Penny auctions may not be a scam but it is more like gambling. Every time someone bids it can cost up to a dollar and the bid goes up one cent. The web site makes a couple of thousand dollars on a thousand dollar item that sells for forty dollars. The catch is that only the last bidder remaining at the end gets the item and meanwhile thousands are spent. It is a gamble. Do you spend another dollar hoping to be the last bidder or give up?
Figure it out. If an item sells for forty dollars then there were four thousand bids. That can be up to four thousand dollars for the web site (plus the forty dollars) for a item that cost them less than a thousand dollars.
The best way to find answers to these questions about different penny auction sites is to visit penny auction forums and read the reviews from people that have actually bid on the sites. By spending just a little time reading you can save yourself lots of money and frustration. While there are scam sites out there, lots of these sites are also honest and well run.
Try the penny auction help forum for more answers.
Definitely not a scam! Like the other poster said, it is just a gamble. Sometimes you can get an iPad for only $0.50, but sometimes the bidding can go up to $16.50. You see the math and how much is made by the company. I won 2 items from this website already (a couple days ago). If this question is still open I'll let you know if I receive those items.
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Penny auctions may not be a scam but it is more like gambling. Every time someone bids it can cost up to a dollar and the bid goes up one cent. The web site makes a couple of thousand dollars on a thousand dollar item that sells for forty dollars. The catch is that only the last bidder remaining at the end gets the item and meanwhile thousands are spent. It is a gamble. Do you spend another dollar hoping to be the last bidder or give up?
Figure it out. If an item sells for forty dollars then there were four thousand bids. That can be up to four thousand dollars for the web site (plus the forty dollars) for a item that cost them less than a thousand dollars.
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The best way to find answers to these questions about different penny auction sites is to visit penny auction forums and read the reviews from people that have actually bid on the sites. By spending just a little time reading you can save yourself lots of money and frustration. While there are scam sites out there, lots of these sites are also honest and well run.
Try the penny auction help forum for more answers.
http://www.pennyauctionhelp.com/helpforum
Definitely not a scam! Like the other poster said, it is just a gamble. Sometimes you can get an iPad for only $0.50, but sometimes the bidding can go up to $16.50. You see the math and how much is made by the company. I won 2 items from this website already (a couple days ago). If this question is still open I'll let you know if I receive those items.