Zenbot Review – Is It Safe? Is It a Scam?

Last Updated: July 19, 2021

Zenbot is a crypto trading tool with a bit of an unconventional twist to the concept. It’s an open-source bot that can be directly taken from GitHub and runs on Node.js and MongoDB.
Jason

Jason

Hi! I'm the editor at EarthWeb. I have a deep interest in technology and business. I also enjoy testing products out. Contact me to be featured!
Zenbot Review – A Stressless Source of Income or Unattainable Nirvana?
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A viable crypto trading bot option that actually turns in profit – and it comes for free?

In today’s state of the market, people tend to believe anything, except that something is absolutely and unconditionally free of charge.

We have come to trust the maxim that the more you pay for something, the better is the quality of service that you get.

Judging by that, when something is free it’s either a scam or it doesn’t work.

Zenbot Review

So, in the middle of all this comes Zenbot, a crypto trading bot that is open-sourced and works. Supposedly. How true is this? We’ll find out together.

Crypto trading bots have become an indispensable tool in cryptocurrency trading. Their potential surpasses drastically that of their human counterparts.

Bots need no sleep, rest, and leisure. They do not suffer from fears, doubts, and psychological pressure. 

On the other hand, without a proper setup and supervision, crypto trading bots won’t be able to perform optimally, or won’t be able to perform at all!

This comes as a cold shower for most people drawn by the gold-rush prospects of the nascent crypto exchange communities.

Most crypto trading amateurs imagine bots as some magical solution that you only need to wind up and it’ll bring in cash by itself. Sadly, that’s not how the market works.

Bots are tools, just like any other. As with every tool, its performance relies on the expertise of those who wield it. That said, the quality of that tool is a crucial factor as well.

Using a wrong or inefficient bot is like trying to get a nail in with a spoon. No matter how expert the hand behind the spoon is, the task would be extremely difficult and the outcome pretty much disappointing. 

On top of the complexity of this matter, all of a sudden there is a rumor of this efficient, reliable crypto trading bot, Zenbot, that is open-sourced, or in other words, free.

How come? Is it true? Does it work? If it does, why give it away for free to anyone?

Let’s go step by step. 

What’s Zenbot?

Zenbot logo

Zenbot is a crypto trading tool with a bit of an unconventional twist to the concept. It’s an open-source bot that can be directly taken from GitHub and runs on Node.js and MongoDB.

It features full-automation crypto trading, with complete compatibility with Bittrex, Binance, Bitstamp, Bitfinex, CEX.IO, Gemini, Poloniex, GDAX, HitBTC, TheRockTrading, and Kraken. 

It was envisioned and created with plugin architecture in mind in order to foster increased exchange support and a high degree of customizability when creating new trading strategies.

Zenbot also enables its users access to a backtesting simulator against historical data, as well as a paper trading option, which simulates a certain balance against the live market background. This is particularly important when trying out new, custom-made bots or tweaking existing strategies.

There are two critical aspects of Zenbot that have significant consequences on its reception into the market. The first is the fact that it is open-source and free.

If it’s both free and good, why does only a handful of users know of it and use it on a regular basis? The second factor is the fact that Zenbot requires a substantial amount of previous experience in trading as well as a pretty decent knowledge in coding in order to be used.

But more on that later.

Free, So Available to Everyone?

Zenbot stat

Zenbot is completely free. You can go to the GitHub page of Zenbot right now, take the code in its entirety, and use it to your heart’s content. Just as you can, so can everyone! So, why don’t all crypto traders use Zenbot?

That’s because there are other factors that prevent most crypto traders from using Zenbot. This trading bot is made for experts only. For example, Zenbot does not have a graphical user interface (GUI). Instead, it relies on a command-line interface in order to run and conduct trade.

To be frank, Zenbot is too complex, convoluted, and detailed to be used by everyone. A beginner in crypto trading, even an intermediate, will surely find Zenbot to be a bite that is too big to chew. In fact, you can’t even install the bot without going through an ordeal in the command line.

So, yes, Zenbot is free. But calling it available to everyone would be misleading. Zenbot is made with pros in mind only. It was made as an experiment by devs, for devs.

It’s open-source nature means that experts are working on it and updating it on a weekly basis, but that also means that you’ll quickly lose track of it if you’re not constantly keeping yourself up to date with the code.

Big pre-requirements usually go hand in hand with a great degree of customizability. Zenbot leaves its users ample space to experiment, invent their own trading scripts, do things in alternative ways, etc.

Its performance can go from a couple of one-hour trades per day to up to 50 trades done in minutes, depending on what you require and what trading strategy you rely on.

But, yet again, every one of these features requires you to know exactly what you’re doing. Sure, you can copy-paste a code, but will you really know what you’re doing, or you’re just running a gamble?

If you’re thinking about having a stint with Zenbot, be prepared to spend months of proactive learning, depending on your previous knowledge of the relevant topics.

For most traders, however, automated trading is alluring because it’s saving time, not requiring more of it.

Here lies the key to Zenbot’s obscurity. Even if it does work, few people will know enough to conclusively tell that.

The Zenbot Community

Zenbot is a relatively young and unknown crypto trading bot, so it really doesn’t have that big of a community. What it has, however, is a relatively active GitHub page with some comments and instructions readily available.

I did find a bunch of reviews on google, which were pretty mixed. The good reviews seemed like they are “promo reviews” which are usually paid for. The not-so-good reviews seemed more legit.

Zenbot is still updated semi-regularly, which is good since that is a decisive sign of active development. 

They also have a Reddit page with a community that numbers slightly over one thousand members on which you can discuss certain issues and topics, however, it does not seem to be as active as the GitHub page.

Sadly, there’s not much more than that. As stated earlier, you’re expected to know a thing or two prior to opting for Zenbot. Tough luck, “non-hardcore” traders!

Security

Ultimately, there’s the question of security.

How safe is Zenbot to use, really?

Well, as software that has to be installed and run on your own device, it is as safe as you make it.

This ties into the story of the overall experience required from its users. If you make your code/device unsafe, that’s tough luck because Zenbot by itself won’t be of much help here.

Run at your own risk, literally.


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Review Final Verdict

Zenbot certainly isn’t a stressless source of stable and guaranteed income.

In fact, no income is guaranteed whatsoever.

But is the stable income-nirvana unattainable with Zenbot? For the vast majority of crypto traders, it is unattainable, we’re sorry to say.

It’s simply for the fact that the difficulty of use is too high for most of us. No wonder it is free!

For all of us who aren’t god-like deities of programming, there are much better and more accessible alternatives.

Quadency and Bitsgap, to name some good candidates, both feature the degree of accessibility that allows users with every level of experience to venture into the world of crypto trading and get a piece of the big crypto pie.

You don’t need a PhD in IT in order to trade crypto, even if it does seem like that when you take a look at Zenbot. Feel free to pass this one.

Written by Jason

Hi! I’m the editor at EarthWeb. I have a deep interest in technology and business. I also enjoy testing products out. Contact me to be featured!

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