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Auction sites have become increasingly popular over the last few years. More people are realising that if they really want a bargain, getting online and placing a few bids is certainly going to be the best way to go about it. The thing is; there is so much choice. Traditional auction sites are not the only place people can look. Nowadays, there are a range of penny auctions, reverse auctions and many others that use unique bidding systems. What is the budget for? Unlike standard auction portals, the unique websites such as the reverse auctions use a bidding system that costs money. Bidders will purchase "bid credits", before they actually start bidding. The bid cost can vary, depending on the particular website and item being auctioned. Here is where it can get slightly confusing. Not every auction will accept one bid credit as an actual bid. The higher value items might require 5-6 bid credits, in order to place a bid. This is to ensure that the bid website actually receives enough revenue for a product. It means less people need to bid in order for the website to profit, which hopefully means the bidders have a much better chance of winning. How to budget Bidding on auctions sites that use a unique bidding system is not a particularly easy task. One auction site might have 5,000 people surfing the auctions, where as another might only have a few hundred. For this reason, different strategies need to be put in place. Obviously the smaller auction websites that do not get involved with TV adverts and huge marketing campaigns are much more likely to offer consumers the best deal. Budgeting is something that will come with experience. Essentially, the individual should look at getting involved with a few of the smaller auctions to begin with, to get used to what they should expect. This will ensure that they know how the bidding process works, but can allow them to understand what they should expect in terms of winning percentage with auctions. Obviously, the bigger auctions, with a higher value, are going to need a higher budget. An individual that is looking at an auction that requires one bid credit per bid, is going to need a budget that is only 10% of a budget for an auction that needs ten credits per bid. Of course, just because an individual has lots of bid credits, does not necessarily mean that they are going to win, which is worth taking into account; they could potentially end up with nothing! Conclusion Auction sites that are using a unique system, such as the one mentioned above, are certainly the way forward. People are able to get exceptional deals on products that they need. For instance, computers sell for a few pounds, rather than a few hundred pounds. Of course, it is essential not to get caught up in the moment and ensure that a reasonable budget is established before the auction begins, to avoid wasting money once all the excitement has started. One of the favourite pay per bid auction sites in the UK is BidGrid. They have a fantastic risk free bidding feature which allows bidders to recover their full bid costs if they don't win, and they also have free practice auctions. See how BidGrid auctions work.
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