FAQ-EN

General questions

House of Crops is a digital broker for grain and other commodities. On the platform offers and demands for grain are proposed to each other. You can negotiate the price and other parameters digitally and also conclude the contract digitally. House of Crops will be free of charge until June 2020. In the future, a commission per ton traded will be far below the usual market level.

Farmers, traders, cooperatives, processing industry and brokers can use the platform after verification by House of Crops to ensure the quality of all users.

House of Crops offers the possibility of a more simple, more efficient and error-resistant process handling, higher transparency and a better overview of traded listings and their logistics. This creates the potential to scale and to increase competitiveness. You can increase your reach with little effort, the cropMATE algorithm automatically searches for the optimal trading partners for you. Optimized utilization of logistics (by avoiding empty runs) and improved margins are another advantage of using House of Crops.

Yes. In the long run, all sorts of commodities are planned. In the market entry phase, wheat, barley, rye, oats, corn and triticale were initially available for trading. Rapeseed will follow shortly.

At the moment the platform is available in German and English. In the future the platform of House of Crops will be available in all relevant languages of the countries in which House of Crops operates.

Pricing

Costs are incurred when the contract is concluded. In the initial phase, the use of the platform is free of charge. For a current overview of available special offer programs please visit our website at https://www.houseofcrops.de/our-prices or contact us directly at info@houseofcrops.de or +49 (0) 30 41717809.

Brokerage fees are not included in the negotiated price but will be calculated afterwards. They are invoiced for all contract conclusions of a month in a consolidated overview.

The brokerage fee is a fixed price per ton traded. Just like an analog broker, the seller pays the fee.

House of Crops will send you a separate monthly invoice listing all traded items. If your brokerage fees are covered by a special offer program or contractual agreement, you will not be charged and you will not receive an invoice.

Technology

The platform can be used with all common browsers (except Internet Explorer) and no further download is necessary. Please note that the following or newer browser versions are compatible for using the platform:

Google Chrome (version 75.0.3770.100 (Official Build) (64-bit), version 73.0.3683.103 (Official Build) (64-bit), version 75.0.3770.100 (Official Build) (64-bit)),

Firefox (version 67.0.3 (64-bit), version 67.0.4 (64-bit)),

Opera (version 60.0.3255.170),

Safari (version 12.1.1) and

Microsoft Edge (version 44.18362.1.0).

The platform can be used with tablets, but there may be limitations. For smartphones, the screen size may be too small, depending on the model, and therefore restrictive. Usage with a laptop or desktop PC is recommended.

Yes, in the future an app will simplify mobile trading.

House of Crops is currently developing interfaces , which are suitable to connect the platform of House of Crops to your internal company software. If you wish an integration with your internal systems, please contact us to discuss a possible implementation.

Data privacy and registration process

Only you and House of Crops can see your profile. Contract relevant information, such as address, company name, user name, account information and VAT ID will be provided to your trading partners after a successful contract conclusion.

Follow the registration process instructions and wait for House of Crops to activate your account. We will contact you afterwards and introduce you to the platform. Afterwards you can start immediately.

Only employees of House of Crops with administrator rights have access to the data of House of Crops. It should be emphasized that House of Crops always applies the principle of least privilege: each employee has only as much access as absolutely necessary for the execution of his/her tasks.

Your account information is managed in accordance with our applicable privacy policy to protect it from unauthorized access. All data is stored on servers located in Germany.

It is not mandatory to submit your certificates to House of Crops. By agreeing to our terms of use, you commit yourself under section 3(7) to provide only truthful information and to update it immediately in case of changes. Nevertheless, it is recommended that you send your certificates to House of Crops so that we can act as intermediary upon request after the contract is concluded.

Creating an entity

No, it is easily possible to add multiple entities to your account.

Currently there is one access per account. Several authorized persons can access an account at the same time.

Your account will first be checked by House of Crops and then activated manually. This usually takes one business day. Once your account is activated, you will have access to all the services House of Crops offers.

No, entities from all over the world can register on the platform.

Matching

The matching algorithm calculates the probability that offers and demands will lead to a contract being concluded. The algorithm matches the candidates with a particularly high probability so that both parties can negotiate with each other.

By prioritizing, the user can signal to the matching algorithm that a certain parameter is particularly important for him or her without revealing this to the negotiating partner. In the evaluation of potential trading partners, the prioritized parameters are weighted accordingly.

The storage costs are stated for every half month begun from the start date to the delivery date.

Negotiation

During the negotiation you will only see the information about the desired parameters, the type of company and rating from your negotiating partner and vice versa. If a contract is concluded, you will then be informed with whom you have traded.

First, both negotiating partners are matched. Then you can submit or request offers/bids. You can send counter-offers and accept or decline the offers/bids until you reach an agreement and conclude the contract.

The platform is constantly being expanded with new functions. A history of the negotiation steps is already planned for implementation. Contact us for more information about the planned roadmap for new functionalities.

By clicking “Send binding bid/offer”, you send an bid/offer to your negotiating partner yourself. As soon as he accepts the bid/offer, the contract is concluded. If you request a binding offer/bid, you ask your negotiating partner to send you an offer/bid with the parameters you have specified, which you can then accept.

Yes, the negotiating partners only have to agree on one type of contract.

Yes, because the time of deactivation only refers to the time from which no new matches are to be added.

The first status of the matched offer/demand is an orange highlighted box labeled “New”, which means that the matched offer/demand is still unopened. When the matched offer/demand is opened, it is marked with a blue highlighted “Open”. If you have sent a bid for your demand, it will be marked with a pink “Bid sent”. In the case of an offer, it will say “Offer sent” instead. If your business partner sends you a bid/offer, this is indicated by a light blue box with the inscription “Bid/offer received”. In the event that you or your negotiating partner has accepted the final bid/offer, either a green box marked “Contract” or a red box marked “Declined” will appear, depending on the decision.

After a successful contract conclusion

You can rate the trading partners as soon as the contract is concluded.

Contracts on the platform are concluded on the basis of the House of Crops terms of use which are accepted at registration. They are valid without signature, unless immediately contradicted

House of Crops sends the contract via e-mail to both contract parties. Settlement then follows between the contract parties outside of House of Crops, as is also common practice today with an analogue broker.

This depends on the type of contract and the agreed upon conditions. House of Crops itself is not involved in any contracts already concluded and therefore any discrepancies have to be solved outside House of Crops. We are happy to assist you with any questions as best as we can.

House of Crops only sends contracts electronically.

House of Crops takes the position of broker who mediates between the two parties.

Yes, it is possible to see the contracts concluded at any time.

In this case the decision is to be made according to German law and the agreed terms and conditions.

MATIF

House of Crops gets its MATIF data directly from Euronext. In the initial phase the MATIF data is obtained with a 15 minute delay.

This type of contract is a fixed-price contract and the price is based on the MATIF. Once offer and demand are matched, the price relative to MATIF is converted to a fixed price.

Example: If you choose a price relative to MATIF of +2 and at the time of matching the respective futures contract is 175 €, your trading partner will see your desired price as a fixed price of 177 €.