What is a Penny Auction?

Have you heard about penny auctions and wondered what the fuss is all about? Penny auctions can be a great way to find some high-ticket items for a fraction of the cost. The following will provide you with some more insight into what penny auctions entail:

What Is A Penny Auction?

A penny auction website allows bidders to bid on items they want, just like any other auction site. These items can range from furniture to electronics to household items. However, unlike other sites, the bids will increase by a penny at a time until the timer for the auction runs out. Bidders must register with the site and purchase their bids before they can participate in an auction, and placing each bid costs the bidder between 60 cents to one dollar (sometimes more).

Who Can Use Penny Auctions?

Anyone can sign up for a penny auction site. They are especially fun for those who enjoy games and competition. They are also ideal for those who like to get a significant discount on certain items. You just have to be careful to not bid too high or too frequently, or you could negate any savings you may have had on the item.

Are Penny Auctions Scams?

While most penny auction sites are legitimate, some have proven to be less reputable than others. However, there are many that will provide exactly what they promise, including Quibids and Beezid. Keep in mind, however, that there is always risk involved when you sign up for any online auction website, no matter how long it has been in existence.

Is There A Risk Of Losing Money?

Like any other auction, you always risk losing each time you bid. Since you pay upfront for your bids, there stands a chance that you will lose those bids if you do not win the auction. To avoid losing money, there are a few tips you can employ in your bidding strategy. First, focus on one auction at a time. Second, pick an auction on the second, third, or fourth row. Never bid on a first row auction, as the competition is much higher. Finally, try to find an auction that has only a few players in the game, typically no more than five. Using these tips will greatly reduce your chances of losing money.

How Does One Participate In Penny Auctions?

Participating in a penny auction is simple. First, choose a site like Quibids or Beezid. You will need to register a username and password to set up your account. Next, you will need to purchase your bids. Many sites will let you purchase bid packs, which is a bundle of bids for a set price. Once you have your bids, you are ready to play.

The auction begins when the site places merchandise up for auction. A timed countdown then begins to tick down, indicating how long the auction would normally last. However, many penny auction sites extend the deadline so long as the bidding continues. Once the bidding begins, bid amounts increase by one cent each time a bid is placed. If the bidding stops long enough for the countdown timer to reach zero, the last bidder (i.e., the one who made the highest bid) wins the item.

Depending on how competitive the bidding becomes, users can often get a pretty good deal on what they want (provided they do not offset their savings by using too many bids). For instance, you may be able to win an iPad for a final bid of $50 or less. However, keep in mind that you will have to pay that amount plus what you spent on your bid pack. If your bid pack costs $200 and you used them all, you will pay a total of $250 for the iPad (which is still a great deal).

Penny auctions can be fun and exciting, but keep in mind some of the risk that could be involved. If you have a problem with gambling, you could find yourself going overboard on penny auctions. Additionally, there are some sites that pose as legitimate penny auction sites, but which will not actually allow users to win the auction. You need to carefully read online reviews to determine which sites are the most reputable before purchasing bid packs. If you are careful and mindful, penny auctions are a great way to have fun, save money, and get the products you want at a fraction of the cost!

Penny Auctions can take a long time,

 

BiddrRobot Software can you help you bid on them automatically

 

Learn more.