INGAMEX Internet Gaming Exchange
Main Content
Auctions 101
Ingamex.com.ph (Internet Gaming Exchange) is an online virtual commodity trading exchange and auction site catering to gamers who want to trade(buy/sell through marketplace) and to auction(buy/sell direct to members) in-game virtual commodities(weapons, currency, items, etc.) and avatars for real money.
This Demo explains the Ingamex auction processes, specifically direct selling and buying items. To start participating in Ingamex auctions, you need to create and fund your Ingamex account. If you haven't done this yet, please register here.
Auction Overview
Please remember that Auctions differ from Trading in the sense that auctions allow listing of items, accounts, etc. for direct buying and selling between members. Trading on the other hand allows listing of virtual currencies for buying and selling through the Ingamex member marketplace.
Auctions also have fixed non-refundable listing fees. Unlike in trading where Ingamex charges the seller only for sold contracts, not on per listing.
Listings
In Ingamex, members can bid in an auction or create listings(a sell auction). Listings are typically categorized by game and type of item(account, items, and so on).
A typical Ingamex auction listing contains the following entries:
Category - This indicates the designated category of the sale auction.
Title - The general description of the sale auction.
Starting Price - The sale auction's minimum or starting price that bidders can begin to place a bid.
Buy Out Price - The highest price for the sale auction. Placing a bid equal to the buy out price automatically declares that member the winning bidder.
Delivery Method - the method used to process the delivery of the item.
Delivery Time - the time period when the item will be delivered to the winning bidder.
Duration (Listing) - The time period or time remaining that a listing is open for bids.
Image File - This portion displays the visual image of the sale auction.
Description - This is the section where sellers can provide detailed description of the sale auction to the bidders and visitors.
A listing example for selling a game item:
Category: CABAL Online > Jupiter > Items >
Title: Epaulette of Guardian +8
Starting Price: 350.00 PHP
Buy Out Price: 500.00 PHP
Delivery Method: Face to face
Delivery Time: 6 Hours
Duration (Listing): 1 week
Image File:
Image file of item
Description: I am selling my Epaulette of Guardian +8 starting at 350.00 php. Meet me in-game when your offer is accepted and processed here.
This can be understood as selling in CABAL online game, an Epaulette of Guardian +8 for Php 350.00 starting price, delivered in-game, face to face with the buyer and the seller and within the 6 hours delivery time as the seller stated. This sale auction is due for 1 week only.
Another listing example. This is a game account:
Category: Flyff > Shade > Accounts >
Title: SALE Level 118 Bow Jester
Starting Price: 2250.00 PHP
Buy Out Price: 3500.00 PHP
Delivery Method: In game mail
Delivery Time: 6 Hours
Duration (Listing): 1 month
Image File:
Image file of item
Description: I am selling my Level 118 DEX type Bow Jester with a starting price of 2250.00 PHP. Meet me in-game when your offer is accepted and processed here.
Account information will be provided when I accept your bid. This is an Ingamex premium transaction therefore buying this is more secure.
This can be understood as selling in Flyff at Shade server, a Level 118 DEX-type Bow Jester for 2250.00 Php starting price, delivered via mail through Ingamex premium transaction processing and within the 6 hours delivery time as the seller stated. This sale auction is due for 1 month.
For sellers, deliver your game account for sale by providing the game account information to the winning bidder (buyer) in the Ingamex processing form.
For buyers, pick up your game account order by collecting the game account information that the seller provides in the Ingamex processing form.
Login ID,
Password,
Secret Question,
Secret Answer,
Bank/storage password (if any), and
Account PIN (if any)
See the complete game account information required from sellers to submit to the winning bidder during delivery processing at our Game account information delivery FAQs section.
The complete game account information required from buyers to collect and acquire from the seller after winning the bid and during pick up processing can be found at our Game account information pick up FAQs section.
Remember that Bidders need an equivalent or more amount in their funds to bid on an Ingamex listing.
Auctions
Bidder Objectives
1. Bidders want to bid at or up to prices they are willing to pay for an item. Since this is an auction, the highest bidder wins.
Seller Objectives
1. Sellers want to auction(sell) items at the highest price as possible to get the most profit. Sellers may or may not accept the highest bid if the bid does not reach the buy-out price.
Auction Process
In the course of auction, members bid on auction listings or sell items by creating an auction sell listing.
Prospective buyers place bids on item listings they are interested in. The higher the bid, the better the chance of getting the item. Bids start at a starting price(the minimum bid acceptable for a specific listing). Bids are automatically accepted and the bidding filled(won) if the bid is equal to or more than the buy-out price.
Prospective sellers create an Ingamex item listing to sell their items. A listing is a sell auction item listed on the Ingamex auction site which buyers will bid on. Sellers set a starting price(minimum bid), buy-out price(automatic acceptance and bid won), listing duration(the bidding period duration) and other pertinent information for each listing.
While the listing duration has not expired, the listing remains Open(open for bids).
If the listing duration expires and the buy-out price has not been met, the seller has the option to accept or decline the sale of his/her listing to the current highest bidder.
If the listing has or has not expired but the buy-out price has been met, the listing is then considered Filled(Won) and the bidding automatically refuses any more bids.
Delivery of in-game items
Once a bid is accepted by the seller, that sell auction is considered as Filled or closed auction. The winning bidder and the seller proceeds to the processing of commodity delivery and pick up via Ingamex processing form. The buyer then sets the schedule for the actual in-game commodity exchange with the seller and proceed with the delivery. Once delivery is confirmed, the funds are then credited to the seller's account. The auction sell is then considered Closed(completed).
Delivery of game accounts
Once a sell auction is accepted by the seller, that sell auction is considered as Filled or closed auction. The winning bidder and the seller proceeds to the processing of commodity delivery and pick up via Ingamex processing form.
Seller submits the game account information necessary for ownership transfer to the buyer and collects the security code afterwards to complete the exchange. After this process, the funds are then credited to the seller's account. The auction sell is then considered Closed(completed).
Buyer collects the game account information necessary for ownership transfer and after collecting the necessary game account information, submit the security code to the seller and proceed with changing of game account information. After this process, the funds are then credited to the seller's account. The auction sell is then considered Closed(completed).
For premium Ingamex transactions, an Ingamex staff will send a game account information form for the seller to fill and complete. An Ingamex staff will immediately perform verification processes to prepare the seller's game account for transfer and payment. The winning bidder will be informed by Ingamex messaging system that the game account order has been cleared and ready for ownership transfer. After this process, the funds are then credited to the seller's account. The auction sell is then considered Closed(completed).