It’s actually very simple. Users purchase bid packages which contains several bids. They then use these non-refundable (although there are some exceptions) bids to participate in online auctions. Once the timer reaches zero, the auction ends and the last bidder wins.
How can I win in penny auctions?
Winning in penny auctions takes a lot of strategy. If you are a new bidder, I suggest you do your home work first. Here are some tips:
- Bid only in small amounts until you are experienced enough.
- Although iPads, TVs and computers are very appealing, I suggest you bid on small, cheaper products first.
- Quibids and HappyBidDay usually offer auction events for beginners. Take advantage of it.
As a new bidder, I suggest that you study all penny auction sites and practice. As you gain experience, your chances of winning penny auctions will also increase.