After long months of anticipation, Upbots – a crypto trading interface, has finally released its mobile app, allowing anyone to activate and manage bots from anywhere in the world.
What is Upbots?
Upbots is a platform dedicated to cryptocurrency trading from both a manual and algorithmic point of view. In other words – users can use their free crypto trading robots as well as place orders manually. Upbots is the “hub” – gathering your crypto investments in one place, without the need to connect individually to different platforms.
Upbots is also an ecosystem, with its own token, UBXT. The token is used by users to pay ‘commissions’ (AKA performance fees) for successful trades only. Platform users can also stake it on the UpBots interface to generate crypto passive income.
What do they provide?
- Upbots is first and foremost an algorithm rental platform. This is where the performance fees discussed above come into play. The activation of a bot on the platform is free but users have to buy UBXT to pay these fees.
- Upbots is also a manual trading platform that allows users to place orders directly without having to connect to an exchange platform. There are several exchanges available and they have recently added the possibility to connect a future exchange which allows users to go in both – long and short – directions.
- Upbots is finally a free portfolio monitoring service that allows you to gather and monitor multiple accounts through API keys. It’s very easy to do and tutorials are available which makes it a breeze. They can be found here.
How does it work?
The platform allows the activation of one or more trading algorithms and there is no need for a special subscription for this. However, the algo renting platform is designed for both traders and developers.
As soon as an algorithm makes a profit, a part of the performance fee is returned to the developers as compensation. A bot, therefore, needs UBXT to be activated, but these will not be used until the bot has made a profit.
Long and Short trading robots
The main strategy in trading is often to buy low to sell high, and this works when the markets are in an uptrend. This is obviously not always the case, and when the market is in a downtrend, the gains made can quickly melt away.
UpBots recently started offering trading and Algo rental on two futures platforms – Binance and Kucoin, and this allows, among other things, to short the market. In concrete terms, this means that it is possible to be profitable whatever the direction of the market, even in a sharp decline.
Usable on desktop and now mobile.
The desktop app is very easy to use and it only takes a few minutes to create an account. It is also possible to connect directly with a Google or Facebook account.
Upbots is available on Android only but the company has already announced it will be available on iPhone in the near future as well.
What about staking?
The platform allows you to stall, i.e. block your UBXT to get rewards. The staking allows to reduce the performance fees and gives access to exclusive bots.
Staking on Upbots works gradually, the rewards increase with the number of UBXT staked. It is thus possible to reduce performance fees up to a maximum of 65%. More info on their multilevel staking program here.
Who is it for?
Upbots is aimed at several types of users:
– Beginners in trading will find an easy to access and free platform allowing a collection of several trading accounts as well as a list of long-only bot, meaning they don’t have to actually know how to trade to activate a bot and participate in the market.
– Experienced traders who wish to diversify by allocating a part of their capital to one or more long and short bots.
A word about their referral plan
Upbots rewards those who talk about them with a referral system that allows the referrer to recover up to 10% of the performance fees paid by the referee in addition to 200 UBXT.
After reviewing the entire platform as well as the mobile version, we can safely say that Upbots is a growing platform and these new features are just the beginning.
Today it is already possible to monitor several accounts from different trading platforms, to rent one or more bots that trade long and short. There is even a staking program on different levels and we are only in the first quarter of 2022.
We can only assume that this year will bring more surprises.
Link to the mobile version :