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Pay Per Bid Auctions - How Do Penny Auctions Work Anyway

Should you dig around online wondering "how do penny auctions work" and "what are penny auctions?" you'll see the most popular threads from individuals who scream at the top of their lungs that "penny auctions area all scams".

You need to specify there are some penny auction sites which do scam their users by creating never-ending auctions. This is most common on sites that sell their own products - basically the penny sites that do not offer a true marketplace for individuals to sell their products.

To call every penny auction a gimmick is like saying all mechanics or automotive repair shops are scammers. Yes, a number of them are unethical in their business practices but that doesn't mean all mechanics can be harmful news.

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With that said, let's tackle the primary question...

How can Penny Auctions Work

Most work off a similar auction model in which a product is listed for any penny. These products could be anything, but they're typically popular name brand items and electronics, gift certificates, cash prizes, etc. In order to place an offer around the item you need to buy a pack of bids; each bid costs anywhere from five cents to more than a dollar depending on the site.

As you bid on the product, the price increases by 1 penny and the timer on the auction resets. These countdown timers on pay per bid penny auctions are anywhere from Ten seconds to 60 seconds. The last person to bid once the timer reaches zero wins the auction. That individual pays the listed price of the item when the auction ends.

In many penny auctions, users get items for any fairly steep discount though there are some pay per bid sites that do not concentrate 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 a different strategy. There will have one thing in keeping however and that is always a bit of a nail-biting anxiety for you to get the item ultimately.

No matter what kind of bid auction you join, you'll be facing steep competition that needs a fair quantity of planning, right down to deciding the number of bid packs you need to purchase. Since some auctions may take a fair amount of time to accomplish and could require a substantial investment of bids and time, the very last thing for you to do operates from bids.

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Are Penny Auctions Legit?

As much as other traditional auction sites like eBay, yes - although not all of them. The most crucial a part of setting up a technique for bidding is making sure that you research and evaluate the entire site in terms of policy, rules and the way the machine works.

Make use of the information open to determine whether the website you choose is honest or if lots of users have experienced problems collecting their goods - or losing constantly. Protect your personal interests and you will be able to utilize the knowledge gained here how penny auctions work in order to locate success in your attempts.