Zenbot Review 2019: Scam or Legit Trading robot?

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Zenbot is a crypto trading robot that allegedly uses artificial intelligence to make trading decisions. This trading software is said to do all the investment research and automatically place trades with an accuracy level of above 90%. The app is fully automated meaning that anyone can trade with it. But is Zenbot a scam or legitimate trading platform?

InsideBitcoins investigations reveal that this trading robot is a scam. As we will see in this review, Zenbot scores 25% in our legitimacy test, which is way below the 80% mark for legit robots.

Is Zenbot a scam? Yes!

  • InsideBitcoins gives Zenbot a legitimacy score of 25% – Best trading robots score above 80%.
  • Zenbot does not disclose about its partner brokers – we established that a good number of them are a scam.
  • This trading has low accuracy level than reported – Most individual online reviewers report losing money most of the time.
  • Zenbot trading platform is not stable – there are a lot of complaints that it keeps crashing.
  • Click the button below to read a review of a legit trading platform or keep reading to learn more about Zenbot.

Beware of the scam robots: 

InsideBitcoins tests are based on hands-on experience and also feedback from other reviewers. The hands-on test takes into account things such as accuracy, consistency, transparency, ease of use, and customer service. Feedback analysis includes browsing the internet for individual reviewers’ comments.

We find Zenbot to have a generally negative online sentiment. Most users complain that the robot is not accurate and they have lost more money than they have made. Additionally, a lot of users report not being able to withdraw their money when they need it. InsideBitcoins recommends that you keep away from this trading robot.

Recommended Trading Robots

Bitcoin Compass

This trading robot reports an average of $1300 in profits per day. InsideBitcoins tests determine that this is a legit bot and you should try it. Bitcoin Compass scores best in reputability and customer service.

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Bitcoin Code

Bitcoin Code is among the best trading bots in our list. This trading bot scores best in ease of use and consistency. With this robot, you can make an average of $1500 per day.

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What is Zenbot?

Zenbot is a bitcoin trading robot that applies AI-powered computer algorithms to scan the crypto markets for tradeable data and automatically execute trades. The app takes the high-frequency trading approach where computer algorithms supersonically analyze big data and executes trades.

However, InsideBitcoins investigation did not find any evidence that Zenbot relies on legit AI-powered algorithms. While their platform is open source, it appears that no one pays much attention to the quality of the algorithms introduced on the platform. As mentioned earlier, most people who use Zenbot claim to experience more losses than profits.

High-frequency trading is not a new concept and has been applied in stock and forex trading for years. This form of trading maximizes on every trading opportunity that presents by analyzing all data available and executing trades in a split of a second.

Artificial intelligence, on the other hand, enables trading robots to learn from market data and automatically improve accuracy. AI-powered algorithms are highly likely to make better decisions than ordinary robots. Read our review of Bitcoin Loophole if you are looking for a legit trading robot powered by AI.

Who Founded Zenbot?

Zenbot was founded by an online marketer by the name of David Vasquez. According to Crunchbase, Vasquez has a master degree in online marketing and E-commerce. InsideBitcoins investigations did not find much detail about this person and the team behind the app. Vasquez does not have any technical background which means that he did not develop the app himself.

The fact that Zenbot focuses more on marketing and signups and little on trading technology advancement is enough evidence that this robot is not worth your time. Vasquez background in online marketing seems to be the only strength that has propelled this trading platform to popularity. Zenbot claims to be open source but there is little evidence that developers are able to contribute towards its improvement.

It is highly unlikely that a person without a background in computer science or finance can create a robot that beats the markets. InsideBitcoins recommends that you stay away from any trading robots not willing to disclose about its technical team. Some legit trading robots do not disclose about founders but they provide information about the technical background of the founding team.

How does Zenbot work?

Zenbot is a bitcoin trading robot that makes trading decisions on behalf of users and automatically places trades. This app is said to be best suited for both beginner and experienced crypto traders. Our experience with the robot reveals that it is a bit complicated and therefore not fit for complete beginners.

Additionally, it does not seem to deliver the results it promises. Most users report losing money trading with this robot. Zenbot claims to be open source, meaning that developers across the globe can contribute towards making it more accurate.

However, InsideBitcoins has established that there is little participation and the app remains awfully inaccurate. InsideBitcoins investigation reveals that this trading robot is not updated regularly. For instance, at the time of writing this review, the app showed that it had not been updated for the last six months.

There is also a high likelihood that the backend of this trading app does not have capabilities that it claims to have. Zenbot claims that it is in testing stage and therefore it can’t be held responsible for any losses experienced through it.

Legit trading robots such as Bitcoin Code consistently report an accuracy level of above 90%. In addition, they are updated regularly to meet changing market conditions.

