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Pay Per Bid Auctions - How can Penny Auctions Work Anyway

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

It's important to specify there are some penny auction sites which do scam their users by creating never-ending auctions. This really is most typical on sites that sell their very own products - essentially the penny auction sites that don't provide a true industry for individuals to sell many.

To call every penny auction site a gimmick 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 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 where a method is listed for any penny. These items could be anything, however they are typically popular brand name items and electronics, gift certificates, cash prizes, etc. To be able to place a bid on the item you have to buy a pack of bids; each bid costs anywhere from a few cents to greater than a dollar depending on the site.

While you invest in the item, the cost increases by 1 penny and also the timer around the auction resets. These countdown timers on pay per bid penny auctions are between 10 seconds to 60 seconds. The final person to bid when the timer reaches zero wins the auction. That individual pays the listed price of the item when the auction ends.

In most penny auctions, users get items for a fairly steep discount though there are several pay per bid sites that don't focus on countdown auctions. Another common bid auction types are Purchase it Now auctions (referred to as a "reveal the price" auction), Lowest Unique Bid and 100% off (or zero bid) auctions.

All these auctions works differently, as well as a different strategy. There will have one thing in common however and that is always a nail-biting anxiety to getting the item ultimately.

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

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Are Penny Auctions Legit?

Around other traditional sites like eBay, yes - but not these. The most crucial a part of generating a technique for bidding is making sure that you research and review the entire site in terms of policy, rules and the way the machine works.

Use the information open to determine whether the site you choose is reputable or maybe lots of users have had problems collecting their goods - or losing constantly. Protect your own interests and you will be able to utilize the knowledge gained here how penny auctions work in order to locate success in your own attempts.