FAQ
This section will be updated based on the questions received by our support team.
What is an Algo Bot?
Our trading bots are able to take commands from a trading algorithm(Algo) and execute orders to buy or sell based on the signal provided to them by the trading Algo. Trading Algos are designed to provide entry and exit signals based on current market conditions with the goal of being profitable. When you take our bots which can interact with exchanges and connect them to an Algo you get an Algo Bot. The Bot will do the work of connecting and interacting with the exchange based on the signals provided to it by the Algo and will either execute a buy or a sell order.
Does the UpBots team create and own the algos on the platform?
We do not develop the Algo's on UpBots. All of the Algo's are provided by 3rd parties. We provide the bots that execute the algo's and we provide an ecosystem where proven algo dev's and community members can host their algo's for everyone to use. Algo statistics such as profit and loss, average trades per month etc.. are tracked, so it is easy to see the best performing algos.
Is there a good incentive for providing Algos or other services to the community?
Yes, anyone who provides services on UpBots such as Algos, signals or copy trades will earn a percent of the profits of everyone using their services, but only on trades that are profitable. This is done through UBXN and smart contracts, currently we are in the final stages of implementing the performance fee system.
Are the Algos safe?
At UpBots we have a quality control system. We test and review all submitted algo's to ensure quality. This helps prevent low grade algos from ever being published on UpBots. We also routly check and monitor existing algos to ensure they continue to perform well.
Where can I check the bots performance?
The bot's performance can be viewed in the Dashboard or Algo Rental section. Development is ongoing, currently the algo bot UI shows the overall performance and some statistics and charts to help visualize the algo performance over time.
Can I make a bot?
Yes, it possible to create your own bots in the UpBots UI. Your bot can be configured to receive signals from a TradingView and you will be able to set various entry and exit parameters. The feature will be implemented as soon as possible.
Can I use / make an Algo?
For those who are not experts or who prefer to leave their account on auto-pilot, trading algorithms will be available in the algo rental section on UpBots(currently available to stakers). Anyone can develop and rent their own algo bot, however, your algo must pass a quality and safety check by UpBots to ensure it’s of a high standard. If people make profit using your algo you will receive a percentage of the profits made by your subscribers.
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