Nowadays, it’s common practice for cryptocurrency traders to use trading bots to streamline their trades and enjoy life instead of sitting in front of a computer screen for hours a day.
We all know that the cryptocurrency markets never close and the ups and downs of this market happen quickly and often. So, trading bots are designed to save time, boost your portfolio, and give you some freedom.
Odds are if you have dipped your toes in crypto trading, you know about trading bots that help automate the various functions of trading.
You may also know that just a few years ago several automated services with a variety of different and unique features and functions were developed. Perhaps you have even tried one or two of these automated services.
Zenbot is one of these automated solutions with an unconventional twist in its approach to crypto trading. The following review will familiarize you with this bot so that you can decide if it’s one you want to try.
How Long Has Zenbot Been Around?
Zenbot made its first appearance in September of 2017 just before the boost in interest in crypto started. By 2018, a rise in cryptocurrency trading bots occurred and Zenbot, already being available, picked up some steam as a rising bot.
Since all this happened, Zenbot has made its mark in the industry by becoming known for providing specific types of services for specific kinds of traders. Therefore, it is a niche trading bot designed for a segment of the market.
One of its unconventional approaches is that it’s still a free crypto trading bot because it’s an open source program that anyone can contribute to.
This system is a command-line system, not a GUI (graphical user-interface). So, you do need to have a good grasp on coding to use it.
When we mentioned it’s a specific type of bot sought by specific kinds of people, we meant traders who can code. They seek out this kind of bot.
Is Zenbot Reputable?
Amongst its community of traders, Zenbot is popular and reputable because it has a community of traders, coders, and coders who are traders.
This is within their desired niche. This segment of the community is only a small part of the overarching community.
This trading bot has also attracted traders who desire to learn to code within the cryptocurrency bot to get more features, more functions, more customization, and potentially more control over their trading tools and strategies.
This uptake in this segment of their community has come after a couple of years of functioning somewhat incognito among this group of traders.
This uptake in traders who are willing to learn to code could be, in part, due to its being a free, open-source tool.
Over the course of its development, it has proven to perform well with an active community of users who support it.
So, yes. Zenbot has built a good rep among its community.
What Exchanges Does Zenbot Support?
Zenbot supports these crypto exchanges:
- Coinbase Pro (GDAX)
This trading bot offers command-line instructions, simulations, and graphics of trades that it can perform in the cryptocurrency market.
How Much Does It Cost to Use Zenbot?
We’ve touched on this already, but it’s worth another mention. Zenbot, being an open-source program, is free to use and is contributed to and operated by an experienced community of developers.
Therefore, the only fees you will pay are the trading fees taken by the exchanges. There is no fee for using the bot.
So, besides the exchange fees, any gains you experience are all yours.
Ease of Use: If you know how to code, the bot is easier to use than if you don’t and have to learn how to code. Being free doesn’t make it easy. The command-line interface needs MongoDB and Node.js to work, so you must install them.
The dedicated GitHub page offers an active community of developers that regularly contribute to the program. It’s unlikely to see more than a few days go by without seeing commits on the development side.
So, basically, you need to have a grasp of coding and command-line in order to not only use the interface, but to perform the installations, configure bots, and all other activities.
Available Settings: The settings are based on a plugin architecture so that traders can create and write their own strategies. So, the settings are based on your level of skill in coding.
Buy and sell orders, trailing profit stop, and stop order types are available. You can also use backtesting to run strategies against past market data to find out how it would have performed in those situations.
Likewise, you can use the paper trading function to see how your strategies might work in real-time markets without investing your funds.
The trade frequencies range from performing a couple a day all the way up to 50 per day.
So, this all shows that the bot offers customization solutions that you can learn about through provided comprehensive documentation and a command creator sheet that is regularly updated and used by the community.
Security: Because you are installing this bot on your desktop or laptop, it’s as secure as you choose to make it. You are in control of what access you allow and what you restrict. You may also take care to ensure that the machine upon which you install this bot is used only by you.
Other than your own security protocols, users are also using web-based interfaces through secure servers. If you find it challenging to secure your devices or do not understand command-line, this bot will be a high-risk issue for you.
Customer Service/Support: The fact that this is an open-source program and is not operated by a company, you cannot expect it to offer conventional customer service or support.
However, its presence on Reddit serves as a good customer support option via the 500-member subreddit. Besides this, there is also the documentation on GitHub you can use for assistance.
Profitability: As far as profitability is concerned, Zenbot follows the same gold standard as conventional bots in that they make no guarantees of profit and cannot take responsibility for whatever gains or losses you experience through the bot.
This is right in line with industry standards. Also, there are no comments or recommendations within its community regarding profitability.
Zenbot appeals mostly to traders who code, coders, and traders who have a good grasp of coding, which is a pretty small niche. The free factor is appealing to those who are willing to learn coding, though setting it up will still be a big challenge to them.
Choosing this bot as your cryptocurrency trading service depends on your level of coding skills and your willingness to learn.
As with any other decision you make, the trading bot you select is totally up to you.
Zenbot is one of these automated solutions with an unconventional twist in its approach to crypto trading. The following review will familiarize you with this bot so that you can decide if it's one you want to try.
Operating System: Windows, Mac, Linux, iOS
Application Category: Crypto
Zenbot: How to simply Buy and Sell with limit orders?
Here is a video showing how to simply buy and sell on Zenbot with limit orders. Sorry for the accent.
Have you had an experience with Zenbot? Please leave your rating and review below 👇