I recently found an awesome guide for people looking to bid and win at their favorite penny auction sites.  This guide has tons of great information explaining what you need to do to start winning–with legitimate tactics that won’t get you in trouble.

What’s the name of this guide? Penny Auction Cheats

If you’re someone who wants to win penny auctions, this guide is the best way to get started, learn the tips and tricks the pros already know, and then how to implement them to start winning without losing money.  After reading the guide myself, I’ve found that it does have a lot of useful information about penny auctions and how you can win them.  It definitely isn’t a scam or illegal and doesn’t tell you to do anything unethical.  However, if it did, I knew I had a 60 day money-back guarantee where I could get my money back if I thought the information was rubbish.

What do you get with Penny Auction Cheats?

• The basics of Penny Auction sites which is great information for beginners
• How to make the right choice when choosing a penny auction site
• How to win penny auctions
• The top 6 bidding strategies that most people don’t know

As I said before, it’s a definite read for anyone interested in getting the upper hand when bidding at penny auction sites.  And plus, if you don’t like what you get, you can get your money back.    Check out their site here.

I would like to hear what you think of this guide!  If you think it helped you when bidding (and helped you win) post it as a comment below!

QuickDrawBids.com was created in November 2010 as a new penny auction site that helps you bid and win products for pennies on the dollar.  QuickDraw Bids is a great place to get started in the penny auction world if you’re looking for something new.

This penny auction site has many of the same products that other penny auction sites have.  However, this doesn’t necessarily make it a bad thing because these are all good products.  They have name brand products and gift cards available to be bid on.  Some of the products available for bid right now include:  an iPad Wi-fi + 3G 16GB and various other gift cards from Target to Petco.

QuickDraw Bids stresses on good customer service and they want to make sure they provide you a safe and cost effective penny auction site.  They allow you to vote on products you’d like to see on auction so that you can have the opportunity to bid on them.  Their customer service can be reached at:   customersupport@quickdrawbids.com

Bids start at $0.75 each and are available in packs of 30, 50, 100, 250 and 500.  When you place a bid on a product, the price goes up by $0.01.  When you bid within the last 2 minutes of an auction being completed, the counter goes up up to 30 seconds.

Sign up now and start winning $200 Gift Cards for $5!

At Bid66.com we strive to make the experience of our visitors a memorable one. We give our customers a fair chance to win and buy the best deals available on online auctions today.

We have numerous options available for our customers to choose from. On every single auction, you can either bid on the product to win, or you can buy the product at a discounted price.

On every bid that you apply to an auction you earn reward points. These reward points are your ticket to cash out on the prizes at our Rewards Store. The Rewards store gives you the best possible compensation for the bids that you have used, whether you win or not.

You can use Bid66.com to have your own fun little trip online to win the best deals available. Why should you use Bid66.com as your venue for a shopping spree?:

• Simplicity – It is easy to have a great experience at Bid66.com because it is straightforward. There are no tricks on Bid66.com. Our user dashboard makes bidding simple.
• Huge Product Line – Bid 66 has several auctions every day with a variety that everyone will love.
• Convenience of Time – Our site is open from 6:00pm – 12:00 am so that our customers do not miss out on great deals while they are at work or school.

Introduction:

What is a penny auction?

In order to participate in penny auctions you must first purchase bids. Bids cost anywhere between $0.25 – $1.50. At Bid66.com bids are only $0.50 each and come in a variety of packages. New customers also get 10 free bids ($5.00 value) just for joining. These free bids will help new customers become familiar to the site.

Rewards Points:

Reward points are exclusive to Bid66.com. These points are added to your account when you purchase a bid pack. With bids and rewards points there are endless possibilities! Customers can use their reward points at the Reward Store where you can claim numerous products.

Watch List:

The Watch List is a list where you can add products that you would like to bid on in the future.

Products:

On Bid66.com you can purchase a variety of products such as electronics, home items, outdoor products, gift cards, and bid packs.

Bid66.com makes it easy to track the bid packs that you won. You can review the amount of bids that you have won vs. the bids you have purchased.

Betbidder is a totally new type of penny auction – we are auctioning off cash prizes based on the outcome of sporting events, as well as tickets to matches and even funded bookmaker accounts.

