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Upbots Review 2024: What We Do & Don’t Like
Luis Clark
- URL: https://upbots.com
- Year Founded: 2019
- Pricing: Performance fees range from 10.5% to 25%
- Free Trial: Yes
- Payment Options: UBTX Tokens purchased via credit/debit cards, or on Uniswap and PancakeSwap
- Supported Exchanges: Binance, OKEX, Huobi, BitMEX, and KuCoin
- Cloud Based: Yes
- Reported Profitability: Depends on the particular crypto trading bot
- Customizable Strategies: Yes
- Scalping: Yes
- DCA: Yes
- Arbitrage Bot: Yes
Upbots Review: Our Opinion
Upbots offers a unique crypto trading bots solution that only charges traders performance fees on profitable trades.
Subscribers won’t have to pay an upfront fee. It also collects payments via its native UBTX tokens.
The Upbots trading platform is however best for seasoned traders looking to automate their strategies using Upbots algo trading bots.
Beginners will find the user interface and payment system (paying fees with UBTX) confusing and clunky.
Intro/Company Overview About the Upbots Creators
Founded in 2019 by Benjamin Duval, Upbots is a crypto trading bots platform that allows beginner and experienced traders to automate their trading strategies.
Unlike other automated trading platforms, Upbots is run majorly on its native UBTX tokens. Subscribers pay all fees using the token and can stake it for profit.
The Upbots platform is completely cloud-based and only uses APIs to connect to your crypto exchange account. It also never requests withdrawal rights.
Concerning its UBTX native token, it has a current circulating supply of over 373.4 million and a market cap of over 1.1 million.
Besides its automated trading services, Upbots has a staking program that supports the staking of UBTX for rewards and access to view multiple centralized and decentralized portfolios in one place.
Pros
- Supports staking
- Users can earn passive income by providing bot rental services
- Offers social trading
Cons
- Limited crypto exchanges
- Payments can only be made with the UBXN token
Upbots Review: Unique Features
UBXN Token
UBXN formally known as the UBXT token is the utility token of the Upbots platform. The token plays a central role in the operation of the platform.
UBXN is primarily used for subscription payments and performance fees between signal providers and community members for the services they offer to each other. Eligible services include copy trading, training courses, signal providing, algo bot rental, and other services available in the UpBots marketplace.
The use of the token to pay fees acts as an incentive to community users and prompts them to earn passive income from the profits made by their clients during trades.
Upbots uses a “pay upon performance” commission model. This means that clients only pay fees for social copy trading and bot algorithm rental services only when they are in gain and based on their capital.
After the client allocates UBXN to a bot and connects it to their exchange accounts, the token will be automatically deducted when they have made a gain.
UBXN token is also used as a means of providing value to the Upbots community through the staking programs. A percentage of the platform’s performance fee profits are allocated to the staking pools.
Upbots runs a Hold Program which incentives users for holding the token. Benefits enjoyed by the program members include free tools, higher referrals, free platform membership, etc.
Upbots has an integrated UBXN wallet. Users need to fund the wallet with UBXN to enable platform features like algo bot trading and social copy trading.
Upbots also pay referrals and referees UBXN for inviting and being invited to the platform.
UBXN/ UBXT token is available as BEP-20 on the Binance Smart Chain and ERC-20 on Ethereum.
The token can be traded in the open crypto market on centralized or decentralized exchanges as well as through DeFi swaps.
The total supply of the UBXN token is 500,000,000 UBXN. It has a trading volume of $29.63 USD and a market cap of $1.1M. At the time of writing, the current price of the token is $0.001972.
Upbots however has a scarcity strategy that it uses to progressively reduce the token’s availability.
Below are some mechanisms used by the platform:
- Locking: All UBXT tokens used to purchase platform subscriptions are locked for the duration of the subscription. And all fiat payments are also automatically converted into the UBXN equivalent and locked for the duration of the subscription.
- The Hold Program: This is an advanced form of the staking program. By rewarding Upbots users for locking their tokens, the number of tokens on the market is reduced, which increases token demand.
