There is a saying which goes ‘If something seems too good to be true, it probably is’. What this means is that you have to be wary of ridiculously cheap deals. In any other sphere of life, this is great advice which you should abide by at all times. However, this saying does not apply to penny auctions. You may see and hear some ridiculously cheap deals when it comes to penny auctions but don’t look around thinking you are about to be fooled. Penny auctions are actually genuine and their ridiculously cheap deals are also genuine! Just so you are completely sure of this, we have decided to share with you with some things you need to know about penny auctions.
How Penny Auctions Work
First of all, let’s start by looking at how penny auctions got their name. When there is a product up for sale at a penny auction, the bidding price starts from $0.00. However, as the product is up for bidding, it automatically means that no one can get the product at $0.00. As such, when the first bidder puts his price, let’s say the bidder bids $2.00, the penny auction adds $0.01 to this amount. The penny auction site will keep on adding $0.01 to every amount that bidders bid on. It is from this $0.01 that penny auctions got their name.
The Bidding Process
The bidding process at any penny auction starts with the bidder choosing a username (if it’s the first time). It’s important that the bidder chooses a unique username as most penny auctions do not allow bidders to change their usernames later. Bidders can choose usernames that possess the power to confuse other bidders such as ‘DONE’ or CLOSED. Bidders can also choose usernames that possess the power to scare other users such as ‘IWONTSTOP’. Remember, the ultimate goal for the bidder is to win i.e. outbid all others but at the same time get the product at a very cheap price.
The second step is to buy bids. While some sites may give the bidder some free bids upon completion of registration, this is not always the case. As such, the bidder has to buy his own bids. Just a word of caution, it’s better to buy a lot of bids at once as you are likely to get huge discounts rather than buying a limited number of bids. Once you have the bids, you are now ready to start bidding to give yourself a chance of ‘winning’ something cool at a ridiculously cheap price. To bid, you just have to look for an open bid so that you can place your own bid. One thing to note here is that bidding is not straightforward, rather it has its own strategy. However, you can only learn the strategy through experience to get that requisite experience, you have to start bidding now!