Many people have started recently to notice the advertising of different auctions, in most cases penny auctions. So how do they work? Is is really possible to win the item for 5-10% of its real cost or is it just another kind of scam and deception? I will try to answer these questions in this article.
In order tto properly understand and evaluate penny auctions,, they must be thoroughly explored. I will try in this article give you a complete picture of penny auction on the example of one of them. I’ll tell you about the pitfalls and whether it is worth to play.
Let’s start from the beginning. Penny auction – is an auction where the goods are put up initially at the lowest price, on the auction where I practiced the starting price was 1 dollar. Consider the example.
It is exposed a lot “towel” for 1 dollar. Blitz lot price is 220 dollars. Bidding starts. Typically, professionals are waiting until the last moment and only then begin to participate that is why the price may be a dollar almost until the last seconds of auctions. So someone made the first bid and the price is increased by the appropriate step size, on the test auction the step is 25 cents. The price was 1.25 dollars. Nick of the player who made the last bet is displayed under the lot.
Now let’s talk about the value of the bet. Do you think it is 25 cents? The bet is an intra-auction currency and must be purchased before the auction, you can certainly buy it during the process, but I do not recommend. The cost varies on the amount of purchased bets. For example, a package of 20 bets is worth 180 dollars and the price of one bet is 9 dollars. When you purchase a package of 3000 bidding the price will be 7.33 dollars per bet. In general, I think the price is understandable, the more you take, the cheaper one bet is. There is an option to buy via SMS, but it is the most expensive, depends on an operator and somewhere to 12-14 dollars per one bet.
So now calculate the money or how the process occurs from the inside. Somebody made a bet and spent 7.9 dollars, but the lot price was increased by only 25 cents. The next party did the same thing and so on. If the lot is very interesting, such as cell phones or iPods, then game will be a life and death that is why I just do not recommend beginners even trying to participate in such auctions, the money will be merged. Think by your head!
Before playing in penny auctions, read carefully the rules, read all instructions, please visit the forum, practice in training auctions. And do not try to beat the professionals at once, start with inexpensive lots, participate in discussions in the chat, and get on the right side of members.
Are you a fan of auction sites? Then you certainly have to go to Moloyo site. This Moloyo site actually is one of the latest in the online auction industry. So all the lovers of penny auctions are recommended to review this Moloyo site.
And bear in mind that we live in the world of high online technologies. It would be intelligent to avail oneself of the online network to find anything to get it on the best terms available on the market. Search engines, social networks, blogs and forums – all this will help you solve many issues.
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{ 2 comments… read them below or add one }
Hi, thank you for starting this blog. Bidders just have to know their opponent, build their own strategy and make sure to invest in a trustworthy PA site (as we all probably know, not all are). Do your homework, do a lot of research. You need to have your own strategy before you bid. Jumping in unprepared will just result in losing more money. Penny auction can be addictive so it is important to know when to bid (and when to stop bidding).
you are correct on what you say but also keep in mind that new and exciting penny auctions open up every day. I look for them often to see how they are doing and to write reviews on them. If they are good and legit then I try to help them get some traffic like pennyclause.com
it is a new penny site but looks good has many features to it as well as a phone line number to call for customer support for any questions you may have…and they answer which is a first for me to have a penny site have someone answer your questions for you not just email them. So do yourself a favor and check it out along with the others that I have told about it. I would also like to know if it is ok that I post about other auction sites on here for others to check out and see what they are like ? please leave me a email letting me know if it is ok with the site owner and I ask you if you could to please look into this pennyclause.com a little for me and let me know what you think I will add the observations to my own and see what others think about it all ok and thank you