Most cryptocurrency traders these days rely on trading bots for performing transactions on their behalf. Bots offer numerous advantages over conventional trading. You do not have to be online 24/7, simply create a strategy and wait for the bot to capitalize on the market trends
Zenbot has recently been quite popular amongst the trading community. It has claimed a 1.531 Return On Investment (ROI) in three months. Are its claims real? How good is the trading bot? What are the features?
Our Zenbot review helps you answer these questions. If you’re considering the use of Zenbot, it is important that you’re aware of such details. Let us clear the air of mystery surrounding Zenbot and look at each of its aspects in detail.
What is Zenbot?
Zenbot is an open-source system which can be modified as per the user’s requirements. You have to simply modify and update the code, and get the platform to work as per your wishes. It is a natural language processing service which also functions as a chatbot.
It has proven to be quite useful in creating user-driven interfaces which are created using a natural language. One of the best parts about using Zenbot is that supports multiple currencies. Zenbot is capable of performing trading at a very high frequency as its algorithm is based on extensive market analysis. This Bitcoin trading bot also relies on artificial intelligence to continuously improve its algorithm.
Zenbot has an algorithm which is compatible with platforms like Node.js and MongoDB, which means you can run all your Zenbot algorithms on these platforms. When it comes to the cryptocurrency exchange programs, it supports Gemini, Quadriga, Bittrex, Kraken, Poloniex, and GDAX. If you’re a person who deals with multiple cryptocurrencies, Zenbot might be the one for you as it makes the entire process much less time-consuming and increases its efficiency. In our next section of Zenbot review, we’ll have a look at the features:
Features of Zenbot
The reason Zenbot has been gaining widespread popularity is the numerous features that it offers its users. Some of these features are quite useful if you’re a beginner. These are as follows
1. Comprehensive Framework
Zenbot features an All-in-one bot framework which helps you create the bots that you desire. They can be anything ranging from an intent resolver, graphic bot builder to even the most complex of bots. The framework grants you all the necessary features for building a bot as per your preferences.
2. Natural Language Engine
Zenbot has one of the easiest yet effective programming languages. The syntax is built in a way which incorporates the correct semantics, grammar, and context making it seem like a natural language. If you’re looking to develop a conversational bot, Zenbot is the ideal platform for you. It is a flexible and powerful Neuro-Linguistic Programming engine which is quite handy.
3. Non-reliant on Server
Zenbot functions independently which means that it does not require a central server or any database if it needs to interact with other bots or host them.
4. Compatible with Analytics
Getting the usage statistics is quite a simple task with Zenbot as it stores these data automatically. If you wish to analyze the bot’s usage statistics, Zenbot allows you to store the statistics in the analytics tool of your choice. It supports Google Analytics, Mixpanel, Botanalytics, etc.
6. Integration With Messenger
One of the best features of Zenbot is that it is already integrated with popular messaging apps like Facebook Messenger, Slack, Skype, and so on. The users can simply input their credentials in the web console and let Zenbot do the work for them.
7. App Review on Facebook Messenger
Generally, apps have to pass through a review on Facebook Messenger. This process consumes a lot of time. Zenbot helps you save on this time as it does not have to pass through the app review process.
8. Multi-functional Buttons
There are tools on Zenbot called Buttons. These buttons can help developers build a very user-friendly interface in any of the messengers. Your bot can also process both text and button clicks which can help maintain the functionality and the integrity of any messenger.
9. Build Your own ‘Siri’
Zenbot has a feature that lets users connect with any of the applications or websites they desire directly through the app’s user interface. This is quite similar to a virtual assistant. Through the REST API on Zenbot, one can create a virtual assistant of their own just like Siri.
10. Support for Multiple Languages
Zenbot has very flexible syntax patterns. This allows it to support multiple languages.
11. Flexible Sampling
Zenbot allows a user to perform trades as per convenience. It has an average 1-2 trades per day working under a 1 hour period. Similarly, it averages around 15-20 per day when working under a 15 minute period.
Can you Really Make Money With Zenbot?
The one question that really matters when it comes to using Zenbot is its ability to help you make money. Zenbot has also been embroiled in multiple controversies over the past few months. It has come under the scrutiny of users because traders observed multiple discrepancies between the paper trade and live trade. Users felt a sense of skepticism regarding its usage due to this factor.
After using Zenbot, a few users also complained that there have been multiple instances where even though the simulations carried out in the paper trades indicated profits, when it came to actual trading, the live trades clearly showed losses. The community of users that rely on Zenbot raised this concern and also questioned the integrity of its services. Some users also voiced their displeasure due to the glitches present in the trading process.
