Hi Everyone! Welcome to another BeInCrypto AMA Session!
BeInCrypto (BIC): Today we have both Neil and Ben who are Marketing Directors and CEO at UpBots, respectively.
BIC: Here is how things will work. I’ll have 10 questions for them. After that, they will pick up 5 out of all the questions you asked before the session. Good luck to you all!
BIC: Let me start. I would like to ask you something general to kick things off, so please provide some personal background as well as some references you guys looked at before creating UpBots.
NIEL: Hi everyone, great to be here. I’m Neil and I’m in charge of Marketing for UpBots. I’ve been involved in the cryptocurrency scene full time since 2017 but bought and then subsequently lost my first BTC in 2013. I’ve been with UpBots since before our IEO on FTX and am super pumped we just crossed a major milestone this morning with the launch of our V2 interface.
It’s 10x sexier and faster than before and will provide us with an incredible base to add new features and exchanges, bots, social copy trading etc. It’s a very exciting time for UpBots and everyone here is getting the scoop on this because we literally just launched a few hours ago and none of our paid ads, the press has been published yet and our influencer effort is just gearing up. #freshalpha
Lol, not really what you asked but Ben will answer the “why UpBots was created” part.
BEN: All right, so I’m Ben, I have a degree in commercial engineering from a business school and am … well we could say that I’m a serial entrepreneur with a strong passion for cryptocurrency and new concepts and technologies. At the age of 17, I sold my first company in marketing and continued during my studies. In 2014 I discovered cryptos, became a trader and in 2017 I launched 4C trading with an associate, Julien, who will be with me for all our other companies. And then in 2020 we started working on UpBots and here we are.
We are also now working on SuperBots which will arrive in the DeFi sector and will obviously be linked to UBXT.
BIC: You call yourselves an ‘all-in-one trading ecosystem for the Modern trader’, letting everyone trade cryptocurrency, Defi, forex & commodities, manually or with bots. What does that mean in practice? What tools/resources can the traders expect to find on your platform?
NEIL: great question. We really want to open up cryptocurrency to more retail traders and as anyone here who trades knows trading is hard when you are new to it. So with UpBots we wanted to create a single point of control for traders to be able to see their portfolio (CEX and DEX), make manual trades, and also use Trading Bots and Social Copy Trading (CEX). Also to learn from the best cryptocurrency teachers in the world. UpBots is the platform we built to enable that but actually, that’s just scratching the surface.
But of course, building a trading platform is not something new and that’s where UpBots has innovated. We didn’t just build software with beautiful-looking tools. We built it on the blockchain so we could create an ecosystem where every participant is financially incentivized to ensure users close trades in profit. It all comes back to the user and giving them a safe, secure place where everyone there is trying to help them make money (so they can make money for themselves).
We say “ everyone wins or nobody does” and that is not just a catchphrase, it’s hardcoded into the platform design.
We are also launching very soon a sister project called Super Bots which is effectively the DEX exchange version of UpBots. So 100% DeFi trading bots.
BEN: As Neil says, we wanted to create a simple and more honest system based on “we all win or nobody wins” through the performance fee system. Basically, the bots and algos for rent are all free, you plug your exchanges into them and if you make a profit, and ONLY if your total is in profit, then you get a fee paid in UBXT. Simple and clear.
This way you can test all the bots, without having to pay in advance. But besides that, we will also soon launch social copy trading, as we know the community is paying a lot of attention to it, an algo lab to test your own algos, more staking pool, etc… The idea is simple: Do you need a tool? We’ll try to put it on UpBots.
BIC: Let’s talk a little bit more about some of your main resources. One of them is the trading bot rental. Can I just rent my trading algorithm in case I’m an advanced (and profitable) trader? On the other hand, how could I follow a specific trader if I’m a beginner?
NEIL: If you can develop algorithms and they pass the UpBots QA process then yes you can list them on our platform. Our hope is everyone who can, will at some time in the future and we are actively recruiting new algo devs all the time. The returns for you if you are an algo dev are incredible IF you can help people win because UpBots is free for users until they profit and then a commission we call Performance Fees are taken.
