To be able to participate in a penny auction, you need two things: first, you need to register into a particular site to become a member; second, you have to purchase a bid pack, which will enable you to place bids at auctions. Bid packs are priced differently and they come in small and large packages. To be honest we prefer Bidiction, even though it hasn't launched yet, it looks like it'll be worth the weight.
Newbies are often encouraged to buy smaller packages, so that they can control their expenses and not get carried away; but for more experienced bidders, there are larger packages that they can buy.
Bids are typically worth about 0.25 cents to $1.25 and when you place a bid, you lose money. A great way that you are able to protect yourself and your money is to know how to buy bid packs. Here are some great tips that you can consider:
- Promotions. Every once in a while a penny auction site is going to hold a promotion. This means that their bid packs will come with free bids, more than the usual. Keep an eye for such promotions and take advantage of them.
- Contests. There are also some contests that go on around that you can join. When you find invitations or alerts, just go ahead and take your chance because you might end up winning bid packs that you can use at auctions.
- Coupon Codes. Just like a normal coupon code, there are some codes that are meant for penny auction sites. Such codes will help your land discounts on your next bid pack purchase.
- Larger Big Packs. Larger bid packs will be more costly but the cost per bid, when you the time to compute will be lower compared to smaller bid packs, so you end up saving some money.
- Auctions. Sometimes, bid packs will be the auction item and if you win the auction, you get to purchase the bid pack for a significantly lower price than usual.
- Referrals. Some penny auction sites encourage their member to invite friends and family to join. A referral that is detected from your account will result to some free credits.
- Bid Backs. When you say bid back, you are getting a full refund of all the bids you spent on an auction after losing. This is not common on penny auctions but there are special auctions that are set with this arrangement, so instead of obtaining bid packs you basically just retain whichever bids you made, at the end of the game.