XCommodity was founded by Sefik Bagdadioglu, with an MA degree in Economics and over five years of experience in strategic analysis and planning as well as process management. Mustafa Suleimanji with a degree in Economics from Canada and in charge of logistics for commodity buyers and sellers and Erinc Mullaoglu with a degree in Computer Science and Economics with massive programming and business skills.
According to the founders, “In today’s Spot Commodity markets, over-the-counter (OTC) transactions involve various impediments to trade: buyers have trouble directly connecting with sellers and sellers have trouble finding buyers for their products. The methods for connecting are often ad-hoc and reactive, and are characterized by brokers informally leveraging middlemen who are often more concerned with commissions.”
XCommodity says there are too many people in the markets leading to increasing costs of engaging in trade but by improving the effectiveness of the matching process and reducing the number of people such as middle men in the market they make it easy for buyers and sellers to transact.
The portal says it provides a trustworthy and exclusive central market for farmers, traders, processors, exporters, importers, retailers, investors and government agencies to connect with each other and ensure the highest gains from the trade through its auctioning mechanism served by a highly diversified and innovative team based in the Americas, Middle East and East Africa and around the globe.