Bullion Brokers is a platform for registered sellers to sell their bullion with the help of brokers, and for buyers to source for competitive bullion directly from investors or dealers.
The following are the four stakeholders:
- Buyers can buy bullion at competitive prices directly from the source (ie. investors or dealers). A buyer is anyone that a registered user on our website. Buyers will be required to pay 5% down payment to Bullion Brokers Sdn Bhd, before a sellers contact details are revealed.
- Broker(agent) is any registered user of Bullion Exchange. Brokers can introduce both offline or online buyers to buy bullion from the listed bullion and if the transaction is successful the broker will receive a 3% commission as introduction fee.
- Seller can be any registered sellers on our website. Sellers agree to receive only 95% of selling price from buyer during transaction. The remaining 5% is split between Bullion Brokers Sdn Bhd and the broker of a sale at the rate of 2% and 3% respectively.
- Bullion Brokers Sdn Bhd is the owner of brokering platform that helps introduce buyers and sellers, charging a 5% service fee from the seller and paying 3% commission to brokers.
bullionx.my provides three options for investors/sellers to sell their PM based on their respective pricing and timing needs.
- Marketplace is a platform for registered sellers (including all PMA members) to sell their PM directly to buyer, without any third-party assistance and paying no fee to anyone. The selling price can be set as fixed or changes with Spot Price and exchange rate. The quantity of purchase can be a minimum quantity of 1pc from whatever available stock for the item in the seller’s inventory. This is the first place for PM investors to sell their PM for maximum return but with maximum effort.
- Brokers is a platform for registered sellers (including all PMA members) to sell their PM directly to buyer and with the assistance of brokers to recommend potential buyer, and the seller will be charged a 5% service fee. The selling price is fixed for the bundle quantity of PM as posted in the Brokers listing, and you can’t buy a fraction of the quantity posted. This is the second place for PM investors to sell their PM with a 5% service fee, as when assistance is needed or timing of sales is urgent.
- Buyback is a platform for any sellers (including all PMA members) to sell their PM directly to Bullion Brokers Sdn Bhd, the platform owner of bullion.my. There is no guaranteed that Bullion Brokers Sdn Bhd will buy all the proposed sales submitted through the BuyBack platform. Generally the BuyBack price is around 13.7% below market price, but there is room for price negotiation between seller and buyer after the submission of the proposed sales into the BuyBack platform. This is the last resort for investor/sellers to sell their PM as it generally provides the lowest return but it comes with the least effort.
The “Market Price” is an arbitrary market price we strongly believe is a fair and average pricing in Malaysia market. This price is about the same as the current buying price of PMA member after taking into the calculation of the 1/12 bonus in the 12 months cycle period. This price changes every minute taking into account the changes in spot price and USD to MYR exchange rates.
Bullion Brokers Sdn Bhd (BBSB) provides the Brokers platform as a service to facilitate the PM sales transaction between seller and buyer with the help of intermediaries called broker. BBSB will receive 5% payment from buyer as deposit (to be converted as service after completion of sales transaction) before the details of both buyer and seller is disclosed to each other. BBSB try its best to verified the sellers, but hold no responsibility whatsoever on the remaining 95% payment to complete the sales transaction. The only responsibility of BBSB is to return the 5% deposit to buyer if BBSB received a complaint from buyer with concrete proof that the seller aborted or didn’t honor the commitment as posted in the Brokers platform. To ensure every party play its treated fairly, BBSB will only refund the 5% deposit upon receiving the buyer’s written complaint, and BBSB will follows through with investigation and if proven that the seller is the recalcitrant party, the seller will be completely blacklisted in the entire bullionx.my platform. If the buyer back out from the sales transaction, and the seller is not at fault, the 5% deposit will not be refunded to the buyer.
Please click here: http://bullionx.my/brokers
Any verified seller or PMA member.
Apply as user of bullionx.my follows by application as verified seller. Verified seller status requires you to submit a scanned copy of your IC / Passport along with proof of address (Utility Bill, Bank Statement, etc.) & contact number / email. Once we are satisfied the information provided is genuine your account will be upgraded. All documents emailed to us will be deleted thereafter and no backup or records will be kept by The Bullion Exchange of Malaysia. Emails can be sent to: firstname.lastname@example.org.
You can find the information here; http://bullionx.my/accumulator
bullionx.my provides Marketplace platform for verified seller to sell their PM online without any assistance and no fee is payable for this service. In situation the seller wants to sell their PM urgently or needing 3rd-party help to sell their PM, seller can post their PM in Brokers. As any service Brokers charge a 5% service fee, of which the 3rd-party introducer called broker are rewarded with a 3% commission by BBSB.
When buyer wanted to purchase the item listed by seller, buyer will pay 5% deposit and BBSB will disclose both the seller and buyer information to each other. Seller will receive 95% of the listed price as the complete payment in exchange for the PM sold. When the sales transaction is completed, the original 5% deposit paid by the buyer will automatically consider as 5% service paid by the seller.
You can sell gold or silver in various forms; coin, bar, round or jewelry.
There is no guideline in selling price or quantity for sales. However you may want to takes note on the following:
- The cheaper the selling price (per oz or per gram) the higher it will be listed in the listing table in Brokers, meaning easier to be noticed by potential buyer for their buying consideration.
- You can sell from 1gm to 10,000 oz or unlimited quantity. However you must sell them as lump sum sales on the quantity you posted for sales.
Yes, you may sell bullion on behalf of others, however you are liable to provide the promised items to the buyer at the agreed upon terms and conditions in Brokers. To be safe, you should have the PM in your hand before you posted for sales in Brokers.
Please click http://bullionx.my/brokers/sell
No, buyer is not given any seller contact prior to the payment of 5% deposit to BBSB.
Bullion Brokers Sdn Bhd does not provide any guarantee for any of the sales transaction for the items listed. We do our best to vet the sellers before they are allowed to use our platform and we regularly check all newly listed items. In the case of incomplete sales transaction with the buyer as the innocent party, BBSB will assist the buyer to the best of BBSB’s ability to settle the issue with the seller involved.
The 5% deposit will be refunded to the buyer after 14days had lapsed from the date that the buyer first initiated the booking with 5% deposit.
The 5% deposit payment will not be refund to buyer, and it will be regarded as abortive service fee.
Buyer can escalate to BBSB by ussing the “Report Dispute” form on the order page or by sending an email to email@example.com giving the order number detail. BBSB will initiate query with the seller, and appropriate action will be taken accordingly.
Yes. The “Report Dispute” button on each order page can be used to request assistance from Bullion Brokers Sdn Bhd.
Yes, you may buy PM on behalf of others, however you are liable to make full payment and follow through with the purchase order commitment.
4. Brokers Commission
Brokers receive 3% commission based on the selling price of the listing. Commission history can be found on the “Withdraw Funds” tab of your brokers dashboard.
Commission redemption is done on the last Thursday of every month. Brokers have to make sure their bank details are kept up-to-date on their dashboard page (http://bullionx.my/my/mode/withdraw) and their accounts will be credited accordingly.
There is no limit to the commission.