Here is an outline of our site:

•       On our cash auctions, winners have their bids refunded;
•       There is a bid limit on every auction.
•       Bidders can view the last 10 unique bidders and the number of bids each of them have used in that auction.
•       we do not retain the cash amount from unsuccessful events but use these significant sums to fund our free monthly Jackpot Auction.

Take a free trial with a special bonus code that gives  you 7 free bids on registration.
Simply enter the Bonus Code: PEN2

Good luck and happy bidding.

If you like the idea of paying a few cents for items that cost well over $100, penny auctions sites may be the place for you to find them. However, they can be frustrating. Such sales work first by getting members to sign up with a user name, password and payment information, such as a credit card. Then a certain number of bids are offered at a set price. You must purchase bids before making any offers or participating in any particular sale.

The problem begins when many bidders are vying for the same low cost item. In an effort to outdo each other, they will keep placing a bid after another person places a higher one. This type of behavior will soon use up the limited amount of bids a person has. It is hard to avoid being sucked into a bidding war. However, if you are patient, you can watch for a while and make your final bid slightly higher than the others, at the very last minute. You will not use up all your bids and will be proud of the self discipline you have used. This strategy does not always work, but will keep you from spending more than you wanted on buying bids.

There are many benefits to using such sales. They can create a bit of excitement and may even allow you to get all your holiday shopping done in one place. There are many options available online. The more popular ones will offer a variety of goods. Smaller sales may be limited to certain items, like fashions or jewelry.

Before engaging in such sales, do a little research. Some penny auction providers may use fake bidders to increase the price of sale items. There are plenty of reviews on the internet that can provide good information on which sales are more reputable. It is also good to set limits on what you are willing to spend on bids and on the products themselves. While such activities can be fun and exciting, you do not want to find yourself in a bit of a financial bind or spending more for an item than its worth.

Penny auctions are a great way to get gift cards many times less than their value.  Almost every penny auction site worth their stuff have gift cards available to bid on.  From store gift cards like Amazon, Target, Walmart, etc, to cash gift cards from Visa, you’re likely to find a gift card to a place you shop at available for you to bid on.

So first off, how does it work?  You’re probably wondering how you can win a $50 or $100 gift card and only end up spending $5 or $10 on the card.  How does the auction site make money?  Well the trick is in the bids.  When you bid on items you’re actually making small payments.  For most penny auctions, bids are worth about $0.50 to $1.00.  When you and other people are bidding on an item, each bid increases the price of item and each bid’s value also goes back into the sites’ pockets.  If you’re paying $.50 per bid, 100 bids from you (or spread across multiple people) would let the merchant break even on the price of a $50 gift card.  After the 100 bids, the site starts making a profit.

So how can you make money bidding and winning gift cards from penny auction sites?  If you’re a skilled (and lucky) bidder, you can actually make a hefty profit bidding on and winning gift cards.  There are many strategies for auction sites which help you minimize your losses through the cost of bids and maximize your winning by outsmarting other people bidding on the product.  Mathematically, if you were able to spend less money bidding and winning an item than what is really worth, you make a profit.  So to win a $50 gift card you only had to use 50 bids at $.50 per bid, you would’ve profited $25 from winning the auction.  Obviously achieving this every time would be difficult and many people lose money on auctions simply because they don’t win.

Getting gift cards from a penny auctions is certainly achievable and if you’re a smart bidder, can be a profitable activity.  Before bidding, be sure to read strategies and learn how to prevent losses and you will be on your way to be a penny auction guru!

There are many penny auction sites out there and it can very confusing finding the one that is legitimate, is active, and has the products you want to bid on and win.  This post will list some of the best penny auction sites found on the internet so you can start bidding as soon as possible.

• Moloyo - Moloyo is a newer but high quality penny auction site with a “social networking” twist.  Users can create their own auctions and make money using their site selling anything and everything they can think of.
• BidCactus – The first penny auction site to be accredited by the Better Business Bureau.  There are tons of products up for bid on their site so you’re guaranteed to find something you want to bid on.  See the current BidCactus Promotions.
• Swoopo – One of the largest and fastest growing auction websites in North America.  Swoopo has been around for a very long time and has many happy and long-time bidders on their site.
• QuiBids – Another one of the older penny auction sites.  QuiBids has many active users and should be a worthwhile site to try out if you’re looking for a great auction site.

