INGAMEX Internet Gaming Exchange
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How Ingamex Works
Trading AuctionIngamex.com.ph (Internet Gaming Exchange) is an online virtual commodity trading exchange and auction site. The site caters to gamers who want to trade(buy/sell) in-game virtual commodities and avatars for real money. In trading, members trade directly with each other and commodity prices are established by the member market. Prices are usually better than anywhere else for both seller and buyer.
Trading
Trading at Ingamex.com.ph is facilitated by the buying and/or selling of a contract for game currencies. A contract is an agreement to an exchange of a certain virtual currency (usually with specific conditions such as commodity quantity and delivery time). A contract has a buying price(bid price) and a selling price(ask price). The buying price(bid price) is the price buyers are willing to pay while the selling price(ask price) is the price sellers are willing to sell at.
In the course of trading, members choose which Ingamex contract(s) listed in the exchange they will be trading in. Prospective buyers post their respective buying prices. This is known as placing a buy order. On the other hand, the prospective sellers post their respective selling prices. This is called placing a sell order. The best buying price(highest buying price) and the best selling price(lowest selling price) are prioritized and shown in the market trading screen. While there is still no match between a buy order and a sell order, the contract remains open(unmatched). When the Exchange 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 market.
Once a contract is filled, the buyer then sets the schedule for the actual in-game commodity exchange with the seller. An Ingamex staff will be present during the transfer for Ingamex premium contracts. This process assures security for both parties, sellers are assured payment while buyers are assured he/she will receive the commodity.
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Auctions
Auction at Ingamex.com.ph is facilitated by bidding on an auction or creating a sell auction for game items and accounts. Auctions differ from Trading in the sense that auctions allow listing of items, accounts, etc. for direct buying and selling between members.
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.
Once a listing is Filled, the winning bidder and the seller proceeds to the processing of commodity delivery and exchange via the online Ingamex processing form. For currency trades and items sold at auction, the buyer sets the schedule for the actual in-game commodity exchange with the seller and proceed with the delivery. For game accounts, the buyer and seller processes the transfer of the game account through the auction processing form provided for the actual exchange. Once delivery is confirmed, the funds are then credited to the seller's account. The auction sell is then considered Closed(completed).
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