Bidding on sites such as eBay can be long, drawn out and potentially a waste of time, plus a lot of the products are second hand. The revolutionary new concept of penny auction sites brings a new definition of online auctions. The unique auction platform allows users to bid on top brand products and purchase the goods for unbelievably low prices.
Penny auction sites can be confusing as it every site varies and there are a lot of sites. The first thing to do is find the right site for you. The best way to do this is to search on Google with terms like ‘online auctions’ or ‘penny auction’ and make sure you choose a site that is at the top of the results but are no paid for links as a lot of fake sites pay to be in the ‘sponsored links’ section.
When you have chosen your site for example MadBid.com, Google the company and see what results come up and look for external references such as Wikipedia, Forums and articles about the site. See what other users are saying and make sure the site is legitimate.
When you first go on a penny auction site you will have to register, this is free and you usually get between 2-5 free bids when you sign up. Penny auction site are Pay-to-Bid auctions and as such you will have to purchase bids in advance to be able to bid. These prices can vary between £0.50 an £1.50 per bid. Good sites will often run promotions on a weekly or monthly basis.
So when you have signed up to a penny auction website, you’re ready to bid. Firstly take a look around the site and make sure you know how it works exactly. Look out for tutorials such as a ‘How it works video’ or look in the FAQ section of the site. The thing about penny auction sites is that it is all about strategy and skill not luck, there will be regular bidders to avoid as well as times when the site is extremely busy and you should avoid these times. Take your time and just watch and see what you can discover.
When you feel you are ready...start bidding, make sure you have enough bids in your account so that you don’t get caught out but make sure that you set a limit and stick to it!! As a beginner you should bid on products such as perfumes, jewellery, DVD’s etc as these sorts of products tend to have less competition and as such tend to go for a very small amount...normally pennies!
