How MGX Works
MGX works like any other timed online auction. We create opportunities for buyers and sellers to come together. MGX does not participate in the transaction beyond the close of an auction. We are not involved in the contracting, delivery or payment of product sold on our platform.
Each listing has a fixed bidding period, and users can view current auctions, bid on lots and view the asking price for closed listings.
MGX features anonymous blind bidding. After placing a bid, you are notified if it is in the winning position or if you need to enter a higher bid. Buyers also have the option of setting proxy bids.
The MGX process
Buyers register and are vetted as an approved buyer. All MGX registered buyers are required to agree to the terms and conditions before being approved to participate in any auction.
Sellers register and are verified as an approved seller. Prior to listing an auction, sellers are required to have a sample of their inventory analyzed by an approved third-party lab. Sample analysis and high-resolution images are attached to each auction listing by third party graders.
Sellers submit a sample to have their product third-party graded and analyzed. The lab posts the reports and high-resolution photo to the seller’s account.
Sellers have the option to pre-select buyers that they do not wish to conduct business with before initiating an auction. This feature grants sellers greater control over their auctions, increasing the likelihood of successful grain trades.
Sellers set their terms and open the auction. They outline the minimum bid, commodity, quality, quantity, location and other relevant information.
Buyers review the grain analysis and high-resolution image attached to the auction then submit their bid. The buyer and seller are provided real-time updates as the auction progresses until the auction closes and the seller accepts the winning legally binding bid.
The seller and buyer are connected once a sale is closed. They complete the transaction and fulfill legal obligations of the contract.