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New technology, a growing industry, and a large audience demanding an online exchange platform dedicated to the scrap and recycling industry, without illegitimate traders, has been the reason for the introduction of a new online physical exchange, dedicated to the trading of recyclables and equipment.

Scrap Monster Inc. has been operating for the past five years and with a growing membership and audience requesting to purchase or sell material in a secure environment, the solution was to develop a platform that is user-friendly and secure, where all members are fully verified for their legitimacy and good standing within the industry. The new exchange has been named and was just launched after two years in development.

“With increasing fraud in online trading environments, companies are reluctant to trade with new found counterparts, which prevents growth. The goal with this new exchange is to eliminate this problem and offer companies a platform where all traders are fully verified and where there are no registration or monthly fees for joining the exchange. Most of us are tired of paying $50 to $100 fees for different services every month,” said Scrap Monster chief executive officer Paul Ploumis.

The exchange provides tools that allow verified trading members to post materials they are selling and/or their requirements instantly, with settings to accept bids or instant buys via purchase orders. Even though Scrapex is not an auction site, and focuses on direct purchases and negotiations, there are built-in tools for those interested in creating auctions for their listings.

The difference between Scrapex and previous physical trading platforms is that trading members have the advantage of trading only with fully verified companies.

Published in the September 2014 Edition of American Recycler News