Forex Robots

Zenbot Review: Is This Crypto Bot Safe and Legit?

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Zenbot

Zenbot is an automated crypto trading bot based on a command line interface. It is compatible with multiple operating systems and exchanges. The entire code depository can be found on GitHub and as such you have the option of going in depth to find out exactly how the system works.

About Zenbot

It is a crypto bot that uses MongoDB and Node.js. The developer has shared a warning message on the GitHub website where they say that the project is no longer actively maintained. This means you need to update any dependencies for using it.

Zenbot review: key features

Let’s look at the key features of this bot:

  • 100% automated

This system is capable of functioning without manual inputs. It uses high-end technical analysis for its trading decisions.

  • Plugin architecture

Due to this functionality, you can implement exchange support. Technical users can even formulate their own trading plans.

  • Paper trading

You can use a simulated balance to conduct trades with zero risk. This is a great way to test the effectiveness of your strategies.

  • Backtesting

This feature lets you test your trading schemes using archival data. Usually, the tests are conducted using market data worth several years, thus revealing the long-term performance of the system.

  • Flexible trading frequency

For the 1 hour period, the system conducts an average of 1-2 trades per day. There are 15-50 trades per day for the 5 minute period. As such, you can adjust the frequency to fit your schedule.

Zenbot: trading strategy

This system connects to exchanges using API keys. It uses configurable sell stops, trailing profit stops, and buy stops. The vendor recommends monitoring the bot from time to time since it doesn’t know when to stop.

Zenbot uses the trend EMA strategy by default. You can also use other strategies like MACD, RSI, SAR, and Speed. You can tweak the trading options to make the robot suit your trading style.

Security of Zenbot

This bot securely connects to exchange via API keys and it does not have deposit or withdrawal permissions. However, it lacks the advanced security features found on other systems like multi-sig and 2-factor authentication.

How much does Zenbot cost?

This is a free software program with no hidden charges.

Deposit and withdrawal

All deposits and withdrawals take place through your exchange account.

Does Zenbot charge fees and commissions?

There are no fees or commissions to be paid for using this platform. All you need to pay is the exchange fee.

How much profit can it earn?

The amount of profit you can earn depends on your strategies and configurations.

Company reputation

The lead developer behind this platform is known as Chase Sillevis. Based in the Netherlands, he used to be a lead cloud infrastructure engineer for Google and is the founder of Lord of the Code. There is no other information available for the development team. The lead developer has not shared the identities of the other team members.

Supported languages

Currently, the platform only supports English.

Zenbot reviews

At this moment, there are no testimonials for this bot on third-party websites.

Who is Zenbot for?

This robot is better suited to technical traders who are proficient with programming languages. The installation process is quite complex, and this makes the system unsuitable for novice individuals.

Zenbot: supported devices

It is possible to install the system on different operating systems like Windows, macOS, and Linux.

What exchanges does Zenbot support?

This platform has full support for some of the top exchanges like Binance, Bitfinex, Bistamp, Bittrex, CEX.IO, GDAX, Gemini, HitBTC, Kraken, Poloniex, and TheRockTrading. The team is working to add other exchanges as well.

Zenbot: customer care

There is no dedicated support team for this system. The vendor has not shared any contact address where you can communicate your issues if any. A community exists on Reddit for this robot, and you can enter discussions with community members if you face any problems with the system. Alternatively, you can check out the FAQ and the docs section which contain a wealth of information.

Zenbot

5

Zenbot is a system that works with some of the most reputable exchanges. You can use it free of charge and utilize multiple indicators while studying the entire code. Nevertheless, it is extremely difficult for newcomers to work with this bot. You need considerable technical knowledge to use it to its full capacity.

  • Free, open-source software
  • Not ideal for novice traders
  • No high-end security measures
  • No customer reviews
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