1. Penny auctions are illegal. Since there are some negative feedback about the way penny auctions function, people are quick to regard them as fraudulent and illegal. You have to understand that while there may be some companies that practice this way, it is not true for all. A penny auction is a legitimate “purchasing” option and the kind of experience that you enjoy will be dependent on your choice of penny auction site. You can gauge the credibility of the company through reviews, feedback and by looking at their affiliations.
2. Penny auction sites do not deliver goods. This means that after spending money on bids and then actually paying for the cost of the item you have just won, you end up receiving nothing from the penny auction. This is true but this is not true for all penny auction sites. Some sites exist to scam people but if you are careful, you can protect yourself from these people and have a good time playing, winning and making purchases online.
3. Everyone is a loser when they play at penny auctions. Yes you may win some, but when you do, you often just lose all the money back from another auction. This is why people are discouraged to participate at penny auctions. They are regarded as wasteful of time, money and effort since winning cannot be guaranteed and losing is almost always inevitable. 11:58 PM
To make the bidding worth your while, you will need to determine a good playing strategy. There are so many playing strategies available and when you choose to become a first-in bidder, know that this strategy involves the following:
• This type of bidding strategy is when a player places a bid on multiple “auctions” for the same item. He places his bids right at the beginning of the auction to gain the chance of winning. You place your bids early so that you can win at auctions that did not get the attention of people.
• When you play this strategy, you will assign a specific budget for your play so that even if you place a lot of bids, you do not end up losing so much money.
• If you are trying to win a bid pack, which are credits that will enable you to play more and win more, then you will use this strategy because these are not exactly prize items, so you will most likely land a room that will not catch much people’s interest. 11:14 PM
1. Not knowing the rules: Knowing the rules and mechanics is a very important thing. Before you subject yourself to this, you should know what you are coming up against so you should make sure to understand how everything works, so that you will know your way in and out.
2. Bidding blindly: To bid blindly means to place bids “no matter what”. You place the bids without even measuring your chances of winning, without studying the people who are competing against you, and without assessing the true value of the item. People who win at penny auction sites do so because they play with a strategy and when you bid blindly, you lose big.
3. Being too emotional: the most inappropriate character you can have when playing at penny auctions is being too emotional. You cannot be too emotional and let it run wild. You cannot be too emotional and let your emotions make decisions or you. You need to keep a straight face, at all times, even in the midst of complication.
4. Signing up at untrustworthy sites: There are different types of penny auction sites, some that have maintained a good reputation and some that have a bad reputation in the public. You should never play at a site that is untrustworthy because you will be starting on the wrong foot.
5. Coming up against power bidders: Unless you are a power bidder yourself or you are truly determined to make a name for yourself by toppling a reputable power bidder off his throne, you have no reason to be battling against them.
6. Bidding without a budget limit: You may think you have enough money to play with but when you play without setting yourself a budget, you play without a care how much money you lose. 11:12 PM
When you play at penny auctions you can choose to be a sniper and this kind of playing style involves the following:
• If you choose to play this strategy, you need to be very patient and you need to be able to know how to observe things closely because your success will matter though this.
• This will save you as much credits as you can, so if you are low on budget this is the best playing strategy for you since you keep your bids from very low to just one, so it will mean that you will get to play more with your bid pack.
• When you choose to employ this strategy you choose to be the “spectator” of the game until the moment comes and you know that the auction is about to end, so you place your bid during the final second and grab your chance to win it.
• This strategy is the most risky of all options and is more a “hit and miss” play than anything. Sometimes you will win and sometimes you will lose, unless you have mastered how to place your bid at the right moment.
• This is best played when there is no aggressive player in the room. When you sense that the room is quiet and almost lifeless, you can take advantage of the pace of the game to make your victorious bid.