Zenbot is an automated command-line crypto trading bot that performs high-frequency trading using technical analysis. The platform is free to use, and traders can install it from the GitHub website. Read the full review to know about the features, its working, setup, profitability, and much more.
What is Zenbot?
Running on Node.js and MongoDB, Zenbot is a command-line crypto trading bot that traders can customize according to their needs and strategies. The algorithm uses a plugin architecture for integrating exchanges and producing new trading game plans.
Features of the Zenbot platform
The key features of Zenbot are as follows:
- The bots are highly configurable.
- The platform is completely free to use.
- Zenbot does not rely on any host or server.
- A trading simulator is available to backtest your strategies
How does the Zenbot bot operate?
Zenbot performs high-frequency trading on Node.js and MongoDB with extensive market analysis. The bot will scan and look for the best time to buy/sell according to the perimeters set by the user. The codes can be connected to the exchanges via APIs.
Traders can start trading with Zenbot in the following steps:
Step 1: Signup on the Github platform.
Step 2: Choose a trading strategy.
Strategies can be tested without investing real funds in a testing phase.
Step 3: Connect API keys for trading with real funds.
Step 4: Deposit funds
It is recommended not to deposit a large sum of funds.
Step 5: Run the bot.
Is it easy to use Zenbot?
Zenbot is recommended for experienced traders because of the extensive programming and market knowledge required. It may be difficult for newbies to understand its working and features.
Zenbot fees, commissions, limits, and payment options
Zenbot is a free-of-charge algorithm that does not include any fees or commissions. The fee deduction depends on the exchange policy. The platform uses limit orders by default.
Zenbot does not provide any information regarding the withdrawal process of funds. Traders can cash out their funds directly from their exchange.
How much should you deposit to start trading with Zenbot?
There isn’t any minimum deposit required to start trading using the platform. It is recommended to test the strategies before and then invest.
Partnered exchanges and brokers
Zenbot is compatible with the following exchanges:
Is it beginner-friendly?
Using Zenbot without proper knowledge may result in a loss of investments. It can be challenging for beginners to rely on this platform because of its complex tools.
Is it a profitable system?
The software does not provide any warranty or profitability promises. The profits depend on the market condition and the coded information. Traders are advised to invest at their own risk and test their strategies before deploying their bots. There are no records of past users from which we can analyze the results.
Security & regulation
Zenbot does not have withdrawal or deposit rights to traders’ funds. They use API keys to link with the exchanges.
Zenbot is not developed by a company but by a community of traders. The developers include Carlos Rodrguez as the original author, and DeviaVir maintains the current version.
Should you trade with Zenbot?
Zenbot is free to install software, but it requires coding skills and knowledge of the crypto market. With a little mistake in the setting of the bots, a significant loss can incur which can be detrimental to the mindset of new traders. After careful study of the platform, investors should use it at their own risk.