With the gaining popularity of cryptocurrency trading, the various crypto trading platforms has come to the rescue of the crypto traders. They play an important role in the trading world. They have numerous advantages and most of the traders have started using these platforms for trading.
One of the most important advantages of these bots is you do not have to remain online throughout the day and night as the bots will do the work on behalf of you. You have to just create a strategy and the bots will follow them.
Zenbot is also a trading bot. It has numerous features, advantages and disadvantages. Go through this Zenbot review to know more about Zenbot.
What is Zenbot?
Zenbot is an open-source online natural language processing service that can be organised or altered according to the requirements of the user. To modify the platform, the user has to modify and update the code. Zenbot is also used as a chatbot host.
Zenbot is well known for developing user-driven interfaces by using a natural language. Another important feature of Zenbot is that it supports multiple currencies (more than 13 currencies). This automated bitcoin trading platform performs trades at high frequencies. Zenbot has an algorithm that is based on extensive market analysis. Zenbot also depends on Artificial Intelligence to boost its algorithm.
You need platforms like Node.js and MongoDB to run all the Zenbot’s algorithms. Some of the cryptocurrency exchange programs supported by Zenbot are Gemini, Quadriga, Kraken, Bittrex, GDAX and Poloniex. Zenbot is one of the most ideal platforms for traders using multiple currencies as it is less time-consuming and more efficient. In this Zenbot review, you will know about how to use Zenbot.
Who founded Zenbot?
David Vasquez, an online marketer developed this online trading platform. He has a master’s degree in online marketing and E-commerce
Working of Zenbot
Zenbot is an automated trading platform that performs trading on behalf of the traders. Though the interface of the platform is not simple, it is well-known among the experienced traders. You have to perform the following steps to start trading through Zenbot.
1. Creating an account
You are required to create a Github account in order to start with Zenbot. It is beneficial if you have some prior technical knowledge. It is an open-source platform where you can make customizations according to your choice.
2. Demo trading
After making the account, you have to choose a trading strategy for the bots. The bots will trade on behalf of you as per the strategy. This is a backtesting stage where you are not investing anything. You are only checking your strategies before using that in the real world.
3. Deposits and withdrawal
Every trading bot needs the investors to deposit an amount of sum before trading with the bot. In the case of Zenbot, there is no specific amount mentioned, which we have to deposit before trading. It is suggested that do not deposit a huge sum of money. There is also no information about the withdrawal fees. However, it takes 48 hours to facilitate withdrawals.
4. Live trading
After all the above steps are done, you are ready for live trading. This is a complicated trading platform and you will require some technical as well as trading skills to operate this platform. You have to specify the bitcoin trading strategies.
Features of Zenbot
Zenbot offers numerous excellent features to the users. It is gaining more and more popularity due to its large number of impressive and useful features. Some of the interesting features of Zenbot are listed in this Zenbot review:
1. Comprehensive Framework
Zenbot supports an All-in-one bot framework. This all-in-one bot framework is capable of creating any bot of your choice. Besides creating an intent resolver or a graphic bot builder, you can create the most complicated bots. It provides all the features required to create a bot as per your wish.
2. Natural Language Engine
Zenbot is an adaptable and versatile Neuro-Linguistic Programming engine, which comprises of a simple and efficient programming language. The syntax is well-versed in context, grammar, semantic, etc. This is an ideal platform for developing conversational bots.
3. Non-reliant on Server
Zenbot does not require any server or database to host or interact with other bots. It is an independent platform, which means there is no need for any server.
4. Compatible with Analytics
Zenbot supports some of the popular analytics tools such as Google Analytics, Botanalytics, Mixpanel, etc. This allows Zenbot to automatically store the usage statistics of the bots. Therefore, if you want to analyze the usage statistics of the bots, then you can store the data in the different analytics tools available on the platform.
6. Integration with Messenger
Zenbot is integrated with all the well known messaging apps such as Facebook Messenger, Skype, Slack, and many more. You have to just enter the credentials in the web console and Zenbot will perform the rest of the work for you.
7. App Review on Facebook Messenger
Usually, every app has to go through a Facebook Messenger’s App review, which is an extremely time-consuming process. However, Zenbot does not need to pass through this App review process thus, saving a lot of time of the users.
8. Multi-functional Buttons
Buttons are tools used for creating a user-friendly interface in messengers. These tools are available in Zenbot. In this trading platform, the bots can process texts as well as button clicks. This helps to maintain the integrity and functionality of messenger.
