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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 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.
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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.
How does Zenbot work?
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.