While these are a few of the better penny auction sites, this list is by no means definitive.  There are many penny auction sites and many new ones are cropping up every day.  Before signing up with any site its important to do your due diligence and read customer reviews before buying.  If you have a favorite penny auction site that isn’t listed, leave a comment and we’ll review the site and we might add it to the list.

Today, at 12pm EST, Moloyo will be coming out of it’s private beta, which it has been in for the past two weeks, and opening it’s doors to the general public.  Our already registered users will be receiving 5 free bids in their account, and the first 100 newly registered users today will receive 3 free bids.  Of course, I wish we could give them more, but unlike other penny auction sites, our bids have to always be represented by $0.75 in the master account, otherwise our math is off.  Thus all of the bids today are coming out of our own pockets.

The site is setup with three distinct characteristics; it’s a penny auction, a social network, and a basic auction site.  Not only are users able to bid, but they are also able to sell items.  All that we require is that the seller has a verified paypal address, which Moloyo verifies with a custom app through Paypal.

How it works
For the opportunity to win an item at auction, you need to be the winning bidder at the end of the auction. Bids cost $0.75 per bid, but the bid only increases $0.10 each time a bid is placed.  Users buy bids which they can then use to bid on and win items put up for auction – by other users! Users can list and sell their items just like any other auction site, but the unique part is their items typically sell for only a fraction of what they’re worth, but they still make a profit much higher than what they set out to sell that item for in the first place.

Social Features
As a registered user on Moloyo, you are not only joining a auction site, you’re also joining a social network. You can be friends with users, follow users, follow items and even favorite items to save for future use. You can also private message other users, view your history, and leave feedback.

Features:

•       Fast-paced auction shopping experience
•       Ability to list and sell your items at auction, anytime
•       Profiles and storefronts, friendships, follow items, and many more social features
•       Real-time statistics on your auction – coming soon
•       Items sell for only a fraction of their worth
•       Sellers often make more money from their item than if they were to sell it anywhere else
•       Winning bidders are only responsible to pay the final auction price
•       Sellers receive money from both their final auction price value, along with the bid money from their auction
•       Ability to set a reserve on your auction
•       Sellers first need verified Paypal accounts in order to list an item for auction as added security.

Sellers are always able to place a reserve on their auction.  The seller types in what they would like to receive for their item, then our Moloyo Reserve Calculator determines the seller’s Moloyo Reserve for that item.  To put it simply, the Moloyo Reserve is a mere fraction of what the seller would like to get, but since we’re using a penny auction model, we are able to always assure the seller that their Moloyo Reserve is equivalent to the reserve they typed in.  During a live auction, if the item at least meets it’s reserve (it is much more likely that it will end with a higher ending auction price than just it’s reserve) then this will be a sale.  If the auction doesn’t meet it’s reserve, then the seller doesn’t sell the item, and the bidders get their bids back.  Moloyo takes 7% of every successful auction, but this fee is taken out prior, not after, the seller receives their money.  So in essence, regarding a successful auction, Moloyo is paid it’s fee yet the seller still receives all the bid money earned during the auction.

Check out http://moloyo.com and learn more about this new site.

This is an article from the creators of SitnBid.com, a different type of auction site.

Why did we create SitnBid.com?

We have participated for month on different lowest unique bid auction websites and what whe liked was that if you’re a good strategist, you can easily win great items!

But after several months observing the various online reverse auction websites, we came to a clear conclusion: playing on a reverse auction site can end up costing you a lot of money.

Why? Because when a participant has to pay for each bid placed, the costs mount up very fast and the one who has the best chance for winning is the one with the biggest wallet not the one with the best strategy.

So we put our minds to creating a lowest unique bid auction website that would allow everyone to participate for a very reasonable outlay and where the best strategist wins not the one who invests the most.

Why are we unique?

Then we created SitnBid.com.  We created the auctions with a specific structure, operating on the tournament principle. So when you bid in our auctions, you’re playing the tournament auction game. This game structure ensures that all participants start on an absolutely equal footing. Here are the specific features of a tournament auction:

•    To register, you first must pay an entry fee: this is the only cost before you start participating
•    This entry fee entitles you to a bid package: these bid opportunities allow you to participate in the auction
•    The bid package is the same for each participant, so that each player has the opportunity to place exactly the same number of bids
•    Each auction lasts 20 minutes

In a tournament auction, all participants pay the same entry fee and can place the same number of bids. Their chances of winning are therefore exactly the same, the player with the best strategy being the winner.

