Hi everyone, I’m part of a team of gold bugs who have developed: myBullion Its a platform that allows members to buy and sell pre-owned precious metal products directly from us, or peer to peer with other Aussie owners. Think of it as a hybrid of eBay / FB marketplace / your local bullion dealer / and even Silver Stackers….. all rolled into one. Features include: - Automatic price updates for the coins and bars you list on the platform. - Low seller fees (compared to eBay) - Competitive buy back prices when selling to us. - XRF Analysis and Online Certification. From now until 31 Dec, we’re offering a free 6 month trial of our PRO subscription (normally $50) – and doubling listing lengths at no extra cost. Please take the time to check it out, and maybe even register. Also feel free to list your questions below.
Thanks Jay, we believe the concept is unique. Responding to your question, our buyer/seller protection includes: 1. Vendor eligibility Not anyone can list on the platform, prospective vendors first need to sell to us. We then XRF test the item to ensure authenticity before approving their seller account. This is the first line of defence preventing individuals using myBullion with ill intent. 2. Publicly visible profiles Both buyers and sellers are issued a profile page that lists useful information. For example, a reviews system that displays feedback members have given one another in previous transactions. Or member tags and vendor badges, and account verification status (see below). This transparency aims to help members make informed decisions about who they interact with. 3. Account Verification Being an Australian registered business, we need to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF Act). This means anyone wanting to sell $5000 or more worth of bullion per day, needs to undergo KYC checks. 4. Security Measures Our FAQ mentions personal and financial information being transmitted with secure SSL, but here’s an example showing how conversations with other members are encrypted. Now I suspect some may be expecting a money back guarantee – much like ebay offers. While we did consider this, the business case did not make sense. I also want to caution that it’s not as good as it sounds, with many real world examples of both buyers and sellers being taken advantage via this process. Instead, we provide members the option to use our product filter to buy directly from us should they not want to trade peer to peer, providing greater peace of mind - especially considering our return policy.
Hi Jamie, your scepticism is welcome – I mean that. Just like any business, we need to be profitable to be sustainable. However, we believe the value you extract from our services exceed the actual fee you pay. Please take a look at the advantages of listing with us for more information. At the end of the day the platform might still not be right for you….. and that’s all good.
I like it seems very well thought out. The only thing I don't like is the annual fee. Should be free to be competitive. For someone trading a few bits here and there SS, eBay and Marketplace will always be the best option. I don't think this will get off the ground with that fee in place. The 6 months free is not enough imo. You'll need a lot more insensitive to draw people from established platforms.
“Not anyone can list on the platform, prospective vendors first need to sell to us” so, if someone bought an item from a seller, then it may take 7+ days to end up in buyer’s hands..cause seller sends to “mybullion” then to buyer…where spot can go higher…so, who should absorb that spot rise? Buyer?
Hi there, what makes it more competitive to the likes of www.bullionnow.com, www.compassbullion.com or www.adamsbullion.com? These guys all trade in 2nd hand stuff but are much more cheaper on pricing (at times). Is it just an opportunity for people to get what they feel thier precious Mmetal is worth as opposed to market value? Seems just like an ebay without auctions but less fees. The benefit of Ebay is that they have the traffic given they are so big.
nothing is for free here in AUS…you know that…everyone (or everything) tries to ‘dip’ on someone else’s pockets.
Thanks 1Tim58, You've actually touched on a really important point - the type of customers we cater to. Whereas someone trading a few bits here and there would do just fine on any platform, we believe our competitive advantage shines through when selling higher valued items (over $500) and at volume. You would of course need to weigh up the pros and cons – but at the very least we provide another option in the marketplace.
You charge fees ( cheaper than ebay) which is rediculously high anyway. At what percentage? There is no money back garantee? So where is the carrot? Who runs this business? How do we know it is trustworthy,simply because it is a registered business? Valid questions imo.
Apologies bubblebobble2, let me clarify. Once issued an approved vendor account, that individual will be able to transact directly with others - no middleman involvement from "myBullion". A buyer will be able to contact you and request to purchase an item you've listed. Once you agree on a sale price, the buyer will transfer $$$ to you, and then you will post it upon receipt of cleared funds.
Hi Hypnotic, You've answered the question for us We believe there's a gap in the market, that being owners of bullion not being able to extract the true value of their items. This platform provides the opportunity to do just that. Regarding eBay’s advantage of higher traffic, our aim is to be a genuine competitor to them, at least in the bullion space at some point in the future.
