Zenbot Review 2020: The Best Free Trading bot?

Cryptocurrency is an excellent investment. Anyone would tell you this. Investing in cryptocurrency can be quite a daunting task. With the intricacies involved in trading and the volatile nature of the market, making profits can prove to be very difficult. That’s where cryptocurrency trading bots come into play.

This article serves as a Zenbot Review, and by the end of it, we hope to give you a clear picture of the bots available and a good idea of what Zenbot is.

Why use cryptocurrency trade bots? Well, sitting in front of a computer all day and making manual trades can be daunting. If one lacks experience or is just starting out, trading would be an arduous task. Cryptocurrency trade bots serve all these troubles.

In the market one will find a multitude of bots that can perform cryptocurrency trades. There exist plenty of scams and several bots that are just plain ineffective. So how does one find the right one?

Well, at the end of this article, you will see what makes Zenbot standout is in this hugely populated space of cryptocurrency trade bots.

So let’s get right to it.

GET STARTED WITH ZENBOT!

 

What is Zenbot?

Zenbot Review

Before beginning this Zenbot Review, one must know what it is. David Vasquez founded Zenbot. It is an open-source system that can be altered to fit a user’s requirements. One needs to modify and update the code, and the platform will run as per the user’s design. It is a natural language processing service that is also capable of functioning as a chatbot.

It is very useful in creating user-driven interfaces using a natural language. It provides support for multiple currencies. It is capable of performing trades at very high frequencies because of its algorithm, which is based on extensive market research. It also uses artificial intelligence to continuously improve its algorithm.

Zenbot has an algorithm that is compatible with platforms such as Node.js and MongoDB. This means that users can run Zenbot algorithms on these platforms. It supports several cryptocurrency exchange programs such as Gemini, Quadriga, Bittrex, Kraken, Poloniex, and GDAX.

If one knows how to use Zenbot, dealing with multiple cryptocurrencies becomes an efficient process.

Zenbot Review: Features of Zenbot

No Zenbot Review would be worth your time if it didn’t list the various features it offers. With a variety of features, it is a platform that is beneficial even for beginners.

 The features are as follows:

1. Comprehensive Framework- Zenbot boasts an all-in-one bot framework that allows users to create bots as per their requirements. These can be intent resolvers, graphic bot builders, or even more complicated bots. The frameworks give users all the necessary features for building any kind of bot.

2. Natural Language Engine- Zenbot has a very simple yet effective programming language. The syntax is created in a manner such that the way in which it works seems like a natural language. For creating conversational bots, Zenbot is the ideal platform. It is a flexible and rather capable Neuro-Linguistic Programming engine, which is quite helpful.

3. Non-Reliant on Server- Zenbot is independent in function. This means that it does not require a central server or database to interact with other bots or to host them.

4. Compatible with analytics- Zenbot automatically stores data that allows getting usage statistics to be extremely simplified. This makes analyzing the usage statistics of the bot simpler as Zenbot supports Google Analytics, Botanalytics, and so on.

5. JavaScript Support- Zenbot supports JavaScript. JavaScript is a language that permits users to construct and implement the right code. It can be handy in situations where complex logic must be used. This allows programmers to develop some pretty complex bots.

6. Messenger Integration- Zenbot is integrated with popular messenger apps like Facebook Messenger, Skype, and so on. This is a very handy feature. It allows users to put in their credentials and let Zenbot work for them.

7. Facebook Messenger App Review- Usually, apps have to pass through a review on Facebook Messenger. This takes quite some time. Zenbot does not need to pass through this process and hence saves you some time.

8. Buttons- Zenbot sports certain tools called buttons. These can help developers create a very user friendly interface in any of the messengers. Bots can also process button clicks and text, which helps maintain the functionality and the integrity of any messenger.

9. Supports multiple Exchanges- It supports a variety of exchange programs such as Gemini, Quadriga, Bittrex, Kraken, Poloniex, and GDAX.

10. Create a virtual assistant- Zenbot supports a feature that allows users to connect with any applications or websites directly through the app’s user interface. This works similarly to virtual assistants. Using the REST API on Zenbot, users can create virtual assistants of their own.

11. Multiple Language Support- With its flexible syntax patterns, Zenbot supports various languages. This makes it a viable option for any with skills in a wide array of languages.

12. Flexible Sampling- Zenbot allows users to perform trades as per the user’s convenience. It has about 1-2 trades per day working under a 1 hour period and about 15-20 per day under a 15 minute period.

Recommended Bot Cryptohopper

Pros and Cons of Zenbot

Like every bot that can trade cryptocurrency, Zenbot has its share of Pros and Cons. No Zenbot Review would be complete without taking into account both the advantages and disadvantages of the platform.

They are as follows:

Advantages of Zenbot

· Zenbot uses a pattern matching mechanism, which is very powerful. This is more effective than machine learning, which is used by a vast majority of bots. Pattern making is superior as it allows for more flexibility making the system easier to use.