You can participate in 2 types of tournament auctions: SitnGo auctions and Scheduled auctions.

SitnGo auctions start as soon as the requisite number of players has been reached. For example, an auction that requires 5 registered players will only start once the fifth player has registered.

Scheduled auctions start on a specific day and time (based on GMT hour). They are announced in advance (24 hours before it starts) and players must register to participate. Scheduled auctions require a minimum number of registered players to start at the scheduled time, and the number of players may be limited.

The winnings for each auction depend on the number of participants and the amount of the entry fee. The winner receives the sum total of entry fees paid for that specific auction. Credits can be accumulated and finally be exchanged against an item through the SitnBid.com store. If your dream lot is not available in the store, let us know. We will look into your request and do our utmost to help you to get it.

One more word

We are open since July 20 and we offer many bonuses:

-    3 bonus credits when you create an account
-    5 bonus credits for referring a friend
-    We organize a weekly contest on social networks (Twitter and Facebook) where you can try to win 5 bonus credits per week
-    To celebrate the opening, we offer a 50 % bonus to the first 50 members who purchase a credit package

And if you want to test our concept for free, we have 2 free scheduled auctions running per day (17h GMT and 23h GMT) and you can win 6 bonus credits!

Visit SitNBid.com now to learn more.

The advent of online penny auctions over the past few years has created an explosion in popularity as more and more internet surfers scour the web for better and cheaper ways to win auctions.  Like many other penny sites, Rockybid.com relies on a purchased credit system for bids, so that you must pay a certain amount per bid before you win and are allowed to purchase the item.  This Rockybid review looks at the positives and negatives of the site, as the method of how Rockybid works does allow for purchases of extraordinarily low cost compared to market value, but can be a frustrating and unsuccessful foray for bidders who do not understand how the system works.

Like other penny auction sites, Rockybid only offers new quality merchandise that has only just hit the shelves, so there’s no crumbling or degraded items on the bid list — everything is pristine and ready to be shipped.  The most common bids are for new electronics; laptop computers, video games, plasma TVs, mp3 players, next gen cell phones, DVDs, and so on.  The original bidding cost for these items is less than 1% of their market value, so that a sixty dollar video game may only be on auction for three or four cents.  Auctions last twenty four hours, and for the first twenty three hours the price rarely raises.

In the dying minutes of the auction, however, the mechanism which fuels penny auction sites over the net kicks in.  Customers tracking items swoop in at the final seconds in the hopes that they are the only ones monitoring the progression of the auction; when they are they have effectively won a brand name product for practically nothing.  But the overwhelming odds are that they are not, and any number of other registered users are ready to throw in their bids to take the auction, extending the life by thirty seconds or a minute so that others can bid.  As each bid is sixty seven cents, it’s easy (and tempting) for customers to use dozens if not hundreds of bids in order to get, say, a thousand dollar television for only a few bucks.  As such, the “final minute” of the auction may take hours or even days before the last bidder has tossed in the raise.

This is the method how Rockybid (and nearly every other penny auction site on the Internet) works.  Although sixty seven cents is practically nothing — not even the change in your pocket — when a dozen customers are bidding on the item, it may take hundreds of bids before the dust settles and one customer claims the item.  In that time, bidders may find they have thrown away fifty to a hundred dollars in bids without even claiming the item.  Due to the notion of perceived cost, customers realize they have “invested” into the auction and are reluctant to give up the chase, when in reality, the only way to get a return on the sunken cost of these bids is to put even more money into the bidding process.  Each bid raises the cost of the auctioned item by a few cents, which seems trivial given that 99% of the price is knocked off.  However, this makes it so that a computer that started at only fifty cents can be bid on so much due to the price cut that the auction price actually surpasses the market value — and that’s not counting the money invested into the bidding process.

Penny auction sites such as Rockybid can be a source of entertainment, and for lucky bidders may even yield a phenomenally cheap product.  However, the bidding process makes these auctions a money sink if customers aren’t careful of their personal limits on finances.  One should remember that Rockybid’s means of profit is from customers, not the actual auction value.  Enjoy the bidding, as a five cent item may be too good to be true.