Hunting for a bargain on daily conveniences and assorted items? Then your best bet would be penny auctions, besides groupons of course! From the name itself you can deduce what this is all about. Assuming you’ve not come across this offering before, it is an improvisation of the traditional auctions, only now that this it is undertaken online on penny auction sites. You sign up for the offer, purchase some units of credit assuming it is a paid offer to participate. These are then used to place bids within a given time frame until a unique bid is acquired when the bid cycle lapses. Interesting isn’t it?

Many penny auctions sites have come up offering similar capabilities with minor variations but the fundamental concept remains the same, bidding a penny at a time. The popularity of these sites have also led to mushrooming of penny auctions scams, fraudsters are never too far behind! My advice would be to do a bit of background check to determine creditability so as not to end up disappointed after not getting your money’s worth.

If you did surfing online you will definitely come across many penny auctions reviews with comparisons, trends etc. I would advice that you do so, when you sign up watch from the sidelines as an auction takes place and when comfortable enough then plunge right in! Additionally you will find many tips, tricks and tactics on how to go about it. Example, check number of participants bidding before you start throwing your bid credits aimlessly and the bidding is just starting. Nonetheless there’s no guarantee that you’ll eventually win the item on offer but at least you get to increase your odds.

To facilitate user friendliness and for fair play most of these penny auction sites have similar features. Firstly a bid log to show how the bidding cycle progresses with highest bid and the respective user for each cycle, the current top bid, current top bid user, countdown timer of course to monitor each cycle just to mention but a few. You’ll need a dedicated internet connection to keep tabs with all the auto-refreshes for the period of the bidding. Dial up then would not be your best bet (read this somewhere).

Penny auctions is a great way to acquire common items for a song, most items will most of the time if not always be won at less than a tenth of the retail price! At least the ones I’ve seen in action. Now I’m sure you’d agree that’s something worth looking forward to.  The site that I deal in hold an average four different new penny auctions daily with vast variety in items, both new and used.

Probably the best penny auctions offerings out there would also chip in some kind of consolation price for the non-winners from a just completed auction, haven’t sampled most of the online penny auctions out there but for the one I signed up for, they give members some reward points. These can then be used to redeem some great products from their stores.