INGAMEX Internet Gaming Exchange
Main Content
Trading 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 trading process and the steps in buying and selling contracts. To start trading, you need to create and fund your Ingamex account. If you haven't done this yet, register here.
Trading Overview
Please remember that Trading differs from Auction in the sense that Trading allows listing of virtual currencies for buying and selling through the member marketplace. Prices go up and down based on members' willingness to set prices they are happy with. Auctions, on the other hand, allow listing of items, accounts, etc. for direct buying and selling between members.
In Trading, Ingamex charges sellers a commission on sold contracts, not on per listing.
Contracts
In Ingamex, members Buy and Sell "contracts". A contract is an agreement to buy or sell a certain virtual commodity. A contract has a buying price(the price buyers are willing to pay for the item) and a selling price(the price sellers are willing to sell the item).
A Contract is listed in the the following form: Game.Game_Server.Amount.Currency_Name.Delivery_Time
Example: CABAL.MARS.15M.ALZ.48HRS
This can be understood as Deliver in CABAL game at Mars server 15 million Alz within 48 hours time allowance.
Please note that a contract is considered as a 1 whole unit. In the CABAL.MARS.15M.ALZ.48HRS example, this means that you are going to deliver 15 million Alz as one whole order. It does not mean that you can buy or sell 1 million Alz 15 times. When we say 2 orders of CABAL.MARS.15M.ALZ.12NN, it means that you are making a commitment to trade 2 orders of 15 million Alz,so you need to have a total of 30 million Alz in your possession.
Also, remember that the price listed is for the 1 whole unit contract (meaning the price is for 15 million Alz and not for 1 million Alz later to be multiplied by 15).
Trading
Buyer Objectives
1. Buyers want to buy currencies at the lowest buying price to get the most savings.
Seller Objectives
1. Sellers want to sell currencies at the highest selling price to get the most profit.
Trading Process
In the course of trading, members choose which contract they will be trading in and will make Buy or Sell contract Orders. If you are a buyer and you want to buy something, you make a Buy Order specifying contract quantity and buying price. For sellers, you place a Sell order specifying contract quantity and selling price.
While there is still no match between a buy order and a sell order, the contract remains Open(unmatched). When Ingamex matches a buy order and a sell order, the contract is then considered Filled(matched).
The trading all happens in real time and buying and selling prices for contracts change throughout the trading period based on the members' prices.
Once a contract is Filled, 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 respective parties. The contract is then considered Closed(completed).