ForexEzy
No Result
View All Result
  • Home
  • Getting Started
  • Forex Education
    • Forex Basics
    • Forex Trading Strategies
    • Money Management
    • Risk Management
    • Technical Analysis
    • Fundamental Analysis
    • Trading Psychology
    • Social Trading
    • Automated Trading
  • Forex Tools
    • Forex Robots
    • Forex Indicators
    • Forex Signals
    • Forex VPS
  • Top Forex Brokers
    • Best Forex Brokers
    • US Forex Brokers
    • UK Forex Brokers
    • MT4 Forex Brokers
    • MT5 Forex Brokers
    • Zero Spread Brokers
    • Best PayPal Brokers
    • TradingView Brokers
    • Social Trading Platforms
  • Top Forex Advisors
    • Best Forex Robots
    • Best Forex Signals
    • Best Managed Accounts
  • Forex Forecast
  • Crypto
    • Best Crypto Exchanges
    • Best Crypto Bots
    • Crypto Guides & Forecasts
  • Home
  • Getting Started
  • Forex Education
    • Forex Basics
    • Forex Trading Strategies
    • Money Management
    • Risk Management
    • Technical Analysis
    • Fundamental Analysis
    • Trading Psychology
    • Social Trading
    • Automated Trading
  • Forex Tools
    • Forex Robots
    • Forex Indicators
    • Forex Signals
    • Forex VPS
  • Top Forex Brokers
    • Best Forex Brokers
    • US Forex Brokers
    • UK Forex Brokers
    • MT4 Forex Brokers
    • MT5 Forex Brokers
    • Zero Spread Brokers
    • Best PayPal Brokers
    • TradingView Brokers
    • Social Trading Platforms
  • Top Forex Advisors
    • Best Forex Robots
    • Best Forex Signals
    • Best Managed Accounts
  • Forex Forecast
  • Crypto
    • Best Crypto Exchanges
    • Best Crypto Bots
    • Crypto Guides & Forecasts
No Result
View All Result
ForexEzy
No Result
View All Result
Home Cryptocurrency Trading

Zenbot Review: Is It a Legit Crypto Bot?

by Richard Brase
May 5, 2022
in Cryptocurrency Trading
0
Zenbot Review: Is It a Legit Crypto Bot?
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

Zenbot is a bot that works on a crypto market. The presentation includes folders and files on the system. We can check them for free if we know any coding language. So, we are going to do to analyze out the efficacy and reliability of this crypto trading tool to decide hether it is worth a try.

Bitsgap

What is Zenbot?

Zenbot is a completely open-source software. We can be involved in software development to improve the stability of the system.

Quick summary

  • The advisor solution will work automatically for us.
  • We can participate in designing the robot.
  • It’s available for free.

Zenbot: background

The system was designed by Carlos Rodriguez in 2018. We don’t have extra knowledge about how the system works.

How does it work?

We have some details explained about how the system is going to be profitable working on our account.

  • The presentation shares information about automatic orders execution.
  • This project isn’t supported anymore.
  • It’s a command-line cryptocurrency trading bot using Node.js and MongoDB.
  • This means that we should have proper experience to work with it well.
  • The system proceeds technical data automatically.
  • It can be used on several exchanges: Binance, Bitfinex, Bitstamp, Bittrex, CEX.IO, GDAX, Gemini, HitBTC, Kraken, Poloniex, and TheRockTrading.
  • We can expect that the supporting list will be extended.
  • It’s possible to design our own strategies.
  • We are allowed to perform paper trading for the system.
  • There’s provided historical data.
  • We can manage sell stops, buy stops, and (trailing) profit stops.
  • It places 1-2 orders on H1 or 15-50 orders daily on M5.
  • The robot is not a “sure-fire” trading solution.
  • It is possible to customize risks we are going to work with.
  • The list of settings can be managed by us if we have proper experience.
  • We have to monitor the system consistently.
  • It sets relevant SL and TP levels for every order on the market.
  • The default parameters aren’t great to work with.
  • We can work with it for free.
  • There’s no warranty provided.
  • The core strategy is trend trading to spot trading opportunities, checking the moving average convergence divergence calculation.
  • As an extra, we have a price action strategy that runs based on RSI, SAR, and EMA indicators.
  • If the market doesn’t experience high volatility, it doesn’t work well.
  • The trend time range is 2 minutes.
  • The 1M time frame can be used with a speed strategy.
  • It has to be tested properly before being used.

How to sign up with Zenbot?

To sign up, we have to follow several strategies.

  • We can work with four operational systems: Windows, Linux. macOS 10 (or Docker).
  • The Node.js version over 8.3.0 and MongoDB are required.
  • The system should be launched through the console.
  • We have to provide the system with API keys.
  • API keys don’t require deposit/withdrawal permissions.
  • We can use a UI to manage orders.

We have to download the robot and customize it properly. Afterwards, we have generated API keys for it to work on our behalf. Then, we should attach a chart to our exchange account.

Does Zenbot offer a demo account?

No, it doesn’t. Anyway, there should be paper testing.

Profitability of Zenbot

Zenbot’s backtest report.

The presentation includes a file with a screenshot of testing BTCUSDT on the data from February to May (most likely 2021). The devs set an initial deposit at $1000. It has turned into $2964.50 for 90 days. The ROI was 195%. Anyway, the chart doesn’t show smooth and predictable growth.

Payments, deposits, and withdrawals

The robot can be used completely for free. So, no payment is needed. Also, we should deposit something on it to start working.

Exchanges supported

Working is allowed on Binance, Bitfinex, Bitstamp, Bittrex, CEX.IO, GDAX, Gemini, HitBTC, Kraken, Poloniex, and TheRockTrading.

