Items are placed on a site and then bidders pay a small fee to be able to bid against one another and also against a clock that has started to count down. The person who places the last bid before the time runs out wins the item. Typically this is well below any price you will find in a High Street Retail Store. The actual website generates its profits as it keeps all of the money that the group of bidders had placed. So you can see there will be a few losers in this process, but because the amount lost is so small, combined with the excitement of the auction, the loss is not really that important. If you are particularly keen to win something then a clever bid at the right moment will get you what you want. There are many of these sites so you really need to use the best penny auction sites to avoid being ripped off and to get the better range of products.
The other reasons why you need to find the penny auction sites is that these types of business are volatile and not generally subject to any type of regulation. That process is now being addressed slowly, so you need to search out those ethical businesses that are managing this type of venture. Here are my recommendations for the best penny auction sites.
There appears to be a proliferation of what are termed penny auction websites evolving quickly across the Internet. The quality is mixed so I thought it would be of value to create a review of what I believe to be the best penny auction sites. Before I do that, it is worth spending just a little time to get a proper and definitive understanding of the purpose of these websites and why they are becoming a very popular attraction for the online bargain hunter. For information purposes you may also see this website genre referred to as "pay to bid" auctions, or bidding fee auctions. Irrespective of the name, the characteristics remain the same and I will explain the core principle below.
One that is recommended and they have reverse auctions, auctions for beginners and free auctions. The free auction option is good but if you bid at the last minute the site extends the time making it at times an annoying and prolonged event. Bidcactus.com is also good and probably one of the easiest to navigate and follow. They seem to keep things simple and there are good customer support and advice and are one of the best penny auction sites. They do however seem to focus a lot on gift cards for the leading brand stores.
Dealdash.com is a well accredited site and they have good product choice. They have shipped over 70,000 products and the site is clean and easy to use. Pennypurses.com is another site that has stood the test of time and is aimed at the female shopper. Once again very good customer support and easy to contact and do business with. These are four of the best penny auction sites and they have been around for a long time unlike many others who simply come and go.