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Pay Per Bid Auctions - How Do Penny Auctions Work Anyway

Should you dig around online asking the question "how do penny auctions work" and "what are penny auctions?" you'll see the most popular threads from individuals who scream towards 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 typical on sites that sell their very own products - basically the penny sites that don't provide a true marketplace for people to sell their products.

To call every penny auction site a scam is much like saying all mechanics or automotive repair shops are scammers. Yes, a number of them are unethical within their business practices but i am not saying all mechanics are bad news.

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With that in mind, let's tackle the main question...

How can Penny Auctions Work

Most work off an identical auction model where a product is listed for any penny. These items could be anything, however they are typically popular brand name items and electronics, gift cards, cash prizes, etc. In order to place a bid around the item you have to buy a pack of bids; each bid costs between a few cents to more than a dollar depending on the site.

As you bid on the item, the price 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 each pays the listed cost of the item when 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 will have something in common however and that is always a nail-biting anxiety to getting the product in the end.

No matter what type of bid auction you join, you'll be facing steep competition that needs a fair quantity of planning, as a result of deciding the number of bid packs you need to purchase. Since some auctions may take a reasonable period of time to complete and may require a substantial investment of bids and time, the very last thing you want to do is run from bids.

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Are Penny Auctions Legit?

Around other traditional sites like eBay, yes - although not these. The most important part of generating a strategy for bidding is making sure that you research and review the entire site when it comes to policy, rules and the way the system works.

Make use of the information open to determine if the site you choose is reputable or maybe lots of users have experienced problems collecting their items - or losing constantly. Protect your personal interests and you will be able to use the knowledge gained here how penny auctions operate in order to locate success in your attempts.