1) NO RESERVE - All auctions start at $1 with no reserve.
2) END TIME - Auctions start every Monday and always will end on Sunday between 4-6pm Pacific Standard Time. We usually stagger auctions by 1-5 minutes to give some space between auction end times.
3) VERIFICATION TO BID - There is a one-time verification fee of $1.00 to activate account. Once paid, your account can bid seamlessly on all auctions without ever having to verify again. This is not for us to profit, it is a small charge simply to protect our community and validate bidders. Integrity is our #1 priority at Mineral Exchange, this is why we choose to verify our bidders when many others do not.
4) SALES TAX - Sales Tax is not charged on bullion/numismatic items unless you're a resident of California and invoice is under $1500.
5) BUYERS FEE - MX's standard 10% buyers fee is added to winning bidder's invoice. All auctions start at $1 with no reserve so please take this into consideration when setting your max bid.
-MX accepts deluxe echeck, check, ACH or Wire Transfer.
-Paypal is accepted on invoices under $10,000 for an additional 3.5% fee.
6) SOFT CLOSE - Due to recent complaints about "bid sniping" we have reincorporated a "soft close". Soft close will only activate if a bid comes in the last 60 seconds of an auction. If no bid is placed in the last 60 seconds the auction will hard close at normal end-time. If a "snipe" comes in the last 60 seconds the auction will extend one-time 3 minutes more, then hard close. This allows everyone a fair chance to set their max bid without being sniped.
IMPORTANT NOTE: Please make sure to click refresh on your browser when auctions are closing, especially in the last minute. This will give you the most accurate current price as sometimes our site cannot auto update
7) MAX HIDDEN BIDS - Current auction price will only move to the next minimum bid above your underbidder. Any bid above the next leading minimum bid increment will be used as your max hidden bid.
-When you're top bid it will say so with GREEN font. If there is an underbidder with a higher max secret bid the font will be RED and you will be notified that you've been outbid via email. It is good practice to refresh your browser after placing bid to double check whether you are the highest bidder or have been outbid.
Auction minimum bid increment = $25
Bidder 1 Bids - $500
Bidder 2 Bids - $1000
Current auction price moves to $525 & Bidder 2 has a max hidden bid of $1000. The "$525" will also display in green font to tell Bidder 2 they are in the lead.
The max hidden bid software will only work if you bid above the next leading minimum bid increment, otherwise it will move the current auction price.
In above scenario, because the minimum bid increment is $25, Bidder 2 would need to bid above $550 or higher to set the max hidden bid software. This would make the current bid $525 with a max hidden bid of $550.
If Bidder 2 only bid $545 it would move the auction price to $545 instead of $525 because the max hidden bid can only be set above the next minimum $25 bid.
8) REFRESH BROWSER - If you have already set your max bid you do not have to worry about this but if you want the most accurate current bid especially at the end of the auction it is important to keep refreshing your browser. Auctions are always spaced 1-5 minutes apart to give you time to be able to set your max bid.
9) SHIPPING - Mineral Exchange currently only ships to the U.S. and uses USPS priority or Express Mail with signature confirmation.
-Priority Mail - Base Cost $13 / Max Cost $25
-Express Mail - Base Cost $28 / Max Cost (Depends on weight)
10) INVOICES - Winning bidder will receive their invoice via email they provided to make account. Please make sure to check spam folder in your email if you do not see in normal inbox. All invoices will be sent within 24 hours of auction end. If invoice is not paid within 5 business days Mineral Exchange reserves the right to revoke invoice and offer item to underbidder.
Please call, text or email with any questions or concerns:info@MineralX.com