03/30/2012 UPDATE: Use the coupon code WELCOME30 to get 30 free bids with your first bidpack purchase on the recommended penny auctions site below.
If you’re looking to save money on products and have fun in the process, then like me, I guess you’ve heard about penny auctions – an increasing in popularity online activity.
You’ve probably already checked different reviews and testimonials about the various penny auction sites, and I’m guessing you’re not exactly sure which penny auctions site to go with.
Penny Auctions Sites – WARNING
Choose carefully which penny auction site you join. I’ve received e-mails from people who mistakenly joined some of the lesser quality penny auctions and didn’t have good experiences. It’s my mission, through this website, to prevent you from choosing the wrong penny auction site. If you don’t feel like reading this review and just want to know which penny auction site I highly recommend then you can click here.
In the next few minutes I’m going to give you the straight facts, including the cons, about penny auction sites without the marketing hype and bias reviews that are found all over the internet so that you can make an informed and intelligent decision before you join.
What exactly are Penny Auctions?
As the name would suggest, every time you bid, the cost of the item increases one cent. The reason why penny auctions can offer you such great products at so low prices, is because you’ll have to purchase a “bid pack” before you can place bids. After you purchase your bid pack, you can start bidding on any one or multiple items within the penny auction site.
For the penny auction site that I’ve had great experience with, the bid pack choices are currently: 100, 200, 220, 500, and 1000. This means that you could have 100-1000 opportunities (depending on which bid pack you purchase) to win the item/s you are bidding on. You could choose to use your bids on any of the items and you do not have to stick to one item. There are many product categories so there is a very good chance a penny auction site will have what you’re looking for, especially the one I’m going to recommend to you. Audio and ipods, gadgets and toys, game consoles and games, gift cards, laptop and PC, mobiles and telephones, navigation and GPS, sports, leisure and travel are some of the categories you could search through.
This is how mostly all penny auctions work:
Step 1: You buy a bid package.
Step 2: You place your bid to raise the price one penny.
Step 3: You wait for the timer to reach zero!
So, let’s say the new ipod your bidding on is priced at $7.30. Again, the reason why the penny auction site is able to offer such low prices is because you purchased the bid pack. Now, let’s say you bought the 100 bid pack and you placed one bid. The ipod will jump in price to $7.31 and you will then have 99 bids left. The timer will jump back to usually 15 seconds or 30 seconds and then continue to count down. At this point, other people can potentially place a bid to raise it to $7.32.
If you don’t go buck wild with your bids and waste your money, and you’re the last bidder when the timer reaches zero, you win the item.
You simply have to place your bids at the right time. If you are wasting your bids up front when an auction is just getting off the ground, expect to waste your money and your time!
In my opinion, it’s better to begin placing your bids at a time where the amount of bids placed multiplied by it’s price per bid exceeds it’s retail value. I would never bid before the price reaches this point. From what I’ve learned, it’s rare for a penny auction to begin and then end very soon in the game, so wasting your bids upfront is just plain stupid. Of course, anything can happen because there are multiple factors involved, but that’s just what I’ve learned. Many people and I believe there is strategy to placing your bids. One of my tips, I just mentioned, but you can also pay attention to see who is in the “bidding room” and watch the factors that may give you the upper hand. How many people are in the bidding room, what bid package each person bought, the bidding style and who’s been in the bidding room without bidding are just some of the things I pay close attention to.
Should you join a penny auction site?
My answer is maybe.
Sorry to disappoint you, but this is my real and unbiased answer and I’ll explain why I say this. The fact is, there are people who join penny auction sites and don’t have any results…
This is either because of no luck or they just flat out waste their bids! Hopefully this isn’t who you are, and you won’t do this to yourself. I like to watch an auction room for a while before any bids are placed.
If you have the desire to beat the other person who is trying to take what you’ve been wanting, then give it a go and like me, you may find yourself actually holding the item instead of looking at it on a computer screen. I’ve made this happen and I know friends who have too. It really is a great feeling to get products at dramatically reduced prices.
Which Penny Auctions Site Should You Join?
The penny auctions site I recommend you try is BidRivals. It’s easy to understand and simple to use. In a moment, I’m going to give you a special code you can use during sign up that will give you 30 extra bids – free of course!
As I sit here not logged into BidRivals to write you my thoughts, there are 119 users online and 98 active auctions. In the last 24 hours there were 1,160 winners.
Use special code “WELCOME30” to receive an unheard of 30 EXTRA free bids. You must manually type this coupon code in when asked.
User Toro1981 won a 25 dollar Best Buy gift card at auction’s closing price of .49 cents. An MP3 player was won for .14 cents by user Benmoute. Right now, as I write this a 32 gigabyte iPhone, 16 gigabyte iPad, popular games and many other items are currently accepting bids.
Penny Auctions – The bottom line.
Joining a penny auctions site such as BidRivals should be an easy decision for you. It’s your turn to now apply who you are to the penny auctions arena and take action!
If you’ve now made the decision to join a penny auction site, then look no further than BidRivals. I’ve had really great experiences with BidRivals and so I’m happy to recommend it to you.
The BidRivals system is under constant automatic as well as manual monitoring so that any fraudulent attempts are
immediately discovered and dealt with. Not all penny auctions are like this. In fact, I’ve come to find out, some penny auction sites (I won’t mention names) are owned by ONE “average Joe” who purchased a script. Basically,what I’m trying to inform you of is that there are some lame penny auction sites floating around, that I highly advise you shouldn’t even consider joining.
What’s great about BidRivals is they’ll refund any unused bids, so even if you happen to change your mind after you join then it’s not a problem. All you’ll have to do is send them an email.
At first I thought penny auctions weren’t for me and seemed too good to be true but after actually giving it a go I learned otherwise. Let me know what you win!
Remember to use code: “WELCOME30”.
I hope you found this information on penny auctions helpful. If you have any questions or comments about penny auctions I will try to help you out as much as I can.
Best of luck to you,