Zenbot Review 2020: Scam or Legit Trading robot? Author: Patrick Webber Last Updated: 21 July 2020 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. On this Page:Contents [show] 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. TOP BITCOIN ROBOTS 2019. 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. Robot Rating Properties Trade 1 The best choice 88% claimed win-rate $250 Min Deposit Accepts Credit Card and Sofort Trade Now All trading carries risk. 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. Robot Rating Features Trade 1 Free to use 87% claimed win-rate $250 Min Deposit Accepts credit card and Sofort Trade Now All trading carries risk 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 forex and stock trading apps 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 and Bitcoin Evolution 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. The best 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.