How StockX Works: A Complete How-To Guide | Grailify
How StockX Works: A Complete How-To Guide

How StockX Works: A Complete How-To Guide

Update 16.04.2020

StockX April 2020 - Buyer's processing fee will be increased

StockX has just published its new regulations. From April 22nd, the processing fee for the buyer will be increased by 3%. That only affects the United States. In the UK, the fees are only increased by 1%.

But there is also a good reason for this, according to StockX. Not only does the sneaker community continue to grow every day, but the platforms also have a significantly higher effort due to the growing number of resellers. This increases investments in the platform, in customer service and in the verification process.

As already said, the 3% only affect the United States. We already pay a processing fee in the UK. Therefore it is only increased by 1% and this processing fee applies only to the final purchase amount. Shipping costs are not included in the fee.

Anyone who has already submitted a bid before the processing fee has been announced does not have to pay the 1% increase. The new regulation only applies from April 22nd.

There is also good news regarding shipping costs. On April 22nd, shipping costs will be reduced in most cases. The best thing to do is to look it up for yourself on April 22nd in the FAQ: How much does shipping cost for buyers?

Original article 19.02.2019

Rare sneakers are not only bought by hardcore fans, but probably every sneakerhead is aware of this known fact too. Many of those limited edition sneakers are in fact bought by people who want to resell them afterwards. The market for this is actually huge. The company Business Insider estimates its market value at $1 billion and that was way back in 2016. And, since then, the market has been growing steadily as more and more people learn about this opportunity to make money.

Let’s jump straight to the important part:

The StockX Basics

Even if you are one of those who sell sneakers for your daily bread, or if you are one of those who regret buying them and want to sell, you have to get rid of the sneakers or shirts etc. one way or the other.

A perfect example to illustrate this is through the website StockX. Here, you don’t just get to sell sneakers, hoodies, and everything else, but, of course, you can also buy them. And, in contrast to eBay or Facebook, you can be sure that you get authentic shoes here. This is one of the big advantages of StockX.

Trading on the website works the same way as with the stock exchange. The seller quotes an ask price (i.e., a price he asks for and is willing to sell the shoe for). The buyer, on the other hand, specifies a bid price (i.e., a bid for which he would buy the shoe).

If the bid and the ask price are the same, then the deal is concluded.

StockX acts as trustee in this trade. The seller sends the shoes to StockX, which examines the shoes to make sure that they are genuine and unworn, and then sends the shoes to the buyer.

They receive fees from both the buyer and the seller and settle everything with customs. If you sell or buy a lot, you get discounted fees as well as discounts on shipping.

How do you sell on StockX?

First of all, you have to register on StockX. To do this, you simply have to visit their website. Afterwards, click on Sign Up on the upper right corner.

In the following menu, you can choose between registration with Facebook or Twitter, or the classic way, which is by name and email address. In this example, we chose the registration by name and email option.

After you have entered your name, you can then choose what you are interested in on StockX. Now, we have chosen only sneakers. If you also choose sneakers, then you will see a selection of sizes. Choose a shoe size, so you don't always have to enter it when buying shoes. It will then selected automatically.

Finally, press Sign Up and you are logged in.

Afterwards, you can change the displayed currency in the upper right corner. The default currency is US dollars, but you can also choose from Canadian dollars, pounds, or euros. If you choose euros, the displayed amounts will simply be converted to euros.

To sell, click on the red button next to the currency selection labeled Sell.

The next window will explain the process to you. First, you create an offer with a selling price for which you want to sell, for example, the sneaker. Then, you send the sneaker or whatever you’re selling within 2 days to StockX. For this, you will get a shipping label from them.

StockX will then make sure that the shoe is genuine and unworn and will send it to the buyer. After that, you will get the money from the buyer (minus fees) and you can relax, because there will be no subsequent complaints.

This is very important: do not withdraw. There is a 15 % penalty if you do not send the goods within 2 days, if they are not original, or if they are not used. As soon as a bid and an ask price (i.e., a supply and a demand match), the trade is confirmed and can no longer be cancelled.

Then, press the red I Understand button and you can choose the shoe you want to sell.

The next thing to do is to choose a product. In our case, we will pretend to sell the Nike Air Yeezy 2 Red October. So, we select it from the drop-down menu and then we choose the size of the sneaker we want to sell.

Next, we select US size 8 as it is one of the more expensive sizes.

In the next step, you have the choice between making an offer (Place Ask) or selling the shoe to the highest bidder at the moment (Sell Now).

