An important notice: Binance API Update

There is a big change coming to Binance that is important for our users to know about. If you have a Binance account connected to UpBots then we highly recommend reading through this article.

Binance announced that starting Aug 23, 2021, unverified users will no longer have API access. This means that unless you are already verified, you’ll lose API access on Binance. If your Binance account loses this access, it also means you won’t be able to use the trading bots, portfolio evaluation, or any other UpBots features on that account.

So what should you do if you’re using a Binance account on UpBots? Here are some suggestions by us to consider.

First off, what’s the reason for the change?

The reason for this change is due to governments and banks making it difficult for users of certain countries to send money through Binance. It’s because of this that Binance has increased the level of KYC and account security.

So what to do?

Verify your Binance account

If you wish to continue using UpBots to trade on Binance then we highly suggest you verify your account ASAP.

The process is quite straightforward, all you’ll need to provide is some personal information including your name, date of birth, and address, then your basic verification is complete. Click on your account profile and then hit “Identification” to get started.

You can learn more about the verification process here. Once you have the basic level then you should have full API access.

What if I have multiple Binance accounts linked to UpBots?

Since it’s not possible to verify multiple accounts to the “intermediary level” for an individual, you will need to find another solution. Here are 3 suggestions you can take.

Suggestion 1: Create a Binance Sub-account

We understand that certain users may have multiple Binance accounts which they use to trade with the bots. To continue having multiple bots each linked to a different account, you can do so if you create one or several sub-accounts.

Please note that creating a sub-account is not possible for all users. To be able to have that function, you need to have a corporate or VIP1 or higher account.

Creating a sub-account on Binance will allow you to use the bots to trade on one account, but you can test different strategies and allocate capital to multiple “sub-accounts”.

This feature is similar to the one found on FTX and will allow UpBots users to use the trading bots on multiple different sub-accounts.

To learn more about creating a Binance sub-account read here.

Suggestion 2: Migrate all your capital to the verified Binance account

You can also move all your capital to your one verified Binance account. Since you can control the % of capital each of your bots trade, you can adapt the allocation of capital to be traded by each bot. Every user has the ability to control how much capital they wish for a bot to trade.

This way you can plan out how much of your allocated capital should be traded by every activated bot on your UpBots account.

Suggestion 3: Use FTX or Kucoin

If you do not wish to continue trading on Binance, then we recommend transferring your funds over to FTX of Kucoin. UpBots currently supports bot trading, manual trading, and more on both exchanges.

By using FTX or Kucoin, you can access your API with no restrictions and use all features of UpBots with no or only simple KYC verification needed. So if you no longer wish to trade on Binance with UpBots you may want to look into these alternatives.

For any questions or concerns regarding this change to Binance and how it may impact your UpBots account please feel free to contact us.