (GUI).

Zenbot is currently one of the best platforms for traders using multiple currencies, as it is very efficient.

Who is Zenbot suitable for?

Who is Zenbot suitable for?

Zenbot is specifically designed for cryptocurrency traders who are also coders. Traders can use the bot and its AI for high-frequency trading with extensive market analysis. Zenbot is more suitable for experienced traders, so if you are new to the online world of cryptocurrency trading or a novice trader, you should consider other automated software options that are much easier to use.

Let's understand how it works. The main function of a cryptocurrency trading bot is to analyse financial markets. The bot will scan markets and collect relevant market data. Using this data as well as historical price data, the bot can automatically make a profitable trade as soon as a trading opportunity is found. In most cases, many trading bots will use the Exponential Moving Average (EMA) as one of the indicators to begin analyzing markets. Zenbot uses the EMA because it is a momentum indicator for market prices. The bot has been programmed to react to movements in the markets and then it will open and close trades based on its market analysis. Another big advantage of Zenbot is that it allows users to set stop loss and take profit limits. The bot will then buy or sell the cryptocurrency to increase profits or decrease losses.

If you decide to use Zenbot, you will need to start by creating a bot script. This is almost like a trading plan or task list written in a programming language. This allows Zenbot to know what it should do depending on market conditions. To create your bot script, you can use a text editor, and it is important to make sure that the instructions are clear so Zenbot knows what to do. Once you have set up your instructions for the bot, you can integrate it into the application using the REST API.

Unique features of Zenbot

Unique features of Zenbot

Zenbot has several interesting features that make it one of the best hosting services and chatbots in the industry. Zenbot has a versatile bot structure, which means it's not limited to being a graphical bot builder or intent converter. It can also be used to develop more sophisticated bots that can perform high-quality market analysis.

Zenbot also has a natural language engine. The bot's syntax is such that it excels in areas such as context, grammar and semantics, making it a powerful yet flexible neurolinguistic programming engine that can be used when developing conversational bots.

Another great feature of Zenbot is that it does not rely on any server. That is, it doesn't need a server or database to host or interact with other bots. As an independent platform, Zenbot requires no server or database. As a leading bot, Zenbot can easily integrate with some popular analytics. It can be used with Google Analytics, Botanalytics, Mixpanel, etc. This amazing feature of the software allows automatic storage of bot usage statistics, making it easier for users to analyze the usage statistics of these bots.

One of the main features of Zenbot is that it can be integrated into many messengers. It can be added to well-known messaging applications such as Facebook Messenger, Skype, Slack and several others. It has multifunctional buttons that can be used to create user-friendly interfaces in messengers. Thanks to this feature, bots can handle texts and button presses.

Other unique features of this automated trading software include a recreational API, multiple languages, flexible sampling, JavaScript language and more.

Fees and commissions

Perhaps the best thing about Zenbot is that users don't have to pay a huge fee to use the trading software. The bot is available to all coders and traders with zero fees and no speed limits when using Zenbot. Users can easily download the necessary codes from the GitHub website.

However, anyone who uses the Zenbot platform can donate to its development. Developers accept donations in BTC, and they use the funds to deploy additional features on the platform as they seek to simplify and increase usage efficiency.

Demo account

The Zenbot platform has a demo account available for users. After creating an account on Github, you can proceed to select the trading strategy that the bot will use. The bots will trade cryptocurrencies on your behalf using this strategy. This process is a history testing phase where you can use the bots to trade assets without investing anything. The process is just about testing your strategies before deploying them in the real world on cryptocurrency exchanges that support the trading software. It's a great advantage to have access to Zenbot testing before investing your money. You can also check online and view various reviews and comments made by other traders to get an idea of how Zenbot works.

How to start using Zenbot

How to start using Zenbot

To start using Zenbot, traders must have a GitHub account. In addition, those with prior technical knowledge will develop better with the platform, as it is an open-source system that allows traders to customise the bots according to their choice.

Once you open a Github account, you can choose a trading strategy for the bots. They will trade according to the strategy you use. The platform has a history testing phase where you don't have to invest anything, but you can test your strategies and see if they work before deploying them in the real world.

Trading bots require users to deposit a certain amount before they can trade with them. With Zenbot there is no need to deposit a certain amount before trading. To start with, we recommend not making a large deposit until you have tested the bot and determined exactly how it works. As there is no information about withdrawal fees, you should be unbiased as not much information has been provided. The withdrawal process can take more than 48 hours.

After all these steps, the trader can trade in real time using a bot. This process is complex and only suitable for experienced traders and programmers. Trading on this platform requires some technical as well as trading skills because of the language used and other technical aspects.

Setting up Zenbot

See how to set up and start using Zenbot in the video below:

Which exchanges does Zenbot work with?

Zenbot works with the following crypto exchanges:

  • Binance
  • Bitfinex
  • Bitstamp
  • Bittrex
  • CEX.IO
  • Gemini
  • HitBTC
  • Kraken
  • Poloniex
  • TheRockTrading

On these platforms, Zenbot can be integrated to perform a fully automated approach to trading based on technical analysis. You can write new strategies with the bot and discover new ways to improve your trading game with technical analysis.

Zenbot support

Zenbot support

Zenbot is an open source platform and was not created by any particular company. Thus, Zenbot does not offer its users traditional customer service. 

Zenbot subreddit

Zenbot is present on the social platform Reddit. Zenbot's subreddit has over 500 members, which means you can ask questions and are likely to get valuable solutions from members who use the same bot.

In addition to its Reddit group, Zenbot has detailed documentation about its bots on Github. You can use the Github documents to learn how to use the bot or get help troubleshooting any of the trading bots.

Conclusion

Zenbot is an open-source crypto-bot that you can download and edit yourself via Github. This bot is free, but you will need some knowledge to use it. Zenbot supports high-frequency trading and trading multiple assets simultaneously. In skillful hands, it is a reliable assistant in cryptocurrency trading.

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.
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