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Penny auctions can be arguably one of the most fun ways to shop online. For those of you who are not familiar with how penny auctions work, let's start by giving you a basic run down, so you can get up to speed with one of the fastest growing crazes on the internet! In a penny auction, bidders take it in turn to raise the value of their bids by a very small amount - typically this will be 1p or 1c, depending on the location of the auction site. By increasing their bids in this small way, it ensures that the value of the bid will always remain extremely low. This in turn means that when it comes time for the auction to close, the winning bidder can be sure to walk away with his or her lot, for an insanely low price. In fact, lots at penny auctions like this will often sell for far, far cheaper than you could ever hope to pick them up in any physical shop - even during sale time! It is the possibility of walking away with such low winning bids, which has helped to make the world of online penny auctions, a truly growing industry. After all, there is nothing we love more than to get our hands on a great bargain! And that is something that these particular types of online auction sites can virtually guarantee will happen in every lot. But it's no good simply placing bid after bid, and then crossing your fingers and hoping for the best. Before you enter into any form of online bidding, but particularly one as competitive as this, you need to be sure that you have a strategy in place which will help to make sure that you come away from the auction successfully. There is nothing worse than bidding and bidding on a lot in an auction, getting yourself to the point where you really want to win, and then finding out that some other bidder has nipped you at the post. It's a horrible feeling, and one which I'm sure will be familiar to almost every online bidder out there. Well fear not, because there is a way to avoid this disappointment. And the secret to doing so lies in the hands of your bidding strategy. You see, as is the case in every auction - be that an online auction or a physical auction - there is a set time of which penny auctions can go on for. This time is established by the seller when he or she places the lot up for sale. Most online auction sites which specialise in these types of penny auctions will even display a handy countdown clock to let you know when the auction is going to end. Well, within this clock lies the secret to online auction success. By placing your bids as close as possible to the closing time of the auction, you can help to ensure that yours is the last - and therefore the highest - bid once the auction closes. BidGrid are an innovative online penny auction site where it's the lowest unique bid that wins. See how it works.
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