Peer to Peer – Taking a cautious approach

Trading physical precious metals peer to peer provides advantages to buyers and sellers, like access to unique items, the ability to negotiate, transactional privacy, and the opportunity to meet a fellow stacker in person. However, it’s important to note the potential risks involved in peer-to-peer transactions, such as counterfeit products, fraud, and security concerns. Proper precautions, such as verifying the authenticity of the bullion and conducting transactions in safe environments, are essential.

Advice for Buyers

Advice for Sellers

Request provenance: Ask the seller to provide evidence of where the item was purchased from. This can be in the form of a transaction receipt, invoice or email confirmation.

Request additional images with evidence of ownership included. This can be as simple as a photo of the item with the current date and time written on paper behind it.

Make sure bank details match at moment of transfer. Most Australian Banks provide one final check to make sure the name and account details provided match what they have on record.

Certification. Ask the seller whether the item comes with a certificate of authenticity provided from a reputable mint or refinery.

Conduct transactions with well-known and reputable sellers. Check reviews and ask for references from other members.

Counterfeit Bullion: There’s a risk of selling counterfeit bullion unknowingly, which could lead to legal issues and reputation damage. Ensure the bullion is authenticated and verified before selling. Use professional appraisal services if needed.

Payment method: Research whether the payment processor the buyer uses to pay you can reverse payments or file chargebacks after receiving the bullion. Avoid this by only accepting bank transfers.

Face to face transactions: Physical meetings for transactions can expose you to theft or robbery. If offering in-person meet up, ensure transactions take place in public places with security measures, such as a bank.

Logistics and Shipping Risks: Ensure you notify the buyer before entering into a trade whether you will accept risks associated with shipping bullion via post, or have the buyer take on this risk, or agree to other terms. You can read about our posting guidelines here.

Advice for Buyers

Request provenance: Ask the seller to provide evidence of where the item was purchased from. This can be in the form of a transaction receipt, invoice or email confirmation.
Request additional images with evidence of ownership included. This can be as simple as a photo of the item with the current date and time written on paper behind it.
Make sure bank details match at moment of transfer. Most Australian Banks provide one final check to make sure the name and account details provided match what they have on record.
Certification. Ask the seller whether the item comes with a certificate of authenticity provided from a reputable mint or refinery.
Conduct transactions with well-known and reputable sellers. Check reviews and ask for references from other members.

Advice for Sellers

Counterfeit Bullion: There’s a risk of selling counterfeit bullion unknowingly, which could lead to legal issues and reputation damage. Ensure the bullion is authenticated and verified before selling. Use professional appraisal services if needed.
Payment method: Research whether the payment processor the buyer uses to pay you can reverse payments or file chargebacks after receiving the bullion. Avoid this by only accepting bank transfers.
Face to face transactions: Physical meetings for transactions can expose you to theft or robbery. If offering in-person meet up, ensure transactions take place in public places with security measures, such as a bank.
Logistics and Shipping Risks: Ensure you notify the buyer before entering into a trade whether you will accept risks associated with shipping bullion via post, or have the buyer take on this risk, or agree to other terms. You can read about our posting guidelines here.

By far the majority of peer to peer transactions result in a positive experience for both buyers and sellers. Trading peer to peer can create an environment of mutual trust, security, and transparency. However, its important for participants to remain vigilant and follow best practices to further minimise risks. One final note:

myBullion

myBullion

Peer to Peer – Taking a cautious approach

Advice for Buyers

Advice for Sellers

Advice for Buyers

Advice for Sellers

Caveat emptor (Let the buyer beware): We do not engage in disputes between members, should one arise.

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© myBullion 2024

© myBullion 2024