Last updated on: 08/06/2020
The FOOTBID Marketplace composed by two distinct subMarkets built upon proprietary copyrighted algorithms: primary market: issuing and repurchasing of player shares by the platform itself; secondary market: trading of player shares between the platform's users.
When a player is added to the platform, the FOOTBID team will setup a first issue price linked to his real market value according to external sources which will be used for the first share issued only [FAQ 4.1].
Over time, on the '(1) primary market', and up to the communicated maximum number of shares per player, the FOOTBID platform will be willing to issue an additional share at a price premium. On the other hand, it will also repurchase your shares at a price discount if you cannot sell them in the secondary market [FAQ 4.11].
Complementarily, once a user owns a specific share of a player, he will be able to sell it on the '(2) secondary market' to other users who have placed corresponding buy orders. For instance, if the best buy or sell prices do not suit you, there is the option of placing custom orders [FAQ 4.6 / 4.7] which will be matched against those from the other users [FAQ 4.8].
To guarantee a smooth and linear user experience, these two submarkets are not differentiated in terms of navigation and you will always be served with the principle of best price [FAQ 4.13 / 4.14] - this means that the price presented to you on best buy or sell buttons will always be the best, regardless of the submarket considered.
Player shares may be bought in FOOTBID using two distinct approaches:
(1) Best buy button: by clicking a green button with the legend "Buy @ (best price)", resulting in the immediate purchase of 1 share of the player at the best price displayed [FAQ 4.13].
In some cases, the best buy button may be disabled [FAQ 4.16] or the order may be refused as the best buy price has changed meanwhile (e.g. another transaction of that player's shares occurred between the moment you have loaded the page and pushed the button).
(2) Custom buy order: by pressing the icon, selecting the "BUY" tab and submitting the custom order form after properly filling in the number of shares to buy, at which price and until what deadline (i.e. the order will expire if not completed until that date, at midnight).
Once placed, the FOOTBID matching algorithm [FAQ 4.8] will continuously run and try to find corresponding sell orders from other users. Every time there is a match, and as long as your buy order is still open [FAQ 5.3] and you still have enough funds, a transaction will be automatically executed.