So I guess I'm the latest victim to the Penny Auction bandwagon haha. When I first heard about these sites, I figured they were all a scam. I started doing some research and was seeing that there were actual people winning these things. Now, I'm not going to go into full detail about the rules and regulations but typically you acquire bids and use those to bid on items you want. If you are the highest bidder when time runs out then you won that prize. They're called penny auctions because they usually start at .01 and each bid raises it a penny but that changes from site to site.
The first site I tried was Beezid because I was able to get some free bids. Long story short, too many people bidding, used up all my bids, didn't even come close. I figured I would research some more before I spend any money anywhere and find some sites with fewer traffic. On PennyAuctionWatch, there was a forum talking about the official opening for Points 2 Bids. What was different from this site was that it was like a GPT site by doing various tasks or signups to earn bids. Well I watched 4 videos and earned 4 bids and liked their facebook for 5 more.
Since the site is new, they don't have tons of auctions going on. Right now they are ending at a rate of one a day. Well today I noticed a Kindle Fire was ending and I really wanted to try for it. Knowing my previous try at bidding I figured I would see how much bids were for purchasing. I felt like 9 wouldn't be enough by any means to win this thing. I ended up getting 20 for $9.99. I loved the fact that they allow you to buy a smaller amount of bids. From there on out, I tried my best to bid strategically by watching the timer closely. There were a couple of times though where the timer seemed to freeze and when I refreshed the page it wouldn't load. Going back to the home page fixed it, and thankfully the timer was still going. I know this could be a big flaw when dealing with an auction like this but in the end it didn't hurt anything.
Well here is the good news. Yours truly ended up winning!
I believe there were only 3 or 4 others bidding with me and the final price ended up being only $2! The funny thing is that I only bid 6 times, so I never needed to buy bids in the first place. So all in all I spent $12 for a Kindle Fire. The page said shipment will be within 14 days so from here on out I'll be playing the waiting game. Once I get further details I will come back to update this post.
If you'd like to check out their page you can go here
For their Facebook page go here
You can read their forum introduction and some more info here
If you are interested in learning more check out PennyAuctionWatch and read, read, read. You need know what to look for and what to look out for. This can be a very rewarding field if you learn the ropes and deal with good sites. I will be looking into more sites to feature on here to help you guys out as well!