Zenbot is an online natural language processing service and chatbot host. As an open-source system, the code can be organized, modified or updated according to the requirements of the user. Zenbot is most useful to developers who wish to create natural language user-driven interfaces and it also offers multiple currency support.
Zenbot is an artificial intelligent (AI) Bitcoin trading algorithm that is able to handle high-frequency trading thanks to its ability to carry out extensive market analysis. The algorithm of this bot can operate on language platforms like MongoDB and Node.js. In addition to these, the bot can be integrated into multiple cryptocurrency exchanges like Binance, Gemini, Bitstamp, Bittrex, and more. As a result of its capabilities, this makes it easier for traders to deal with multiple cryptocurrencies and it also reduces the time it takes for traders to carry out market analysis for the different digital coins. This increases the efficiency of traders, allowing them to be more profitable in their trading ventures.
With Zenbot, the software has messenger integration and it can be added to messengers such as Facebook Messenger, Slack, Skype, and others. This can be easily achieved as the user only needs to provide the needed credentials in their web console.
The Zenbot made its appearance on GitHub in September 2017, prior to the bull run that saw the Bitcoin price reach the $20,000 mark. The bot became popular in 2018 as more coders and traders realized how important it could be to their trading career. Since then, Zenbot has become a popular processing service and chatbot host in the cryptocurrency space, attracting a unique set of traders that are also coders. Zenbot was founded and developed by David Vasquez, an online marketer who has a master’s degree in online marketing and E-commerce.
Unlike many other bots, Zenbot does not charge for its services. Zenbot also differs from many other options in that it is an open-source system that uses a command-line interface instead of the intuitive graphical user interface (GUI).
Zenbot is currently one of the best platforms for traders utilizing multiple currencies since it consumes less time, and it is more efficient. As we review this Zenbot, you will learn more about how this bot works and its pros and cons.
Table of Contents
Who Is the Zenbot Suitable For?
The Zenbot is specifically designed for cryptocurrency traders that are also coders. The traders can use the bot and its AI to carry out high-frequency trading through extensive market analysis. The Zenbot is more suited for advanced traders, so if you are new to the online world of crypto trading or a beginner trader, you should consider other automated software options which are a lot easier to use and understand, such as the Crypto Engine.
Let us stop for a minute and understand what a trading bot it and how it works. So, the basic function of a cryptocurrency trading bot is to analyze the financial markets. The bot will scan the markets and will gather the relevant market data. With this data, as well as historical price data, the bot is then able to automatically carry out a profitable trade once a trading opportunity is found. In most cases, many of the trading bots will use the Exponential Moving Average (EMA) as one of the indicators to start analyzing the markets. The Zenbot uses the EMA as it is a momentum indicator for market prices. The bot has been programmed to then react based on the movements in the markets and it will then open and close trades based on its market analysis. Another big benefit of the Zenbot is that it allows users to set stop loss and take profit limits. The bot will then buy or sell the cryptocurrency to boost profits or reduce the losses.
To put it into perspective, if you decide to use the Zenbot, you will need to start by creating a bot script. This is almost like a trading plan or a list of tasks that are written in a programming language. This lets the Zenbot know what it has to do based on the market conditions. In order to create your Bot Script, you can use a text editor and it is vital to ensure that the instructions are clear so the Zenbot knows what to do. Once you have set up your instructions for the bot, you can then integrate it in the application using REST API.
Zenbot Unique Features
Zenbot has some exciting features that make it one of the best processing service and chatbot hosts in the industry. Zenbot has an all-in-one bot framework which means that it is not limited to being a graphical bot builder or an intent resolver. It can also be used to develop more complex bots that can handle high-end market analysis.
Zenbot also has a natural language engine. The syntax of the bot is such that it is excellent in areas such as context, grammar, and semantics, thus, making it a powerful yet flexible Neuro-Linguistic Programming engine that can be used in developing conversational bots.
Another excellent feature of Zenbot is that it does not rely on any server. That is, it does not need a server or database to host or interact with the other bots. As an independent platform, Zenbot does not require any server or database. As a leading bot, Zenbot can easily integrate with some popular analytics. It can be used with Google Analytics, Botanalytics, Mixpanel, and more. This amazing feature of the software enables it to automatically store the usage statistics of the bots, making it easy for users to analyze the usage statistics of these bots.