- Token Burning Program: Upbots runs 2 burn programs: Burn Program One and Burn Program Two.
- Burn Program One: Upbots burns a percentage of the profits users made for Upbots services that are linked to the performance fee system. Upbots intended to run the burn program until 50% of the total supply of UBXN has been burned, but there have been some changes.
- Burn Program Two: Under this burn program, 15% of the UpBots net income is used to buy and burn UBXN, this excludes the tokens burned under the performance fee system. This program aims to accelerate the burning process. The Net Income Burn Program will be active until Q4 2024 with the percentage scaling down each year.
UpBots intended to keep burning tokens until half of the circulating supply had been burned but plans have changed.
The addition of a stable farming pool is responsible for the change in plan. This is because if Upbots sticks to the initial schedule and gets to 50% of the total supply, the pool will no longer be functional.
The limitation on the amount of UBXN to be burned has been removed so that the stablecoin farming pool will continue to run even after the burn programs have ended.
Algo Bot Rental
Upbots Algo Rental gives users a section of the Upbots marketplace where they can choose from a selection of Algo trading bots that can be activated on their accounts. These bots trade for the users.
The Algo bot rental service allows professional traders to earn passive income by renting out their bots to other users.
The advanced trading algorithms in the Algo Rental part of the marketplace are developed by independent developers, external companies like 4C trading, and Upbots community members with Master Trader status.
To rent out your algorithm in the marketplace, you need to first contact the Upbots team about becoming a Master Trader. Your algorithm will be subject to UpBots QA and Backtesting. The Algo submitted, irrespective of the source, must be fully vetted by the QA team to ensure that there are no bad actors.
The rented algo bots can be easily activated through the Upbots dashboard. No programming knowledge is required, which makes it suitable for beginners and inexperienced traders.
A minimum balance of 20 USDT is required to trade with the Algo bot. Some bots also have a maximum limit of managed capital per user imposed by the exchanges.
As already stated, Algo bots are perfect for new traders who want to build their portfolio while learning and mitigating lots of capital risks that new investors are exposed to due to a lack of experience.
It is also suitable for experienced traders who want to automate their trading to have more spare time.
Upbots does not charge any upfront fees for access to the Algo bots. There is also no limit to how many bots you can plug into your different exchange accounts.
You are only required to pay performance fees after a successfully closed trade, based on the amount you profited on that trade.
If a trade results in a loss, no fee is charged.
Upbots also allows you to rent algorithms on a monthly fee basis payable in USD or UBXN. This option is however only available for certain bots.
Supported Crypto Exchanges
Upbots supports 3 crypto exchanges: Binance, KuCoin, and Coinbase.
Trading Strategies
Upbots supports a range of preset strategies on its Algo trading section where you can rent a trading bot.
That said, the trading platform doesn’t explicitly state what the strategies are; it simply mentions the type of order for each bot: Long, Long Short, and Short.
A lot of the trading bots also state that their strategy is to “monitor the waves of the crypto market”.
Other trading bots use signals which involve volatility-based technical indicators and trend confirmation analysis to find entry and exit points.
In general, Upbots offers a broad range of strategies that differ per crypto trading bot.
There’s also a social trading option where you can copy successful bots’ trade. This is targeted at beginners who may not know what strategies are profitable.
Customizable Strategies
All Algo strategies you rent can be customized as they allow you to input custom parameters to make the strategy work for the specific market scenario.
You can also use the Bot Creator feature to create completely custom strategies.
The crypto trading feature supports adding Long, Long, Short, or Short as a strategy and an entry trigger.
You can also add leverage of up to 5x and the percentage of your balance the bot would be allowed to trade.
Plans and Pricing
Upbots does not charge an upfront subscription fee or one-time fee like most trading bots platforms. Rather it charges a fixed or percentage-based performance fee.
The performance fees range from 10.5% to 25% on successful trades.
From these fees, 6.5% goes to Upbots while 2% to 9.25% goes to the Algo developer. The other 8+ goes to the performance fees pool with some being burned.
