Penny Decisions is the home of penny auctions, everything you need to know can be found right here. You will learn which sites are legit, and which ones are just out to take your money. Because of the nature of penny auctions, scamming has been known to occur. We will do our very best to bring you all the sites that are not trustworthy, so that you can avoid them like the plague.
Penny auctions are different to traditional auction sites such as ebay. The basic principle is the same – it is an auction, but the auctions go up in increments of just $0.01 each time a user bids. This can and has led to items being sold for a very low price. To find out more about how penny auctions work check out our What is a penny auction page.
Remember… every review, strategy, guide and tip you find on this site has been tested rigorously prior to publishing, over the past year we have had a team of 10 testing out the most popular penny auction sites to bring you – the reader, the best quality possible. You will learn what makes the penny auction site unique to the industry, but also other factors such as; How easy it is to win, the cost of bids compared to other penny auctions, hidden fees such as shipping costs, customer service, interface and much much more.
Not only will our professional reviews keep you intrigued, but so will our penny auction tutorials, strategies and walk through sections. These guides will help you, whether you’re a first time bidder or even a more experienced bidder, the methods we use have been proven to work and we are sure they will for you too!
When it comes to penny auctions its important to remember that the majority of these sites are legit. The auctions are winnable, they are just not as easy as the penny auctions make you think they are. Your chances of winning a brand new HDTV for $2.54 is pretty slim. Sure, its possible. But the high price items will usually go for more due to more people bidding. There are many methods of increasing your chances of winning, all of which can be found on our website.
Penny auctions are growing in popularity and there are more and more popping up every day, this is mainly due to media coverage such as the bbc -
Successful bidders can win anything from a television to a car or a cash sum, for a fraction of its real cost.
Sandeep Anantharaman is one bidder who has won in style. He bid less than £7 for a new Mini. Not surprisingly, he is delighted:
“I did not expect to get the Mini when I started bidding. But once I got the message from the auction site telling me I’d won, I couldn’t believe it. ”
Penny auction sites have grown quickly and now have hundreds of thousands of users. Source – BBC
Also from wall street journal:
Of course, people do occasionally win at very low prices, which can be a boon. With the cost of bidding, that $3.20 iPad sold for less than $25 – a bargain under any circumstances. Spokespeople for penny auction sites say general auction strategies work in these situations too, in particular, knowing the value of the item and how much you’re willing to spend.
It’s possible to review recently-ended auctions to see what similar items have sold for, and also the names of past winners. Seeing the same names next to lower winning bids may indicate a small set of users, which is a good thing; next to relatively higher winning bids, the same names over and over could signal a big subset of highly-skilled veteran bidders. Source – Wall Street Journal
So penny auctions are not for everyone, there will alway be risk. However, with great risk comes great reward! and penny auctions can be incredibly fun when you start winning. The way to look at penny auctions is to view them as an entertaining way of shopping.
Here is a video from 11alive news that investigates penny auctions.
This video investigates the penny auction site wavee and interviews the creator, he explains how the basics of penny auctions work.
So if penny auctions looks like something that interests you then heres what you need to do:
First, read our editor’s and user based reviews which will help determine which penny auction site will suite you the most.
next, read our guides, and step by step walkthroughs to learn exactly how penny auctions work.
and finally sign up to your chosen penny auction site and use are bidding strategies to dominate the competition.
and remember, penny auctions are just a fun and entertaining way of shopping, here at penny decisions we will teach you everything you need to know about penny auctions, and once you get to grips with how the system works, it becomes very easy to master, there really is no time like the present, so take a look around the website and get stuck right in! good luck!