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==== ==== Penny auction sites have quickly become the hit of the Internet in the past year or so. Who wouldn't want to win $200 in cash for under a dollar! Or a brand new name brand product worth hundreds for only a few bucks. Check out a short video now about what everyone is talking about... http://www.got20seconds.com/thebuzz/Cst.aspx ==== ====

If you haven't seen the ads all over the internet for penny bid auction sites, you must have been in a cave or on vacation for the last year or two. You can hardly spend a day on the web without coming across an ad somewhere that touts the benefits of these sites and proclaims you can get an iPad or some such electronic device for up to 98% off retail. So how do they work? What's the big deal? And can you really get an iPad for $12.50? Well, the fact is, these penny auction sites are all the rage today and they aren't going anywhere soon. There are new ones springing up every month and there are probably more than 100 of these sites online today. Some are legit, and some are not so legit and even with the legit ones it is very important that you read the rules of how they work so you don't spend more money bidding than you end up saving on a particular item. There are strategies to bidding, which we'll talk about later, so you can maximize your chances of winning and so you don't spend lots of money on an item you don't win. So how do they work? The basic idea is that brand new items are listed every day on an auction site and you the bidder place bids to raise the price of an item by just a penny. In other words, these sites are not like eBay where you put in the top price you are willing to pay for an item. With a penny auction site, every time you place a bid, the price of an item only increases by a single penny (sometimes an item might increase by more than a penny but, that is because of currency differences by people bidding from other countries). The trick is however, your actual bid, even though it raises the price of an item by one cent, can cost you anywhere from 30 cents to $1 or more, but most sites charge between 60 to 75 cents per bid. In truth, you aren't really placing penny bids. So what's the bid deal and why are all these sites so popular? We'll, the simple fact is people are really getting great deals on all kinds of electronic gadgets, TVs, computers, game consoles, GPS devices and much more. People love to save money on their purchases and that is what some of these sites provide to their customers. On the other hand, there are some complaints about these sites where people state they have lost lots of money bidding or they never received their items, or they thought they won an item, but in reality, they didn't. Like I stated earlier, there are some not so legitimate sites, but many times the complaints come from people who have not clearly understood the rules of bidding at these auctions. I can't stress this enough, it is critical that you know what you are getting into if you are going to win at the one cent auction game. You have to read the rules and then have a strategy to your bidding to get the great deals you hear all about. So what's a good bidding strategy? The best way


to approach bidding is to bid on items that are reaching a price level where similar items have previously closed at and try to combine that by bidding on auctions that are reaching those prices at a time in the day when less people are bidding. There are features on most good penny bid auction sites that let you see closed auctions, that way you can see what particular items are really selling for and have previously closed at. Another good strategy is to never bid on an item just to get a good deal. If you aren't really in the market for something, don't bid on it! Also, Monday mornings, Thursday evenings, Saturday mornings and just about any early morning at 2 or 3 am (if you can stay awake) are some of the best times to win auctions because people are either sleeping or busy occupied with other things than surfing the net. Some of the better sites to hit are Wavee.com, BidRivals.com and BozBids.com. These are three of the better sites in the penny auction space because they clearly state their terms of service and some even have tutorials on how their system works. And some offer benefits such as letting you purchase an item at retail you didn't win in an auction minus the price of your already spent bids. Other sites will let you use your previous bids to place bids on other auctions. Again please read the rules to find out how each specific site works. You can get great deals and all kinds of items in penny auctions, but to maximize you chances of winning and to save money it is vitally important to understand how each site runs. Follow the rules and reap the rewards of cheaply priced electronics and other cool gadgets. And yes, you can probably still get an iPad for $12.50, but it may take a little work and some diligent shopping.

Alan LeStourgeon runs a website where you can learn the ins and outs of the penny auctions game.

Article Source: http://EzineArticles.com/?expert=Alan_LeStourgeon

==== ==== Penny auction sites have quickly become the hit of the Internet in the past year or so. Who wouldn't want to win $200 in cash for under a dollar! Or a brand new name brand product worth hundreds for only a few bucks. Check out a short video now about what everyone is talking about... http://www.got20seconds.com/thebuzz/Cst.aspx ==== ====



What are Penny Bid Auction Site Features