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Pay Per Bid Auctions - How can Penny Auctions Work Anyway

If you dig around online wondering "how do penny auctions work" and "what are penny auctions?" you'll see the common threads from people who scream towards the top of their lungs that "penny auctions area all scams".

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

To call every penny auction site a scam 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 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 method is listed for any penny. These items could be anything, but they're typically popular brand name items and electronics, gift cards, cash prizes, etc. In order to place a bid around the item you need to buy a pack of bids; each bid costs anywhere from five cents to more than a dollar with respect to the site.

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

In most penny auctions, users get items for any fairly steep discount though there are some pay per bid sites that don't concentrate 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.

Each of these auctions works differently, as well as a different strategy. There do have something in keeping however and that's always a nail-biting anxiety to getting the item ultimately.

Regardless of what kind of bid auction you join, you'll be facing steep competition that requires a fair amount of planning, as a result of deciding how many bid packs you need to purchase. Since some auctions can take a fair period of time to complete and may require a substantial investment of bids and time, the very last thing you want to do operates out of bids.

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Are Penny Auctions Legit?

Around other traditional sites like eBay, yes - but not all of them. The most important a part of setting up a technique for bidding is ensuring you research and evaluate the entire site in terms of policy, rules and the way the system works.

Use the information open to determine whether the site you choose is reputable or if a lot of users have experienced problems collecting their items - or losing constantly. Protect your personal interests and you'll be able to utilize the data gained here how penny auctions operate in order to find success in your own attempts.