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If you use the internet on a regular basis, then the chances are that you are going to have come across penny auction sites at some time or another. There are two sides to this story. There is the side that are suggests there are regular discounts of over 90% available. On the flip side, there are the people that are suggesting they have wasted hundreds of pounds bidding on these auctions. The thing is; neither of these people are lying. How can you waste money on bids? Bidding on normal auction websites costs absolutely nothing. The reality is that penny auctions, alongside other auction websites such as lowest unique bid sites, charge bidders a fee. This fee is on a per bid basis. If an item is worth £150, the bid amount might be set to £1.50. If the item is worth £1,000, then the bid amount is obviously going to be higher, set at maybe £10.00 or higher. So, if you get this wrong, make 100 bids and don't win any auctions, then it stands to reason that you can be out of pocket a fair deal. What about the discounts? The discounts are certainly there, but not everyone can be a winner. Someone, every single day, is picking up these huge 90% and higher discounts. You won't win penny auctions every single time you bid, so you need to factor in the bid cost into the overall price that you pay over a longer period of time. That being said, there are plenty of people that have a solid strategy in place. They too, do not win every single time they bid. What they do manage to achieve though is a regular stream of winning auctions. They are able to pick up maybe 1 item every few days, which could represent a saving of several hundred pounds or even more on many occasions. What is the real strategy to win on these sites? Like everything in life; trial and error. Trial and error on penny auctions allow people to quickly get to grips with how a particular site works. This is the first thing that needs to be done. After doing this, people will have a clear understanding of what they can do to win. At the same time, they avoid making any costly mistakes. A great way of doing this is to ensure that you practise before placing live bids. Many of these websites will allow people to actually use practise bids. This gives them a chance to get used to the user interface, so that when it comes to using real money, they have no chance of wasting any of it with stupid bids, or mistakes that could have been easily avoided. So, what is the conclusion? You can win on penny auctions if you put your mind to it. Don't expect this to be like a standard auction experience though. This is a lot more complicated that that. The quicker you realise this, the quicker you will start to win auctions. Develop your own winning strategy, stick to a budget and you will be winning auctions in no time at all. Penny auctions and unique bid auctions are known collectively as pay per bid auctions. These auction formats are evolving to give shoppers the new option to either bid or buy items. This retains the high level of excitement of the auctions while providing all bidders with a better deal.
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