Determining If A Penny Auction Site Is Legitimate
Penny auctions are definitely a way to get the items you want at extremely low prices
. Those that know how to work the system and devise a strategy can win products and spend much less than they would at a store or even an outlet.
Depending on the amount of time you have to watch the items online, this can be a good option for purchasing things. However, there are many sites that are not kosher and will end up costing you more money that you intended or normally would have.
They are run in a traditional online auction style; however, they are much more fast pace, the items are more difficult to obtain, and the bids that are made are nonrefundable.
You purchase a certain amount of credits on the site that are used with each bid, and once these credits have been exhausted you must purchase more. Therefore, it is smart to be very stingy with your bids and not put credits down too often, no matter how badly you want the item.
One way to tell how professional or trustworthy a site may be is through online research. Read reviews that others involved in penny auctions have to say about the retailer and the products.
You can browse blogs through your desired search engine and find those that have spent a great deal of time on this hobby. These individuals will know the companies that are honest and may have had experience with those that are not.
However, these are still just opinions, and you may not always be able to trust individuals that post online. On occasions, retailers or companies can create fake identities in which to give themselves positive reviews.
Another way to determine how legitimate a webpage is has to do with by paying attention to the amount of traffic or ranking that they have overall and compare it with the number of bids that are on the site. If they claim to have had a large amount of visitors, but the number of auctions and bids do not come close to matching that count, then it is safe to say that there is something wrong.
People may have visited it and decided it was not trustworthy, or the group themselves could be falsely representing how much traffic they have received to appear more substantial and recognizable. This may seem like a small infraction, but it is still dishonest.
If there are a number of auctions and quite a few people bidding, but they are still not very high up when it comes to their ranking, then it is possible that they may have fake bidders and items. Be wary of these small but obvious indicators.
There are many places that use pawns or shill bidding to scam individuals. Shill bidding is basically stealing your money; it involves creating fake auctions for none existent items, and trying to see how high you will go to "purchase" it.
Most of these have been regulated and shut down, but there are still some that mask themselves as legitimate businesses on the web. Though you can save a great deal of money on penny auctions, the amount should not be outrageous; if it appears to good to be true, it probably is.
The best advice is to do your homework beforehand. Do not give your money or time to anyone or any program without complete knowledge that they are trustworthy and honest.
Another way to determine the best websites for auctioning is through forums. Those that participate online often create threads and forums where they discuss different strategies and companies.
You can even ask advice of these people regarding penny auctions that you have been interested in. Most will be very helpful, because they have had experience.
The community that participates in this hobby is usually pretty broad and willing to assist others that are interested. They may even offer strategy tips for newcomers.
This system can definitely save you money if you know how to use it properly, but any online auctioning or purchasing comes with a risk. If you are willing to take that risk to try and find items that are severely discounted, then be smart and intuitive when it comes to the legitimacy of the sites and companies you are investing in.
by: Tommy Greene
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