Reputation

Reputation is Everything In Penny Auction World

If you have been around penny auctions very long you have probably already found out that there are a lot of sketchy penny auction sites out there. The nature of how penny auctions work as a business is one that appeals to scammers because for a couple hundred bucks you can have a penny auction script that is pre-built and ready to start auctions and that has a built in shill bidder. I am not making this up, the commercially available scropt has a built in computer program that acts as a fake shill bidder to keep auctions going so you can not win. Scam penny auction sites have made it even tougher for the legitimate penny auction sites to make a good name for themselves as a reputable, honest and trustworthy bidding site.

Safest Penny Auction Sites – Top Rated Sites by “Trust” Rating Category

The above list is generated from actual genuine bidder reviews and ratings. It lists the most trusted penny auction sites and the ones you can feel safe bidding at. Click through to the sites themselves to read a more in-depth review and see bidder comments.

It is important to only bid on safe penny auction sites… ones that you feel has the reputation and history to prove that they are 100% legit.

The good news is that there are honest, trustworthy, reputable, verified and safe penny auction sites to bid at where you CAN win incredible deals!

Reputable Penny Auction Sites – Honest & Legit Penny Auctions

One of our primary goals here at PennyAuctionSites.com is to maintain a hand picked small number of the top penny auction sites that maintain a positive reputation in the industry. What we are looking for from the reputable penny auction sites is that they have the majority of positive reviews and comments at the legit penny auction forums, social networks, communities and ratings sites like ours. We have done and continue to do the research and keep our eyes on this industry as it evolves.

Legit Penny Auctions Can Still Be Risky

  • Risky does not mean a site is not reputable. Beezid is ‘risky’ because it is hard to win and the money you spent on bids can not be applied towards a buy it now option. However, they are reputable because they do not cheat or use shill bidders. It’s just tough to win.
  • Safe can mean you are not likely to lose money (or much money). In this instance sites that offer “BIN” features are important to you.
  • Safe can also mean that the site is not cheating against you. This is paramount because a site that cheats against it’s users should be avoided at all costs as it is a no win game.
  • There are legit sites that are risky. Most penny auctions are risky to some extent. That risk is what lets you win amazing deals, too.
  • Penny Auctions are competitive games, not discount shopping

The truth is, there is a growing group of high quality, reputable and legit penny auctions you can feel safe bidding at and a select handful of these are listed on PennyAuctionSites.com.

Can You Lower Your Risk

To minimize risk bidding you have to find a penny auction that:

  • Offers a buy it now (recommend QuiBids.com)
  • Site has the product(s) you want to bid on and offers the buy it now feature on that auction
  • The price of the buy it now is acceptable – most sites have the higher end MSRP prices as their buy it now price, you can bargain hunt online and find it cheaper most probably
  • The shipping price is acceptable
  • The chance of winning it at a great deal is appealing enough to risk spending full price on the item

If the above factors or met then you have greatly minimized your risk to virtually zero.

How To Lower Your Risk
Assuming you have found a product you want that meets the above requirements:

  • Step 1 – Calculate how many bids it will take to reach the buy it now price
  • Step 2 – Buy that many bids
  • Step 3 – Strategically spend that many bids in the auction
  • Step 4 – Depends on if you win the auction or if you spend all of your bids and are out bid
  • Step 4a – If you WIN. Buy the item for the auctions ending price and decide what to do with your remaining bids. You can return them for a refund, or try your luck at another auction
  • Step 4b – Go to the shopping cart page for the site and utilize the ‘Buy It Now’ feature that you made sure the auction had before selecting it. You will be able to apply the amount you spent on bids towards purchasing the item

In the above scenario you have given yourself a chance of getting the item for discount while paying retail for an item if you did not win the auction.

To calculate how many bids it will take to reach the buy it now price, all you have to do is divide the “buy now price” by the cost per bid.

For example, If the item is $100 and bids cost $0.50 then it will take you 200 bids to hit the “BIN”. (200 x $.50 = $100)

If you can find a site that meets the above requirements then you have found a “no risk penny auction site“. No risk might be too strong but at the least you have found a low risk, relatively safe penny bidding site where you can take a shot at winning the item at a great deal or at the worst pay the buy it now price.

Safe Penny Auction Sites vs Not Likely To Lose Money On A Legit Site

Before we list the safest penny auction sites online, it is important to define what you mean when you say you are looking for a safe penny auction. There are two major things people are looking for when they are looking for a safe place to bid.

You just want a penny auction site that is honest, does not use shill bidders, bots, scripts or any other fake bid and that will deliver items won as promised in a reasonable time frame.

Or….

You could be looking for a site where you want to minimize your chances of losing any money.

The first thing you need to find when looking for a new penny auction site is one that is legit. By legit I mean a site that is honest (all bids are from bona fide bidders, no shills or bods etc) and that all auction items are shipped as promised. If you do not have this in place there is no way to risk losing money. A crooked site will never allow you to minimize your risk. You want a site that is legit, trustworthy, reputable, honest and real first and foremost.

If the site is not trustworthy or legit then the buy it now feature does not really matter anyway! The same holds true for virtually any type of online gambling. The popular trading done today has people searching for the best binary options brokers online.

Now, lets talk a moment about minimizing your risk as a measure of safety.

If you want a penny auction site where you can bid on and minimize your risk then you are looking for a site that offers a “buy it now” feature. This feature lets you purchase the item you placed bids on for the by applying the amount of money you spent on bids trying to win the auction.

This lets you find an item you want to purchase at a ‘buy it now price’ you are comfortable with, on a site that has the buy it now feature on that auction. Not all penny auction sites offer buy it now and not all auctions at sites that do offer this feature are buy it now. Here is a break down of the penny auction sites with buy it now.

