thepennyauctionsite provides information on everything you need to know about penny bid auction websites
So What exactly is a penny auction website? A penny auction site is not your average auction website like e bay, ebid, amazon etc. A penny auction website is a pay to bid auction site where users must purchase bid credits in order to bid on it's auctions. All auctions normally have a starting price of just 0.01p and the price of the auction increases by just 1p each time a bid is placed, So a typical auction on one of these websites end at a pretty low price. The winner of the auction ends up snapping up a great deal like the latest smart phone for just £15 or a laptop for just £8! and end up saving a massive 98% off RRP.
How can penny auction websites offer such amazing discounts on all products that it auctions off, surely it must be a scam? What's the catch? All penny auction sites are pay-to-bid. These kind of websites are able to to offer there highly discounted products because they generate sales by selling bid credits. To bid on a penny auction website, you are required to purchase bid credits prior to bidding. Each bid you place costs 1 bid credit, Bid credits on average cost around 40 to 50P each and comes in packs of 50, 80 100 etc and usually get cheaper with the more you purchase. Bidding on these types of penny auction uk sites require skill and if you're not careful you could end up paying a lot more than what an items actually worth.
If you'd like to know more on the function of a penny auction site then check out this link! https://en.wikipedia.org/wiki/Bidding_fee_auction
For tips and tricks, check out these links
Welcome to our website about penny auctions. We provide all the information, tips and tricks that you should know before joining and bidding on these types of pay to bid auctions websites. To read up on some great tips and trick for penny bid sites see here! http://hubpages.com/business/Finding-the-Legitimate-Online-Penny-Auction-Sites
If you own or know of any penny auction websites that hasn't been listed in our penny auction directory, please contact us so that we can add it.