Zenbot is a system used for crypto trading. Its code is made freely available to the public, allowing anyone to redistribute or modify it. The bot’s algorithm runs on the Node.js and MongoDB platforms.
How does this crypto bot work?
Zenbot searches for trading opportunities automatically on behalf of the user. The bot supposedly assesses the crypto market extensively based on the user’s chosen strategy and consequently initiates trades that will hopefully benefit the user. It is possible to incorporate the system into several exchanges to allow traders to handle many cryptocurrencies simultaneously.
Getting started with Zenbot
It is necessary to have a Github account to use this robot. After opening the account, you can select the trading strategy you want your customized bots to work with. To be on the safe side, we recommend that you test the workability of your strategies before you launch them to the live market. What’s more, the vendor recommends against using the default trade parameters because they will perform below par. So, try to find the most favorable parameters for the crypto pairs you are using before risking your money.
Company information
Zenbot was founded by David Vasquez and it appeared on Github in September 2017. David is an online marketer, but we could not find more info about him or the team he works with.
Features of Zenbot
Here is a list of the bot’s key features:
Multiple exchanges support
The software works with 11 different exchanges, but the vendor promises to add more in the future.
Configurable sell stops, buy stops, and (trailing) profit stops
The risky nature of the crypto market is widely known, so these features aim at limiting your losses and optimizing your income.
Backtesting and paper trading
A simulator is available to help traders to backtest their strategies against historical data to determine if they are worthwhile or not. The “paper” trading mode enables the bot to run on simulated balance as it monitors the live market. This way, it avoids losing money unnecessarily.
Strategies of Zenbot
Strategies for Zenbot are based on the code that is programmed for the bot to run in. It is also a natural language system software but supports other programming languages such as JavaScript, HTML, CSS, Python, and Smarty.
Pricing, fees, and commissions
Zenbot is free. You won’t be required to pay a dime to acquire it or incur any fees to operate. All the needed codes are easily downloadable from the Github site. Nonetheless, users can willingly donate to its development through BTC.
Deposit requirements
There are no deposit requirements for this software. This is because it does not have deposit/withdrawal permissions, common in exchange accounts with third-party apps. Therefore, failure to configure it properly can lead to loss of money. However, the bot cannot steal your funds.
What exchanges does Zenbot support?
The bot allows you to work with exchanges like Binance, GDAX, Gemini, Bitfinex, HitBTC, TheRockTrading, Kraken, Bitstamp, Poloniex, Bittrex, and CEX.IO. Work is underway to add more exchanges to this list.
What languages does Zenbot support in their brand?
Zenbot works with several languages, including HTML, JavaScript, Python, Smarty, CSS, EJS, and others.
Can you really make money with this bot?
You may or may not make money with this platform. As the vendor puts it, various strategies and configurations will generate different results. For now, the default config and parameters might make you lose money, so tread carefully. You are advised to run simulations and paper trading first to get an idea of how the software works.
Advantages of Zenbot
- Free
- Supports many languages and exchanges
- Offers backtesting and paper trading features
Disadvantages of Zenbot
- Too complex for newbies
- Doesn’t guarantee profits
Customer support
A detailed documentation about the bot is available on Github to help you navigate the program. Also, the platform has a Reddit group with hundreds of members. So, you can post your questions there and possibly get useful feedback from people using Zenbot as well. Furthermore, you can look at the FAQs for more info on the system.
Who is Zenbot suitable for?
Zenbot is specially designed for traders who are also expert coders. Beginner traders who may want to use the platform regardless of the system’s complexity then have a steep learning curve awaiting them. The bot is fully dependent on the command-line interface to run and execute trades. This interface can be very confusing, and if commands aren’t typed accurately, then they will not respond or fail. So, pros are the only ones that can navigate it with little to no effort.
Zenbot summary: is it worth to go for it?
Zenbot might be an interesting choice for traders who love to create their own trading algorithms. The bot is free, and its support for multiple exchanges enables the user to work with different cryptos at a go. Unfortunately, the software is not a sure profit machine.