What about customer support?

The developers provide us with no customer support because the system is free. Also, we can ask questions to the community on Reddit.

Benefits of using Zenbot

  • We can trade automatically
  • It’s possible to customize the system
  • The robot can be tested easily

Drawbacks of using Zenbot

  • The developers don’t support the system anymore
  • We should have proper developing skills
  • The system has to be properly customized

Pricing review

Zenbot is a completely free solution. So, no pricing is here.

What are security measures?

The system works on the market using API keys to trade from our behalf. This doesn’t protect us from losing orders.

Is Zenbot legit?

Yes, it is. We can use it if authorigites don’t prohibit crypto assets and crypto trading.

Ease of use

The system isn’t welcome for beginners because it requires us to have proper coding or developing skills.

Is Zenbot a good choice for automated trades?

We don’t know because it requires us to have proper skills and we haven’t seen trading results. So, it’s simply not clear if the system is profitable.

What are the risks of using Zenbot?

The risks lie in the field that we don’t know if the robot is profitable and can handle various market conditions.

The Best Forex Robots Report Is Already Here!
Check out 30+ best expert advisors with daily updated live results and statistics.

The Review

Review verdict: free system with no trading results

3.2 Score

Zenbot is a system that was designed as an open-source solution for everyone to be profitable on the crypto market. The presentation doesn’t include a proper level of explanations about how the system works and, most important, what profitability we should rely on. Most likely, to manage it well, we should have relevant trading and coding experience.

Review Breakdown

  • Features:
  • Exchanges Supported:
  • Security:
  • Price:
  • Customer Support:
ShareTweet
Previous Post

Crypto Portfolio Trackers for Personal Wealth Management and How to Choose Them

Next Post

Top 5 NFT Marketplaces for Buyers and Sellers

Related Posts

FGI Crypto Fear and Greed Indicator

FGI Crypto Fear and Greed Indicator

by Tim Baudin
May 26, 2022
0

Being in its teenage years, the cryptocurrency market is relatively new as compared to other financial assets. To that end,...

Best 14-RSI Strategies for Crypto Traders

Best 14-RSI Strategies for Crypto Traders

by Adam Stanley
May 25, 2022
0

In crypto, technical analysts often benefit from trading recognizable candlestick patterns such as the head and shoulders, cup and handle,...

Trader Joe Decentralized Exchange Review

Trader Joe Decentralized Exchange Review

by Richard Brase

Trader Joe is a comprehensive decentralized platform for crypto trading. It works on the Avalanche network. The main objective of...

Best 5 Crypto Reddit News Groups for Traders

Best 5 Crypto Reddit News Groups for Traders

by Adam Stanley
May 24, 2022
0

Telegram, Reddit, and Discord are among the most popular crypto platforms. Reddit began in 2005 as a centralized community platform...

Best 5 DEX Projects and Tokens to Invest in

Best 5 DEX Projects and Tokens to Invest in

by Adam Stanley
May 23, 2022
0

People are interested in cryptos for a variety of reasons. If you want to trade them, you'll need to use an...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Best Forex Automated Systems

  • TechBerry 9/10
  • Happy Galaxy 8.5/10
  • Forex Cyborg 8.5/10
  • Forex Fury 8/10
  • FXgoodway 7.5/10

Best Crypto Bots

  • Bitsgap 9/10
  • Cryptohopper 8.5/10
  • Pionex 7.5/10

Top Trading Markets

We are dedicated to demystify the world of forex trading for you – no matter what level you are on.

Categories
  • Automated Trading
  • Cryptocurrency Trading
  • Day Trading
  • Forex Basics
  • Forex Brokers
  • Forex Education
  • Forex Forecasts
  • Forex Indicators
  • Forex Market Commentary
  • Forex Robots
  • Forex Signals
  • Forex Tools
  • Forex Trading Strategies
  • Forex VPS
  • Fundamental Analysis
  • Managed Accounts
  • Money Management
  • News
  • Risk Management
  • Social Trading
  • Technical Analysis
  • Top World Traders
  • Trading Apps
  • Trading Psychology
  • Uncategorized
Tags
arbitrage atr Avalanche AVAX Coin bollinger bands cci chart patterns classics copy trading courses Crypto day trading forex brokers forex charts forex ea forex education forex forecasting Forex Indicators forex software reviews grid trading hedging ichimoku macd market cycles news trading oscillators Polkadot price action trading rsi social trading SOL Solana strategies tips & tricks trading bots trading platforms trend trading Video
  • Terms of Use
  • Privacy Policy
  • Compensation Disclosure
  • Risk Disclosure
  • About Us
  • Contact Us

Copyright © 2022 by ForexEzy.com

No Result
View All Result
  • Home
  • Getting Started
  • Forex Education
    • Forex Basics
    • Forex Trading Strategies
    • Money Management
    • Risk Management
    • Technical Analysis
    • Fundamental Analysis
    • Trading Psychology
    • Social Trading
    • Automated Trading
  • Forex Tools
    • Forex Robots
    • Forex Indicators
    • Forex Signals
    • Forex VPS
  • Top Forex Brokers
    • Best Forex Brokers
    • US Forex Brokers
    • UK Forex Brokers
    • MT4 Forex Brokers
    • MT5 Forex Brokers
    • Zero Spread Brokers
    • Best PayPal Brokers
    • TradingView Brokers
    • Social Trading Platforms
  • Top Forex Advisors
    • Best Forex Robots
    • Best Forex Signals
    • Best Managed Accounts
  • Forex Forecast
  • Crypto
    • Best Crypto Exchanges
    • Best Crypto Bots
    • Crypto Guides & Forecasts

© 2022, Forexezy.