Here’s how it works: when Upbots users rent an Algo trading bot or copy strategies that generate profits, they’ll pay fees on successful trades.
So once a trade is closed, the platform will check to see if you’re in profit, if you are, a percentage of the amount you earned will be converted to UBXN and deducted from your balance.
If you lose on a trade you won’t pay anything and will also not pay anything on the next trades that don’t bring you back to your initial balance level.
These fees are meant to be incentives for algo developers and traders to create top-notch strategies and algorithms.
The Upbots trading platform also uses fees paid to maintain its ecosystem.
Payment Methods
Upbots only supports the UBTX token as its supported payment method.
To add UBXN tokens to your account, consider using PancakeSwap or Uniswap for token exchange, followed by depositing them on Upbots. As another option, purchasing UBTX directly through Upbots using your credit or debit card is also feasible.
With deposited UBTX you can activate Algo bots, pay for trading signals, and other services.
That said, some trading bots on Upbots require you to stake your UBTX to activate them.
Opening an Upbots Account
To open an Upbots account, go to https://upbots.com.
Next, click on the “Try It Now” button.
On the next page, click the “Use Google Account” button.
Hit your Google email address and you’ll be logged into Upbots.
That’s it! You’ve created an account.
Setting Up Upbots Trading Bots with Exchange
To set up your Upbots trading bot with your preferred supported crypto exchange, log into your account.
Next, tap on “My Portfolios”.
Select your preferred exchange.
Choose “Spot” or “Futures”.
Copy the displayed IP address.
Log into your crypto exchange account (Binance for this example) and go to API Management and then Create API.
Follow the onscreen instructions and input the copied IP address in the relevant field.
Copy the API, public, and secret keys and then paste them into Upbots.
Next, click “Connect Exchange”.
Go to Trading Bot then Bot Creator or Algo bot select your just connected exchange and input your desired trading parameters.
Trading Experience/Using Upbots
Upbots has a complex trading experience that would be confusing to newbies. It isn’t easy to use and requires some technical know-how to set up a trading bot.
For professional traders, Upbots offers a limited set of strategies, and even with its Bot Creation feature it has limited parameters.
Security
UpBots is a non-custodial trading bot. This means you have full control of your funds. Upbots does not have access to your digital assets or funds.
The API keys used to connect to the exchanges have their withdrawal rights turned off. This means the keys cannot make any withdrawals.
The platform also encrypts your API Keys the moment they enter into the UpBots system.
This is done to ensure that your keys remain safe and undecoded if Upbots is compromised.
Upbots also uses open-smart contracts. This allows anyone including independent security experts to examine the contracts. It also enables members of the community and the security team to easily detect and handle any security issues.
Customer Service
UpBots offers customer service via email at contact@upbots.com.
Customer support is also available through Telegram Chat and the UpBots Discord channel.
Users also have access to the UpBots GitHub where they can find useful information about the trading bot. It also provides market news that can help users make the right trading decisions.
Does the Upbots Platform Offer Education?
No, Upbots does not offer education but it has a doc that covers various aspects of using the service.
Conclusion
Upbots is a crypto trading platform that helps users automate various strategies and manage their centralized and decentralized portfolios in one place. It isn’t easy to use and presents a steep learning curve for beginners.
Also, most of its features are quite limited, and expert traders may not find a lot on the platform to keep them intrigued.
Upbots has carved a niche for itself, but diversifying your trading tools is essential. Dive into our Hodlbot Analysis for a fresh take and see the industry’s best on our Best Trading Bots for Crypto list.
FAQ
Most frequent questions and answers
The profitability of any trading bot, including Upbots depends on the trading strategy applied and the expertise of the crypto trader involved.
Cryptohopper and Cornix are some of the leading cryptocurrency trading bot platforms with heavy-weight industry investors backing them.
Bot trading is safe in terms of its connection to your exchange account. Most bot platforms do not have withdrawal rights from your exchange account, just trading privileges. This means that the platform cannot initiate withdrawals. That said, crypto bots cannot be used to trade the stock market.
No, it isn’t illegal to trade crypto with bots.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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