Last updated on March 30th, 2023 at 07:36 pm
Fameswap has been a leading platform for social media accounts to be bought and sold since 2013. According to the official site, it has more than 8,000 accounts valued at more than $36M+.
Social media has become an integral part of our lives. Out of 8 billion people, more than 4.70 billion use social media. That means around 60% of the world’s entire population consumes social media content. With such a vast reach, social media is an ideal platform for marketing. It is the largest market for advertising and, of course, the most trusted. U.S. companies alone are expected to spend an estimated $56 billion on social media advertising by the end of 2022.
People often want to buy Youtube channels, Tik Tok handles, or Instagram accounts for jumpstarting the process of building an audience. However, finding the right fit can be a legitimate nightmare. You have to find the account that caters to your audience. That has a real fanbase. That is within your budget. The proverbial needle in a haystack.
Beyond that, there is the concern of online transactions and fraud.
Does Fameswap really make finding the right social account any easier? Is it safe to use? Let’s find out.
Why Do People Buy Social Media Accounts?
Simply stated, they are looking to expand their online presence without the upfront time investment. Purchasing a pre-existing property is the easiest hack out there for this. You don’t have to start from scratch. You don’t have to convince people to follow you. You get a base of dedicated followers interested in your niche. Not a bad deal, right?
But why social accounts? Why not just use that same money and pump it into ads or a content strategy?
Simple, trust.
78% of people are more likely to trust another consumer’s product review than the claims made in a brand campaign by the company itself. Social media gives that sense of trust inherently.
Is it safe to buy Social Media Assets?
I’d be lying if I said there were no risks to this. You have to be mindful of whether or not the accounts have actual followers or thousands of fake accounts. (pro tip: use a tool like TalentSheets to evaluate the engagement rate of anybody online. If it’s too low, they likely bought their followers). However, if buying an account is done thoughtfully and prudently, then ‘yep’, it can be safe. Beyond using third party tools to evaluate accounts you’d also be better protected by dealing through a platform (like Fameswap).
How to buy a social media account?
Using a third-party app
Buying a social account such as Instagram, Tiktok, or Youtube is simple if you think about it. You just have to find an account that is appropriate for your requirements, finalize a deal, pay the seller, and the account is yours.
Right?
Well… not really. A lot can go wrong. You have to ask yourself:
- How do you find an account?
- Where can you find an account?
- Will it fit your budget?
Then let’s say you’re able to answer all of these questions. You’ve found the perfect account and it fits within your budget. Then the owner doesn’t want to sell it. Or worse, they do want to sell, but it turns out the account is a fake you’ve been scammed.
These are real reasons why people generally use third-party websites like Fameswap to buy/sell social media accounts. Using a legit third-party app is advantageous as:
- It is a secure website that authenticates the users trying to buy/sell channels
- It ensures the accounts are in good standing (i.e. helps you find an active Instagram account?)
- It verifies all the details provided by the seller
- It also provides a secure platform to communicate without compromising privacy
- It has a secure payment gateway
- It safeguards against fraud and malpractice
Finding it on your own
If none of the above scare you, then you may want to find and purchase the account on your own. When you decide to buy or sell accounts on your own, you’ll want to keep a few things in mind:
- Find an account that is the right fit for you
- Do a background check on the profile you are buying to make sure everything is legit
- Pay market rate
- Only send the money if you are sure about the transaction. Get access to the account first
How to find the right account for you?
What is the right account? While there is no perfect account that is waiting for you to take over, there are a lot of factors that determine the kind of account that would fulfill your requirements. Keep these in mind when you are searching for a channel or account:
- Niche – If you were a baker trying to build your audience for your muffin cookbook, but the account you bought has a fanbase of fitness enthusiasts, then you’d obviously have a poor alignment (duh!). Always look for matching or similar profiles that are relevant to your business or service.
- Follower count – Be mindful of what you’re trying to accomplish. By evaluating the next two criteria, engagement and demographics, then follower count can vary wildly. For example, if you have a highly engaged and active fanbase then you won’t need millions of followers. In fact, the more specific the alignment the better positioned you are to only need 1,000 true fans. And, that’s all the difference in the world.
- Active Audience Engagement – This is one of the top two criteria in evaluation (the other being demographics). Engagement is a great proxy to determine if the account is full of fake followers that were purchased from a bot farm. Further, it allows you to determine how active your newly purchased audience will be in engaging with your message. Do not… I repeat, do not purchase any accounts with a below average engagement rate for the platform and niche.
