The web community is beginning to notice penny auction websites. This is a type of auction website that lets you bid on great consumer items like electronics, gadgets, designer clothing, and many other popular items that can be delivered. The prices that these items end up with are super low if it is compared to the selling price of the item. The highest bidder can sometimes get a $500 item at prices around $50. There is a system of bidding than makes sure that the auctioneer doesn't lose.
What's the catch?
The penny auction industry is questioned by some because many websites are also their own auctioneers. How penny auctions work is through the bidding fees that they take from the bidder for every bid. There is a fee per bid that you make. The average fee in US based websites is 60 cents which may seem small but can grow if you bid many times. If the website you joined has a $1 bidding fee and you bet 50 times and you won the item and the last bid is $500, you will pay a total of $550. The losers who don't get the item pay the accumulated bidding fees based on their number of bids. This is why people think about the question: are penny auctions a scam?
How to win penny auctions and minimize the chance of losing
To win a bid, you must develop the skill of recognizing when the bid is entering its critical stage or the stage where bidders are close to giving up. To develop this skill you must stay for a while in the website and take notes on who are bidding there and how they bid. You must target specific items to limit the scope of your research about the other bidders. You will be prepared if you get all the necessary preparations beforehand. The information about how deep is the budget of some bidders is important if you want to win. If you have all the information that you need, it will guide you on when to enter the bidding when to stop bidding if your opponent is too persistent.
What's the catch?
The penny auction industry is questioned by some because many websites are also their own auctioneers. How penny auctions work is through the bidding fees that they take from the bidder for every bid. There is a fee per bid that you make. The average fee in US based websites is 60 cents which may seem small but can grow if you bid many times. If the website you joined has a $1 bidding fee and you bet 50 times and you won the item and the last bid is $500, you will pay a total of $550. The losers who don't get the item pay the accumulated bidding fees based on their number of bids. This is why people think about the question: are penny auctions a scam?
How to win penny auctions and minimize the chance of losing
To win a bid, you must develop the skill of recognizing when the bid is entering its critical stage or the stage where bidders are close to giving up. To develop this skill you must stay for a while in the website and take notes on who are bidding there and how they bid. You must target specific items to limit the scope of your research about the other bidders. You will be prepared if you get all the necessary preparations beforehand. The information about how deep is the budget of some bidders is important if you want to win. If you have all the information that you need, it will guide you on when to enter the bidding when to stop bidding if your opponent is too persistent.
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This article talks about strategies on how to win in penny auction. For more information about penny auctions, go to this link.
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