Zenbot is a crypto trading bot that uses MongoDB and Node.js scripts for efficient operation. It is a command-centric system that is fully automated. The platform has the backing of multiple exchanges including Binance, Poloniex, and Cex.io. As per the author, the bot needs to be tested with paper trading before it can be deployed in real trading.
What is Zenbot?
Zenbot is an automated trading tool for crypto assets that works using technical indicators. It is a limit order bot that makes it a less expensive platform when compared to the bots using market orders. It has a flexible sampling period and trades at a frequency of 1 to 2 trades per day with a one-hour timeframe and 15 to 50 days with a 5-minute timeframe. For macOS and Linus the installation does not need the presence of a Docker, but for Windows, you need to use a Docker.
|Supported Exchanges||Binance, Bitfinex, Bitstamp, Bittrex, CEX.IO, GDAX, Gemini, HitBTC, Kraken, Poloniex, and TheRockTrading|
|Strategies||Trend ema, MACD, RSI, SAR, and speed approach|
Is it easy to use Zenbot?
For using the bot here are the steps you need to follow:
- Use a device that supports Windows, macOS, or Linux and has Node.js and MongoDB scripts.
- Install the software on your device
- Create a configuration file and install dependencies as shown on the dev’s website
- Run a simulation test before you deploy the bot
Features of Zenbot
Some of the key features that the vendor focuses on in the platform are:
The bot is fully automated and designed to use technical analysis for identifying the successful trades.
A plugin architecture is present for executing exchange support and creating new approaches. The vendor provides a detailed guide on the use of the bot.
You can test the bot strategies with the simulator and paper trading mode on the live market.
The bot has configurable stops for sell, buy, and trailing profits orders. As per the author, the bot does not trade frequently as each trade has some slippage and whipsaw risk.
There are multiple notifiers to keep you updated on the actions of the bot. At present, only notifications for buy and sell signals are provided. The notifications are sent via push bullet, slack, XMPP, IFTTT, Discord, Prowl, and Telegram.
Strengths and weaknesses of Zenbot
|Is a free bot||If left unmonitored for a long time, there is a risk of big losses|
|Paper trading mode is present||No performance proof|
|Only for users with coding knowledge|
Is its technology good?
For tech-savvy crypto traders, the platform is easy and effective. However, the developer claims that your profits are based on the configurations and approaches you use. Even with the default parameters, the developer claims that the bot can lose money. He states that it is not a sure-fire profit tool and that users have to deploy the bot at their own risk.
Is Zenbot safe?
As per the author, you need to use different API keys for different concurrent instances to avoid errors. There is no other info provided on the safety and security measures the author has integrated with the service.
Other than the documents on the Github site, there are no other forms of support that the other provides for this crypto bot.
As per the Github profile, the author of the system is Chase DeviaVir. He is the founder of the system and a cloud infrastructure engineer. He is based in Australia and provides a website link and link to his Twitter profile for contact.