I recently heard about a new site called Beezid which claimed to be the #1 Penny Auctions site and I was skeptical to say the least. I wondered if it would actually work for me since it seemed totally outrageous to be able to get amazing high quality products at very cheap prices and I decided to give it a try myself to put it to the test.
I started by buying a BidPack of 350 bids which is the recommended number that you should start with if you want enough bids to win a product. Once I was signed up and I bought my bids, I looked at the auctions and discovered that there were a wide variety of products to choose from including cameras, toys, video games, and tons of electronics. There were also gift cards which looked like easier auctions but I ended up going for the Nikon 12 MP Camera which appealed to me over everything else.
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The auction had a 20-second timer, which for those of you who don’t know how penny auctions work, means that for every bid you place the timer will go up by 20 seconds. This is a little harder to win than the 10-second timer auctions but since the product was a more expensive camera instead of something like a gift card, it makes sense.
I started my bidding slowly and after about 15 minutes of bidding with another guy, I realized the guy I was bidding against was a power bidder, and I just couldn’t beat him. He seemed willing to spend probably more money bidding than the actual retail cost of the product. I decided to bail out of that auction. I participated in several other auctions, but didn’t end up winning anything for my money. Pretty depressing. I’d say Beezid is a legitimate penny auction site, just that there’s too much competition to deal with.
One of my friends who I know wins a lot of products from penny auctions and then sells them at a profit on other sites told me that I made a mistake to sign up with Beezid as my first penny auction site. He said they’re probably one of the harder competition sites to deal with, and that I should have signed up with a less competitive site called BidSauce.
Since he makes money off penny auctions as an actual living, I figured he knew what he was talking about. I decided to sign up with Bidsauce and I purchased 250 bids from them (my friend said I was right to buy a lot of bids to start off with). I bought my bids and went looking around at the different auctions they had.
I saw an auction going on for a new iPhone 4G and it’s something that I really wanted for awhile now. I knew I probably didn’t have a shot at winning though because my friend told me to stay away from the really competitive products when I first start off. I didn’t listen to him about that, and started bidding on the iPhone. I couldn’t believe what happened! After bidding on it for 20 minutes and spending around 40 bids, I ended up WINNING IT! I was taken aback.
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That means with everything – the price of the bids I used, the shipping on the product, and the end price of the product – I only ended up paying $60 for a BRAND NEW iPhone 4G. They retail for over $500, so I think that’s one heck of a good deal.
Another benefit of BidSauce that I found is that they deliver products within one to two weeks. I received my product with the manufacturers warranty and everything.
So what’s my conclusion then? If you’re starting off with penny auctions and looking for a good chance of winning high ticket products, use BidSauce instead of Beezid.