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Pay Per Bid Auctions - How Do Penny Auctions Work Anyway
If you dig around online asking the question "how do penny auctions work" and "what are penny auctions?" you'll see the common threads from individuals who scream at the top of their lungs that "penny auctions area all scams".
You need to specify that there are some penny sites that do scam their users by creating never-ending auctions. This is most typical on sites that sell their very own products - essentially the penny auction sites that don't offer a true marketplace for individuals to sell their products.
To call every penny auction site a scam is like saying all mechanics or automotive repair shops are scammers. Yes, a number of them are unethical in their business practices but i am not saying all mechanics are bad news.
With that said, let's tackle the main question...
How Do Penny Auctions Work
Most work off a similar auction model in which a product is listed for a penny. These items can be anything, however they are typically popular name brand items and electronics, gift certificates, cash prizes, etc. In order to place a bid around the item you need to buy a pack of bids; each bid costs between five cents to more than a dollar depending on the site.
As you bid on the item, the cost increases by 1 penny and also the timer around the auction resets. These countdown timers on pay per bid penny auctions are between Ten seconds to A minute. The last person to bid once the timer reaches zero wins the auction. That individual pays the listed price of the product once the auction ends.
In many penny auctions, users get items for any fairly steep discount though there are several pay per bid sites that do not focus on countdown auctions. The other common bid auction types are Purchase it Now auctions (known as a "reveal the price" auction), Lowest Unique Bid and 100% off (or zero bid) auctions.
All these auctions works differently, and requires another strategy. There do have one thing in common however and that's always a nail-biting anxiety for you to get the product in the end.
Regardless of what kind of bid auction you join, you will be facing steep competition that needs a fair amount of planning, right down to deciding how many bid packs you want to purchase. Since some auctions can take a fair amount of time to complete and could require a substantial investment of bids and time, the very last thing you want to do is run out of bids.
Are Penny Auctions Legit?
As much as other traditional sites like eBay, yes - but not all of them. The most important a part of setting up a technique for bidding is ensuring you research and review the entire site when it comes to policy, rules and exactly how the machine works.
Make use of the information open to determine if the site you choose is reputable or maybe a lot of users have had problems collecting their items - or losing constantly. Protect your own interests and you'll be able to utilize the data gained here on how penny auctions work in order to locate success in your own attempts.
