Even some decent links are mixed-in from the trashier vendors, but yes, it's a serious problem.
As long as you are getting different referring domains, then I think there's some value, but you are correct... amidst all the noise, there is a need for legitimate services.
I have been ordering links from BHW more heavily over the last couple years, and I can testify that there are in-fact real gains on both client projects, as well as private projects.
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In my experience, you are mainly looking for vendors in the USA, UK, Canada, Australia, or maybe South Africa. (major English speaking countries)
Agencies in India, Pakistan, Philippines, and any other similar foreign country, are way too risky.
One of the challenges is that they also try to impersonate more trustworthy identities, so you also have to learn to spot the poor English'isms, and forms of speech.
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A couple months back, I ordered from a dutch guy, here, who I'm pretty sure is Pakistani, because I spotted some properties that are commonly circulated by Pakistani agencies.
It's going on three months, now, of revisions for that order, because he can't understand basic English, and he doesn't understand basic SEO link structures.
So, yeah, it's a real problem, and the only solution is to just be really critical of who you are working with.
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I requested samples, for example, from
@MisterF , recently, and the nature of his message, with the information provided, makes it really clear that he's native to a top-tier country.
Also, look at his messages and interactions... he's been around for a while... he's got a reputation, etc.
That would be one example of a legitimate vendor, and I haven't even ordered anything from him, yet... you can just see certain indicators at-a-glance.
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There are essentially two types of vendors:
- Private Assets (pbns)
- Relationships and Connections (guest posts or link drops)
I am a firm believer that, no matter who you are working with, they should be providing samples, and there should be a reasonable level of content quality and low-to-no spam.
For PBNs, I often like to know how many referring domains are in their network, because sometimes vendors will use the same domain multiple times, and that's really kind-of lazy.
I don't always ask, but I would prefer vendors who have 100+ referring domains in their network, so that they can support a 1:1 ratio for backlink requests.
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It's still common practice to conceal your PBN network, which I think is just something that makes it easier for bad vendors to scam you.
Google sees your assets, geniuses!

We can also see the links in search console, so if someone won't show samples, then we should walk away, and if they don't give links in the final report, then it's also a risk.
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I don't always ask, but I have also come to find poor links, later, because they were concealed from me, and too much time passed for me to go through the trouble of a complaint or fraud report.
Samples are key, because it allows you to check if the metrics are inflated, and if the assets have any ranking keywords.
Ranking Keywords are key to checking if Google trusts the asset.
I could say a lot more about PBNs, but it really just comes down to a vendor in a tier-1 country, pretty much.
If you choose a good vendor, then you will generally get good results, but you still have to check their work, because they do sometimes make mistakes, or do really stupid things.
I worked with a guy, some months ago, who put my link next to the anchor text (LoL), and when I commented on it, he wouldn't stop telling me about how he had 12yrs of SEO experience, and had an agency in Philadelphia, etc...
I don't care, guy... if you don't anchor my links with common sense... I'm gonna say something about it. LoL (smh) [drama]
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For guest posts, niche edits, link drops, etc... you are often getting a high quality asset, but there are many pitfalls on price and various tags, or issues with undisclosed OBL or internal linking, etc.
For some high quality assets, it is very common that guys don't tell you when the links are marked as "sponsored" or as "no-follow", so that's a pretty common, and ridiculous problem.
It's not really that difficult to find guest post opportunities, so if I hire a vendor to handle the process for me, I also don't want to pay DOUBLE the price, just for you to do a little work.
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That's a pretty common issue...
You've got a site charging $200 for a post, but some guy wants to charge $400, just so someone on his team can get an article written for $20, then submit it to the service. (LoL)
The best guest post vendors I have come across are charge a flat service fee, or a percentage service fee per post.
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So, it's cheap for them to handle the process, and the content is written or provided externally at-cost, but they work with the posting sites, or have pre-existing relationships, to ensure that the content is created to exact specifications, etc.
Sometimes, posting sites will require that they write the content, and will often charge something like $100, so in some cases it's just an issue with many guest posting sites over-valuing content on their site by a very large margin.
I've personally done tests over the years, and I've found that it's very difficult to predict how Google will value most assets.
In one test I did, I bought a $5 guest post with weak metrics, then a $100 guest post with strong metrics, and the $5 guest post ranked better than the other one, even though the metrics were lower.
Even if it only did half as well, or a quarter as well, that would still be better performing at-scale.
For one of my side projects, some of my seemingly strongest links are from two really crappy looking guest posts that probably cost me $15 each.
So, guest posts, and similar properties, can be great, but the high costs for a single link can be very risky.
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In conclusion, buying links is a matter of money, but also of very critical discernment, both in terms of who you are working with, and also the properties you are dealing with.
Markets now commonly offer productized backlinks, but we must always remember that they are risky service based products, and the purchasing process must be treated with a great deal of scrutiny.
In order to have success, we must identifying trustworthy vendors, and ask the right questions, so that our link-building budgets do not go to waste.