Zenbot is a cryptocurrency trading bot that doesn’t guarantee any profits for the user. In fact, the vendor says that you will be using the software at your own risk should you acquire it. Therefore, you are advised to carefully study the risks and the parameters involved in trading before joining its community of users.
How does Zenbot function?
Zenbot trades on crypto coins automatically using its fully-automated technical-analysis-based trading approach. However, you are allowed to write your own strategy.
Zenbot review–positive aspects
- Is free to use
- Supports 11 different exchanges
- Has been around in the market for a while
Zenbot review–negative aspects
- Requires coding skills
- Lacks customer feedback on performance
- Security depends on the user
Time in business
Zenbot was first posted on GitHub in 2017, just before cryptotrading became popular. As vendors sought to profit from this market by selling automated systems, Zenbot increasingly caught the attention of traders. For now, it has a significant following on GitHub.
This software is quite popular among its community of traders and coders on Reddit. Also, it is gradually gaining ground among traders who are coders based on the numerous activities seen on GitHub.
The bot works with a variety of exchanges:
UI of the Zenbot
This bot uses a command-line interface to run and carry out trades. This type of interface processes commands to a computer program as lines of text.
Key features of Zenbot
Zenbot features the following:
- Plugin infrastructure for executing exchange support or writing new strategies
- A simulator that enables users to backtest their trading methods against historical data
- “Paper” trading mode that works on a simulator balance while monitoring the happenings of the live market
- Sell stops, trailing profit stops, and buy stops that can be configured to meet the unique needs of the user
- Flexible sampling period and trade frequencies
How to get started on Zenbot
You need to open a GitHub account to begin using this software. Once you are done, the next process is to select the trading strategy you want the bot to work with. The system will approach the market based on this technique. Alternatively, you can decide to write your own strategy. We advise you to test any trading method you plan to use before applying it in the real market to make sure it works.
How secure is Zenbot?
This software is open-source, which means that its security depends on you. Limiting access to your device is one of the measures you can apply to enhance its security. If you fail to do so, then you leave room for attacks. In any case, Zenbot continues to be high-risk for users with little or no comprehension of how a command-line interface functions.
You can look at the docs and FAQs present on GitHub to learn more about how Zenbot works. Also, the bot is part of the Reddit community, a platform that gives you the opportunity to interact with other users and pose your questions or concerns regarding it.
Are traders happy with Zenbot?
We are not really sure. Traders have not submitted their opinions about the software’s workability and performance on a popular review site like Trustpilot. So, it is not clear if it performs well in the market or not.
Pricing and fees
Zenbot is totally free, so it doesn’t have specific packages. However, you can donate to its development if you wish.
Is a free trial available?
As mentioned above, Zenbot is free-to-use. It doesn’t have a specific trial period because you can use it freely throughout.
What kind of traders is Zenbot best suited for?
This trading bot was created with experts in mind. Beginner crypto traders and even intermediate users will definitely have a difficult time navigating through this program.
Zenbot was founded by Chase DeviaVir, a cloud infrastructure engineer. He has worked for several reputable organizations like Google, Pebble, Hashbang, and Fitbit, among others. Chase has also contributed code to several repositories in the 2020 GitHub Archive Program.
Zenbot verdict: should you give it a try?
Zenbot is a zero cost bot that supports several exchanges and languages. However, its performance in the real market is unknown, given that no traders have reviewed it. The system is not beginner friendly, so you need some coding skills to navigate through it. Since the security of the system is dependent on the user, then it can easily be attacked by hackers if the trader is careless.