Best Penny Auction Sites and Reviews Today :

BestPennyAuctionSite.net brings you top penny auction sites and reviews on the web! Our purpose is to help you win auctions and save money, check out our guides on auction strategies and how to’s.






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What are penny auctions?

  Penny auctions are bargain shopping sites.  They differ from typical auction sites like eBay where an item’s price goes way up by people bidding on them.  Bidders on regular auctions hope to win an item for less than the retail price or use a “buy it now” option to get a deal. 

  Instead in penny auctions the item’s price goes up by a small amount every time a bid is made.  Usually every bid drives the price up by 1 cent although in some auctions it may be more.  With this auction model the items price stays very low, sometimes 90% lower than what the auction item retails for.  This allows for bidders to win items for a much lower price than the retail price.

 

Do penny auction really work and how?

  Penny auctions DO REALLY work, but as other auctions there are winners and losers.  Penny auctions are different than other auctions with the main difference that a bidder needs to buy bids.  Lets look into how penny auctions work.

First comes choosing an auction, to do that check out our ratings and figure out which auction site best meets your needs.  There are many parameters to consider and each auction site is different.  Some things to consider might be competition size or sign up bonuses.

Users have to register at the auction site they have chosen and buy bids (bid packages) when registering. The initial bid package purchase is often best since some of the best penny auction sites give out sign up bonuses. We also have a section on promo codes that may give additional bids or lower prices on bid packages. 

Usually when a bidder decides to bet on an auction the price of the item will go up by one cent for every bid placed and the timer will reset with a small amount of time in order to allow other bidders to bid again. When the timer runs out the last bidder to have placed a bid will win the item, all others bidding on the item lose.

Be sure to read auction rules on penny auction sites so that you are familiar with how the particular auction works.

 

Here is a  penny auction example:

  For example a top penny auction site presents a Toshiba Laptop up for auction.  The retail price of the Laptop is about $500.  Here is what happens from the auction start to finish:

First most important is the count down timer on the auction.  Some timers might count down from 10 days and some might count down from 10 minuets.  Higher end items that cost thousands of dollars will count down for a longer time in order to get more attention and have bidders get into an auction.  When the time runs out who ever is the last bidder wins the auction no matter the price. 

  Most of the action will happen in the last few seconds of the auction which may turn into minuets depending on if there are many bidders bidding on this laptop.  For every bid placed on the laptop 10 seconds are added to the timer,  so and auction that should end in 10 seconds might end in 5 minuets with the extra time added for every bid.

For this example lets assume the laptop sells for $15.  That would mean that there were a total of 1500 bids placed by bidders.

Here is the math on that:
– 1 bid = 1 cent goes up on the item price.
– 100 pennies(bids) = $1
– That equals to 1500 pennies(bids) for a $15 price.
– If one bid cost 50 cents to bidders then 1500 bids placed at 50 cents equals $750    (1500 x $.50 = $750).
– The auction made $750 in bids + $15 for the item price = $765 goes to the auction.
– The final bidder wins the item for $15 + the amount the bidder spent on bids.
– If the bidder go into the auction at the right time and spent 100 bids to win the auction, which is about $50 then his total cost for the item is $65. [ bid cost($50) + item cost($15) = $65 ] – The bidder in this example won a Toshiba laptop that retails for $500 and it only cost him $65.

That equals to an amazing 85% off on the item’s retail price.
Try getting that deal at your local electronics store! 

 

How to save money using penny auctions.

  Saving money using auction sites takes time and patience.  Once you’ve learn the ropes around the best penny auction sites it will become easier to save money on great retail consumer items.  They key to winning is to have the best odds and being in a good position to win an item.  Achieving this takes time and a lot of research and effort.

  First check which penny auctions have the best tools and features to help you win an item.  Some of the best features can be the ability to earn free bids.  Some of the top penny auction sites will offer free bids just for signing up with the site or great deals on bid packs.  Taking advantage of a sign up bonus is great because more bids are received for less money and this will help users to test an auction site.  Some auctions will also give free bids for any friends that you send to the auction, the more friends that join the more free bids are earned.

  These days the best penny auction sites will offer free shipping. This is very important since saving on shipping means that more money will be saved and can be used to bid on other items. Why pay money to a shipping company like FedEx or UPS when items could be shipped for free and the money saved could be used for other auctions.  Some people overlook this great feature since they are saving so much money already, but the best practice is to consider the extra savings from shipping as well as the discounted price an auction might offer.

  Penny auction betting strategies are a very important part in saving money.  Each strategy works in different ways its best to learn every strategy and test which one works best for you.  Each auction site is different and a strategy that works on one auction might now work on another.  Some strategies will work great with tools that a particular auction site might offer such as automatic bidding sometimes referred to a “bid butler”.

  Numerous penny auction sites will offer bidders to win even if they lose an auction.   Which means that you will be offered a reduction of the items price for the bids that have placed on the auction that was lost.  This is another way of buying an item at a great price even if the auction does not go your way.  Other sites might offer credits back for bids that are lost at an auction.

  Combining knowledge and strategies with great timing is a good recipe to win items at penny auction. Trying out different ways to bid and different auctions is essential to becoming a penny auction master. The more practice a user has the more likely they are to succeed.  Remember to limit the amount of money spent on each auction as online auctions are very lucrative and be careful not to spend more than the item might be worth.

 

Are penny auction sites a scam?

  No, penny auctions are a legit business and penny auction sites don’t need to cheat customers in order to make money.  They are sites where a consumers can win items for a fraction of the items retail cost and still make money from consumers.  With that in mind, like any other business each auction site is subject to the actions of the owner and the owners way of doing business.  With that being said it is best to research for top penny auction sites with a good reputation before using them.  Caution should be used with new penny auction sites with no reviews that have not been around the web very long.  This website lists some of the most popular(trustworthy) and best penny auction sites around the web, but remember to do your own research before signing up and placing bids.

When checking if a site is legitimate or not look for red flags:

  -Low website traffic which can be checked on alexa.com or Compete.com the higher the traffic on a website the more likely it is that its legit and not a scam.

  -Website age which can be checked on who.is  the older the domain and website the better, beware of sites registered recently this could be a red flag for a scam.

  -Shill bidding is when an owner of a auction item bids on the item with the intention to drive the price up and to increase the number of bids. Some shady auctions use automated software called “bots” to do this.  Look for a bidder that bid against himself.

In conclusion to the question if penny auction sites are a scam or not, the best practice is to read reviews and do research before signing up for a penny auction website.  Check the reviews on this site as well as other sites and remember to stay away from small and shady websites.