This is a repost of my Medium post (was read 4500 times, now some people get 404 and some people can see it) as it seems that Kinguin managed to achieve with Medium to shutdown my post as it is impossible to found it in Google Search but before it was the second hit if you wrote “Kinguin Payout” . Also my Medium account was suspended and I cannot create new posts.
For last 7 months we were developing B2B platform to trade keys like on Kinguin but with human fees (around 1-2% or even less depending on your TIER level) and transparent company located in Europe. We are in the final stage and the platform will be released 15.6.2020 as beta on domain www.keybin.net. Stay tuned for more 🙂
After more than 6 months I finally got my money out of Kinguin.net and I believe all my difficulties in dealing with this platform needs to be shared with the world.
As this post will be a little long I will do it by chapters:
1. How I started to sell on Kinguin as a Merchant/Seller
2. Payout delays and news to delay payout up to 60 days
4. How all this happened
5. “Hey 60 days passed, where is my payout money?”
6. How to get you money out?
7. Stay away even if you are merchant/seller or buyer
How it all began?
If you don’t know what Kinguin is, please read this. I was selling keys on Kinguin from 2016 (not all the time, just some deals) and there was always some kind of a delay for payouts, but usually it was resolved in 2–10 working days, after you contacted support. In July, I got a highly demanded game for sale and the best method to move big quantities is wholesales. I sold 4200 pcs on Kinguin.net in total for 77.500 €, with margin of 32%. Awesome, right? Yes it’s awesome, I made around 20.000 € in 1 month.
30 days locked funds and news to delay payout up to 60 days
When you sell digital products, all platforms lock your funds for 7–30 days, before you can withdraw your money and that’s totally fine. In this way, digital stores protect themselves in case the seller sells fake keys, withdraw money and scam them. Kinguin locks your funds for 30 days before you can process a payout but they still promote a statement, that you will receive funds in 72h on their payout page. I sent them numerous support tickets about that dishonest statement on their payout page, but they don’t care.
Official news for 60 days payout delay made on Reddit (it’s funny, that you post this kind of thing on Reddit and not on the official page). So as you may have guessed, I didn’t know that this even existed, until I realized, that my payouts were delayed and I finally got my answer from support about the 60 day delayed payout. At this point, it was clear that Kinguin has a lot of problems as they are holding other sellers money for 90 days. Keep in mind, when somebody pays for products, they receive money in the same day, so why would they need 90 days to process a payout? The answer? Cash flow problem.
How this happened?
I talked to other merchants and ex-employees on Kinguin and nobody had all the answers, but after some research I found out, that the Kinguin CEO made some really bad investments. Failed ICO (I believe it was rebranded to Krowns, which gets you totally useless games and discounts) and a Kinguin gaming center. Esportsobserver reported, that Kinguin is investing in Cryptocurrency and a gaming training center and also that their former minister of digital affairs (Poland), Anna Streżyńsk and others from that department, are joining Kinguin as consultants or the board in later 2018. I believe they invested a lot in their Crypto project, which totally failed and the same goes for their gaming training center (even if this works, it needs years to cover all the investments costs). It is my opinion that they paid all that with sellers/merchant money from Kinguin.net platform and not the FEE money that they made! Please check this news from Poland’s reporters about problems Kinguin is having and why you should do everything possible, to get you money out of Kinguin.net, until you still can! If you are not from Poland, please use google translate, I used “Anna Streżyńska Kinguin“ in Google Search and a lot of interesting links popped up.
Why am I pointing out this Anna? Well, I think that bad decisions of the CEO, bad management, hyping of crpyto and other bad investments led to the downfall of Kinguin and big part of it includes Anna and CEO of Kinguin. They also cut off their worldwide known CS:GO Kinguin E-sports team, 50+ employees and their marketing is nonexistent. With all this in mind, payout delays make a lot more sense, but keep in mind, that they are paying stuff they can’t afford with sellers/merchants money (which is probably your money).
“30 (locked funds) + 60 days (payout delay) passed, where is my money?”
This is best explained by their financial support team. This happened 75 days after withdrawal request was made.
