Nowadays, most trading environments offer a set number of financial instruments. If you want something that is not available there, you’ll have to find another platform and go through the equally tedious process of KYC, wait for the verification, familiarize yourself with the interface, learn more about the assets you’re interested in, etc. This is why many traders prefer to find a few instruments they’re comfortable with, an exchange that offers them, and then keep trading that because branching out is a time-consuming process.
Please Note: This is a Press Release
Upbots promises to change that. Aiming to become the first all-inclusive trading platform, meaning they will offer cryptocurrency spot and derivatives trading, forex, and commodities, both manually and using trading bots. In the case of the latter, users who would like to try using bots but are not comfortable making their own will be able to use the social copy trading feature to employ another, more experienced user’s bot. Those who would prefer to cover the theoretical part first will be able to do so through an integrated online learning platform.
Upbots Public Token Sale
Upbots has now announced a token sale through the FTX trading platform, owned by Alameda Research. This is not the first time the public is learning about a strategic partnership between the two: Alameda Research participated in their institutional sale, where they raised USD 1.1 million, along with partners like CMS and Taureon. While the date of the token sale is still to be announced, we know that there will be 30 million UBXT tokens available, which is 6% of the total supply of 500 million of the ERC20 tokens.
During the private and institutional sales, a single UBXT token went for USD 0.01. Upbots sold a total of 39% of its supply — 17% for the former and 22% for the latter. Any tokens that are not sold once the sale is complete will be burned. This, however, may not be necessary at all — as the hard cap is relatively low, while the hype surrounding the project is growing by the day, the team should have no problems selling out very quickly.
For those who don’t want to miss the opportunity to invest in this project, the website offers a pre-registration form along with a chance to win USD 100 in UBXT tokens, drawn at random. However, just signing up does not guarantee you’ll be able to participate in the sale, and acting fast once the sale starts will be your best course of action.
Additionally, many investors like to know where their money is going. The team has made their token allocation plan for the rest of the tokens (55% remaining after the sale) publicly available and this is how it stands:
- 25% in reserve holdings
- 14% in the UBXT Development Fund
- 10% for the team
- 5% for the advisors
- 1% for the bug bounty program
Why Invest in Upbots
In a space filled with different cryptocurrency exchanges, finding one that perfectly fits your needs can be a chore. For many traders, once they’ve made a choice, they may feel like they’ve committed completely which makes them less likely to look for an upgrade. Upbots is looking to work with that by integrating several platforms through their own dashboard, so users will be able to access any available exchange. In short, they state that their mission is to become “the preferred platform for both beginner and professional traders” by meeting all their needs.
Additionally, they’re already well on their way to make this happen. They have previously announced broker partnerships with exchanges that include Binance, OKex, FTX, and ByBit, as well as others that are still in the finalization stage. While these exchanges are centralized by nature, UpBots realized the importance of DeFi as well, as evidenced by partnerships with DEX AG, HXRO, and Reserve. They’ve announced that these won’t be the only partnerships in the space, and that they’re in talks with other DEXes, decentralized wallets, and other relevant projects in the space.
But for many fans, the strategic partnership with Alameda Research (and through them, their trading platform FTX) brings the best of both worlds together. FTX has previously been described as an exchange run by bots, as between 75% and 90% of all its trades are estimated to be run algorithmically. Experts believe that the exchange and its vast offering of different tools and analytics are especially friendly towards quantitative traders. But everyone who approaches trading this way knows the learning curve is incredibly steep.
This is where Upbots comes in. Aside from the trading platform, the company is also building an online knowledge repository that will cover all things trading, with a special accent on trading algorithms. Users will be able to learn everything they need from a single source, which is still relatively uncommon in the blockchain-based space where many are already used to piecing together information from various sources.
But theory is one thing, and putting everything you’ve learned to use is quite another. This is where social copy trading comes in: this feature enables veteran traders to share their tried and true trading bots with the community, so others can pay a fee to use it. This leads to another way of sharing knowledge that is unique in the space. Newcomers to bot trading will be able to learn the ins and outs on actual examples along with minimizing potential losses, while other traders are free to learn from each other to improve their own bots.
FTX-based traders would have every incentive to give Upbots a shot, especially since it doesn’t require abandoning FTX completely. Those curious about the whole concept would be free to join and give it a try. Finally, the knowledge gained through this strategic partnership could lead to better trading across the board. In the end, everybody is winning — but never at the expense of anyone else.