Project Review: UpBots – A Multi-Exchange Crypto Trading Platform for both Professional and Amateur Traders
Due to the sheer number of crypto exchanges on the market, new trading platforms must find a unique selling proposition in order to attract a significant number of users. One of these creative trading platforms is the Swiss crypto project UpBots. Let us take a look at the features UpBots wants to introduce to crypto trading.
Straight out of Switzerland
UpBots is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and has its headquarters in Zug, aka Crypto Valley. FINMA has issued a letter of no-action, stating that the UBXT token UpBots has sold in two private rounds and now awaits a public sale, is indeed a payment token and not a security. Thus it can be sold freely to non-accredited investors in any jurisdiction that is not restricted. Among the restricted countries are the United States, Canada, and China.
UpBots has however been developed by the Brussels-based company Solfin Consulting as part of their crypto ecosystem. Other Solfin projects are 4C Trading, a platform for trading advice and signals, and BrainFeed, an online training platform for crypto- and blockchain-related topics.
4C Trading, which was the result of a merger between two of the industry’s leading signal providers, CryptoAddicts and CryptoMedics, operates a trading bot called SMART USD BOT. According to their website, the bot has earned a return on investment of 139.2% since its inception in June 2018.
The SMART USD BOT, as well as singular trading signals, will become available on the UpBots platform, once their MVP is finished. BrainFeed will serve as the basis for the UpBots online learning platform.
UpBots is led by CEO Benjamin Duval, who also founded Solfin Consulting in January 2019. He has almost 10 years of experience in business management. The CFO is Julien Quertain who has priorly worked as a risk analyst for various financial institutes. COO for UpBots is Angélique Massolo, a seasoned business consultant.
Rather than building an exchange themselves, UpBots develops a dashboard that connects to all major exchanges and lets users trade at the lowest spread and fee available. Moreover, UpBots provides multiple trading tools, such as charting tools, trading bots, signal providers and social copy trading. All of these tools can instantly be applied to all connected trading platforms through the use of APIs.
These tools are helpful for professionals and amateur traders alike. While the charting tools and the cross-connection of multiple exchanges are helpful for professionals you prefer manual trading, amateurs can profit from the experience of the professionals by copy trading, or by purchasing access to professional trading strategies and bots through the UpBots marketplace. Rather than figuring crypto trading out through trial and error, amateurs can thus trade in “autopilot” and profit from the experience of others. Additionally, UpBots features a learning platform, which budding traders can use in order to hone their skills.
UpBots creates a circular economy that is centered around the UBXT token. UBXT is an ERC-20 token that will be used for all payments on the platform. This includes the subscription to the platform itself, as well as subscriptions to signal providers and training courses. Referrers who recruit a new platform member, as well as the referee, earn UBXT tokens in reward.
Also, UBXT is used partially to cover the commission for social copy trading and trading bots. This way, professional traders can earn UBXT by putting their trading bots and strategy up on the marketplace for other traders to use. UpBots retains a small portion of the commissions in order to fund their further development. A portion of their income will be burned at regular intervals to ensure the scarcity of UBXT tokens.
Within the HODL program, users may also choose to lock up UBXT in their wallet for a certain amount of time. By locking up UBXT tokens, users can earn rewards such as free access to the platform, as well as the trading tools and training courses. Additionally, staking UBXT increases a user’s referral level.
Users can also earn tokens by participating in the UpBots Prediction Game. Users can daily answer a set of questions about future events, such as whether a certain cryptocurrency will rise or fall in trading value. This allows UpBots to collect a market sentiment, which helps traders in making better decisions.
In order to raise funds for the initial development, UpBots conducts a token sale, the value 1 UBXT at the price of $0.01, which puts UpBots at a fully diluted market cap of just 5 million USD. Regarding that Coinmarketcap lists over 500 cryptocurrencies with a market cap of at least 5 million USD, this expectation is more than reasonable. With good adoption in addition to the token burns and lockups from the HODL program, UBXT should therefore easily be able to hold up to its token sale price.
The team has already completed two private rounds of the token sale, which both reached their hard caps. In the first round, the team raised $550,000 with a minimum investment of $200,000 and a bonus of 100 % (110 million UBXT). The second round sold 80 million UBXT at a bonus of 60 % and a minimum investment of $20,000, raising a total of $500.000.
This already showed that there is a lot of interest in the project coming from institutional investors. UpBots will soon announce a public IEO, selling another 30 million UBXT at a price of $0.01 each.
UpBots aims to be a one-stop-shop for all matters related to crypto trading, fitted with charting tools, social copy trading, bots, trading signals and a learning platform, connecting multiple exchanges under a common dashboard. In the near future, they will expand their services towards Forex and commodities trading, as well as crypto staking and DeFi.
Their UBXT token provides incentives for professional traders to share their experience by renting their trading bots, or through copy trading. Likewise, amateur traders can profit from experienced veterans by putting their money on autopilot. When using copy trading, users pay a commission based on their profits. If the trades are not profitable, they pay nothing. For a subscription and access to the online training and trading signals, users can either pay a fee in UBXT or stake UBXT for a predefined period.
UpBots will soon announce a date for their IEO after the development of their MVP. The UBXT token is fairly priced, even for an early-stage project. This is highlighted by two prior token sale rounds, which addressed institutional investors and were both successful.