If you want to create your own offer, enter a price for which you want to sell the shoes and see the different fees you will have to pay. In our example, there was just a promotion for free shipping, otherwise there will be an additional charge between $15 and $30.

So, it is about 12.5% + shipping costs that you have to deduct from the price. But, for that, you have access to a huge market and a wonderful service, and certainly takes almost everything off your hands.

Last but not least, you can choose the duration of the offer under Ask Expiration. We left the standard of 30 days here.

If you want to sell the shoe immediately, click on Sell Now and you will see the current price of the highest bidder. In our case, this was $5,999.

Under Please Add Payout Method, you will then need to set how you would like to be paid.

You can choose between Paypal or a bank account. We chose Paypal because it is fast and easy.

Afterwards, you press the red button Review Sale on the bottom right and you have to enter your credit card number(s). This is in case you don’t get to send the shoes in time and for other extenuating cases.

Once you have added your credit card details and viewed your offer, you will see another window where you can confirm the sale. Now, your offer is live and the shoes will then be sold to the highest bidder.

You can find your sale in your account under Selling. To do so, click on the My Account button at the top of the bar.

Then, select the tab Selling in the left menu and you will have access to your sales overview.

If you had any active offers or sales, you would see this here. If you have a sale and need to send an item, two areas for downloading documents would appear next to the Expires tab: one is your shipping document for UPS and the other is your order number and a slip of paper for customs.

You then put the order number slip inside your shoe package and the customs slip outside the package. You have to leave everything that was in the original shoes (i.e., labels, laces, etc.). Only the original invoice should be taken out.

In former times, you had to send the shoes to America, because StockX has its headquarters there. Now, they have a warehouse in England, so you just send the shoes to there, which speeds up the whole process.

And, that’s it. You just hand in your package to UPS within 2 days after the successful sale and then you wait until StockX sends you the money. It's as simple as that.

How do you buy Sneakers on StockX

Of course, this marketplace is also a great place to cop sneakers and find Grails, albeit at higher prices.

Buying is even easier than selling. Just click on the input field next to the red magnifying glass and then enter the item name. In our example, we take the Air Max 90 Off-White Black.

Here, you click on the shoe and get an overview of it. In the upper left corner, you can choose your size. If you already have an account and have set the size, it will be automatically added here.

Under the product, you will see a product description that includes basic data. At the bottom of the website, you can also see the price history of the item over time. You can see at a glance what percentage of the retail price is worth and what the average selling price is.

Then, you press the big green Buy button and you will see how the buying process works. Similar to the selling process, you can either make a purchase offer, or you can buy at the lowest price.

After the seller has sent the shoes to StockX and they have checked that they are not fake and in good condition, they will send you the shoes and you can relax because you know you will surely get an original.

To get to the purchase window, just press the green I Understand button.

Afterwards, you have to decide whether you want to buy the shoes immediately from the cheapest supplier or whether you would rather place a bid. If you create a new bid, you can set how long the bid will be valid under Bid Expiration.

In contrast to selling, there are no fees, only shipping costs.

If you want to buy the shoe immediately, there is no bid duration to set, but the rest is the same. First, you have to add a payment method and then a shipping address.

When adding a shipping address, it is important that you include a phone number, otherwise the process cannot be completed.

For the payment methods, you can choose between Paypal or credit card.

Under My Account at the top of the page, you will find all current bids and purchases under the Buying tab. We don't have an entry there at the moment, because we didn't buy a shoe. Buying with StockX is really that simple. In principle, it is as simple as buying on Amazon, only with more freedom in pricing.

The StockX Buyer and Seller Bonuses

StockX rewards those who sell a lot with lower fees. In the account overview, you can see the current seller level and how high the transaction fees are.

The higher the sales and the amount sold, the less fees you pay. The fees are reduced in graduations from 0.5% to a minimum of 8% fees.

In the account overview above, you can also see the Buyer Punchcard, which is a kind of stamp card for buyers. After every 5th purchase of a sneaker, you get a shipping voucher for $13.95. This covers the amount for the shipping, so the shipping becomes free.

Conclusion about StockX

Using the platform is simple. Almost like on eBay, you can create offers to buy and sell, or buy immediately. The required payment methods are a credit card and either Paypal or a bank account.

The selection of sneakers and other streetwear items is gigantic here and if you have something to sell, you will definitely meet a high number of buyers. In addition, StockX checks the articles for quality and authenticity by hand. So, you can be sure as a buyer that you only get top quality goods.

so go to stockx


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