Upbots is a comprehensive platform that tackles cryptocurrency trading from every angle giving users a 360° trading experience.
On November 6, 2020, a DeFi user mistakenly paid over $9,000 as transaction fees while trading $120. The errors presumably rose from a confusion between the “Gas Price” and “Gas Limit” fields when interacting with the MetaMask wallet. While this seems like a huge mistake, it’s just one of the unfortunate losses witnessed when trading on centralized and decentralized crypto exchanges.
To increase precision during cryptocurrency trading sessions, trading bots were born. Unfortunately, the bots introduced another problem; most of them could only support a few exchanges and digital currencies.
This officially opened the race for a cross-platform bot that would support not only virtual assets but also commodities and futures. The finish line of this competition was reached with the launch of Upbots.
Table of Contents
Background
The Upbots team is led by Benjamin Duval, a serial entrepreneur, and a trained commercial engineer. Its CTO is Ramzi Habib, an experienced interface developer, as well as a blockchain and crypto mining expert. Upbot’s CFO, Julien Quertain, is a trained economist with a degree in law.
The project is managed by Solfin Consulting, a holding company with other crypto trading-related firms such as 4C-Trading and Brainfeed. Upbots is registered in Switzerland. Some of the project’s partners include Reserve, Binance Broker, Alameda Research (the company behind FTX and ProjectSerum), OKEX, and DEX.AG.
What is Upbots?
Upbots is a comprehensive platform that tackles cryptocurrency trading from every angle. Whether it’s through tools and strategies, the protocol has everything covered.
Unlike other bots currently in use in the crypto trading arena, Upbots can be used on both centralized and decentralized exchanges. Due to its numerous functionalities, the platform is ideal for use by novices and slightly experienced traders, as well as trading veterans.
The protocol operates on the Ethereum blockchain with a connection to the Upbots ecosystem, enabled through MetaMask. As such, the platform offers a non-custodial approach where users are in complete control over their virtual wealth. With investors losing funds in many exchanges (both centralized and decentralized), having control over your trading assets at all times is a vital step in guarding your virtual wealth against malicious actors such as hackers and scammers.
Upbot’s security is further boosted by the use of open-source smart contracts since they are open for examination by everyone, including independent security experts. This enables errors to be seen and fixed by any member of the community before they get out of hand.
3 Crucial Features of Upbots
No Need for Trading Help
With the protocol, there’s no need to seek a helping hand to fire trades. Everything is straight to the point. For advanced traders, the platform enhances the efficiency and speed of trading.
Apart from trading, Upbots provides a single dashboard where you can monitor your wallet’s balance and other information. A trader can also centrally view their successful trades, percentage loss or gain in USDT within a given period, as well as an automatic risk evaluator based on your portfolio’s exposure.
Additionally, the network provides the necessary tools and functionalities to define a strategy for manual trading. This can benefit experienced traders who wish to take control of their trades. Defined cryptocurrency trading strategies can be fed into a bot that handles trading throughout the day.
More than a simple 24-hour bot-based trading, the protocol provides tools to help in managing risks when dealing with complex trading positions.
Press the Autopilot Button On Your Wallet
If your wallet doesn’t have this button, Upbots has. The system allows users to place their wallets on autopilot mode. This mode applies to virtual assets held on trading platforms such as Binance and OKEx.
Here, the platform acts as an intermediary between the wallet holder, bots, analysts, and other traders with a proven track record.
Therefore, the autopilot switch can be flipped by novice crypto traders or traders with no time to analyze the markets and signals. Unfortunately, not everything is free; wallets on autopilot pay a commission, which is deducted from the profits rather than the trading amount.
Part of the autopilot functionality is to employ the famous social copy trading approach. This strategy allows novices to “copy” the techniques of professional traders.
Additionally, the autopilot mode uses verified and tested signals from reputable providers. With so many signal providers, this option saves you from the headache of sifting through signals, some of which may be from scammers.
Don’t Just Trade, Learn
Upbots understand that learning is a key component in empowering trader confidence and professionalism. As such, the network provides resources towards this goal. Notably, the training materials are focused on new and pro-traders.
Examples of materials in this section concentrate on money management, financial economics, technical analysis, trading, and blockchain technology.
Upbot’s Native Currency (UBXT)
UBXT is the protocol’s native token. The currency is developed using Ethereum’s ERC-20 standards. It has a total supply of 500,000,000 tokens.
UBXT’s allocation includes token sale (23 percent), institutional sale (22 percent), reserve fund (25 percent), and UBXT development fund (14 percent). In addition, the Upbot team holds 10 percent, while advisors and the bounty program account for five and one percent, respectively. The Upbots team has shared funds for marketing, development, operations, parnerships, legalalities, and other key activities.
The token is used on the system to pay for copy trading commission fees, profits fees from external bots, and other types of fees charged on the platform.
Additionally, the token is used to pay for subscriptions. Areas that require subscriptions include access to signal providers and training materials.
Apart from subscriptions and fees, UBXT powers Upbots-based prediction games meant to aggregate market sentiments. Other aspects that require interaction with the native coin are HODL membership and token burns.
The UBXT economy is velocity controlled, meaning that its success is directly tied to the entire Upbots platform’s success.
Staking UBXT
Upbots supports staking the platform’s token through FTX, a centralized virtual currency exchange. Note that the maximum amount of tokens to stake on the exchange’s Max Pool is 1 million UBXT coins, while the minimum is capped at 10,000 coins. The Max Pool can hold a maximum of 60 million tokens.
UBXT investors can choose to stake their wealth for either seven or 30 days. However, the longer the staking period, the higher the rewards. For example, a 7-day staking period has a 16 percent annual percentage rate (APR), while a 30-day period attracts a return of 25 percent APR.
Apart from a 25% APR, a 30-day staking period gives traders priority access to the network’s minimum viable product (MVP), among other key benefits. Note that the staking period is highlighted to run until August 2021, when it’ll be replaced with an enhanced product called the Hold Program.
The staking process is simple:
- Purchase or transfer UBXT to FTX.
- On the exchange, visit the menu section on the far top left corner and choose “stake.”
- Select UBXT.
- Select the amount you wish to stake and your preferred benefit level.
- Hit “Stake.”
- That’s it. Rewards are on their way.
Conclusion
Upbots comes at a time when there are so many spooky cryptocurrency trading bots. Traders are continually losing funds due to the thin line between a real deal and a scam. From a non-custodial approach to enabling autopilot mode on cryptocurrency wallets, the protocol is a great addition to the bot-enabled crypto trading scene.
Also, the platform’s use of open-source smart contracts enhances its security by allowing heightened scrutiny on its code. By partnering with notable players in the decentralized finance (DeFi) space such as Reserve Protocol and DEX.AG, Upbots is keen on being part of the market’s growth.
