Penny auctions are quickly becoming a new way of online shopping. Not only can you get a product at a low price, but you also get that “rush” as if you were winning a competition or contest. Penny auctions work like this, there is an item up for bid, let’s say worth $20, and people who are members of the auction website will then begin bidding on this item. Every time someone places a bid, the price of the item goes up by one penny. So, starting at zero, the price slowly begins to rise with each bet. Once a certain amount of time has gone by (usually 10-15 seconds) and you have remained the highest bidder, you win that item! You could end up purchasing that $20 item for $3, therefore getting a great deal.
Penny auctions are easy to join and become a member of. All you need to do is choose a website that you want to join, and there are many. One of the most popular choices for penny auction sites today is Quibids. Then, you click on a “join now” link, put in your information such as name, address, date of birth and anything else it asks of you. After that, you fund your account by purchasing bids. Usually, when selling bids on their website, the company will cut you a deal, so lets say each bid is work $1, if you buy 20 bids you might get a break in the price and get the 20 bids for $18. It all depends on the company and the auction.
Once you have successfully joined and signed up for a specific penny auction site, you can begin bidding. First, search for the auctions that are going on right now. Browse the items you are or could be interested in, and watch them. Watch how many people are bidding on that item, and how often. After a while, you will get the hang of it and will be able to tell when a good time to place your bet would be. Remember though, once you win an auction, you will have to pay the price you won it for. It is also important to use penny auctions in moderation, as to not become addicted to the “rush” of winning.
Penny auctions are revolutionary and an excellent way to get a great deal on items for yourself, gifts for others, or anything else. As previously stated, the steps to joining a penny auction are simple and guided. All you need is your information and a bank account so you can purchase bids to use on the auctions. Next, pick out and watch a couple items that you are interested in and start bidding when you think the time is optimal. If you win the auction, pay the price you landed on, and the item is yours! These auctions are very fun and are especially beneficial around the holidays when parents are struggling to afford their kids’ favorite toys.