Review: Spotmex

pmbug

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I have never used spotmex so I don't really have an experience to share in reviewing it. Has anyone else here used them before?

I can share my thoughts of what I see when I visit the site. It appears to be like a mix between ebay and craigslist geared specifically to precious metals:

ebay similarities: buyers and sellers can give feedback to each other for sales

craigslist similarities: list items with a set price (premium over spot)

I'm guessing the site is fairly new as there was not a lot of listings posted when I checked it this morning.

I just created an account to explore a bit and they offer several options for handling payments from paypal to face to face sales. It was only after going through almost the entire process to list an item for sale that I found that they charge a small transaction fee (0.95% of the sale price for a 1oz silver coin is what I saw - didn't try other types of bullion to see if the fee was the same or different). IMO, it is very poor form for that not to be disclosed clearly in the Terms of Use, Spotmex Guide or other page describing the site so folks know what the deal is before they sign up - especially when the changing promo on the front page claims "No Listing Fees" on panel 2/4.

Still, if it develops a large base of buyers and sellers, it could become a nice alternative to classified ads for people looking to trade gold and silver locally or by mail order.
 

DoChenRollingBearing

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Hi donpaulo!

Hey donpaulo, nice to see here in another place! Check out my blog sometime, and send me yours (alchem..., correct?) again.

The only place I have bought from (other than coin shops) is MONEX, which I review in the MONEX thread.

"DCRB"
 

drAGonfly47

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The owner and operator of Spotmex can be viewed on Youtube.

Stellaconcepts is his name.

Subscribed to his channel shortly after he began. Great presentations of what could happen to silver and to prepare with silver in mind.

Sadly due to his contradictory actions, hidden mistakes(cowardice), and loss of helpful objective to be replaced with paper worshipping, I unsubscribed.

Regardless, I have not used spotmex, but watch the minimal usage thereof with caution.

Similar to BullionDirect's buyer/seller page Nucleo Exchange.
 
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donpaulo

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Hey donpaulo, nice to see here in another place! Check out my blog sometime, and send me yours (alchem..., correct?) again.

The only place I have bought from (other than coin shops) is MONEX, which I review in the MONEX thread.

"DCRB"

I do read your blog and regularly receive emails about new content

I do not have a blog and that is mostly due to not really having a lot to say about PM in general. I do have some knowledge about Asia real estate but prefer to leave that space to others, blogs in general require a level of commitment I am not prepared to give at this point... things change however

I consider myself relatively "new" to the market and a simple physical stacker.
 

donpaulo

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The owner and operator of Spotmex can be viewed on Youtube.

Stellaconcepts is his name.

Subscribed to his channel shortly after he began. Great presentations of what could happen to silver and to prepare with silver in mind.

Sadly due to his contradictory actions, hidden mistakes(cowardice), and loss of helpful objective to be replaced with paper worshipping, I unsubscribed.

Regardless, I have not used spotmex, but watch the minimal usage thereof with caution.

Similar to BullionDirect's buyer/seller page Nucleo Exchange.

thanks for posting DF, I appreciate your candor.

For the record I invested in spotmex so if you have any specific issues you want to address please by all means let me know.

I talk with stella and the other partners on a somewhat regular basis and I KNOW they would love to hear specific feedback on how the site can be "improved"
 

donpaulo

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I have never used spotmex so I don't really have an experience to share in reviewing it. Has anyone else here used them before?

I can share my thoughts of what I see when I visit the site. It appears to be like a mix between ebay and craigslist geared specifically to precious metals:

ebay similarities: buyers and sellers can give feedback to each other for sales

craigslist similarities: list items with a set price (premium over spot)

I'm guessing the site is fairly new as there was not a lot of listings posted when I checked it this morning.

I just created an account to explore a bit and they offer several options for handling payments from paypal to face to face sales. It was only after going through almost the entire process to list an item for sale that I found that they charge a small transaction fee (0.95% of the sale price for a 1oz silver coin is what I saw - didn't try other types of bullion to see if the fee was the same or different). IMO, it is very poor form for that not to be disclosed clearly in the Terms of Use, Spotmex Guide or other page describing the site so folks know what the deal is before they sign up - especially when the changing promo on the front page claims "No Listing Fees" on panel 2/4.

Still, if it develops a large base of buyers and sellers, it could become a nice alternative to classified ads for people looking to trade gold and silver locally or by mail order.

I stated this in another post on this thread but I wanted to be above board when stating that I am an investor in spotmex.... as such I am very interested in what others think of the site.

(whew thats a lot of quotes for one thread, but I suppose nobody will blame me for cranking up my post count)

PMbug I appreciate your feedback. Thank you.

The site has had some issues with material for sale due to the price action in the metals, although with the more recent sideways grinding moves there has been more metal available to purchase.

I will certainly bring the issue of the transaction fee "hiding" and thus giving a "poor" experience during our next spotmex meeting/discussion.

I think the issue at spotmex is more that the coding has been such a bear that many of the other issues got put on the backburner.

However that is not the user's experience or the resulting conclusions you made me aware of. :mad:

We are all free to take our business wherever we wish (thank goodness) and my goal is to make my site the best
 

pmbug

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Thanks for the feedback donpaulo. From what I saw, spotmex has a lot of potential. I hope you'll keep us informed of any major announcements / changes.
 
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