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Pay Per Bid Auctions - How can 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 common threads from people 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 own products - essentially the penny sites that don't offer a true marketplace for people to sell their products.

To call every penny auction site a gimmick is like saying all mechanics or automotive repair shops are scammers. Yes, some 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 main question...

How Do Penny Auctions Work

Most work off a similar auction model where a method is listed for a penny. These products could be anything, however they are typically popular name brand items and electronics, gift cards, 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 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 the timer around the auction resets. These countdown timers on pay per bid penny auctions are anywhere from 10 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 most penny auctions, users get items for a 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 something in common however and that is always a nail-biting anxiety to getting the item in the end.

Regardless of what kind of bid auction you join, you will be facing steep competition that needs a reasonable amount of planning, right down to deciding the number of bid packs you want to purchase. Since some auctions may take a reasonable period of time to accomplish and could need 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 sites like eBay, yes - but not all of them. The most important a part of setting up a technique 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.

Use the information available to determine whether the website you choose is reputable or if a lot of users have had problems collecting their items - or losing constantly. Protect your own interests and you will be able to utilize the knowledge gained here on how penny auctions operate in order to locate success in your attempts.