- Demographics – Along with engagement rate, this may be the most important metric to monitor. If you’re selling insurance within the US, then having a majority of your followers based out of Spain would be a terrible waste of your time and money. The same holds true for if you sell post-menopausal supplements and your audience is full of hormone-raging teen boys. Know thy audience as well as you know thyself.
- Budget – Be realistic with what you can (and should) afford. Make sure that you ask yourself a) what’s it going to cost, b) how much work will it take, and c) what is my expected outcome? Make sure when budgeting your money, time, and effort, that they align with what you believe you’ll get from the social property.
- Social Media Platform – It is important to choose the right platform too. It comes down to the kind of media you will be posting. If your content is compatible with pictures, go for Instagram or Facebook. Youtube channels are great for long-format videos, while TikTok accounts are suitable for short-format videos. Play to your strengths and your desired outcomes.
Fameswap
Image Source: fameswap
Fameswap is unarguably one of the most trusted and widely accepted social media escrow services. It majorly deals with buying and selling accounts of three gigantic social media platforms- Instagram, Tiktok, and Youtube.
Why should you choose Fameswap?
Fameswap has garnered the trust of people as a secure platform for escrow services.
- Globalization – Fameswap operates in over 100 countries. Building a brand is difficult. Imagine how challenging it can be to start over in another country. Having a base gives you a headstart. You can target your audience in another country by buying a social media account having a base there.
- Payment Security – Fameswap supports many payment options to facilitate a smooth and trouble-free transaction. The buyer sends the money through a wire transfer directly to Fameswap’s secure payment gateways to be placed in escrow to eliminate the risk of fraud.
- Low fees – Fameswap charges a very nominal fee for its escrow service. Fameswap charges the greater of a 5% escrow fee or $50 minimum on each transaction.
- Support – Fameswap offers 24/7 support to help with any transactional bumps in the road.
How does Fameswap work?
Fameswap is a relativelye easy-to-use website with a user-friendly interface. Here’s how it works:
- Anyone who wishes to sell social media accounts can list their Instagram handles, Youtube channel, or TikTok accounts on the website with details like:
- Number of followers
- Asking price
- Category and Niche
- Audience engagement.
- The seller should remember to select the “Accept Escrow” option to be able to accept offers from potential buyers.
- An interested buyer can submit an offer for the desired profile, which the seller can either reject or take the negotiation further.
- The buyer and seller can talk through a secure communication system to reach a final settlement.
- Once all the terms of the deal are finalized, and they agree to the escrow fees, the transaction is initiated.
- The buyer wire transfers the payment to the Fameswap escrow account for the listings.
- The seller sends the listing information to the Fameswap escrow service, which is then investigated by the team for credibility.
- Once verified, it is forwarded to the buyer, who releases the payment once he is satisfied with the profile. ( In some cases, he/she might even raise a dispute if there is an issue)
- Once the seller receives the payment from the escrow account, the transaction is complete.
How much Fee does Fameswap charge for its Escrow Services?
Fameswap levies a nominal fee on all eligible transactions that are $100 or above. They charge 5% of the offer price or a minimum of $50, whichever is greater.
The seller and buyer can choose who will pay this Fee. Either of the two can cover the charge or the money can be split between them. This is decided when the escrow is created.
Premium members of Fameswap have a better rate of just 3% of the offer price or $50, whichever is greater.
How long does an Exchange on Fameswap take?
An exchange of social media property might seem a lengthy process, but it is a straightforward and simple process.
Through a proper channel like Fameswap, it takes no more than two or three days if both parties are new to the escrow service platform. The transaction is processed the same day as the payment is received on their end.
Guidelines for sellers on Fameswap
It’s easy to sell Instagram accounts on this website. All you have to do is to post your profile in one of the two ways:
- Classified: you list your profile with necessary details.
- Auction: the company provides an auction engine to the sellers to conduct auctions where buyers can enter to bid on your profile.
As a seller, you are required to subscribe to a code of conduct given by the website. You have to provide details that are correct and updated. The team verifies the details before the transaction is made.
Your profile stays on the website for 30 days, after which you will have to update it again. You cannot post another similar post before that Or before you delete the previous profile.
Conclusion
We recommend Fameswap given its simple UI and useful tools. It is a professional and safe market that acts as a social media escrow service. It provides a great communication platform and payment gateway, and the transactions are quick and easy. That said, use prudence when buying and selling anything online.
