Activate an Algo Bot
Here you can find a short video and detailed written guide on how to set up Algo Bots on your exchange accounts.
Before you can set an Algo bot to work for you, you will need to make sure to have an exchange account connected that the Algo can use to trade on. You will also need to deposit some UBXN to your UBXN wallet within the UpBots App so you can assign it to an Algo Bot and use the performance fee system.
Make sure the API key that you want to use is enabled for trading and that you have sufficient USDT available on the Binance, Kucoin, Huobi, Coinbase Pro Account for the bot to use. If you need help connecting exchange accounts see the guide below. If you have link and API account and are ready to set up an Algo continue to step 2.
When using Binance please be aware that Binance API keys are only valid for trading for 90 days. After this time you will need to login to your Binance account and once again update the setting "enable spot and margin trading" should you wish to continue trading on Binance via UpBots. This is especially important for Algo Bots to prevent any issues when the spot and margin trading permission is reset every 90 days.
Currently our Algo Bots trade on Binance, Kucoin, Huobi, Coinbase Pro depending on user choice. The only exceptions being some Algos will only be able to trade certain exchanges that offer the trading pair the Algo bot is designed for. To learn more see the Algo Bots Information and Analytics section here.
On the Algo bot rental section you can see the description of the available bots, with historical profit data, the average number of trades per month and other useful statistics. Click on the bot you wish to use and hit configure to set the bot up.
To configure your bot you need to define three parameters:
- The Binance, Huobi, Coinbase Pro or KuCoin account API you want to use for the bot.
- The position size, which is either :
- The % of your USDT balance on this account that you want to allocate to this bot. Min 10 USDT and max 50,000 USDT.
- The exact amount of USDT you want to use with that particular bot. Min 10 USDT and max 50,000 USDT.
- How much UBXN you wish to allocate to the bot to use for performance fees. You can also let the platform do it automatically.
Click on activate, read and accept the terms and conditions.
That’s it! You will enter in the next BUY order and your bot is ready to start trading for you. To view your activate bots navigate to activate bots in the side menu.
Some Algo bots, such as the community bots, do not have performance fees and it isn't necessary to assign UBXN to them.
You want to put your bot on pause? No problem you can pause it and reactive it in one click, with the same parameters as defined during the configuration (API key and % of your USDT balance).
Pausing your bot will not close your position.
You want to close your position early? It is also possible! just go to "My active bot" and you will find a "close" button in "My Trade History".
If you want to delete your bot, simply click on delete via the bot detail screen or the ‘Active bot’ tab.
When an Algo bot makes profits it will begin to deplete the allocated UBXN balance. To top this up go to your UBXN wallet and select the Algo bot you wish to manage and click the view icon.
Here you can add or remove UBXN allocation as required.
Now that you have activated an Algo you can now follow your order details and your performance evolution in the bot detail section. If you would like to learn more about the Algo bots and how to track their performance follow on below to learn about our Algo bot information and analytics which help to visualize and track Algo performance.
Last modified 6d ago