Sony’s PlayStation 5 has proven an instant hit with PS5 stocks dwindling within days of hitting the shelves. Since the PS5 dropped in November, news of new stock has been scant and gamers have been trawling through the internet’s biggest online retailers for the elusive console. Amazon, Argos, Currys and GAME have all been out of stock for weeks but eagle-eyed fans have spotted the PlayStation is being sold on StockX.
With no confirmed news of Sony restocking the PS5 any time soon, buying from resellers appears to be the temporary solution to the PS5 drought.
However, buying from resellers can be risky as prices are often inflated well above the manufacturer’s suggested retail price (MSRP).
Scammers have also taken the opportunity to separate people from their hard-earned money in some instances.
The situation was dire enough for politicians to draft a Westminster bill to tackle the practice of buying and reselling consoles at marked-up prices.
If you have thought about buying a PS5 from StockX, here is everything you need to know.
Also, follow Express.co.uk’s PlayStation 5 live blog to stay up to date with all of the PS5 UK stock reports.
READ MORE: PS5 restock: Big update from Smyths as fans wait on UK stock news
What is StockX? How does it work?
StockX is an online marketplace and reseller co-founded in 2016 by billionaire Dan Gilbert, owner of the Cleveland Cavaliers basketball team, and entrepreneur Josh Luber.
StockX was primarily built as an online platform to buy and sell designer sneakers, although you can buy a myriad of items from electronics and clothing to handbags and watches.
StockX lists data on retail prices and market value and the company prides itself on being the self-titled “stock market of things”.
There are two ways to purchase an item on StockX: you can place an auction bid or ‘Buy Now’, much like you do on eBay.
According to StockX, “a bid signals your intention to buy” and the highest bid at the end of the auction wins.
Is it safe to buy a PlayStation from StockX?
StockX is a legitimate website although buying a PlayStation from StockX comes with some caveats.
First of all, you will have to prepare for higher-than-retail prices as the PS5s are not being sold by StockX directly, but rather by resellers.
For example, the retail price for a PS5 Disc Edition is £499.99, while the PS5 Digital Edition RRP is £359.99.
If you look at StockX’s offerings, the consoles are being sold for anywhere from £566 to upwards of £1,000.
You need to ask yourself whether you want to pay a high premium on the console or wait until more stock arrives from Sony.
StockX also prides itself on authenticating all products before they are dispatched to the buyer.
The company said: “Now with StockX, you’re guaranteed that the goods you purchase are 100 percent verified authentic, never fake.
“Every item bought and sold on StockX goes through a rigorous authentication process, putting the hammer down on scammers and bootleggers. It’s tough work, but we’re up to the task.”
However, as with all online retailers, the website has received a mixed bag of online reviews.
Some Trustpilot reviews, for instance, have claimed the company’s customer service is lacklustre while others have complained about shipment times and delays.
One person said: “Maybe StockX has been good for some buyers, but I have yet to receive my first purchase of some Nike Dunk Low Atmos’s, and it is now over a month.”
Other reviews have been more favourable, with one person saying: “I love StockX but the thing that is missing is that I can’t cancel my order if I ordered the wrong item by mistake or something like this.”
If you chose to buy a PS5 from StockX you should read up on all reviews, both positive and negative, and weigh up whether you want to take the risk – in the same way you would if buying from a reseller on eBay.