  • Quibids.com – 100% of Quibids auctions have a buy it now. Use this quibids.com promo code and get 10 additional free bids at the largest penny bidding site on the internet, Quibids.

To minimize risk bidding you have to find a penny auction that:

  • Offers a buy it now
  • Site has the product(s) you want to bid on and offers the buy it now feature on that auction
  • The price of the buy it now is acceptable – most sites have the higher end MSRP prices as their buy it now price, you can bargain hunt online and find it cheaper most probably
  • The shipping price is acceptable
  • The chance of winning it at a great deal is appealing enough to risk spending full price on the item

If the above factors or met then you have greatly minimized your risk to virtually zero.

All you have to do is calculate how many bids it will take to reach the buy it now price, buy that many bids and spend them in that auction win or lose.

For example, If the item is $100 and bids cost $0.50 then it will take you 200 bids to hit the “BIN”. If you can find a site that meets the above requirements then you have found a “no risk penny auction site“. No risk might be too strong but at the least you have found a low risk, relatively safe penny bidding site where you can take a shot at winning the item at a great deal or at the worst pay the buy it now price.

Buy it Now Penny Auctions vs Non Buy It Now

A common question we get is why would I ever bid on a site that does not offer a buy it now option? I mean why would you take the risk of bidding and losing and getting absolutely nothing in return? It sounds like a bit of a gamble.

The truth of the matter is that it is a bit of a gamble.

Having that element of risk allows you to really play the game of penny auction sites. If your competition have nothing to risk and can just bid all day long until they reach the BIN price then it is much harder to score a great deal for yourself most of the time.

However, if they know that if they bid that money is gone forever unless they win the auction then they are not going to want to bid against if you have psychologically told them (either through history or intimidation or both) that you will not quit bidding and any bids against you are a waste of money, then they are much less likely to ever bid in the first place. This lets you win the auctions for fewer bids and get great prices.

I wrote more info on can you safely bid on a penny auction? You can learn how to lower your risk of losing money by trading off some of your chances to score an incredible deal.
The catch is that you can also be the person who is out bid and the one who loses money if your competition does not stop bidding.

How We Pick Legit Penny Auction Sites

We look for a handful of things before listing any penny auction sites on our of safe penny auctions top list. We would also like to point out that just because a site is not listed here does not automatically mean that they are not safe, legit, reputable or trustworthy bidding site. We also require that all users of our site do their own investigation of any and all sites they are interested in bidding on, regardless of whether it is listed on PennyAuctionSites.com or any other website for that matter!

Here is what we look for:

  • Positive history
  • In good standing currently at the legit penny auction forums, communities and social networks
  • Bidders have an overall positive history of the site
  • In business for at least 6 months (these sites are still new all over)
  • Has realistic auction selection and volume compared to their estimated traffic

It also helps if: We see common names that are known in the general penny auction communities, realistic looking names, has real bidder reviews of receiving products and not the typical BS reviews you will see scam sites or inexperienced marketing teams place on the penny auction review sites and realistic looking data from APA. Of course we are making note of any scam claims we see on the major complaints boards but please remember to take those with a grain of salt. So many bidders blindly buy bids and start clicking the ‘bid’ button with no idea how it works, what they are getting into or that they are even spending money at this point. It is not the fault of the legitimate penny auction sites that people are naive enough to think that all you have to do is click a button and win an iPad for pennies. If they would have taken ten minutes and read even the most very basics of penny auctions, much less any penny auction strategy they would at least have known better and probably not have risked their money. While what really happened is they blindly bid, lost money and felt foolish and then ranted and raved because they did not do their own due diligence.

The penny auction site business is still in it’s early stages of developments and there are new penny auction sites coming online every month. Some of them are legit and some are not, most of the new penny auction sites will not make it. Running a penny auction site is tougher than it looks and right now there is a big push among the big sites to ramp up bidder acquisition. If you are going to bid, do yourself a favor and choose from one of the penny bidding sites listed on here and avoid getting ripped off!

Penny Auction Scams

All penny auction sites are not scams but there certainly have been plenty since this industry began. Why? Because it was fairly easy and cheap to do so. A script that cost a couple hundred bucks with built in shill bidders was commercially available and the industry was so new plenty of people got duped. When you combine the relative ease of setting up the scam and the business model that penny auction sites use (pay per bid), it makes a lot of people think that penny auction sites are scams. In reality, most of them probably do not understand how penny auctions work. Next we have misleading advertising, mostly in the form of the advertorials that are designed to look like news stories showing how easy it is to win a iPad for $22 dollars and you have the makings of plenty of people to cry across complaint boards and scam alert sites that virtually all penny auction sites are scams, that there are no safe penny auctions or any legit penny auction sites.

The truth is, most people who shout that these sites are scams across the internet just do not understand the business model.

Most Popular Sites For You
Our Top Penny Auctions - The Ones We Like!

  • HappyBidDay.com - #1 great choice for new bidders. Fast shipping!
  • Quibids.com - Safest & Largest Penny Auction Site - 100% BIN Auctions
  • Beezid.com - Best items for beginners! No BIN, bigger risk/reward.

Comments, Reviews & Ratings From Real Bidders
4 Ratings
Pharmd914 — December 25, 2012

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Judith Rogers — October 31, 2012

I really appreciate the interesting articles and honest advice you provide in such a nice readable format. I read everything I can; and appreciate the help of “watch dog” agencies, and ethical people. I’m not rich. I’m batting cancer. Medical bills have destroyed me (literally) I just like to win little Toys R Us, or restaurant, or gas cards to go see my grandbabies twice a year. I appreciate and listen to the advice of you “big-gun” bidders offer. I may never get to that level in this life time. Blessings, judith rogers

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