Remember those sites where you have to buy bids and then bid for an items for standing a chance to win iPhone 4? Or maybe Nintendo Wii? Such penny auction sites have seen a solid growth in the last couple of months.
One reason why consumers love such sites is because of the fact that you don’t have to invest a lot of money in this. Just buy bids pack(credits), ranging from $1 to $100, and then bid on the item. If no one bids after you, then you’ve won yourself a bargain.
Online Penny Auction Sites Are Scam and Fake?
There are plenty of penny bidding auction sites looking out for bidders. Not all of them are intended to scam the members, but a majority of them have been reported as fake. I know, it’s hard to digest the fact, but it is what it is.
Complaints are filling in as such online auction sites, 1 cent auction sites have automated bidding system. While there’s no way to find out, but as the countdown timer is about to hit the zero mark — almost all the new bidding sites have a slew of users bidding. That, of course, is not possible for new sites that are yet to be indexed on search engine.
You lose your money with every bid, and then you buy more credits from the website. Eventually, the site profits good chuck of money and when the have bag full of moolahs, they may pick a bidder as the winner and gift wrap the gadget.
That’s how it works, I believe. Like I said there’s no way to find out about the auto bidding tool, unless you work for them. But with tons of complaints lodged all over the web, it is evident that these auction sites rarely work in your favor.
If you are still feeling lucky, then give it a go. Explore those genuine auction sites and see if it works out for you or your friends, but limit yourself to couple of bids and don’t overdo it.