Zenbot Review 2022
3,5 * Based on our analysis
Binance, CEX.IO, Kraken, and +10 exchanges
All assets available at exchanges
What Is Zenbot?
Zenbot, an artificial intelligence (AI) powered bitcoin trading algorithm, excels in high-frequency trading due to its proficiency in conducting comprehensive market analysis. This bot's sophisticated algorithm operates seamlessly on platforms such as MongoDB and Node.js. Furthermore, it boasts integration capabilities with numerous cryptocurrency exchanges, including Binance, Gemini, Bitstamp, Bittrex, and others. Its adeptness simplifies the process for traders managing multiple cryptocurrencies and diminishes the time required to perform market analysis on various digital coins.
Ease of Use
Advantages and disadvantages
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Debuting on GitHub in September 2017, prior to bitcoin prices surpassing the $20,000 milestone, Zenbot gained widespread attention in 2018 as a growing number of programmers and traders recognized its significance in enhancing their trading ventures. Zenbot's inception and development are attributed to David Vazquez, an online marketer holding a master's degree in internet marketing and e-commerce.
Distinct from many of its counterparts, Zenbot offers its services without imposing fees. Additionally, it sets itself apart from numerous other cryptobots as an open-source system utilizing a command-line interface, as opposed to a more conventional, intuitive graphical user interface (GUI).
Presently, Zenbot ranks among the preeminent platforms for traders dealing in multiple currencies, owing to its remarkable efficiency.
Who is Zenbot suitable for?
Zenbot is specifically tailored for cryptocurrency traders with coding expertise. These traders can harness the bot's AI for high-frequency trading, coupled with thorough market analysis. Zenbot is better suited for seasoned traders; thus, if you are a newcomer to the digital realm of cryptocurrency trading or a novice trader, you might contemplate alternative automated software options that are more user-friendly.
To comprehend its functionality, one must recognize that the primary role of a cryptocurrency trading bot is to scrutinize financial markets. The bot scans markets and amasses pertinent market data. Utilizing this data and historical price information, the bot autonomously executes profitable trades when a trading opportunity arises. Frequently, numerous trading bots employ the Exponential Moving Average (EMA) as an indicator for initiating market analysis. Zenbot harnesses the EMA, a momentum indicator for market prices, and is programmed to respond to market fluctuations, opening and closing trades based on its market appraisal. A considerable advantage of Zenbot is its ability to set stop loss and take profit limits, enabling the bot to buy or sell cryptocurrency to augment profits or curtail losses.
Should you opt for Zenbot, you must initiate the process by creating a bot script, akin to a trading plan or task list formulated in a programming language. This informs Zenbot of its actions contingent on market conditions. To craft your bot script, utilize a text editor, ensuring the instructions are lucid for Zenbot's comprehension. Once the instructions are established, integrate the bot into the application using the REST API.
Unique features of Zenbot
Zenbot boasts several intriguing features, distinguishing it as one of the premier hosting services and chatbots in the industry. Its versatile bot structure transcends a mere graphical bot builder or intent converter, enabling the development of more sophisticated bots capable of high-quality market analysis.
Equipped with a natural language engine, Zenbot's syntax excels in aspects such as context, grammar, and semantics, rendering it a potent yet flexible neurolinguistic programming engine suitable for developing conversational bots.
Zenbot's independence from servers is another noteworthy attribute; it requires no server or database for hosting or interaction with other bots. As a standalone platform, Zenbot necessitates no server or database. As a leading bot, Zenbot seamlessly integrates with popular analytics, including Google Analytics, Botanalytics, Mixpanel, and more, allowing for automatic storage of bot usage statistics and facilitating analysis of these statistics.
Furthermore, Zenbot's compatibility with numerous messengers enables its addition to well-known messaging applications like Facebook Messenger, Skype, Slack, and others. Its multifunctional buttons facilitate the creation of user-friendly interfaces in messengers, allowing bots to manage texts and button presses.
Fees and commissions
Arguably, one of the most appealing aspects of Zenbot is its accessibility to users without imposing exorbitant fees. The trading software is available to all coders and traders without charge and with no limitations on speed when utilizing Zenbot. Users can effortlessly download the requisite codes from the GitHub website.
Nonetheless, individuals employing the Zenbot platform are encouraged to contribute to its development. Developers accept donations in BTC, utilizing these funds to implement additional features on the platform in pursuit of streamlining and enhancing usage efficiency.
The Zenbot platform offers a demo account for users. Upon creating an account on GitHub, users can proceed to select their preferred trading strategy for the bot's implementation. The bots will execute cryptocurrency trades on the user's behalf, adhering to this chosen strategy. This process constitutes a historical testing phase, allowing users to trial the bots' trading abilities without financial investment. The procedure is designed to test strategies before deploying them in the real world on cryptocurrency exchanges that support the trading software. Access to Zenbot testing prior to investing capital is a considerable advantage. To gain insights into Zenbot's functionality, users can also consult various online reviews and comments from fellow traders.
How to start using Zenbot
To commence utilizing Zenbot, traders must possess a GitHub account. Furthermore, individuals with pre-existing technical acumen will find greater success with the platform, given its open-source nature that permits traders to personalize the bots according to their preferences.
Upon establishing a GitHub account, you can select a trading strategy for the bots to implement. The platform offers a historical testing phase where you are not required to make any financial investment. Instead, you can trial your strategies and verify their efficacy before deploying them in the real world.
Typically, trading bots necessitate users to deposit a specific sum before initiating trades. However, Zenbot does not demand a preset deposit prior to trading. Initially, we advise against making substantial deposits until you have tested the bot and fully grasped its functionality. Given the lack of information concerning withdrawal fees, it's prudent to maintain a neutral stance, as comprehensive details have not been provided. The withdrawal process may extend beyond 48 hours.
Subsequent to these steps, traders can execute real-time trades using a bot. This process, while intricate, is fitting for experienced traders and programmers. Trading on this platform requires a combination of technical and trading skills due to the language employed and other technical facets.
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:
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 is an open source platform and was not created by any particular company. Thus, Zenbot does not offer its users traditional customer service.
Zenbot maintains a presence on the social platform Reddit. With over 500 members in Zenbot's subreddit, you can pose questions and expect valuable solutions from fellow members utilizing the same bot.
Beyond its Reddit group, Zenbot provides comprehensive documentation about its bots on GitHub. You can consult these GitHub documents to learn how to use the bot or seek assistance with troubleshooting any of the trading bots.
Zenbot, an open-source crypto-bot downloadable and editable via GitHub, is a free solution that requires some expertise for optimal use. Supporting high-frequency trading and simultaneous trading of multiple assets, Zenbot serves as a dependable aide in cryptocurrency trading when wielded by skilled hands.
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