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In this day and age, everyone is out to save as much money as possible, and that is certainly a good state of mind to have. We live in an extremely wasteful culture and many people are spending cash that they really do not need to. If we just spend small amounts of time searching for products, we will quickly find that they are available a lot cheaper than we originally thought. When it comes to saving huge amounts of cash, penny auction sites offer a huge opportunity. The question is though; what are they, and how to make them work for you ? The setup for these websites is completely different to a standard auction website. Usually a seller lists an item and then people bid up the item. The item may increase in increments of £1 at a time or more. On penny auction sites, each of the bidders will actually pay for each bid they place. This may depend on the type of product being sold. For instance a £100 mobile phone might cost £0.25 per bid, where as a computer worth £1,000 may cost around £2.50 per bid. The cost of the bid will help the individual to determine their strategy for bidding. Generally, each bid that is placed will increase the price of the auction by £0.01. Yes! That's right! The auction will only increase by 1p at a time. This means that many people have managed to win products worth thousands for the price of one bid and the ending fee of around £10! Obviously this represents one of the best opportunities on the internet to save money. People that manage to incorporate the right strategy into their bidding system will have the opportunity of winning multiple auctions, which means they could be saving thousands of pounds! So why doesn't everyone use these auctions? The only harsh reality about penny auctions is that the bidder is not guaranteed to win. In fact, people will find that they actually waste quite a lot of cash if they do not have the correct strategy in place. Whilst a lot of people are able to save money on these bidding websites, many people will also loose a lot of cash at the same time. Knowing the tricks of the trade is certainly ideal, but this takes plenty of time and practice. For many, they may end up spending £50 or more on bids before they eventually win an auction, which can be extremely heart wrenching and put many people off. What is the correct strategy? When it comes to penny auction sites, there is no such thing as a correct strategy. The time of day, the type of product on offer and the users on line at that point will all factor into how the auction plays out. Some times, how auctions end simply does not make any sense. Getting some experience bidding on the cheaper auctions is a great way to get to grips with how a particular website works and allows people to progress and eventually being able to master penny auction sites. Don't get BidGrid confused with a penny auction site, the lowest unique bid wins and they also have a zero risk bidding feature. See how it works.
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