Are Penny Auction a scam or a bargain?
Conceptually Penny Auction sites are very smart money makers which will probably be only gaining more popularity, or notoriety in the future
10 ways Penny Auctions are Different than EBay’s
Bids cost from .60 to $1.00 each
The site admin controls supply and demand
Product price increases .01 cents per bid / to .10 cents per bid
Products start at $.01 to .10
Placing a bid at the last second resets the timer 10 to 20 seconds
‘Bid Butlers’ can be used to automatically place bids within certain price ranges.
Bid butlers not allowed in nail biter auctions
If another bid butler matches your bid butler’s price range all bids are automatically placed and auction time is extended significantly (usually) as all those bids add 10 – 20 seconds each.
beginner auctions allow you to compete with only people who haven’t won an auction
One auction site swoop bug.com offers several options that are much different from the traditional penny auctions. Swoopbug along with the buy it now option also offers a bid til you win option ( members with paid bids get to bid on auctions and if the member fails to win the auctions the bids are returned to that members account until such time as the member has won an auction ) this option does not apply to the nail biters or non profit auctions.
Speaking of non profit auctions Swoopbug also offers a free service to registered non profit or charitable organization. All proceeds minus the cost of the item being auctioned is sent directly to the Non profit.( No administrative fees or deductions ) Continue Reading