Last updated on: 08/06/2020
Existing players are removed from the platform if they are no longer eligible under the competitions supported by FOOTBID [FAQ 8.3]. This may happen in case of a transfer, release as a free agent, end of career or any other situation which inhibits the player or ex-player from competing.
In case of transfer, the players will be removed in a timespan of up to 2 weeks after the closing of a given transfer window (i.e. 31/09 and 31/01). In case of other triggers, the players will be removed in a timespan of up to 2 weeks after the given event is known by FOOTBID.
As part of the removal process, the actual shareholders for whom the player shares will be captures will be duly rewarded. As such, a corresponding deposit based on the latest market prices will be placed on the user's coin balance, corresponding to the maximum between: i) the average transaction price during the month before removal; ii) the latest market price; iii) the current best sell price [FAQ 4.14].
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 sold in FOOTBID using two distinct approaches:
(1) Best sell button: by clicking a red button with the legend "Sell @ (best price)", resulting in the immediate sale of 1 share of the player at the best price displayed [FAQ 4.14].
In some cases, the best sell button may be disabled [FAQ 4.17] or the order may be refused as the best sell 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 sell order: by pressing the icon, selecting the "SELL" tab and submitting the custom order form after properly filling in the number of shares to sell (which is limited to the number of shares you own), 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 buy orders from other users. Every time there is a match, and as long as your sell order is still open [FAQ 5.3], a transaction will be automatically executed.
The best sell price is the highest price of all buying orders currently open for that player's shares, considering both FOOTBID submarkets [FAQ 4.5] (i.e. the price at which the platform would be willing to repurchase a share and the prices of all open buy orders placed by other users).