Penny Auctions on the surface seem like a great idea, but unfortunately it is one of those services that has been tarnished by a few ‘bad-apples’ that have used some less-than legitimate methods to make more money.
The service that Penny Auctions offer is a legitimate one, and can work very well for buyers if you use the right company. It is when you sign up to one of the higher-risk companies where things start to go wrong pretty quickly.
The first thing you need to do is sign up to one of the better quality sites, such as MadBid. Then you need to spend some time reading their guidelines so you understand the bidding process fully. It won’t take you long to read them, so make sure you do before you start.
Many people sign up and just dive straight in without reading and understanding the process fully, just hoping to land a new iPad for a few bucks. While this does happen, these bargains usually go to those that know how the process works.
Understand that you pay for each bid that you make. This is where a lot of people that dive in head-first fall flat on their face. Once you know this small but very significant piece of information you then learn to bid efficiently, rather than just hammering away on the ‘bid now’ button like a crazed video game player.
So the process is really as easy as:
- Find a legitimate site (such as MadBid) to play on
- Once you have signed up, read their guidelines before you play. This one simple thing will put you ahead of 95% of the other people bidding on auctions.
- Understand that every time you make a bid on anything you will be paying a few cents for that bid
If you follow these 3 simple guidelines you can avoid the pitfalls that the majority of people fall into when using Penny Auctions.
Get started the right way now, sign up to MadBid here
Then you only have the last two points to follow, and you should be winning some auctions very soon.