Online Auctions: What You Should Know
By Steve Albright
As each day passes, penny auctions are becoming more of a household name. Now that many of the largest sites like Quibids and Beezid are advertising on television, penny auctions are sure to become even more main stream. Penny auctions are not like traditional auctions, however. You are at risk of losing money in these auctions, because you must pay in advance for each bid, even if you lose the auction. Because of this, do not simply ignore the various Quibids, Beezid, or GrabSwag reviews you see online, but check them out for tips and tricks.
Be very careful of sites that require a credit card to sign up, and always check out the reputation of that company before you do so. Especially look for people who had bad experiences with receiving their items, dealing with customer service, or other problems related to the company itself. You will come across a wide variety of reports that accuse these sites of shady, unethical behavior, but often these accusations have not been proven. But numerous complaints about issues with their products or services show an actual problem, and indicate that perhaps you should go elsewhere.
A Buy It Now feature should definitely be included on the site you are considering using. This feature protects the money you could potentially lose on bids in an auction, by allowing you to place it toward purchasing the item at full price. This is one of the only features on these sites that protects your money, so make sure it is there. Make sure you are bidding on an item that you feel comfortable paying full price for. Losing a bidding war is bad enough, but losing all your money along with it is too much.
Each time you make a bid during a penny auction, it will cost you money, as referenced earlier. Sixty cents seems to be the most popular cost per bid, but some sites charge higher prices while other charge lower. While most sites do not explain why they charge the price per bid that they do, if the site you are considering charges more than sixty cents per bid, you should try to find out why. Do you receive more benefits for the extra money you will be paying? If not, then maybe you should consider a site with a cheaper bid price.
Unlike traditional auction sites like eBay, sites like Quibids and GrabSwag do not have set end times for their auctions. Instead, the clock is extended by ten extra seconds whenever another bid is placed. With this format, auctions can extend for extremely long stretches of time. These types of marathon auctions are not appropriate for people with questionable internet connections. A weak internet connection means a higher possibility of losing an auction, and with the amount of time invested in these auctions, that can be incredibly frustrating.
Since you must pay for your chance to win the auction, penny auctions are often compared to gambling. This format is a lot riskier than the traditional format, and this appeals to some people but not to others. Before you invest your time and money, you owe it to yourself to do a little investigating to see if this format is for you. Some observation may show you that the regular auction format is better for you. Maybe you will discover that auctions simply are not your thing, and you would rather just shop like usual. Knowing where you are most comfortable before you invest in a penny auction website only works to your advantage.
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