Engage in penny auction bidding carefully

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Be a smart bidder who knows the potential risks and reward of bidding on online penny auction sites. Mostly the newer sites offer bid packs of a sizeable dollar amount. Also, there are many schemes to get few free bids for the first time users. It is important to be read the guidelines if you are new bidder and are willing to risks a few amount of money for getting top class products at deep discounts via the auction bidding process.

The types of bidding and inherent caution

There are cash auctions where bidding is for a certain cash amount, there is also proxy bidding as a hope for the losers to have a second chance of winning.  In each bid process, in many popular sites reviewed at Penny Action police, the bidding amount is increased by one cent every time a bid is placed. Unlike in the ordinary auctions, the final bidders and not the highest bidders are able to purchase the item by paying some shipping cost or for free and the product will be delivered safely to your doorstep. The highest amount of profit goes to the auction site and then some profit is also enjoyed by the winners; however the losers are trapped with heavy losses as after shelling out hundreds of dollars in the auction process they are left with no money and also no product, hence one must bid carefully and strategically in less popular sites with less bidders. People must limit bidding amount to the price of the item and many good sites offer this special limit. Go for sites with automatic bidding and hence people will not miss on bidding due to connectivity problems.

The difference from a traditional auction

 A traditional auction is a fun place where you are less stressed as you know you have nothing to lose if someone outbids you, however in case of this penny auctions, there is a threat of losing a huge amount of money in case you lose. Coming home with something rather than a zero is suggested at http://www.pennyauctionpolice.com by using buy now option.

Loser’s haven-buy now options

Penny auctioning is suggestive of gambling. However, the losers can reside on the buy now option available in many sites to buy the products on losing at the retail price. The losers can also check the price genuineness by comparing with other sites and hence make sure he is not being overcharged for the item. The winning members are also given a confirmation of winning in order to intimate them and they are also made aware of the number of wins possible and allowed in a day filled with many auctions.

 Dirty Scams

Sometimes, there are dirty games played  in some of the penny auction sites where the retail price of an item auctioned is actually very much lower than displayed, especially in cases of jeweler, accessories where it is difficult to judge the real price. There is a rat race for bidding this dirt-cheap item where the victims lose a huge amount. However, there are many good and genuine sites too.

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James Patrick
James is a financial expert who has contributed several business and finance related articles. His expertise and first-hand knowledge of economics makes his blogs and articles informative and helpful for those looking out for guidance and assistance in matters related to finance. He has an active schedule of TV and radio interviews He is co-host of the popular VT Radio show Jim and Gordie Show. latest-articles-buttonJim comes from an old military family dating back to the American Revolution. Dozens of Confederate ancestors fought for the South in the War Between the States. Uncles fought in WWII and Korea. His father was a WWII P-40 and later P-51 Mustang fighter pilot. Vietnam found several uncles serving, a cousin, and brother Wendell as a young Ranger officer. His mother was a WWII widow at 16, her first husband killed with all 580 aboard when the SS Paul Hamilton, an ammunition ship with 7000 tons of explosives aboard, was torpedoed off the coast of Algiers. He has been writing, speaking and doing public relations, television, consulting and now multimedia work for a variety of American heritage, historical, military, veterans and Intel platforms. Jim’s only film appearance was in the PBS Looking for Lincoln documentary with Prof. Henry Lewis Gates, and he has guest lectured at the Army Command and General Staff School at Fort Gordon. Currently he is working to take his extensive historical video archives on line to assist his affiliated organizations with their website multimedia efforts, such as the Military Order of World Wars, Atlanta, Sons of the American Revolution, Sons of Confederate Veterans , Assoc. for Intelligence Officers, the Navy League, Georgia Heritage Council, National Memorial Assoc.of Georgia.

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