9. REST API
One of the important features of Zenbot is that it allows connecting with any application or website of your choice through the interface of the app. You can also create a virtual assistant of your own by using the REST API on Zenbot.
10. Support Multiple Languages
Zenbot comprises of a simple and flexible syntax pattern. This allows it to support a number of languages.
11. Flexible Sampling
In this trading platform, you can perform trades as per your convenience. It allows an average of 1-2 trades per day within a 1 hour period.
Advantages of Zenbot
Various advantages of Zenbot are listed below:
- Since it is not necessary for the developer to implement the user to machine oral communication, it is much simpler to analyze the responses. This is because of Zenbot a set of tasks on its own after receiving the text requests from the user. It proceeds the requests, manages contexts of the conversation, checks the scripts, accumulates and stores the variables, and performs desired actions to provide the output.
- Zenbot applies a powerful pattern matching mechanism whereas most of the bots use machine learning mechanism, which is not much efficient. This pattern matching mechanism offers associate degree informatics flexibility along with full management of dialog system and an easy to use entity extraction.
- Zenbot uses an XML file format in case of dialog structure building instead of using Net Interface. The net user interface is complicated and is difficult to use whereas XML is easier and straightforward.
- Zenbot supports many exchange platforms. Some of them are Bitfinex, Bitstamp, GDAX, Poloniex, Kraken, etc. Therefore, you can do trading on any exchange platform of your choice.
- It has the provisions for backtesting, which is very important in trading. Backtesting is the process by which you can test your strategies before applying them. This is very much important for beginners as they can test their strategies before investing.
- Since it allows trading at a very high frequency, there is a great chance to maximize your profit by using Zenbot.
- Zenbot is an open-source platform so traders can modify the code easily. In case you are unable to create your own codes, you can download them from Github.
Disadvantages of Zenbot
Here are the different disadvantages of Zenbot.
- The main problem with Zenbot is the lack of updates on the platform. Due to this reason, users can not access the new trends of the market.
- Another problem affecting the integrity of the platform is the huge gap between the results of paper trading and live trading. This has created a sense of unreliability among the users as there is no proper explanation of this huge gap.
- Zenbot uses a completely command-line based interface so the users may find it difficult to use if they are not familiar with such coding.
Can we really make money with Zenbot?
In terms of making money, some of the other trading bots are more efficient than Zenbot. There has always been the question of whether we can really make money or not with Zenbot. And in many cases, the traders have found various problems with the trading platform.
One of the major demerits of Zenbot is the multiple discrepancies between the paper trading and online trading. In many circumstances, it has happened that live trading was clearly indicating losses whereas the paper trade showed profits. There is a huge gap between the live trade and paper trade. Many glitches are also present in the trading process, affecting the integrity of the platform.
Moreover, the trading platform is outdated. Even though it was claimed by the development team that the latest version of Zenbot – Zenbot 3.5.15 is able to deliver 1.531 ROI in three months, the profits gained by the traders were not up to the mark.
Many traders have blamed the unfriendly conditions of the cryptocurrency trading market during the period of the limit order execution. Long time users of Zenbot have proposed that this has happened because of the volatility of the market. They have advised that one should use this volatility to their advantage instead of regarding the current prices of the Bitcoins.
The main factor affecting your profit is how well you understand the cryptocurrency markets. You have to analyse the market well. When the prices are high, you have to sell a large number of bitcoins to gain more profits.
The main factor affecting the profits generated by Zenbot is the lack of updates provided. Though earning money through a trading platform depends on your skills and strategies, there are other trading platforms that can help you earn more money than Zenbot.
One of the most impressive features of Zenbot is that you do not have to pay a hefty sum of money for using this trading platform. This platform is available to the users at zero fees and no rate limits are present for using Zenbot. One can easily download the required codes from the Github website.
Conclusion – Is Zenbot a scam trading bot?
A large number of traders have claimed that Zenbot is a scam trading platform. The chances of making profits are less than the chances of making losses. The platform is also not user-friendly. The privacy policies and security provisions are not satisfactory.
Zenbot has not satisfied the traders regarding transparency, accuracy, consistency and reputation. There is a complaint about the customer service and many claims that their capital is lost on the first day of the trading. The trading platform is complicated and it crashes often during live trading. It takes a minimum time of more than 48 hours to make the withdrawals and sometimes, the withdrawals are facilitated even after a week.
If you do not know how to use Zenbot, then this is a detailed Zenbot review that will help you to learn about the working, advantages, disadvantages, features, pricing, etc. of Zenbot.