We all know how obsessed people can be with sneakers, and no one more so than those who search for collectible shoes. Selling and buying collectible shoes online can come with risks of being scammed, and many sneakerheads look for online platforms that can keep them safe from these scammers. StockX is one popular online platform that promises to do just that. However, people might wonder if StockX is a legitimate platform for them to conduct their business
This review will discuss everything about Stockx and answer your concerns over the site’s legitimacy.
What Is StockX?
Start of StockX
Founded in 2015, the online market known as StockX.com was an online market founded in 2015 but launched the following year. They used to be known as Campless, an online site that focused on sneaker data (specifically online retail prices on eBay) run by Josh Luber and Greg Schwartz. Campless merged with StockX when it was acquired by Dan Gilbert, the billionaire more famously known as the Cleveland Cavaliers owner. Luber remained at the helm as StockX’s CEO before stepping down in 2019, while Schwartz is still the online market’s COO.
For those who are keen on wanting to find out what StockX is, the answer is simple. StockX.com is an online website that targets sneakerheads who wish for that rare pair of shoes and want a safe place to find and buy them.
How Does It Work?
StockX works by matching a buyer and seller, presenting the seller’s item and prices on the website. Once there is an agreement to purchase, the item is shipped to a StockX facility where the item undergoes a thorough inspection and examination. This is to authenticate the item and verify that you are not buying an expensive fake. Once the item is authenticated, they release the money to the seller and ship the item to the buyer.
StockX acts as a middleman between the buyer and seller. Instead of just confirming the delivery of an item to a buyer, StockX checks the items to determine whether they are fake or genuine goods. This sounds a lot safer for buyers who are sincere collectors of rare kicks at live market prices. StockX describes itself as “the world’s first stock market on things.” You may now understand where the company’s name came from.
Instead of stocks, StockX.com presents items that can be bid for or just paid for immediately. There is transparency. These days, StockX has expanded its categories to include other items that can be valued and bought at the right price. StockX.com now also has pieces of clothing and jewelry on their site as well as collectibles.
Before you start browsing, it is best to remember that StockX is not a website where you can find rare sneakers at bargain prices. All the goods are sold based on live market prices and demand. This ensures that the items sold here go at fair prices.
What Type Of Business Is StockX?
StockX.com is an online marketplace that gives you that feeling that eBay has found its match or is going to be replaced. The difference lies with how transparent StockX is when it comes to pricing and price history.
StockX’s business allows sellers to sell shoes and other items, offering prices that may be slightly lower than others because prices are based on live market values. Think of the website as a facilitator that deals expertly with luxury items. However, it may be too early to get your hopes up on getting a steal of a bargain for a collectible because these items are already expensive, to begin with.
StockX’s business model is based on charging a small fee from the sellers on the luxury items they sell. These items may be pre-owned, but they are not pre-worn. These much sought-after items are all brand new and sell hard and fast. The company says that it is not profitable with fees as small as five dollars and less than 12% for other costs. However, it is a successful e-commerce company with more than a billion in sales in the past years.
Is StockX Legit?
According to other StockX reviews, the website is excellent and makes for seamless business between seller and buyer. It may have more categories of items than when it first started, hard-to-find sneakers for sale is still the favorite and driving force.
These reviews may bring up other questions for people unfamiliar with the platform, though. Is StockX legit? Are the items truly authentic and rare? How safe are you as a buyer? Do sellers even make a profit?
Nobody wants to get cheated out on a great find and have a lighter bank account at the end of the day, so it is vital to establish trust. What better way than to have a reputable middle man act as a middleman for the deal? StockX’s legitimacy has been shown its background and ownership. With a billionaire and business-minded people at the helm, who in their right mind will still wonder if StockX is legit?
StockX has staff by the hundreds, and these same people make sure that the items are authentic. Items are also shipped by the company’s staff, making it less of a hassle for the seller. They even make sure that the transaction looks more professional.
If there is any way to find out how legit is StockX, one can look at its performance in 2019. The e-commerce website has had more than one billion in goods facilitated and sold in that year alone. The company even has offices around the world. StockX has come a long way since it went live in February 2016. Twenty thousand sneakers were offered for sale at that time, and the website was processing more than $100 million worth of products by 2017.
How To Sign Up For StockX
Registering at StockX is a straightforward process. You can do it on your computer or via their mobile app.
When you decide to sign up for an account on StockX, the website will ask you to sign up with your social media accounts like Twitter or Facebook. You also have the choice of registering your email. If you sign up by email, you will be asked for the usual information such as your full name.
Once you finish that, StockX will then ask for your interests. The choices are the following: sneakers, streetwear, collectibles, watches, and handbags. You can select whichever fancies your liking.
Accepted Payment Methods
You can link your Stockx account to your Paypal account. Other methods of payment are through credit card or debit card.
Want to know how good PayPal is? Why not check out our Payoneer vs PayPal article today.
You may be wondering how StockX makes money, and the process is not far from how other e-commerce reselling websites do it. StockX takes its share from every transaction. StockX charges a flat fee of 3% for payment processing along with an 8 to 9.5% transaction fee. The fee varies and depends on the number of previous sales.
Shoes come with 9.5% for fees, while handbags can go as high as 14% for fees.
StockX Features And How To Use Them
StockX has that unique stock market approach to selling and comes with more additional features or advantages.
