Pure, one of the peer-to-peer marketplaces for precious metals and rare coins, has announced the Pure app, now available for iPhone and Android. The app connects to the same account, orders, and listings customers use at Pure official website.
On Pure, each product has a public order book, which is a running list of the bids buyers have posted and the asks sellers have posted. Individual collectors, bullion buyers, and dealers can see those prices and post their own bids and asks across gold, silver, platinum, and palladium.
Since launch, more than 4,000 customers have bought or sold on Pure, and more than USD 1 billion in precious metals has changed hands on the marketplace.
“I spent years on the other side of this market, and the thing that never sat right with me was how little the person buying or selling could actually see,” said Trey Benedict, co-founder and CEO of Pure. “We built Pure so buyers and sellers could set their own prices, with every bid and ask in the open. The app gives them that visibility wherever they are, with alerts for the prices and orders they care about.”
The app lets customers track the market without keeping an open order book. Customers can set an alert for a product’s lowest ask, highest bid, or premium over spot and receive a notification when their chosen level is reached. Premium alerts can be set in dollars or percentages.
Order notifications tell sellers when their ask fills and update buyers and sellers as orders move through each step. A home-screen widget displays spot prices for gold, silver, platinum, and palladium without opening the app.
New customers can sign up and complete identity verification in the app, a process that takes about 15 minutes with an ID, a selfie, and a bank account. There is no minimum purchase. Sellers can create listings, access prepaid shipping labels, and manage payout details in the app. Pure Priority orders, which ship from pre-verified stock, accept Apple Pay on iPhone.
“We built the app around one idea: the market stops being somewhere you go and starts being something that finds you,” said Oliver Reason, software developer at Pure. “Spot prices sit on your home screen, alerts land on your lock screen, and every step of an order shows up without you having to open anything.”
Orders placed in the app follow Pure’s existing verification process. For standard marketplace orders, sellers ship items to Pure after an order fills. Pure tests and inspects each item before sending it to the buyer. Items that pass are designated Pure Qualified. Shipments are insured in both directions, up to USD 125,000. Seller payouts are typically released about three business days after check-in, once verification is complete.
Pure’s published seller fees range from 0.5% to 1.5% of the sale, depending on the item and quarterly volume. Buyers pay no marketplace fee. Card payments on Pure Priority orders carry a 2.9% surcharge. Outbound shipping costs USD 25 on orders under USD 10,000 and is free on orders of USD 10,000 or more.
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