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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 people who scream at the top of their lungs that "penny auctions area all scams".

It's important to specify that there are some penny sites which do scam their users by creating never-ending auctions. This really is most common on sites that sell their very own products - basically the penny auction sites that do not provide a true marketplace for people to sell many.

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 within their business practices but i am not saying all mechanics can be harmful news.

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

How can Penny Auctions Work

Most work off a similar auction model in which a method is listed for any 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 an offer on the item you need to purchase a pack of bids; each bid costs anywhere from five cents to more than a dollar with respect to the site.

While you bid on the product, 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 when the timer reaches zero wins the auction. That individual pays the listed cost of the item 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 don't focus on countdown auctions. The other common bid auction types are Buy 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 one thing in common however and that's always a bit of a nail-biting anxiety to getting the product in the end.

Regardless of what kind of bid auction you join, you will be facing steep competition that requires a reasonable amount of planning, as a result of deciding how many bid packs you need to purchase. Since some auctions may take a reasonable period of time to complete and could need 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 auction sites like eBay, yes - although not these. The most crucial a part of generating a technique for bidding is making sure that you research and evaluate the entire site when it comes to policy, rules and exactly how the machine works.

Make use of the information available to determine if the website you select is reputable or maybe lots of users have had problems collecting their items - or losing constantly. Protect your own interests and you will be able to use the knowledge gained here how penny auctions work in order to find success in your own attempts.