With all the hype the world of cryptocurrency is receiving in recent times, it is no surprise that the number of trading bots are increasing with novel and distinctive features that have never been seen before. Zenbot is one such trading bot has been in the news month after month.
Whether it is for limitless praise or due to complicated controversies, one comes to the realization that Zenbot would not be popular and so talked about, if there was nothing to talk about. If people were making money through this bot and if it was working to at least some extent, there must definitely be something to it. This Zenbot review looks into what it is that has given Zenbot the edge over other bots in the market today.
Zenbot Review: The Platform for High-Volume Trading
Zenbot can be understood as an open-source system that has the option to be customized and modified as per the requirements of a user. It is a bot that features a natural language processing service which also functions as a chatbot. This artificial bot shows true intelligence as a bitcoin trading bot as it allows for high-frequency trading, which usually is not provided as a feature on other bots.
This is done on the basis of market analysis that is carried out by Zenbot. It also works as an automated bot for GDAX. How to use Zenbot is fairly simple as Zenbot itself does most of the work for you.
It also has an algorithm that ensures compatibility with several platforms including that of MongoDB and Node.js. This means that you can run all the Zenbot algorithms on each of these platforms. With regard to cryptocurrency exchange programs, it supports GDAX, Kraken, Bittrex, Gemini, Poloniex and Quadriga.
If you’re a seasoned investor who deals with multiple cryptocurrencies, Zenbot may be the bot for you as it makes the process of investing and trading crypto easier. It also comes with a whole bunch of exciting features that have been discussed in this Zenbot review.
“An intelligent investor sees an opportunity in dip than risk.”
That is exactly what Zenbot is. It is an opportunity. With the right strategies and trading pairs, Zenbot has the potential to make money. Maybe not a lot of money at one time, but money nevertheless. And that sounds pretty good, doesn’t it?
Zenbot Review 2020: Features of Zenbot
There are tons of exciting features that come with Zenbot which have been focused on in this Zenbot review.
1) An all-in-one bot
Zenbot has the capability of building graphical bots as well as being an intent resolver. But it doesn’t end there. Through Zenbot, complex and intricate bots can be developed via the software used. It is a multi-functionary bot with several distinct features that makes the crypto world all the more interesting and convenient.
2) Comprehensive language engine
Zenbot incorporates a natural language engine which means that the syntax of Zenbot assures itself that it is well-versed in language including different areas of grammar, semantics and context. The neuro-linguistic programming engine of Zenbot is quite powerful and flexible. This also allows the engine to build and develop complex and conversational bots. Zenbot has a variety of language options and a user can pick any language due to its flexible syntax patterns.
3) No server, no problem!
One of the most exciting features of Zenbot is that there is no server. There is no need for any platform or database for Zenbot to interact or host other bots! This eliminates a substantial number of issues that could have arisen due to a server.
4) Analytical tools
The bot’s usage statistics and data can automatically be stored by Zenbot in a range of analytical tools that are generally used including but not limited to Google Analytics, Botanalytics, and Mixpanel.
6) Integration of messengers
Zenbot has another feature which is that it is already integrated with different messengers, such as Facebook Messenger and Skype among others. This makes the process for a user all the more simple, as a user would only have to provide the required credentials on the web console.
7) Build your own “Siri”
Zenbot also allows users to connect with any other websites or applications they desire through the app’s user face directly. The REST API is an integration that is available on Zenbot which provides the user with an option to create a virtual assistant on their own – your very own “Siri”!
8) Flexible sampling
Zenbot also features flexible sampling. The bot averages around 1-2 trades per day in a one-hour period and 15-50 trades per day in a five-minute period.
In this Zenbot review, the advantages and disadvantages of using the bot have been considered.
Advantages of Zenbot
One of the primary advantages of Zenbot is that it makes analysing responses much simpler since it does not require the assistance of a developer to implement user-to-machine communication. Zenbot minimises the tasks and reduces costs. The “how to use” of Zenbot is possibly as easy as it gets when it comes to trading and investing in crypto.
Zenbot carries out the following functions which makes the entire process easier
1. Zenbot processes each request
2. It assists in the management of contexts
3. It carries out evaluation of all the scripts
4. It collects and stores variables that are needed
5. It performs meaningful actions which generates output
The consumer is only required to send a text request, and then receive the response as a whole in return.
2) Pattern matching mechanism
Zenbot uses a strong pattern matching mechanism. Most bots tend to use machine learning which is not as effective. Pattern making generally is more powerful and proves to be a better choice as it allows for flexibly in associate degree informatics in line with the management of the dialog system. Pattern recognition coupled with entity extraction makes it a simpler and better system to follow.
3) Dialog structure
Building dialog structure is also comparatively an easier task in Zenbot. Zenbot, unlike other bots does not rely on Net Interface but instead defines an XML file format which eliminates all the complications and confusion that is associated with Net Interface. This is more comprehensible, easy to understand and is straightforward.
