Good Penny Auction- Bad Penny Auction – Do Not Ignore This

Good Penny Auction- Bad Penny Auction Do Not Ignore This

Penny auctions are pay-per-bid auctions where consumers are able to purchase gift cards, iPads, Apple Computers, iPods, flat-panel TV's and other big-ticket products, for as much as 99% off the retail price. Penny auctions are great for anyone that wishes to have fun while shopping. In addition to having the best product values on the Internet, penny auction sites are highly entertaining as participants compete with other shoppers for the great deals on fabulous products. However, there is no use of entering a penny auction without having a clear understanding of how they work or knowing which options are available to you. The more you know, the better your chance of being successful at winning the best products at the best possible price. Today, I will discuss the different types of penny auctions available online, and one that is rapidly emerging as the leader within the auction category.

Traditional Pay-Per-Bid: This is when you purchase a bid package for a specific number of bids. The average bid package consist of fifty bids, and the largest number of bids offered at most sites is two hundred. After you have purchased your bids you can proceed to the auction arenas and begin shopping for the product you would like to purchase. However, there is an inherent flaw with the architecture of nearly every penny auction site and that is that the auctions are not monitored by the moderators of the site to look for fraud. Bidders can sign on anonymously and remain hidden within the specific auction room. Other bidders who are bidding in good faith have no idea how many other bidders are standing by to step in when the bidding slows down. As a result, it is not uncommon for traditional pay-per-bid auctions to experience runaway prices. This is one indication that some penny auction sites work against the average consumer instead of for them. You must also be aware of the various scams associated with traditional pay-per-bid sites. These scams include the following: Shill bids, anti-delivery, identity theft and bidding robots.

Shill bids are when people that have a corporate connection with the penny auction site participate in auctions in an attempt to have a bid battle ; making it almost impossible for the average bidder to take home their item at a reasonable value.

Anti-delivery this is where the penny auction site is a con-site. This is precisely why you should do your diligent research on the various penny auction sites, so you will have the guarantee that after you win the bid battle you will take your desired item of value home.

Identity-theft is one of the highest crimes on the net, and is frequently used at charlatan or con penny auction sites. Protect yourself and do your research.

Bidding Robots or auto-bids are robots that act like humans behind the computer. These programs place bids that appear authentic to the average consumer's eye. Bidding robots are partially the reason why penny auction sites have experienced relatively slow growth over the past few years. However, the more reputable penny auction sites are fighting back against this reputation. Some sites have been accredited through the Better Business Bureau in an effort to reassure bidders. While this type of association accreditation can be helpful, other sites have completely changed the bidding mechanics and site features providing the highest level of site integrity. The result of these changes has led to an exciting new innovation among penny auction sites called tournament auctions.

The tournament penny auction dramatically increases the entertainment value of penny auction shopping while reducing costs and risk to the consumer. Tournament auctions do not allow runaway pricing, limit the number of bids per auction, and encourage creativity like no other penny auction site on the planet. Most importantly, tournament auctions provide the consumer with complete site transparency. There are no "hidden" bidders waiting to step in at the end. Everyone who wants to participate in an auction is listed and the quantities of bids they want to bring into that auction are listed as well. So everyone knows where everyone stands. These auctions rely more on your bidding strategy and creativity than the size of your wallet. For traditional penny auction sites we like www.quibids.com and www.bidzillion.com and for tournament auction sites we like www.bidonx.com . Each of these sites offer top brand name retail products at wholesale prices while offering the maximum protection to consumers.

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