10 Auction Rules & Info
1) NO RESERVE - All auctions start at $1 with no reserve.
2) END TIME - Auctions always end on a Sunday between 3-8pm Pacific Standard Time.
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 auctions. 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 $2000.
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.
6) SOFT CLOSE - Due to complaints about "bid sniping" we have incorporated 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. Please note that any input of a bid or bid alteration (raising your max bid) in the last 60 seconds will enable the soft close. This allows everyone a fair chance to set their max bid without being sniped.
7) MAX HIDDEN BIDS - Any bid AT LEAST 2 minimum bid increments above the current bid will deploy your max hidden bid. Please note that minimum increments move the current auction price regardless if you are the top bidder. If you want to set your max hidden bid it needs to be 2 or more increments higher than current price.
-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 remain 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.
Important Note: If you want to use our auto-bid software please note that you must set your max bid with at least 30 seconds left in auction. Software takes some time to register bids and "snipe" bids can result in moving current auction price. If bid is placed under the last 30 seconds we are not responsible to use nearest increment but rather what price the auction closes at.
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, FedEx, and UPS with signature confirmation. You will receive a tracking number within 48 hours of cleared payment. Please note that our shipping costs include your package being fully insured until signed for. If you would like to "build a box" and combine future orders to save on shipping please text or email us. Please make sure your address is written correct when you receive your tracking email and are available to sign for your package when it arrives.
-Priority Mail - Base Cost $19 / Max Cost $29
-Express Mail - Base Cost $39 / Max Cost (Depends on weight)
-FedEx/UPS (High Value) - Packages over $10,000 in value require FedEx/UPS overnight or 2 day air. Shipping cost fully insured ranges between $60-$300 (Max Value $150,000). This cost will be quoted on invoices over $10K
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, terminate account and/or offer item to underbidder.
Please call, text or email with any questions or concerns:
info@MineralX.com(310)-741-0217