Zenbot also allows a user to do back testing extensively. This feature lets one test their strategy in a virtual environment to see how it works. This is a big plus especially for beginners as a new trader can get the feel of trading without actually investing or trading until they feel confident.
5) Maximization of profits
Zenbot helps you maximize profits. It allows you to perform trades at a rather high frequency. It may increase risks, but the return could very well be worth it with the right planning and strategies.
6) Modification of code
Another exciting edge of Zenbot over others, is that users have the option to modify the code easily as the entire platform is open source. If a user is not able to create their own code or they are stuck, codes can be downloaded at eased from GitHub. Zenbot is also supported on different operating software, including MacOS, Windows, and Linux.
Disadvantages of Zenbot
1) Slow updates
Zenbot is an advanced platform. Unfortunately, the updates for Zenbot are relatively slow which has adversely affected its image as well. The slow rolling out of updates for Zenbot has also put its competitors ahead, as it hinders the access of users to new information in the market.
2) Discrepancies between live trade and paper trade
There are a number of discrepancies between live trade and paper trades for which no explanation has been provided. This lowers the threshold of reliability for Zenbot and is also the reason behind the compromised integrity of Zenbot.
3) Command-line coding
Zenbot’s interface is completely command-line based. This could be a little difficult for users to understand if they aren’t used to coding of this kind.
Pricing of Zenbot
The best part about Zenbot is that it is FREE to create a bot for non-commercial use.
For commercial use, one has to directly contact the team through their site to request a commercial plan for a project. It isn’t too hefty a sum either, which works pretty well for business bots!
This gives a handsome advantage to Zenbot in comparison to other trading bots that are available.
It is offered to users at a no fee, and there are also no rate limits for the use of Zenbot. Plus the code required can easily be downloaded from GitHub. This is a pretty neat deal overall.
Is Zenbot the REAL deal: Can we make money?
What the world really wants to know is Zenbot’s ability to help you make big money. Something that is in need of addressal is the multiple controversies Zenbot has been involved in over the last few months. It has come under strict scrutiny and has been called a “scam” among other things.
The discrepancies between the paper trade and live trade have led to such questioning as it all seems a little sceptical. After using Zenbot, there were also a few users who complained stating that there instances that when it came to actual trading the live trades showed losses whereas the simulations carried out indicated profits. Users also complained about glitches and lack of updates in the system, which were concerns across all consumers of Zenbot.
However, taking into account the crypto market, these issues can considerably be attributed to the volatile conditions of the marker and the general slippages that tend to occur during order execution. Even traders that have used Zenbot and made gains as well as losses have stated it isn’t the fault of the bot, but the fault of the market and the unavoidable volatilities the world of crypto brings with it. If this can be used as an advantage through experience, positive results and gains can definitely be seen.
The reason why Zenbot is taking the flak is because of one of its major disadvantages – that the updates are just not coming out fast enough for the likes of users. The market thrives on new information and exciting updates.
Since It takes a while, Zenbot looks more outdated. Another reason is that it may seem like other bots are making more money than Zenbot but that can be narrowed down to the strategies one chooses to use to trade, which directly reflects on profits.
Understanding the crypto market is the key to making profits, especially in the case of Zenbot. Zenbot provides a platform that allows you to increase your frequency of trade. This gives you a good chance to make profit provided you use it well – Gain the knowledge, create the right strategy and understand the market. After this, Zenbot will be your friend through thick and thin.
In concluding this Zenbot review, it can be stated that when it comes to the use of trading bots, it is conspicuous that the use of such bots is for casual users. There is a high level of risk that is involved in trade and investment of cryptocurrency with the hyper volatile market, and unless one is well-acquainted with the intricacies, one could make enormous losses.
Users with experience of trade in crypto, can definitely leverage Zenbot to their advantage. Zenbot has some great features at no cost for the bot at all. The tools that Zenbot offers are far better than a lot of features and tools offered by other bots which you even have to pay for. There have been situations where losses have been incurred on Zenbot, but that really is just the trade of crypto.
No one can deny the superior characteristics and unique features offered by the bot. Zenbot gives a user the option to perform trade at high frequency so there are good chances profits can be made. It supports multiple currencies which makes it pretty ideal for seasoned investors as well.
Ultimately, the point of trading is gaining crypto. If one disregards the value of the crypto, and takes in the amount of crypto gained, it seems like a good win. Working on gaining more of it should be the goal. Zenbot can help you with that for sure. But before one considers using Zenbot, the options must be weighed.
A wrong step could result in huge lose and the right one in huge gains. The bot is free. You have the choice. Once you have considered the options and you are confident about your strategies, Zenbot can be used and leveraged to increase frequency of trades.