Penny Auctions How To Choose The Best And Protect Your Moola

By Mike Gates

Penny Auctions are the top discussed matter in the internet. There is a strong rumor that people have started ignoring penny auctions as they have lost faith in it. The question raised by millions of people about penny auctions remains the same. ‘Are penny auctions safe and reliable? If you are one such person looking answer for this query then read the following article.

There is a belief and claim that the penny auctions site offers products thousands of dollars lesser than the MSRP. Many bidders claim that the products can be purchased 70 to 90% less than the MSRP. Whether this statement is true? This question is raised by many users and they want to know whether it is possible to purchase products with 90% discount. Of course this is true to some extent because there few reputed penny auction sites that really sell products with great discounts. Not all the penny auctions are reputed. So, the users should be careful while choosing the penny auction sites. Especially, you should not disclose your social security number to the unknown and unfamiliar sites. The truth is that not all the auctions sites are capable of selling products with higher discounts.

How to find the reputed penny auction sites?

*You can find out the legitimate auction sites only with deep research. So, even before becoming the member of the site, start your home work and find out how they are functioning. Hundreds of penny auction sites have come in recent times and all of them cannot replicate e-bay. So, before signing up with the penny auction site look for the following factors:

1] Does the site take any fee for membership or is it free to join?

2] Find out what type of payment system do they follow? Some reputed sites keep the payment process well secured. Choose only such sites and register with them.

3] Look at their privacy policy. Some illegal auction sites copy the privacy policy from cell phone sites and paste it in their site.

4] Since most of the auction sites use credit card payment system, you should be doubly careful in choosing the site. Always prefer the site that offers secure transaction. Some auction sites offer Paypal service; prefer these sites if you are new to the penny auction sites.

5] To participate in auctions, you have to buy credits and this system is followed in almost all penny auction sites. Some illegal sites drive you to place your bid wasting your credits. These sites drive heavy traffic but nothing looks organized. The net result is you will not only lose your credits but also will be forced to purchase products for higher amount. So, check the authenticity of the site before signing up.

When you are a beginner try small penny auction sites and avoid bidding in big auction sites like Swoopo and BidCactus. Here the competition will be high and you need to compete with more experienced bidders. Participating in the small sites is the right choice when you are a newbie.

About the Author: Mike Gates is a customer of HostGator. Hostgator is reliable web hosting provider. You can check the

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