A buyer can easily access information on a product by viewing the website’s one-page product layout. If you want to buy something, click on Buy. This will allow you to see the information regarding the product.
The Browse feature is easy to access and is on the home page. Once you hit Browse, a list of options will show up. If you are looking for sneakers, you will find brand names in the next section.
The options you can choose to browse are the following: Nike, Adidas, Air Jordan, other brands, luxury brands, and collections.
You can narrow down your search for sneakers on the website’s home page. You can choose your size type, shoe size, price range, and year of release.
The website also features a news section and an app section. The app section asks for your phone number to be sent to the app so you can buy and sell while on the go.
The About page of StockX.com has three pages devoted to explaining how to buy and sell on StockX, press releases, and StockX reviews.
Like any legitimate e-commerce website, StockX.com also has a Help section. This one contains frequently asked questions and a bar where you can type in your question instead. There are also categories that you can choose from based on what you need to know. Some of the categories are Shipping, Money, and Product Guidelines.
StockX provides historical price charts for its users, so either buyer or seller can check prices’ competitiveness. StockX compiles past sales data and ongoing bids or asks on a product that buyers can use to base their bids on.
StockX also keeps track of a buyer’s purchase history so you can easily view yours online. You can keep track of your pending purchases as well as past ones. You can also find out how much you have spent in total on those new kicks or those cool streetwear and designer bags.
How To Buy And Sell On StockX.com
What is excellent about StockX is how it matches a buyer with a seller. StockX works by asking sellers to set an amount for an item and then compare them with different buyers who have placed their prices. There is no need to filter items on your own as they will do that for you.
Buying on Stock X can be tricky as there are thousands of choices. You can choose to purchase the product immediately at the lowest price it goes for, or you can submit a bid. Then, you’ll need to wait if your bid or proposal will be approved by the seller. Charges are imposed once the offer has been received.
Buyers can buy directly from the seller if the seller uploads a Selling Now bid.
At StockX.com, you can begin the buying process without logging in first. Once you have found the item you want, the website will ask you to sign up for or log into your account.
A seller’s item is strictly checked and inspected. StockX marks the item with a green tag that marks the product Verified Authentic. The status of an order can be easily tracked through the internet.
To simplify it, at StockX, a seller uploads a product and places an Ask. A buyer, on the other hand, places a Bid. When an Ask and a Bid match, a sale happens. No fuss and no hassles like bidding wars. There is also no need for back-and-forth communication between buyer and seller because StockX takes care of it all. That is how anonymity is maintained.
Pros And Cons Of Buying From StockX
Is StockX legit for real treasure hunters all over the world?
There is no doubt that StockX.com leads the way in the reselling of expensive merchandise. With its excellent platform that provides authenticity and transparency to its users, StockX is here to stay.
What is excellent with StockX is its strict authentication process. Many have had the short end of the stick, but the company makes sure that none of that disappointment will exist. Once a sale happens, the seller has two days to send the item to the StockX office for authentication. After StockX authenticates the legitimacy of the item, that’s when they’ll release the funds and ship the item.
As a buyer, nothing will relieve you more than knowing that you know what you are buying is authentic and bought at a fair price. Many buyers have found it useful to buy at StockX because of the possibility of even getting an item at a lower price than at the retail store. Retail stores tend to take their time in marking down products since they do so for all goods sold at one time.
Is StockX Legit For Sellers As Well?
Sellers who are tired of other e-commerce websites peppered with complaints about fake goods and more found StockX.com to be a breath of fresh air. People who legitimately sell authentic products, especially sneakers, have appreciated StockX.com’s niche market platform. Sellers can even rest easy knowing that StockX handles shipping, which can decrease the risk of damaged deliveries.
StockX Versus Other Commerce Sites
StockX Versus GOAT
Stockx and GOAT are two different companies with also very different styles. Most StockX reviews recommend StockX over GOAT when it comes to being a buyer. The reason is that StockX provides more and detailed information on each of the merchandise sold in its online store.
StockX also boasts of a better-looking website and a portfolio section. Another advantage the company has is how it supports not just the buyer but also the seller.
StockX sells deadstock sneakers, which means they have never been worn or used. On the other hand, GOAT allows used sneakers to be sold.
Both companies authenticate shoes. Both digital markets also offer easy trackability of products, but GOAT offers an order progress feature that is more detailed than StockX’s.
Other E-Commerce Sites Similar To StockX
StockX found growth and success in being backed up by billionaire investors and venture capitalists, but Fight Club set the bar long before this. Fight Club is an easy choice for selling expensive kicks in a shorter period. They say it takes a little longer for these transactions to be completed at StockX.
However, you can appreciate that you do not have to go through a bidding war on the former.
Many are familiar with Sneaker Con because of the many conventions it has conducted all over the world. In 2018, the company launched an app in its efforts to compete with GOAT and StockX. It may not have the number one spot, but it boasts an authentication system that is more advanced than either GOAT or Stock X.
The authentication tags from Sneaker Con contain detailed information about the sneakers delivered, such as their condition and size. The tag has a code that you can scan to get the information online.
This e-commerce website seems to be reaching a point where it may be obsolete if not for the variety of independent sellers’ products.
A real sneakerhead should exercise caution in buying a rare or high-end pair on this site because, unlike all the other websites mentioned before, an authentication process does not exist. If you want to buy a collectible pair of shoes, you will do better if you head on over to StockX.com.