People spend a lot to acquire a particular item which is extremely rare or something they have been searching for quite a long time, sometimes they end up getting nothing in return and that is what frustrates people. Some penny auctions site, which are duping are ruining the name of all the genuine penny auction sites.
Gone are those days when people used to roam around retail shops and malls for shopping with friends and family in hope of getting some good deals now trend has completely change reason could be many, lack of time, crowded market etc. , so penny auction websites are ruling these days as they are filled with all sorts of fabulous deals on electronics, various gift cards, home appliances, mobile phones and whatever one can think of. Invigorated by TV and online ads through social media, guaranteeing as much as 95 percent off retail.
Check online forums, you'll find a pile of grievances and negative criticisms from penny-auction customers all over the world who allege misconduct or simply are frustrated over having spent a lot of money for no avail. The penny-auction present scenario feels a bit like the classic Wild West. Dozens of sites offering penny auctions have already shut down. This is a major drawback of penny auction sites that the odds of winning are very less and at the end of the day there are more people blabbing that the site is a scam.How penny auctions websites work?
To bid you should know how a penny auctions sites is different from other auctions and how it operates. The penny-auction sites most likely function and look all the same, although the rules and regulations, prices, and some the features differ from other websites. Some sites run thousands of auctions instantaneously day and night, with items of different value and category. All the items which are for sale are offered by the sites themselves, unlike eBay which offers products through a third party. This is a major difference in these two types of auctions, in some aspects eBay is a bit different and better, not to forget it is the biggest auctioning site.
Just like traditional auctions, you bid on items which you want, with each bid increasing the price of the product. To bid on an item, you simply click the bid button on the website. All the Auctions are timed, so when the clock ticks out, the very last and highest bidder wins the item at the last bid price. Often, what is surprising is that the price is incredibly low. This is why so many people are attracted towards penny auctions, they want items at least prices. This instinct of procuring items for so low prices and getting a taste of gambling like action is in everybody, and that’s what the sites cash upon.
Every bidding starts at or near $0, and each bid raises the price by a fixed increment, not a whole lot, generally just a penny or two. But unlike with traditional auctions, bidding isn't free. To get bids rolling, you register your credit or debit card or use PayPal whichever you feel better.
As a conclusion, not every penny auction site is fake, some are pretty good and reliable, although the bad reputation of some sites has left a question mark on the whole industry.