Zenbot Review: Is It Safe?

Zenbot is a crypto trading bot that uses technical analysis for its trading strategy. It is a command-line bot using MongoDB. and Node.js. It supports multiple exchanges and uses plugin architecture for carrying out exchange support and for creating new strategies.

What is Zenbot?

Zenbot is a fully automated trading bot that is based on MongoDB and Node.js. For crypto traders familiar with coding, this is an easy system to master.  The automation includes configurable sell stops, trailing profit stops, and buy stops.

How does Zenbot help traders?

The crypto bot uses complete strategy automation and technical analysis for trading. It makes new strategies using the plugin architecture. A simulator is present for backtesting the strategies before you implement them in real trading.

Zenbot main features

Some of the main features of the platform are:

• It uses a simulator for testing the strategies using historical data
• Paper trading simulation is present for forward testing the strategies

• The bot uses a flexible sampling period
• On average, one to two trades are executed daily using the H1 timeframe and 15 to 50 daily trades using the M5 timeframe 
• It uses limit orders as its default trading method as they have lower fees when compared to Market orders

Ease of use

Due to the use of MongoDB and Node.js and the command line base, the system is only for traders who have coding knowledge.

Settings

For the bot configuration, the author provides documentation to help guide users. However, users without any knowledge of coding will find the settings complex. Further, the author warns that the default settings can cause big losses and that the system should not be left un-monitored for longer periods as the bot does not have an auto SL feature so there is a risk of heavy loss.

Safety and security

We could not find info on the safety and security measures that the author uses to protect user data and privacy while using the bot.

Customer support

For support, the author provides documentation, an FAQ section, and links to LinkedIn and Twitter.

Public experience 

Unfortunately, we could not find user reviews for this crypto bot on reputed third-party sites such as TrustPilot.

Profitability

As per the author, the profitability of the system depends on the configuration and strategies used by the bot. He also warns users that the default settings can lead them to lose money and advises to be cautious while using the settings. He recommends using the paper trading and backtesting features to test the bot before using real money.

What does it cost to use Zenbot?

We could not find info on the pricing of the system as the author does not provide the pricing details.

Zenbot supported exchanges

The main exchanges the bot integrates with are

• Kraken
• Poloniex
• Gemini
• GDAX
• CEX.IO
• Bittrex
• Bitstamp
• Bitfinex
• Binance
• TheRockTrading

The author mentions that efforts are being made to include more supported exchanges.

Deposit & withdrawal requirements

Since the main function of the bot is to trade on your behalf, it does not have deposit or withdrawal requirements. The functions are handled by the exchanges you have an account in. Since exchanges have robust support and security, your funds will remain safe.

How to get started on Zenbot?

The developer provides the configurations needed for launching the bot. He provides instructions on the settings to use under different conditions and when using different trading pairs.

The core team of Zenbot

Carlos Rodriguez is the original author of the bot. It was developed in 2018. Chase Sillevis (DeviaVir) is the current maintainer of this crypto bot. As per his website info, he is certified in Terraform, Kubernetes administration, game theory, python for data science, and machine learning. He is the founder of the bot and is a cloud infrastructure engineer. Sillevis is based in Australia.