Zenbot Review

In today’s day and age, cryptocurrency trading bots are immensely popular. Whether you are a seasoned daytrader or someone who’s looking to get into trading, you may already be using an automated bot or at least given the method a serious consideration.

It’s because a bot makes it extremely easy to trade digital assets even when you are away from your computer. As a result, users gain on market movements like they wouldn’t be able to do so through manual trading, while still being able to fulfill their other commitments in life.

That is the reason why various automated solutions have emerged in the cryptocurrency scene in the past couple of years, with some of them being different from the crowd.

One such bots is Zenbot, which acts as an unconventional approach to an already subversive sector. To learn more about the bot and what it can achieve for you, here is a review that outlines its performance metrics and suitability to those in the cryptocurrency segment. 

How Old is Zenbot?

Zenbot first made its mark on GitHub in September 2017. The cryptocurrency boom that was experienced by the market just a couple of months later helped the trading bot raise to relative prominence.

Through this cycle of progression, it was in early 2018 that Zenbot really started to pick up as a trading bot. Since then, it has carved a certain niche in the cryptocurrency sector where it is currently known as a very specific kind of a bot that works for a very specific kind of people.

Why? It’s because Zenbot is unlike most trading tools that operate in the segment at the moment.

Instead of charging for its services, the bot remains free to use. Instead of being built by a company, it uses an open source mechanism where anyone could contribute to it. And instead of using an intuitive graphical user-interface (GUI), it uses a command-line interface.

This is why Zenbot is sought after by those who know how to code, and still remains an obscure entity to those who would rather use a solution that operates through a graphical interface.

How Reputable is Zenbot?

It is quite reputable among the small community that it has garnered comprising of coders, traders, and coders who are also traders. 

But that small segment is not the only group that Zenbot has attracted over the years. After the last two years of operating in relative obscurity, the command-line platform is slowly picking up traction among those who are willing to learn how to use, install, and operate the bot on a daily basis.

In an age where cryptocurrency bots come with high costs, Zenbot provides a free and open-source way to utilize automated trading mechanisms. In its two years of operations, the software has proven to be quite reliable in the functions that it performs as well as the community that supports its operations.

That is why, in terms of automated solutions with a very targeted following, Zenbot has established itself to be quite reputable.

What Exchanges Does It Support?

At the time of writing this review, Zenbot supports the following cryptocurrency exchanges.

The bot provides command-line instructions for these cryptocurrency exchanges, while also providing simulations for a graphical representation of the trades being performed.

What is the Cost of Using It?

Since Zenbot is an open-source project that is run by a community of developers, it remains free to use.

This means that you would only have to pay the trading fees on the exchange instead of paying a separate charge to the crypto bot itself.

This particular quality makes Zenbot a lucrative tool for those who don’t want to spend their funds on bots but on trading mechanisms themselves.

How Easy to Use Is It?

While Zenbot is free, using it is not so simple.

As explained above, the bot comes in a command-line interface that requires Node.js and MongoDB for its installation and operation. Without at least some knowledge of using such an interface, it could be quite difficult to utilize the tool in your own day to day practices.

Zenbot has a dedicated page on GitHub where it has quite an active community of developers that contribute to it. At the time of writing, the last commit was made only 4 days ago, which defines the activity on the bot’s development.

The platform does power simulations on trading mechanisms where users can see relevant graphs through additional interfaces. But for the large part, operating it has to come with a sufficient knowledge of the command-line interface. It’s because the installation and configuration of bots, exchanges, and accounts all has to be done through command-line itself.

What Kind of Settings Are Available?

Zenbot offers an array of settings to its users, where it provides a plugin architecture for users to write and create their own strategies. Buy and sell orders can be executed through different settings, such as stop and trailing profit stop order types.

Traders could also run backtesting strategies against historical data to see how their strategy would have fared in the past. At the same time, traders could also utilize the paper trading mode to see their strategies in action in real time markets – without using any of their funds.

Zenbot also allows users to set trade frequencies, where they can average a couple of trades a day or go as far as to perform about 50 trades a day.

This means that the bot does offer customization options, which are also explained through its detailed documentation as well as a command creator sheet that is utilized and updated by its users.

Does It Offer Security?

Since Zenbot needs to be installed and run on your own machine, it is just as secure as you make it to be and how you restrict access to the particular computer where it is installed.

With that being said, users have gone as far as to utilize web-based interfaces through servers. But with that being said, it remains a high-risk bot for those who have a hard time securing their devices or understanding how command-line interface works.

How is the Customer Service?

Given that Zenbot is open-source and doesn’t come from a company, it doesn’t offer any traditional customer service. With that being said, it does have a presence on Reddit, where its subreddit has over 550 members.

Along with this, there is detailed documentation available on GitHub, which could be referred to if you want to learn how to use the bot or need any assistance in troubleshooting.

What is the Profitability?

While Zenbot sets itself apart from many other cryptocurrency trading bots, it does stand with commercial bots when it states that it cannot take any responsibility for profits or losses through its functions.

This is quite in line with industry approach and actually adds to the credibility of Zenbot.

Some people from the limited user pool have gone on to recommend the bot for its functionality through platforms such as Reddit. But at the end of the day, there is no clear definition of how profitable Zenbot can be.

Should You Use Zenbot?

Zenbot is a very targeted product that appeals to a small section of cryptocurrency traders. But at the same time, its “free” offering could be quite appealing to those who are not shy of using an application that comes with the promise of a trickier setup than most GUI-based bots.

If you are up to take a challenge and do not mind operation on a command-line interface, then you can move forward with Zenbot. If not, then sticking with GUI-based solutions might be the best thing to do.