Blog
Insights on commodity trading & trust infrastructure
Jul 1, 2026 · Nicolas Spitalier
The Commodity Trading Glossary: Every Term You'll Actually Run Into
LOI, SPA, POF, NCNDA, IMFPA, SBLC, FOB, CIF, CFR, broker, mandate — every acronym you'll run into in commodity trading, defined in one place.
Jun 8, 2026 · Nicolas Spitalier
Why Blockchain Escrow Is Eating Traditional Bank Escrow's Lunch in Commodity Trading
Blockchain gets thrown around in trade finance a lot, mostly by people trying to sound futuristic. Here's the actual, fairly boring reason it matters for escrow specifically.
May 4, 2026 · Nicolas Spitalier
Letter of Intent vs. Sales & Purchase Agreement: When Are You Actually Committed?
We have a deal can mean wildly different things depending on which document is actually signed. Here's the real line between serious interest and a binding commitment.
Apr 6, 2026 · Nicolas Spitalier
How Commission Structures Actually Work in Commodity Trading
Broker, mandate, sub-agent, facilitator — everyone in a commodity deal seems to have a title, and they all expect a cut. Here's who actually gets paid, and why.
Mar 9, 2026 · Nicolas Spitalier
FOB vs CIF vs CFR: Incoterms Without the Headache
Three letters, huge consequences. Incoterms decide who pays for what and exactly when a shipment becomes your problem — here's the plain-English version.
Feb 10, 2026 · Nicolas Spitalier
The Five Red Flags of a Fake Commodity Deal (We've Seen Them All)
After enough deals cross a platform, the fake ones start looking almost identical to each other. Here are the five patterns that should make you close the laptop.
Jan 15, 2026 · Nicolas Spitalier
Escrow 101: How to Not Get Ghosted After Wiring $2 Million
The worst feeling in commodity trading is watching a counterparty's WhatsApp go from online to last seen three weeks ago right after you send the wire. Escrow exists so that never happens.
Dec 18, 2025 · Nicolas Spitalier
Why Your Broker Keeps Asking for a Proof of Funds (And Why That's a Good Thing)
Show me the money isn't just a movie line — it's step four of nearly every serious commodity deal. Here's what a real POF request looks like, and what a fake one is trying to hide.
Nov 27, 2025 · Nicolas Spitalier
NCNDA vs NDA: The Alphabet Soup of Commodity Trading, Explained
Commodity trading runs on acronyms. Here's what actually separates a standard NDA from the NCNDA everyone asks you to sign before saying anything useful.
Nov 5, 2025 · Nicolas Spitalier
What Is an SBLC, and Why Does Every Scammer Want You to Buy One?
A Standby Letter of Credit is a real, useful banking instrument. It's also the favorite prop of a very specific kind of trade-finance con artist.
Oct 14, 2025 · Nicolas Spitalier
Avoiding Gold Scams: The Nigerian Prince Never Retired, He Just Got Into Commodities
The email format changed. The tactics didn't. Here's how to spot a fake gold deal before you wire six figures to a refinery that doesn't exist.