Part goes to the algo dev, part to UpBots, part to our token burn program, and part to the UBXT stakers in our staking pools.
So in that way you can follow the algo of a master trader.
Following a specific trader as they make trades is something that we will launch soon. That would be possible through our social copy trading area which is being developed at the moment.
BEN: As you say, there are two types of users. Those who want to be on autopilot and those who want to rent their algos.
– For the first ones, they will have access to the best possible and carefully selected bots. Especially since, once again, there is no charge to activate them.
– For the second ones, it allows you to earn a part of the profit generated from the users since as Neil explains, the UBXT taken are divided between the developers, staking pool, upbots, and finally the last part is burned.
But if we receive hundreds of proposals, we follow a process that allows us to put only a minority of algo. We test them, analyze the trades with the idea of guaranteeing a level of excellence as much as possible, a low mdd, a good success rate.
If you want to list your algo, you can of course contact us and we will be happy to explain the process in detail.
BIC:I suppose you’re connected to the DeFi tech somehow. Do you provide DEX Swaps, Staking, Yield Farming, and other similar benefits?
NEIL: Yes! All those things and more. We also just launched USDT vaults on UpBots and will be launching a sister project called SuperBots very soon. Ben will speak more on that!
BEN: The initial idea of UpBots was to trade on exchanges, then DeFi came along. Our will is also to adapt of course. Whether it is DeFi, or on other blockchains available.
On UpBots, we already have a Swap that you can use. We also have staking pools, for UBXT, and we launched today, on BSC, the USDT staking pool, which carries UBXT.
Of course, we don’t intend to stop there.
As we said before, we are also working on SuperBots which is the decentralized and simplified version of UpBots. Here, a page with several Vaults all linked to different algorithms. These vaults will trade the capital you put in on DEX and no need to think about adding UBXT, the vault will do it automatically for you.
Think of it as a staking pool that instead of sleeping will trade your capital.
Without being able to give you a date, we hope to be able to present something for the end of the year.
BIC: Another interesting resource is the bot creation on your platform. Could you please explain how one can do that? Also, I noted you guys offer some courses. What are their main purposes? What topics do you cover?
NEIL: yes this is a future feature where users will be able to point and click their way to having their own bot set up to execute simple strategies. It will be possible to use Trading view hooks to expand on that to create more complexity. We will also have an area called Algo Lab so users can create algos.
We call it an ecosystem because there are many sides to it but ultimately it comes down to equipping master traders with tools to better help them help the newbies. And providing the newbies with tools to increase their chance of success. But Ben will be able to say more about where that is on our roadmap now.
The bot creation function is being finalized. It allows anyone to connect TradingView to UpBots so that our interface can trade for the user according to the user’s strategy. If the strategy is good, the user will then be able to propose his algo on the marketplace to rent it to the community.
Concerning the courses, the idea is to offer to newcomers a whole series of training courses allowing them to develop their level in trading and to become pro traders or algo dev. This includes training on understanding the blockchain, cryptos, trading, algorithms and more.
BIC: We all know that partnerships with big names in the industry are really important. What are some of the partnerships you’re most proud of and what do they represent to UpBots?
Indeed, the partners are very important in our sector and indicate the seriousness of the teams.
Here we are lucky to have many partners and investors including Alameda Research (and FTX) via Sam, who was the first to believe in our project. They allowed us to do an IEO on FTX as well and have been helping us ever since.
We also have other investors and partners and the list is long. Between Dex.ag, Kucoin, Taureon, and others that I can’t officially name yet but I hope to do so soon 😉
BIC: think it’s time to present your native token (UBXT) to our community. What can you tell us about it regarding tokenomics and roles within your ecosystem?
NEIL: The token has been created in such a way that it can have a real utility and a strong tokenomic.
We voluntarily chose to start with a very small market cap, in order to allow a bell to rise. The token will have a central role in the interface of which one of the most known is obviously the payment of the performance fees. In order to activate a bot, a user must deposit a UBXT on the interface.
The UBXT that will have been used to pay the perf fees will then be divided between the algo dev, upbots, stakers, and a burned part.
