Could someone explain how thepit.com works???

frogolfer1985

i am interested in possibly joining. thanks

shouldabeena10

save your money..... the pit is a pit.

helionaut

It's basically a small commodities exchange for cards. You create an account. You fund your account by either sending them a check or charging your credit card, which they somehow get away with a 2% surcharge for using. Then you buy the cards they have at their listed "BUY" prices (or is it "SELL"? Whichever is higher, that's the price you pay), and they debit the money from your account. The cards can be held by them or sent to you. You can also sell cards to the house if they have them on their buy list at the prices listed. If your order is accepted, you then have to mail the cards in within 2 days or something like that.

They also have "IPOs" for cards like Bowman Uncirculated. That was my only experience with them last year, and I assume they'll do it again this year. They list a few cards a day and you can place your order for them when they are available. I was not able to figure out how this works, or else they really screwed me. They listed a card I wanted to buy at a price of about $6 per card, so I funded my account with $30 (plus 60 cents surcharge). Yet when the card was actually available to be ordered, the price magically shot up to $25 per card, and I was shut out. I don't know why they bother to list pre-IPO prices if they don't allow people to buy at those prices, but I guess I didn't care to learn much more about it. Maybe I had to place an order within a certain time-frame, but they didn't say when that was. They refunded my money (less the 60 cents) by check in a week.

That's about it. If you really get into it, you can make a decent amount of money from market timing, short-term and long-term, but the number of cards they deal in is limited to certain cards of certain players in certain BGS or PSA grades. Their buyer prices are lower than you might get on ebay, and they selling prices are a little higher, but they generally track ebay trends closely and if you are a collector and don't mind paying a few extra dollars you can usually find the one card you are looking for immediately without waiting and competing on ebay.

mrc32

Open an E-trade account. You have a better chance of making money there....

KallMaloneSay

You might be able to make a little money on the 2003 Bowman Chrome Uncirculateds, but the rest is basically junk. If the cards you buy go up 50% on the exchange you basically make 5-10% of the money you put in after their fees.