Add to it the fact that the development team has not done much to address the cause. The platform did not get the desired number of updates which worsened the issue. The team claimed that the latest version of Zenbot named Zenbot 3.5.15 could deliver a ROI of 1.531 in a matter of three months. Although the numbers are quite impressive for open source trading solution, the profits that traders actually got did not quite live up to the expectations. There were disproportions between the claim and what users actually got.
However, considering the cryptocurrency market, most of these issues can be attributed to the unfriendly market conditions and the slippages that occurred during limit order execution. Traders that have been using Zenbot for a long time suggested that it might not be a fault of Zenbot, but simply the volatilities in the cryptocurrency market. If one can use the volatility of the cryptocurrency market to their advantage, they can see positive results. Long-term users also suggested that one must disregard the current price of the Bitcoin.
Understanding the market is the key to generating profits using Zenbot. Professionals in this field have also suggested that one can work on gaining more Bitcoin when the prices rise. This allows a trader to sell a larger quantity during the times the prices rise even further and thus generate greater profits.
The only reason why Zenbot is taking the flak is that the updates are not rolling out as fast as expected which makes it look outdated. Additionally, when compared to other trading bots, there have been multiple instances where other cryptocurrencies are making more money than Zenbot. But again, one of the major factors in determining your profits is the strategy that you create after thoroughly understanding the market.
Advantages of Zenbot
- Zenbot makes analyzing responses much simpler as there is no need for a developer to implement user-to-machine oral communication. Zenbot cuts the task for them. The reason behind this is that Zenbot proceeds each request, helps manage contexts of the conversation, evaluates all the scripts, collects and stores the required variables, and performs meaningful actions to generate an output. The consumer simply has to send a text request and receive the whole response in return.
- Zenbot uses a pattern matching mechanism, which is quite strong. Most bots use machine learning which is not as effective. Pattern making is a better choice because it provides flexibility in associate degree informatics in conjunction with full management of the dialog system which is coupled with an entity extraction that is quite simple to use.
- Dialog structure building is a much easier task when it comes to Zenbot. Most platforms rely on Net Interface. Zenbot does the opposite as Net Interface is quite confusing to the users. Instead, Zenbot defines an XML file format that is much easier to understand and manage as it quite straightforward.
- You can perform transactions on the exchange platform of your choice as Zenbot supports more than 9 cryptocurrency exchange platforms which include GDAX, Bitfinex, Bitstamp, Poloniex, Kraken, etc.
- It allows a user to perform extensive backtesting which lets you test your strategy in a virtual environment. This is highly useful for new traders as one can get a feel of how the trades would be without making any actual investment.
- Zenbot helps you maximize your profits as you can perform trades at a very high frequency. If your frequency of trades is reduced to 5 minutes, you can perform as many as 50 trades a day.
- Since the entire platform is open source, users can easily modify the code. If you’re unable to create a code of your own or are stuck at something, you can easily download the codes from GitHub. Zenbot is supported on Windows, macOS, and Linux.
Disadvantages of Zenbot
- For a platform as commendable as Zenbot, the low frequency of updates is severely tarnishing its image. It has also put Zenbot behind all of its competitors, as it severely hinders a user’s access to all the new information that comes up in the market.
- There has been no reasonable explanation between the discrepancies that are arising between the live trade and the paper trades. There has been a sense of unreliability which has risen from the huge gap between the results obtained in live trade and paper trade. This factor has also led to the integrity of the platform being compromised.
- Zenbot has an interface that is completely command-line based. Users may find it difficult to comprehend if they are not used to such coding.
You do not have to shell out a hefty sum when it comes to using Zenbot. This lends a considerable advantage to Zenbot when compared to the other trading bots that are available for users. It is offered to users at a zero fee, add to it the fact that there are no rate limits for using Zenbot. The code that you require can be easily downloaded from the GitHub website.
Zenbot Review: Will you go for it?
To conclude this Zenbot review, we can say that when it comes to the use of trading bots, it is conspicuous that it is for casual users. There is a high level of risk involved in the cryptocurrency market, and unless you are well-versed with the intricacies, you may end up making huge losses.
Users that have experience with investing in the cryptocurrency market can use the trading bot to their advantage. Although there are instances where Zenbot may have incurred losses, but one cannot neglect the fact that it has some of the best tools for users. Since one can perform trades at a very high frequency, there are good chances that you can make a profit too. Zenbot also supports multiple currencies which makes it an ideal choice for seasoned investors.
Before one considers using Zenbot, one must weigh in all the options as one wrong step can lead you to potentially take decisions that lead to huge losses. Once you’re confident about your strategy, you can use Zenbot to help you increase the frequency of your trades.