For many years, algorithmic trading has been associated with big traditional investment institutions capable of hiring experienced programmers to create trading bots. However, this is no longer the case thanks to platforms like UpBots, which facilitate algorithmic trading.
This guide focuses on UpBots. If you want to participate in automated trading, then we advise you to stick around to learn everything about UpBots and how to get started.
Exploring UpBots
UpBots is a social marketplace for renting trading bots. It allows developers to create bots and make them available for rent to users in exchange for a small commission. Furthermore, UpBots users can stake the platform’s native token MBXN to earn yield.
So, who developed UpBots? According to data on upbots.com, the trading platform was created in early 2022 by Swiss-based software engineers. However, when FTX collapsed later that year, UpBots experienced financial issues, forcing its founders to sell it to Monetum, the company that also runs another trading bot platform called SuperBots.
UpBots Features
UpBots comes with several unique features to give customers an exceptional user experience. They include:
Algo Rental
As mentioned, UpBots has a marketplace for users to rent trading bots created by developers within the community. If a developer wishes to list their bot on the Algo Rental marketplace, they must have the “Master trader” rating, which is attained through backtests on trading bots’ performance as conducted by the UpBots team. If a bot passes the tests, its developer will receive up to 9% of the profits generated by those who rent the bot.
It is important to mention that if you want to rent a trading bot on UpBots’ Algo Rental, you must have a trading capital of at least $20.
SuperBots
Monetum gives UpBots users access to the SuperBots platform, where they can rent bots designed to execute trades on decentralized exchanges. However, due to liquidity issues on decentralized exchanges, SuperBots execute a limited number of trades compared to UpBots.
Regarding security, SuperBots come with encrypted servers that ensure executed trades are not exploited by MEV bots.
Portfolio Management
You can manage your crypto portfolio within the UpBots platform through the account management feature, available only on UpBots’ desktop app. As of July 2024, UpBots allows users to manage exchange accounts of Huobi, Binance, KuCoin, and OKX.
But how do you link your exchange account with UpBots? Well, you need the API keys of the accounts to be connected.
Crypto Staking
As stated earlier, UpBots users can stake their MXBN tokens to earn passively. You can lock your tokens for up to 12 months. The longer you stake your MXBN, the higher the rewards.
How to Register With UpBots
Getting started with UpBots is easy. Here are the steps to follow.
1. Visit upbots.com and click “Try It Now” on the homepage to be redirected to a “Create an Account” page.
2. To sign up with UpBots, you will need an email and password. Alternatively, you can use your Google account.
3. After providing the required registration details, click the “Start The Tour” button to allow UpBots to guide you around the platform.
4. Once you’ve understood how to use the platform, you can go ahead and rent a trading bot.
Pricing and Fees
As mentioned, users who rent trading bots pay developers a commission of up to 9% on generated profits. As for staking service, UpBots does not charge deposit fees. However, users incur a 0.3% fee when withdrawing staking rewards.
The MBNX Token
MBNX runs on BNB Chain. It has numerous use cases, such as rewarding crypto stakers and facilitating payments for bot developers.
MBNX is listed only on decentralized exchange PancakeSwap. As of June, there are 500 million MBXN tokens available for trade.
Conclusion
While automated trading is convenient, especially for novice traders, it does not guarantee positive results. Therefore, learn the risks of this type of trading before using UpBots.
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