An overview of penny auctions
To begin with a penny auction is a kind of pay auction wherein participants have to submit a
non-reimbursable fee in order to place additive bids.
As the name suggests penny auctions are
traded in pennies (and in the United...
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An overview of penny auctions
To begin with a penny auction is a kind of pay auction wherein participants have to submit a
non-reimbursable fee in order to place additive bids.
As the name suggests penny auctions are
traded in pennies (and in the United States in U.
S.
cents).
Penny auctions generally include
electronic gadgets, jewellery, fashion accessories, shopping vouchers etc.
There are several kinds
of penny auction websites available online, each with a different trick to win.
Let’s briefly understand the working of a penny auction:
Firstly, the participant chooses the product he wants to bid for.
This is followed by payment of
non-reimbursable fee for participating in the auction.
The fee is sometimes called a credit pack.
There is no restriction on the number of credit packs one can purchase as they can be prepurchased.
Each bid is placed in exchange for a credit pack.
The bid amount commences from
zero value and with every bid that is placed, the rate of the chosen
Less
