UpBots AMA Recap
UpBots is an all-in-one platform that brings together the best crypto trading tools and strategies that are generally stand-alone services. It provides a 360° trading experience where users simply choose what best suits their profile. Upbots is part of a successful existing ecosystem including one of the top signal provider, a crypto website, a training provider and a high skilled and passionate team.
This AMA allowed users to connect with UpBots’s CEO Benjamin Duval and Marketing Director Neil Sisson, who answered the questions and listened to the feedback.
I’m Ben, one of the founders of UpBots. I am a commercial engineer, specialized in finance, and in crypto for almost 10 years now. In 2019, thanks to feedback from our community, we had the idea to work on UpBots, a new generation of trading interface, but most important an one-stop-shop for all the trading and cryptos tools. At present, we are more than 20 people on UpBots alone with more than 30 people working for our eco-system.
I’m Neil and I head up the marketing team. I got into crypto professionally back in 2017 and after struggling my way through the Bitcoin whitepaper (I bought some bitcoin in 2013 btw but had no idea what I was doing at the time!) in 3 years ago I suddenly got it. Ever since I’ve been obsessed with the space and have worked on a number of projects in a consulting capacity as well as on my own businesses in the crypto space and others. I met Ben when I was traveling around the world, while we were both in Bali actually and by chance about 8 months later UpBots were looking for someone to head up the marketing so I jumped at the chance to be part of the project.
Question from the CryptoRank team
#1 Can you shortly describe the UpBots platform, what are you doing now and what are your near-term plans?
Ben: – UpBots is a kind of supermarket for trader, where you can find all the possible tool you need as a trader, for centralized and decentralized exchanges, for cryptos, forex, commodities, trainings, bots, algos, etc …
Our platform will offer:
– manual trades, basic and advanced with multi targets, trailing, stops, alerts, iceberg, risk management tool, etc … and this on Centralized and decentralized exchanges;
– staking solution;
– buy courses to learn about trading, blockchain, etc;
– create bots linked to TradingView;
– develop and backtest your own Bots in the algo Lab;
– rent algos to the community and pay only when you are making profit.
Also, a multitude of DeFi solutions:
– swap, via Dex.ag or paraSwap;
– having Vault’s solutions;
– and many other coming but it’s still a surprise.
CryptoRank community questions
#2 Why UpBots need UBXT token? What’s the utility of UBXT? Will UBXT only use as a platform token or more things related with UBXT will release in the future?
Ben: – Having a token allows us to provide a whole range of options to our users that otherwise would not be possible. For example, one of the important elements of the UBXT is that it can be used, among other things, to pay performance fees on the bots you rent. The idea is to avoid paying for a strategy that doesn’t work … as is currently the case with all the services available, but to pay only if you made a profit. Thus bot developers are also encouraged to think first and foremost about the profit generated.
But how to ensure that the payment will be made and that the user has the funds? Via a smart-contract, thus the UBXT.
Another example of the use of the UBXT : we can incentivise Social Copy Trading so that the expert trader can help the newbie trader not just for an ego boost but also for a financial reward. When we pair this with strong QA checks to be admitted into the program as an expert trader we create a self sustaining ecosystem that tries to level the playing field and where everyone wins.
Creating these types of win:win:win situation is what excites me particularly when it leads to a better overall ecosystem.
But of course there are many other uses, like for the payment of the subscriptions, courses or signal provider services, or for a transparent referral system, a hold program allowing to decrease the performance fees, and later to invest in partner investment funds.
#3 How UpBots revolutanalise crypto trading with the idea you brough in? What the x factor UpBots having which make it first choice?
Ben: – Absolutely everything in one place. It is currently non-existent. No need to go to 20 sites anymore, all your wallets, all your capital and cryptos, investments and algos will be accessible in one single place.
#4 What types of problems is UpBots trying to solve?
Ben: It all started when our users at 4C trading complained that they had too many tools, and an offer that went all over the place for their products. They wanted to centralize everything on 1 interface. This is the first problem … and we are trying to solve many others: the complexity of DeFi tools, exposure to $ if you have another currency, (Forex implementation), learning, etc.
#5 What are the advantages of UpBots when invested by Alameda Research? Is this a motivation for you to grow in the DeFi market?
Neil: – Alameda Research have some of the biggest brains in the crypto space and so when they wanted to invest in UpBots we were very excited by that. These are the guys that built the hottest exchange in the space atm, and have acquired Blockfolio and just launched a DEX that did an insane multiple on the first ever IEO on FTX. They have the midas touch and it’s not magic, its because they are smart and work harder than just about anyone in the space.
The DeFi marketing is actually unrelated. DeFi is where the returns are at the moment. And it;s not just about what multiple you can make with your capital…from an ideological stand point DeFi is an extension of the ability to take back the control of your own money that Bitcoin started. It’s so young but so promising.
#6 Copy trade is a popular feature because it is easy to increase profits by copying the trade of the mater that many exchanges choose it? Do upbots have any plans to launch and develop this feature?
Neil: – Yes, and if you are a master trader, you will be rewarded in UBXT for helping other people win.