Points.com isn’t the only player when it comes to exchanging your miles and points. A new startup out of Canada is seeking to unlock the potential value of unused miles and points and is giving members an alternate way to leverage their accounts. LoyaltyMatch allows members to buy or trade award merchandise with members of other loyalty programs.

You can search for thousands of items offered by loyalty programs across all sectors including airlines, hotels, car rentals, restaurants and retail merchants. When you see an item that you want, you can set a price or make an exchange offer. The price is the amount of money you will pay a seller to redeem their miles or points for that particular award. You can also choose to offer a trade.

For example, Aeroplan offers an Apple iPod Shuffle for 15,000 Aeroplan miles. You can offer to buy or trade an item offered by one of your loyalty programs and would then see a list of members who have at least 15,000 Aeroplan miles in their account and could get an iPod for you. In order to make your trade request public and contact potential traders, you would then need to activate your 60-day listing for a $1.99 CDN fee.

The loyalty program rules prohibit the buying, selling and bartering of miles and points but merchandise awards can be freely exchanged. Unlike points.com’s GPX, you can’t exchange actual miles or points — you can only buy, sell or trade award merchandise that is available from loyalty programs. Members of programs like Aeroplan that offer a wide variety of merchandise awards have quite a few items that other LoyaltyMatch users might want. But as an American AAdvantage member trying to exchange your miles for cash or merchandise, you better hope that someone out there wants a magazine subscription.

LoyaltyMatch.com will give one percent of the funds generated by each transaction equally between the Canadian Cancer Society and the World Wildlife Fund. You can check out the service at LoyaltyMatch.com and your first trade is free.