Home Crypto Zenbot Review: Should You Use This Trading Bot?

Zenbot Review: Should You Use This Trading Bot?

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Zenbot Review: Should You Use This Trading Bot?

Zenbot is a crypto bot that uses the command-line method via Node.js and MongoDB. It is a fully automated software that works based on technical analysis. It supports 11 exchanges at present and the vendor mentions that the number will increase in the future. 

Zenbot overview

As per the info provided on the Github site, the crypto bot has been in operation since 2017. We could not find info on the developers and other company details like location, phone number, etc. 

Zenbot quick summary

Some of the key features of this crypto trading tool as per the official site are:

  • It uses an automated technical analytic method for its strategy.
  • A plugin architecture is dues for enforcing exchange support and for creating new approaches.
  • The bot has a simulation system for backtesting the strategies using historical data.
  • A paper trading process is also present for live market simulation.
  • All trade settings like stops for sell, buy, and trailing profit are optimizable.
  • A timeframe of H1 is used for a trading frequency of 1 to 2 trades daily and a 5-minute time chart for a frequency of 15 to 50 daily trades.

Is it easy to use?

As a community-based software, the bot has a basic web user interface which according to the developer is in its infancy stage. To have the trading stats displayed you must dump them from the CLI and press D to refresh the stats. The console displays local time, price of an asset, percentage price change, volume in asset, a current signal, account balance, profit/loss percentage, and gain/loss Vs. buy/hold approach. The trend ema is the default approach used by the bot. The RSI, MACD, speed, and SAR approaches are also used by the bot for higher returns. The official site provides a user guide for getting started, tweaking options, push notifications to your mobile device, webhook, XMPP, Discord, Telegram, TextBelt, and more.

Zenbot reputation

The vendor does not provide verified results of the backtesting and real trading methods that users use. The lack of info on the developer and the company makes it difficult to evaluate the company and its reputation.

What crypto exchanges are supported?

Some of the main platforms the bot supports are: 

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

Price

There are no details present related to the pricing of the product. It is more of a community endeavor which is the reason it is featured mainly on the GitHub site, the popular space for developers. However, the platform charges 0.25% BTC on a market order and 0.3% for ETH and LTC. The platform prefers the use of limit orders as they have a lower fee when compared to market orders.

Security and privacy of Zenbot

There is no mention of security measures the platform has to ensure the safety of user data and money.

What about customer support?

Unfortunately, we cannot find user feedback for this crypto bot on reputed third-party sites like Trustpilot.

Profitability of Zenbot

Due to the lack of verified performance proof, we are unable to assess the profitability of the system. Further, the vendor warns that the bot is not a sure-fire profit generator and its current default config and parameters will probably cause a loss of money.

Deposits, withdrawals, and fees

Since all user funds are held in the account they have with the exchange, the bot does not deal with deposits and withdrawals. We could not find info on the fees the bot charges for subscribers.

Advantages of Zenbot

Simulations and paper trading

The bot allows you to use simulation and paper trading to know the optimal configurations and strategies before you try real trading. As per the vendor, bad results in the trial run show that live trading will also end up with similar results.

Different approaches

The bot uses various strategies like trend-ema, MACD, RSI, Speed, etc. to ensure better results. The vendor explains the different approaches used

Notifications

Notifications are sent via pushbullet, Slack, XMPP, Discord, IFTTT, Telegram, and more. Notification on a sell or buy signal is sent.

Disadvantages of Zenbot

Lack of vendor transparency

There is no info present on the developer or the company. We could not find details like company location, address, phone number, developer experience, etc.

Limited info

Other than info on the main features of the system, there is minimal info present on aspects like the pricing, security, vendor, support, etc.

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