Account creation

To use Zenbot, you need to have a Github account. This implies that you must have some technical experience to use this robot. As mentioned earlier, the robot is open source meaning that you can customize it to meet your trading needs.

Legit trading robots in our list are user-friendly and do not need any technical expertise to set up and operate. For instance, with the likes of Bitcoin Code and Cryptosoft, all you need is to create an account on their website, make a deposit and start trading. The setup process takes less than five minutes and you need less than 20 minutes of account monitoring per day during live trading.

With Zenbot, you need some technical skills in computer programming and the trading user interface is not that friendly. You will also need some experience trading bitcoin to customize the trading app to your preferred strategies. Moreover, you will need to keep checking your account given the high failure rate reported with this trading app.

Also, Zenbot raises a lot of safety questions due to its open source nature. InsideBitcoins determines a legit trading robot by the security measures undertaken to protect users’ data.

Demo Trading

Once you have made your Bitcoin trading bot with Zenbot, you can backtest it using historical data. InsideBitcoins investigation has determined that the results you get from demo trading are nowhere near what you get in live trading. While you are likely to make big gains in demo trading, you are likely to experience huge losses in live trading.

As mentioned earlier, most people who have tried Zenbot report experiencing losses most of the time. InsideBitcoins finds the accuracy level of this trading robot to be anywhere between 10 to 15 percent. This means that for every ten trades, only one is accurate.

Legit trading robots such as Bitcoin Code have a proven accuracy level of above 90%. Furthermore, most use live data for demo trading hence ensuring that the difference between demo and live trading is not much.

Deposits and Withdrawals

Zenbot does not specify the minimum trading capital that an investor should deposit to trade with the robot. However, the developer behind the trading robot warns that people should not invest a large amount of capital since it is still in the testing phase. InsideBitcoins finds this trading bot highly suspicious and therefore recommends that you stay away from it.

Most legit trading robots that we have analyzed require a minimum deposit of $250 and have a money back guarantee. In addition, their partner brokers are well-regulated and have a proven track record. Scam brokers tend to partner with sham offshore brokers. We could not establish the brokers behind Zenbot. This is another red flag as to why you should avoid this trading bot.

Also, Zenbot does not provide any information about deposit and withdrawal fees. Most legit trading robots do not charge any fees and provide this information to investors before sign up.

Another thing worth noting is that Zenbot has a reputation of delaying withdrawals. We found a lot of complaints about people who could not withdraw their money when they needed it. Transactions are facilitated within 72 hours. Most legit platforms facilitate transactions within 48 hours.

Live Trading

As mentioned earlier, Zenbot trading platform is a bit complicated and may require some technical skills to set up and trade. Unlike most bitcoin trading robots, this bot requires users to specify their bitcoin trading strategies. What this means is that you must have some bitcoin trading experience to use it.

But even after the hectic setup, there is no guarantee that you will make any money with Zenbot. InsideBitcoins investigations reveal that most people who have used this platform have lost their money. The bot has an extremely low accuracy level which makes it lose every nine in ten trades.

With most of the bots in our best robots for 2019 list, live trading involves simple tasks such as opening and closing trades. The robots carry out all the investment research and trading. These robots require the user to monitor their accounts for less than 20 minutes per day.

Why Zenbot is a scam trading robot

InsideBitcoins investigation shows that Zenbot is a scam trading robot. With this bot, you stand no chance of making any profits. Here are some of the top reasons as to why you should keep away from this robot.

  • InsideBitcoins legitimacy score of 25% – As mentioned earlier in this review, InsideBitcoins takes into account factors such as transparency, consistency, accuracy, and reputation when determining the legitimacy of a trading robot. Zenbot scores poorly in all these areas.
  • Scores poorly in online sentiment analysis – Our tests reveal that there are a lot of complaints about this trading bot. Most users report losing their capital on the first day of trading. Others lament that this robot provides poor customer service.
  • Complicated trading platform – you need some technical knowledge to set up and use Zenbot trading platform. There are numerous complaints about this trading app crashing during live trading.
  • Delayed transactions – Zenbot takes more than 48 hours to facilitate withdrawals. There are complaints about this trading robot taking over a week to process withdrawals.
  • Unsecured trading platforms – InsideBitcoins did not find Zenbot trading platforms secures enough. They do not have a personal data protection policy and the fact that the platform is open source makes it more prone to cyber attacks.

Is Zenbot a scam trading platform? The verdict!

InsideBitcoins concludes that Zenbot is a scam. The robot is not user-friendly and has a reputation for crashing during live trading. Moreover, most people who use it report making more losses than profits. Also, the platform is not secure enough meaning that users risk losing their data to hackers.

