Penny Auctions: How Do Penny Auctions Work
How Do Penny Auctions Work?
Before we start, I hope you understand how a traditional auction works. Penny auctions work much the same way, but with a few deference’s. Penny auction websites call most of these alterations as being a brand-new type of online retail shopping. However its a closer comparison to gambling. Fundamentally, a penny auction website does not operate like a normal web based bidding website such as eBay.
A penny auction is a process in which a product is placed for auction. Every member on the website is able to see the auction and place a bid. Each item being auctioned has a timer. Every time there’s a new bid the countdown clock increases. Once the timer gets to zero the final bidder gets that item. Heres the catch. Nearly all penny auction websites will need you to buy a certain quantity of bids, as a result when you place a bid it’s costing money. It’s a really sharp system that requires the right technique and/or luck or it could end up very pricey.
Penny auctions should be treated more like a game or a lottery ticket. For anyone looking to update their home or gadget collection. This might not be for you.
Video demonstration of the process.
If you want to try it. Keep these tips in mind.
Choose the best / long running penny auction site. There are several to pick from and choosing the right one is essential.
Our Number #1 Choice Is Beezid
After you signup: Look around the site; see if you like the items and the layout.
Purchase bids: Without bids you cant play the auctions. Typical cost is 60 – 80 cents for each time you bid. Some sites offer discounts for larger quantities.
Start Bidding: Find an item you like and start bidding. Some strategies suggest to wait for the timer to almost expire before bidding. (Remember the clock will increase or reset after each bid)
When the clock hits 0. The final bidder gets to purchase the item. (Usually pretty cheap: as much as 90% off) (Just remember you don’t always get the item and each bid is also costing you money)