What Are Penny Auctions and How Do They Work?
Penny auctions are a hot trend on the internet nowadays. Although eBay is the most well known auction site, obtaining a bargain there can be extremely difficult. It is also expensive for sellers, leading more people to find alternative and more cost effective ways to buy and sell goods.
What is a Penny Auction?
Bidders must pay a small amount to enter a bid on an auction of their choice. Each time a bid is placed on an item, the time on the auction increases. When the timer reaches zero, the bidder who has placed the highest bid is the winner of the item. You can get some extreme savings through this method, but you must ensure that you are using a reputable and safe website, as sadly there are a number of less than honest ones out there.
One of the best websites is pennyauctionsite.com. This site has a huge number of products up for auction at all times, including tech gadgets like iPads and GPS devices, as well as gift cards. It is possible to purchase gift cards at a small percentage of their true value – if you are lucky enough to be the winner of the Bid!
At this website, bids cost you between 50 cents and $1.00. If you are the last bidder on an item, this automatically makes you the winner, regardless of the amount of the bid. In other words, even if your bid is only 10% of the value of the item itself, you are still deemed the winner and will receive that item. That is the risk the seller takes when it comes to auctions.
The products at PennyAuctionSite.com are all brand new. They come with a warranty from the manufacturer, so you can be sure you are receiving the real thing. Compare this with some other websites who offer second hand or refurbished goods – sometimes without making a note of this. Therefore it is vital to be aware of exactly who you are buying from and what their reputation is.
To place a bid, you must purchase credits. Bids cost one credit, which is between 50c and $1 as outlined above. Your credits do not expire, so it is possible to buy some bulk credits, and use them over a period of time. This means once you see an auction you are interested in, you’re ready to place an immediate bid with the credits that are sitting in your account.
About the Author
AUTHOR has been using penny auctions sites for two years and enjoys helping others become familiar with them through education and tutorials.Get the tutorial about how to Win penny auction sites.
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