Virtual Currency Exchange and Why You Should Do It
Virtual currency is a real thing. People are willing to pay for gold in World of Warcraft just like they’re willing to pay for gil in Final Fantasy XIV. As an avid gold seller, I have had clients come and ask me about gil – after all, they trust my service – and turning them away to another party didn’t seem like the smart idea.
I am good at gold farming, but I am not efficient at farming gil.
What did I decide to do? Act as a source for gil being the middleman.
Why You Should Source Virtual Currency
What do businesses do when there is a huge demand for a product? They definitely don’t turn their customers away and tell them to go to a competitor. Instead, they source the product and offer it to their own customers for a profit – even if it is small.
Not wasting the opportunity to sell gil is essential. Why?
- Your current customers may buy it from you.
- You’ll expand your offers and attract new customers.
- You’ll get a lot more referrals from current clients because you sell virtual currency across two different games.
The truth is that you want your gold farming business to include multiple currencies and games. World of Warcraft’s economy can be fickle, so why waste your time farming just gold when you can source currency in other games – in my case, gil from Final Fantasy XIV.
Growing and expanding your gold farming business requires you to expand to several currencies across several games. Sourcing is the natural step to do this.
There is also a community aspect to sourcing currency. You’ll be able to expand your network, which means:
- You’ll be able to offer various currency types.
- You’ll be getting more sales because of referrals.
Think about it. The source of your gil (or any currency) may start buying gold from you so that they can also meet their clients’ demands. In effect, you’ll be helping out the source by increasing their sales, and if you network properly, you will be their source for gold. It’s the perfect business relationship, and one that the high-end gold sellers already have in place to make money.
Virtual currency exchanges are the best option – let me explain.
How to Conduct a Virtual Currency Exchange
Currency exchanges allow you to boost up your production on one game while exchanging currency on another game that you have in excess. Just think about it:
- You have 10,000,000 gold in World of Warcraft.
- You sell 1,000,000 gold a week.
- You have enough gold for nearly 3 months of sales.
So, you don’t even need to farm – which you will after an exchange – and have virtual currency collecting dust. Exchanges allow you to exchange gold for gil or other currencies without having to use real money in the process.
Finding Sellers Willing to Exchange
Other farmers are always looking to sell their inventory, but there are also many that are looking for an exchange just like you. A few good places to look are:
- Gold selling sites
If you want to search for forum threads or sites that may provide you with a few leads, you can search “[WTS]” +gold or any other currency you’re looking for. The trick is to PM or email these sellers and ask them if they’re willing to do a virtual currency exchange.
Buyers Might Be Suppliers
If you already have a list of clients that buy gold from you regularly, you’ll have a lot of potential to turn your buyers into suppliers. This may cut into your sales a little, but it isn’t much of an issue unless you plan on going large scale and using your main buyer as a source for another currency.
Asking buyers if they want to be your supplier is easy.
- Ask buyers if they are willing to exchange currency with you.
- Provide extra gold or discounts in return.
There is a good chance that buyers who are willing to spend money in WoW are also playing other MMOs routinely. These are the people that may have stockpiled gil and will exchange it with you for gold. This is a win-win situation when you’re trying to break into new games by selling the respective game’s currency.
Negotiating Exchange Rates
One of the hardest things to do is negotiate exchange rates. If you’re someone that is pursuing an exchange, you’ll be at a disadvantage because the other supplier knows you’re in need of a different currency.
The way to get over this obstacle is simple – be honest and upfront.
Make up a plan first and stick to it. For example, you want to research the going rate for the currency. If you’re trading 30,000 gold in World of Warcraft (a $10 value) you should receive an equal exchange in Final Fantasy’s XIV gil. The rate ($10) of real money to gil is 3,600,000. So a trade of 30,000 gold for 3.6 million gil is ideal.
There will be negotiators. Don’t try to go too low and lose money on the exchange.
You should always try to negotiate a better price for yourself so that you receive the most gil in exchange for your gold, or whatever currency you’re currently trying to exchange.
Making a lot of money using this method is as simple as scaling up your operations. This means searching out gold farmers from numerous games and trying to get them to be part of your network – a network that is willing to trade virtual currency with each other. After a network is established, you can find buyers for your new currencies and start making sales for real money.
I have found that gold farming on a game that I know best is the ideal choice.
Since I can optimally farm on WoW, I choose to use WoW’s currency (gold) as my main exchange. I then find people that are avid gil farmers on Final Fantasy XIV and exchange gold with them. It makes more sense and provides more profit to farm on a game that you know how to make vast amounts of currency with first.