The world of cryptocurrency trading is huge. You cannot go online, check your email, engage on social media, or even read a magazine or other print without seeing something about it nowadays. Along with this big rise in popularity in cryptocurrency, trading bots that are used to save you time are also wildly popular.
Regardless of your level of crypto trading knowledge and skill, automating with efficient and reliable tools is a serious decision to make. Yes. Trading bots usually do make trading your digital assets simpler when you cannot be online checking the stats of your investments.
The goal for most traders is to have the edge on market changes as they happen that they might otherwise miss out on via manual trading methods. Plus, they get to enjoy their quality of life without having to be constantly on their computers or other devices checking their portfolios.
So many cryptocurrency trading bots have arisen, especially as of late, with various features and appealing solutions for almost any level trader. The problem with this is that it makes it difficult to determine which ones are safe and which ones might be risky.
Zenbot is one of these trading bots, but it claims to use a less conventional technique in this already competitive and controversial market.
This review for Zenbot will inform you of things you need to know about the service, how it works, its features, its safety and security measures, its performance, and its pros and cons respectively.
Let’s take a look inside Zenbot.
How Long Has Zenbot Been Around?
Zenbot was launched in 2017 and is a command-line cryptocurrency trading bot that uses MongoDB and Node.js. Due to the surge in interest in cryptocurrency a short time after this bot launched, it became popular amongst traders.
Once it started to gain momentum in 2018, it began to grow as a trading bot. Since that time, it has found its niche within the cryptocurrency market that is known as a unique bot for specific kinds of people. That is likely due to its uniqueness.
Hosted on GitHub, this service is an open-source program that is managed via a community of several developers, so it was and is free to use.
Being free to use for traders is one of the unconventional aspects of this bot since most of them charge a monthly subscription fee or a percentage of profits fee. Either way, this trading bot is unlike the rest available in this niche right now.
Keep in mind that this cryptocurrency trading bot was not developed by a specific company, but via an open-source program that allows multiple people to contribute. Another difference from other bots is that this is a command-line interface and not a GUI (graphical user interface) program.
Traders who are also great coders like this system the way it is. Those who prefer GUI are less apt to use it. Newbies will find there is a learning curve for using this bot.
What is Zenbot’s Reputation?
As with any crypto trading bot, the reputation of such a system is up for debate and depends on who is using it and why. That said, it’s achieved a good reputation amongst its community of traders, coders, and traders who also code.
It’s a small portion that doesn’t include Zenbot’s full follower attraction. After essentially existing in virtual obscurity, this platform has picked up speed and growth among a crowd of users willing to install, use, and combat the learning curve of this trading bot daily.
We currently live in a society where most of these systems come at a cost, which many cannot afford when they are just starting out in crypto. Since this automated trading service is free to use, it stands to reason they would rather make an effort to learn it rather than spending money they don’t have on high-cost bots.
Generally speaking, this service seems to have reliability, performance, and support that users like. Therefore, this crypto trading bot has earned its reputation.
What Exchanges are Supported?
Zenbot does support several cryptocurrency exchanges, which include the following:
- Coinbase Pro (GDAX)
You will find the command-line instructions related to these crypto exchanges on the GitHub platform where it’s hosted. You will also find simulations if you prefer visual learning of trades that are being performed.
What Does Zenbot Cost?
As we already mentioned, Zenbot is a free, open-source project.
Ease of Use: While this program is free to use, it’s not easy to use. Not everyone is familiar with command-line interfaces. Also, this system requires MongoDB and Node.js to install and use. For those without knowledge of operating in this format, it will be more than a challenge to learn for your day-to-day activities.
The dedicated GitHub page has an active developers’ community that consistently contributes to its program. Even with the visual simulations that allow you to see graphs via other interfaces, this project demands ample knowledge of using command-line interfaces.
Settings Available: There is a multitude of settings for traders to use. It offers plugins for users where they can create their own strategies and write their own code. Buy and sell orders can be performed via various settings like trailing profit stop orders, and stop orders.
Due to the format of this platform, you can also run backtesting for your strategies based on historical data to find out how certain strategies have performed in the past. Paper trading is another mode where you can see your strategies operating in real-time without using your funds.
You may set trade frequencies that range from two trades per day or up to 50 per day. Therefore, the system does allow for customization, which is detailed in its documentation and the command creator sheet that is often used by traders.
Security: Because this is an installation on a computer, security is dependent upon your level of security on your system. You can choose to restrict access to the bot as you please.
If you are not skilled with securing your own computer system, this bot could create a high risk of accessing it. Also if you don’t understand command-line interface operations, it’s risky for you to use.
Users who do not have sufficient knowledge of the command-line interface and/or how to properly secure access to the installed program, are more likely to use web-based interfaces for their crypto trading.
Customer Service: Remember that Zenbot was not created by a company, so conventional customer service is not a thing. That said, there are over 500 members on one of Zenbot’s Reddit subreddit platforms who are willing to help when needed. However, there is no specific timeframe for response.
The detailed documentation on GitHub serves as a resource for assistance and troubleshooting.
Profitability: Just like any other cryptocurrency trading bot, there is no guarantee of profitability. You will even find a disclaimer that states it cannot be responsible for losses in profits by using this program. This is the standard in the industry.
As we usually do, we recommend that you do your own research and find out more about the various cryptocurrency bots before using them, free or not. That said, Zenbot is a specifically targeted program that attracts a certain sector of traders to it.
Also, the fact that it is free can be attractive to traders who aren’t afraid of digging in and learning the command-line interface and the challenges that come with using it.
If you are confident that this challenge is something you are willing to take, then you can give Zenbot a shot. We prefer Bitsgap and Quadency and highly recommend these two cryptocurrency trading bots for ease of use and fewer hassles.