When one enters the Grand Exchange, one first notices a huge marble hand holding a pile of marble coins guarding the entrance to one of RuneScape's most Unique and brilliant features: The Grand Exchange. Auction houses are quite common features in many Massively Multiplayer Online Role Playing Games like World of Warcraft and others. But The Grand Exchange is a unique feature in the world of MMORPGs belonging to Jagex, the makers of RuneScape.
Differences Between Auction Houses in different MMORPGs and The Grand Exchange.
1. Price Range:
Each and Every tradable item in RuneScape has a price range in the Grand Exchange and unlike Auction houses, the buy or sell offer has to fall in between the price range (including both limits). This has mainly been done to prevent people getting scammed and to prevent real World Trading.
2. Anonymous Buying and selling
Another Feature of the Grand Exchange is that there is no way to know to whom you have sold your items and from whom you have bought them from. There isn't any list of multiple selling or buying items unlike those in other MMORPGs. Example: If you set a sell offer for item X , the Grand Exchange will register it and then search its database for users who want to buy the item X. Complicated calculations determine cash backs and offer completion. Also, the offer might be completed from a single or multiple players, another unique feature.
3. Universal Offer
One of the best features of this System is that the offer you put up is universally located i.e. in each and every server and in each and every "world". Unlike most auction houses the sell/buy offer is completed only if one buy offer/ sell offer exists in that particular Auction houses (local offer, not even server wide or universal offer). This is good because it enables highest speed of offer completion.
4. Highly Efficient Cash Back System
Although this is very complex part of the exchange, I have figured out three cases where cash back is calculated. If the buy price you setup is lower than the market price, but higher than the lower price, cash back is preferably given to the seller and not the buyer. Exact amount is given through a series of complicated calculations and percentage. Chances are that you might get a 25% of the cash back as a buyer which decreases as your buy price goes below the middle or market price.
Let's say the price of an item X lies in the range of 95000-10000 - 105000. I put up a buy offer for 10 of these items at 97000 gp and it a Seller sells 10 items at 95000gp , difference being 2000 gp . On completion of the offer, I won't get any cash back but chances are that the seller will get 90% of the difference between the two offers which is equal to 1800gp per item.
The opposite is true for setting up a buy offer at maximum price. If a buyer buys an item for max price (105k) and the seller for at 103k, the buyer will get 1800 gp cash back and none to the seller.
But the third case in which the Buyer buys an item above Middle price and the Seller below Mid Price. If the average of the two turns out to be the market price, both get cash back equivalent to the middle price. Example: I put up a buy offer at 103k and someone puts up a sell offer for 97k, then the buyer and the seller both will get 3 k cash back. If the average between the two is not the same, then series of complex calculations determine exact cash backs, although both buyer and seller will get cash backs in this case. However, preference is given to the offer which is Further Away From The Middle Price.
5. Perfect Solution for Real World Trading:
One reason that forced jagex to introduce the grand exchange was to provide an alternative to Free Trading, which was abused by Item Scamming and Real World Trading (paying people real money for runescape gold/ items). Jagex had realized the importance of merchanting in the runescape economy and had to figure out an alternative to it too if they had to remove free trading (because one could only merchant if one could freely trade, without any item restrictions). Unlike most MMORPGs ravaged by Account Sellers, autobots and Gold Selling, Jagex came up with a near to perfect way to stop all these and providing minimum impact to the runescape economy and was brave enough to face the consequences of doing so. Answer: The Grand Exchange
6. Prevents Intentional Manipulation of Prices of items.
I have talked about this in my first article: The RuneScape Grand Exchange Secrets . Ill just give a quick summary: The Runescape Grand exchange, unlike many other Auction Houses prevents the manipulation of prices by putting a limit to the number of items one could buy per 4 hours in RuneScape.
The Grand Exchange provides an Effective Alternative to Merchanting
However, the average RuneScape player doesn't realize the use of the Grand Exchange to make millions of gold every day. The average player still relies on out dated techniques and spends hours to earn a little gold, whereas he could be making millions by barely working for five minutes everyday! Full details are present in the guide which I have written.
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