· Dialogue structure building is much easier on Zenbot. Unlike most platforms, Zenbot does not use NET interfaces. It defines an XML file format that is much easier to use, manage and understand.

· Zenbot supports more than nine cryptocurrency exchange platforms, and this makes performing transactions on it much easier. These include GDAX, Bitfinex, Bitstamp, Poloniex, Kraken, etc.

· Users can perform extensive backtesting, which allows users to test their strategies in a virtual environment before actually applying them to the market. This feature is handy for new traders as one can get a feel of trading without losing any money. It is also a handy tool for experienced users who wish to test the efficiency of their bot.

· Zenbot allows users to perform trades at very high frequencies. Users can set up their bots to perform as many as 50 trades per day.

· Since the platform is open-source, it is very easy for users to modify the code. Users can download codes from GitHub if they are not very adept at developing their own code or if they are stuck at some point.

· Zenbot is free for non-commercial use.

· It is supported on Windows, macOS, and Linux.

· It makes analysing responses much simpler as it eliminates the need for users to implement user to machine communication.

Disadvantages of Zenbot

· The frequency at which updates are available on the platform is rather low. This is something that drags Zenbot behind. It severely constricts user access to all the new information that comes up in the market.

· A sense of mistrust is developed over the rising gap between the trades on paper and the live trade.

· It has an interface that is based entirely on command-line. With a lack of prior experience in this type of coding, users may find it hard to comprehend.

Can we really make money with Zenbot?

Making money with cryptocurrency trade is difficult. With the market being as volatile as it is, without some knowledge on its working, incurring a loss is very much possible.

Trade bots in general, are designed such that users need not spend their time trading in person. They can developsign algorithms and set up bots such that, the machine does all the work for them. 

Trade bots are designed to make trading of cryptocurrency online much more accessible. Zenbot is no different. Even with that, making money is never a guarantee when it comes to cryptocurrency.

With all its amazing features, making a profit is possible if one knows how to use Zenbot. Users do, however, need to be aware of how the cryptocurrency trade market works and understand how to invest in cryptocurrency.

With that knowledge and the features offered by Zenbot, it is possible for users to make money using the platform.

However, users have complained that simulated trades showed huge profits, but when those were done in real-time, losses were incurred. This caused concern and questioned the integrity of Zenbot’s services.

As the development team did not do much to address the cause of this occurrence, some doubts were raised on its validity. The platform is also rather slow in ringing updates, which adds to the concern of its users.

Users did not receive the profits promised by the company, and this added fuel to the fire.

This can be attributed to the volatility of the cryptocurrency trade market. Traders who have used Zenbot for more extended periods have suggested that this may not be the fault of Zenbot, but the volatile nature of the market. If one knows how to play the market, Zenbot can help them reap in profits.

The only reason Zenbot is being blamed is due to the infrequent updates that make the system look rather outdated. When compared to other bots, there have been instances of Zenbot making fewer profits, but again this is dependent on the market.

To reiterate, profits are based on market risk and knowledge on how cryptocurrency trading and the cryptocurrency trade market works.

Pricing

Most cryptocurrency trade bots available on the market will set you back by quite a hefty amount. This is an area where Zenbot is entirely different from its competitors.

Zenbot is free for non-commercial use and has no limits. The required code can easily be downloaded from GitHub.

This sets Zenbot on a league of its own. Users can contact the Zenbot team for pricing for commercial purposes.

Zenbot Review – The Conclusion

To conclude, cryptocurrency is quite a risky trade. With a volatile market, making money here is never assured. Crypto trade bots exist to lighten this load.

Crypto trade bots are essentially algorithms that use machine learning and artificial intelligence to make trades on behalf of users. These systems tend to make trading easier for beginners and even experienced traders.

There is a myriad of Cryptocurrency trade bots available on the market, and not all of them can be trusted. Zenbot is a trading bot that is available online, and it has a lot of amazing features.

Features like support for multiple exchanges, buttons, REST API, multi-language support, backtesting, flexible sampling, messenger integrations, JavaScript support, analytics compatibility, and so on, ensure that Zenbot stands out in the market.

Being an open-source platform, it can continuously be updated by users all around the world.

Like any other trade bot, Zenbot, too, has its pros and cons. Considering both, it is clear that the pros outweigh the cons.

It is possible for users to make money using Zenbot, though several concerns have been raised against this. Its infrequent updates being one of the significant factors for this concern.

It is a free to use trading bot. It allows free use for non-commercial purposes, and its code can be downloaded for free from GitHub.

All this aside, one must understand the risks involved in using crypto trade bots and understand how volatile the market is. Without some knowledge ofn how to trade cryptocurrency, users will end up facing immense losses.

Users can reap highgreat profits with Zenbot if they have experience with investing in cryptocurrency. It has a lot of great features for beginners and even experienced traders. By designing an ideal strategy, the possibilities are endless.

Overall, Zenbot is a pretty good option for beginners and even experienced traders. It has a lot to offer and is an excellent really good trade bot.