I tried with different questions and always received the same answer. Best support ticket was where I already requested cancellation of payouts and everything was canceled but then I received the same email (“rest assured that you will receive what’s due as soon as it is possible”), even when there were no more payouts to process and that tells us they don’t even check how many days your payout is delayed but just copy and paste the same message. You will always get the same answer “rest assured that you will receive what’s due as soon as it is possible” even if you ask for explanation or dates when payouts can happen. And now let’s return to their statement from Reddit.
How to get you money out (if you can…)
I reached out to support (live chat) and asked for cancelation of payout’s (this was done within minutes and this has to go thru the financial department, same as the payout tickets, that usually take 3–5 days to get the same answer — just to let you know how they avoid tickets on payout delays).
When they cancel payouts, you have money in your Kinguin wallet and now you can start buying games other merchants/sellers offer in wholesales part of Kinguin.
The biggest problem is to buy good games that can move quickly. The second issues is that you will lose money, as prices on Kinguin are really bad. I lost around 23% when buying games on Kinguin and selling on other platforms but at least after 6 months I will get my money. Just don’t be afraid to lose money, as it’s better to lose some fund or maybe you can get out the same amount you spent to buy keys after margin you get, when the keys are sold on Kinguin.
Sellers/merchants are not uploading good selling games and all good games are bought by others on really bad prices. This is done only to extract money from Kinguin. These things were already done by other merchants as when I started to do my first order (start of October), I received pretty good games and 50 or more pcs, but now, after 1 month, prices are really bad and keys of any good games, that you can sell quickly on other platforms, come in low quantity (usually 5 or maybe 20 if lucky). So, let’s see my history of bought games. It took me 3 weeks to spend around 70.000 € and I had to create over 35 orders to do it. I still have some money that will be spent before this is posted. The provided images show, how hard buying big quantity of games really is. I checked 5 times/day for any deals, as good games were taken right away, even if price was really high (example, I bought Borderlands 3 at 45 € and sold it for 36 €, the market price on other platforms at the moment is around 38 €). Back in the day, you could buy 200+ pcs of AAA titles like it was nothing at a very competitive price.
Stay away if you are regular merchant/seller or just a customer that came to buy one game!
For merchant/sellers: it will get just worse, as Kinguin is not making any fee money at the moment! They are offering 5–10% discount coupons (half of them are not working!) all the time, as merchants are setting such high prices on games, that they can’t compete with other platforms like Instant-Gaming, Eneba, Gamivo, G2A. So they are just using the current money flow to pay merchants, that are uploading a lot of games with a huge delay, but they also have to cover operation costs, which are really high in this kind of companies (don’t forget their gaming training center).
I have talked to a lot of merchants/sellers and they are all moving away from Kinguin, as they have the same problems with payout delays. Kinguin needs two type of people to operate and that’s Merchants/Sellers and Buyers/End Customers and at the moment, they lost almost all of their Merchant/Sellers base. The ones that stayed, offer really bad prices and will move out of Kinguin sooner or later I hope that they will be able to take as much money as they can from them, before Kinguin collapses or gets in trouble with TAX authority and gets bankrupt (I believe they are really close to that).
If you are just a customer to grab your games, please look at other platforms. Last month, when I bought a lot of keys I also received some bad keys and I’m still trying to get refund for those keys. Kinguin Buyer protection is useless as you will not receive any other support than regular support gets, as they are short on employees. Prices are not good and I bet you can get better prices on other platforms, for any game you are searching, without scammy buyer protection, that demands 2 € or even more!
How you can help?
Share this article around the world and let the people know about the Kinguin situation. I see new merchants/sellers applying on the Kinguin platform all the time and it’s really sad to see more people lose their money. The existing merchants/sellers should stop uploading and extract all the keys you still have there ASAP and try other platforms around the web that are doing payouts.
If you have any questions or have more info about the current situation of Kinguin as a company, let me know in the comments below. I will also forward this case to the EU Department of False Advertising and Customer Protection with some other information, that I can’t discuss or show here, but I will update you (this could take months or years) when the time is right.