Penny auctions are quick and easy ways to win items for your personal use, or for gifts. There are many different penny auction sites, and they all have different products and offers. You first need to do some research to find the best ones for you, and the sites that seem safe. When joining and using a penny auction, there are many questions that arise. How do you pay for bids? What do you do if you win an auction? How does the bidding system work? How often can I participate in auctions? And much more. These are many of the frequently asked questions about penny auctions today since they are so new and revolutionary.
Let’s begin with finding a website and purchasing your bids. First of all, look up some sites that are providing penny auctions. Look into the products they have, and check up on the site’s reputation to ensure that it is safe and legal. Next, join the site by filling in your information when it asks for it, and purchasing bids. How does purchasing bids work? Well, usually for these sites, bids cost $1 each, but you can get a price break if you buy them in bulk. Keep in mind that each bid raises the price of the item up by $.01, not $1. How do you pay for bids? To purchase bids on any penny auction site, you need to have some bank account set up with funds in it. Some sites allow for PayPal payments. What do you do if you win an auction? If you have won a penny auction on an item that you want, you pay the price you won it for, and then it’s yours. Most penny auction sites will ship your won item to you after you have paid.
How does the bidding system work? As previously mentioned, when the bidding begins it raises the price of the item up by $.01. People using the site that are participating in the auction will continue to bid on the item until one person wins. How do you win? You win an auction when you are the highest bidder when the timer runs out. Most penny auction sites start with a 2-minute timer, and then get down to 30 seconds, 20 seconds, and once it’s been on the website for a while, 10 seconds. Once it counts down all the way to zero, and you are the last bidder, you win! How often can you participate in auctions? As often as you like, as long as you have the bids in your account.
What are automated bidders or bots? These technologies place automatic bids for you, as to your specification. If you have 100 bids in your account, you can watch another auction you can set your account to bid 100 times for you (or as many as you want). The bot will take over the bidding for you and will also likely intimidate the other bidders.