The burned part is very important because the idea is to have a deflationary quantity of tokens. It is the guarantee of a stable and progressive evolution of the token. We will burn tokens according to the profit of UpBots (on our turnover), according to the performance fees, but also on the Vaults. So by using the USDT vault, for example, you will help the tokenomic of UpBots by allowing us to burn a small part of UBXT.
Finally, UBXT will also be the central element of Superbots and the means of payment of fees, but this time without user intervention.
In summary, the idea is to have an unavoidable token, a strong tokenomic, and a decreasing total number of tokens to guarantee long-term growth.
BIC:Do you have any special programs aiming to maximize the number of UBXT holders? Maybe a referral program or any other similar strategy?
NEIL: So yes. Right now we have staking pools that make you earn UBXT if you stake UBXT or LP token. But our team is also working on a referral system to encourage the community to invite their friends and earn a part of their income. The best way to follow the evolution of this is to follow our news channel 😉
BIC:A fully packed roadmap is something more and more usual among cryptocurrency projects lately. What can the investors/enthusiasts expect from UpBots in terms of development/marketing in the next few weeks or months? Is there any milestone to be achieved soon? Let us know!
NEIL: Already today has been an important day. Indeed, we launched our brand new interface!!! This is huge news and we hope that new design and UX/UI will allow more users to join us.
Beside that, the roadmap is long and it is made to never end. Our concept is to follow the market, to follow the trends and users’ wishes.
One of the next big elements is obviously superbots. But on UpBots, margin and futures trading are two of the prios. Referral system, algo lab, mobile app (in the next 2 weeks), composite bots, and so on are also on the agenda. On the longer term, adding Forex and Commodities is also the goal with more functionality, safeties, bots, algos, trading tools, etc …
BIC: Awesome, that’s it. I’m quite sure we’ve covered all the main topics today. Could you please share all the links to your Social Media channels so that our community can get to know UpBots a little better?
Follow the announcements here.
For the chat, and to discuss with the whole team, join us here.
Finally, for the website and the new interface.
Can’t wait to see you on the other side!
COMMUNITY (COM): Manual trading is time-consuming and demands too much attention. With the use of Upbots, can I leave my trade overnight?
NEIL: Yes, indeed. And sleep is nice! Our algo bots are completely hands-free so you can get plenty of sleep if you go for a fully automated strat using one of those.
Alternatively, with the manual trade feature, you can set very advanced conditions, trailing SL, multiple entry and exit points etc.
COM: How important is the community to UpBots? What role do UpBots members play in your Ecosystem?
NEIL: Community is king for us. We recognize that having a loyal base of happy users is the name of the game and we are both very available to the community when they have questions, but also very transparent. We share as much as we possibly can.
In addition to our regular community of members, we have the UpBots Battalion of our longest most ardent supporters, who run around CT, jumping on tweets to promote UpBots when they have time.
But community for us is more than just a place for people to hang out and chat, or ask wen moon. We also have a DAO structure for decision-making on a range of major decisions, in particular those that affect token holders.
COM: I tried bot for trading before but it was not effective. What assurance you can promise to your clients that the money paid to you will be worth it? What kind of strategy do you use? How effective is UpBots in gaining profit and taking ROI?
NEIL: This is an excellent question. The problem with other interfaces is that you often have to pay in advance for an algo. If they are free … let’s face it, they are often very basic and crappy strategies …
Our concept is based on “we all win or nobody wins”.
For that :
1. We select only the best algos developed by algo devs. If they don’t generate profits, we don’t win anything… so it’s in our interest to have only the best. We don’t race for subscriptions but for quality.
2. You don’t have to pay anything in advance, you only pay if you make a profit. So “how to be sure that the money paid is worth it”? Here you pay only if it is worth it!
As for the strategies, they are different for each algo dev, it’s up to you to see which one suits you best according to the past trades, the perfs, and the MDD.
But one thing to remember: if you don’t win, nobody wins. If you make a profit, then everyone will be happy. We don’t play against you but WITH you.
COM: How can I buy these tokens? Is it available on any centralized exchange?
NEIL: We didn’t get to the point so I’ll answer it.
We are currently on FTX, Kucoin, Sushiswap, Uniswap, PancakeSwap, and Serum.
Lots of places to find UBXT!
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