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