Legit trading platforms are known to have easy to use and secure trading robots. InsideBitcoins provides unbiased and comprehensive reviews to help you make informed decisions.

Remember that all investment opportunities carry a certain risk. This especially applies to cryptocurrencies, which are still relatively young in the financial markets.

FAQ

What is a trading robot?

A trading robot is a computer algorithm that analyzes market data for tradable information and places corresponding trades.

Is Zenbot app legit?

No! This trading robot has proven to deliver losses consistently. Most people who have tried the robot have lost their money.

Do I need any technical experience to trade with Zenbot?

Yes! You need to have some programming and crypto trading skills. Zenbot claims to help you make an algorithm for your trading strategy. When compared to legit trading platforms such as Cryptosoft, this trading robot is not worth the hustle.

How much do I need to invest with Zenbot?

Zenbot does not have a minimum capital requirement. However, investors are warned against investing huge sums given that the robot is still in the testing phase. InsideBitcoins has determined that the robot has not been updated in the last 6 months.

How much can I make with Zenbot

This trading robot appears to be a scam and it is highly unlikely that you will make money using it. Most people who have tried it report experiencing huge losses within a short time.

What is an open source trading bot?

An open source trading bot is the one that is open to being improved by independent developers. This means that anyone can create an algorithm and incorporate it into the app. Zenbot is an open source trading app.

Can I withdraw my money from Zenbot

There is a high chance that your account will be wiped out before you can a chance to make withdrawals. If you are lucky to halt trading while your capital is still there, you can withdraw it within 48 hours.

 

 

Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

About Patrick Webber

A cryptocurrency and trading writer and editor, I specialise in algorithmic trading. I’ve written about every type of automated trading tools - from cryptocurrency robots, binary option robots, down to robo advisors. My goal is to write honest reviews about automated trading tools in order to help users understand which software are trustworthy and which ones they should stay away from. I am constantly analysing and scrutinising the up and coming trading apps so if you are seeking advice or if you would like me to write a robot review in particular don't hesitate to get in touch – I’m happy to help!

12 thoughts on “Zenbot Review 2019: Scam or Legit Trading robot?

    1. Hello Qbt902, you are absolutely correct as our experts have also concluded that Zenbot is a scam and we would not recommend you to use it. There are many other legit and secure crypto bots that you can safely use. Check out our review on Cryptosoft and Bitcoin Revolution.

    1. Hello Cxd643, we are very sorry to hear about your poor experience with Zenbot. We would not recommend anyone to invest in this platform as it is a scam. However, the crypto robots discussed in this guide are completely legit and secure.

  1. !!!!!!!!!!I lost OVER $500 TO THE SOFTWARE!!!!!!!!!!!!!!!! please can you help me retrieve the funds???? Which cryptocurrency robot will you recommend for me to use for trading instead? I want to recover my losses !! I need to make $1,000 per day to get back on track!!

    1. Hello Rita, We are sorry to hear about your bad experience and we do not recommend our readers to use Zenbot. We have tested and reviewed a lot of popular crypto trading bots and these are the most legit and accurate ones. To earn $1,000 per day you have to invest a large amount of money but we recommend you to start with the minimum deposit and gain some experience first.

  2. SCAM! This robot claims to use “artificial intelligence” which is just lies. When I used the Zenbot software for trading, I was unable make any substantial profit from it and it was not accurate in its dealings, it just seemed to make trades randomly. It’s also hard to use and at times there are errors on the software which make it crash and my laptop freeze. Which other legit robot with better accuracy can you recommend for me to use????

    1. Hello Becca, we have tested and reviewed a lot of popular robots and these are the ones we highly recommend that are legit and accurate. After gaining some experience you will be able to make sound and good profits on a daily basis. The withdrawal procedure is very simple and easy, with a few clicks your money will be transferred to your bank account directly.

  3. Zenbot was one of the many I invested in last year but the gain I got was nothing compared to what I expected. I made some gain from some that were good, but Zenbot and some other scamming robots took away my money and I was left with nothing.

    1. Hello Freddy, we are sad to hear about your experience with Zenbot. There are hardly any profits on Zenbot ever. Even if someone gets a profit, it is to make them invest an even larger amount of money which can then be scammed. We would not recommend anyone to use Zenbot.

  4. Whether it is my luck or my impatience that is affecting me I really can’t tell. When I started with my this robot, Zenbot, I was happy that I could just invest any amount (not too costly) not knowing that it will not last long but I’ve not made much money from it yet. I want to know if Zenbot is a well-regulated bitcoin robot? I am a little bit confused so I will need your help to understand more. If not, which robot can I use in place of this and get astonishing results?

    1. Hello Karl, as per our research we have found out that Zenbot is not regulated by any organization and we have concluded that Zenbot is a scam.

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