One of the leading features of Zenbot is that it can be integrated into numerous messengers. It can be added to well-known messaging apps such as Facebook Messenger, Skype, Slack, and several others. The best part of the messenger integration is that it can be done with ease by coders. It has multi-functional buttons that can be used in creating user-friendly interfaces in messengers. Thanks to this feature, the bots can process texts and button clicks.
Rating – 9/10
Fees and Commissions
Perhaps the best thing about Zenbot is that users do not have to pay a huge amount of money to use the trading software. The bot is available to all coders and traders at zero fees, with no rate limits when using the Zenbot. Users can easily download the necessary codes from the GitHub website.
However, anyone that enjoys the Zenbot platform can donate to its development. The developers accept donations in BTC, and they use the funds to roll out further features on the platform as they aim to make it easier and more efficient to use.
Rating – 10/10
Zenbot User Experience
Zenbot is an auto-trading bot that carries out several functions for traders. Since the interface of Zenbot is not simple to navigate, it is best suited for advanced traders and not beginners.
To start using this bot, a trader is required to have a GitHub account before using the Zenbot. Also, those with prior technical knowledge will thrive better with the platform as it is an open-source system that allows traders to customize bots according to their choices.
Once you open a Github account, you can choose a trading strategy for the bots. They will trade according to the strategy you deploy. The platform has a backtesting stage where you do not need to invest anything, but you can check your strategies and see if they work before deploying them in the real world.
The trading bots require users to deposit a certain amount before they can trade with them. With Zenbot, there is no set amount needed to be deposited before trading. For starters, we recommend not making a big deposit of money until you test the bot and determine how exactly it works. Since there is no information on withdrawal fees, you should keep an open mind as not much information has been provided. The withdrawal process could take more than 48 hours to complete.
After all these steps, the trader can carry out live trading using the bot. This process is complicated, and it is only suitable for advanced traders and coders. Trading on this platform requires some technical as well as trading skills due to the language used and other technical aspects. As a trader, it is important to specify the preferred Bitcoin trading strategy before using the relevant bot.
Rating – 7/10
Where can the Zenbot be used?
Zenbot is multi-platform trading software. It can be integrated into numerous cryptocurrency exchanges, including Binance, Bitfinex, Bitstamp, Bittrex, CEX.IO, GDAX, Gemini, HitBTC, Kraken, Poloniex, QuadrigaCX, and TheRockTrading. On these platforms, the Zenbot can be integrated to carry out a fully automated technical-analysis-based trading approach. You can write new strategies with the bot and discover new ways to boost your technical analysis trading game.
Rating – 9.5/10
The Zenbot platform has a demo trading account available for users. After creating an account with Github, you can proceed to choose a trading strategy for the bot to use. The bots will trade cryptocurrencies on your behalf using the strategy. This process is a backtesting stage where you can use the bots to trade the assets without investing anything. The process is to only check your strategies before deploying them in the real world, on the cryptocurrency exchanges that support the trading software. It is a big advantage to have access to test the Zenbot before investing your hard-earned cash. You can also check online and review the different testimonials and comments made by other traders to get some real insight into how Zenbot works and its many benefits.
Rating – 7/10
Zenbot is an open-source platform, and it was not created by any specific company. As such, it does not offer any traditional customer service to its users. With that in mind, Zenbot has an active presence on the social platform Reddit. The Subreddit of Zenbot has more than 500 members, which means you can ask questions, and you will likely get valuable solutions from members that are using the same bot. In addition to its Reddit group, Zenbot has detailed documentation of its bots on Github. You can use the Github documents to learn how to use the bot or to get help troubleshooting any of the trading bots.
Rating – 3/10
Pros and Cons of Using Zenbot
|Zenbot does not require user-to-machine oral communication as it processes everything and generates output||A low frequency of updates might make it challenging to access new market information|
|Uses the popular pattern matching mechanism, which provides flexibility plus full management options||Unreliable in terms of live trading and paper trading|
|Free to use – there is no charge for using the Zenbot||The bot is only a command-line based interface, making it tough for those that do not have experience with this type of interface|
|Supports more than nine cryptocurrency exchanges|
|It is an open-source system, which means anyone can edit it to suit their trading style|
|Backtesting is available|
Overall Rating 7.5/10