Penny Auctions - Are They Worth It?

A brand new iPad, iPhone or flat screen TV for under $50.00. Is it really possible? It is with online penny auctions! Penny auctions are popping up all over the internet as more and more people flock to the sites to win high ticket items at a fraction of the cost.

Protect yourself by knowing what to look for in an online penny auction site and understand how it works before you begin. With the tools of knowledge, your experience on a penny auction site can be a great one. And when that new iPad comes in the mail, you'll rejoice and laugh at your good fortune.

How do Online Penny Auctions Work?

When you sign up at an online penny auction site, you buy 'bid packs'. Essentially that means that you buy a set number of bids at a set price. (Example, $89.00 for 100 bids) So you have 100 bids to place on an item (or items). Each bid equals a one cent increase on the current auction. Often times in penny auctions, each bid adds ten seconds to the timer, extending the auction time. Of course, the last bid wins.

Are Penny Auction Sites Scams?

As with any industry, you will find some people who are here to scam you.  But not all people or businesses are out to get you. When choosing a penny auction site to sign up with, research them first. Are they accredited in any way? Do they have good reviews from people who have actually won items through the site?
There are useful tools for those researching online penny auction sites. If a site is listed here more than once, it is probably a good idea to stay away. Note: If you see only one review on ripoffreport.com, don't take it as gospel. A lot of times, a disgruntled player (somebody who didn't win) will file a report. Look for multiple reports on one company.
All in all, penny auction sites are becoming increasingly popular, especially in this slow economy. They are fun, lucrative and a great way to save money on items a person couldn't normally afford.

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So what are Penny Auctions? How do I win?

Penny auctions are auctions that increase only one cent ($0.01) per bid. If no one else bids in the last 15 seconds, you win! That easy! Every time someone bids in the last seconds, the clock resets back to 15 seconds. If you want to win penny auctions, you need to pay attention and have a strategy. Read our guide to get acquainted with penny auctions and get ready to win!


How do I score high priced items in your Bid Auctions?

Everyone has an strategy. Although getting a Macbook for $50 sounds tempting, remember, you need to invest some time and probably money too. Bid Auctions are not difficult to win, you can almost always win bid auctions for the less expensive items without investing a lot. Then, you should go from there. Mastering the less expensive items will lead to a better understanding of bid auctions, and, ultimately, get you trained to compete for the expensive items. Remember, the more bids you have, more chances you have to win. Hummbid gives progressive discounts for more expensive packages. So get yourself some bids and nail those auctions!