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Mercado Libre functions much like ebay. A commission is charged to the seller after confirmation of payment received.

Sellers offer goods and services for sale at either a fixed price or in an auction (subasta) with a preset base price. Duration of auctions can vary from one day to two weeks and items offered at a fixed price may be listed for up to 60 days.

Click on my signature below (Argentine art for sale) to see my current listings on Mercado Libre.
 
I've sold a good number of items on Mercado Libre and it's worked well for me. I used to sell things here and there on E-bay back when I lived in the USA and that worked well for me too. If you are honest, and upfront and describe your merchandise in full detail with pictures, and ask fair prices you will do well. MercadoLibre was really great for me when I closed down my retail shop, I sold EVERYTHING from the shelves, air conditioner, counter, etc. I don't know how I would have sold those things if it weren't for MercadoLibre. I highly recommend using MercadoPago to avoid having to exchange cash in hand. It's much safer.
 
I've never used the "Ebay of Argentina" but my friends use it all the time. One thing they love about it is they typically always just buy from people that are also right in the Capital and they can see the merchandise before they pay for it or as they pay for it.

Many times things are still in the box they tell me.
 
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