PisoBid.com - Overview and Tips on How to Bid (Smartly)

I've already known about fast-paced online penny auctions before I've seen PisoBid.com--the first Philippine online penny auction site. As a matter of fact, I worked on the online and email content of one penny auction site based in the US. So technically, I know something about the rules of this kind of auction sites.

Penny auction sites are online bidding sites that offers items, usually gadgets such as iPad, iPhone, Sony Playstation, etc for pennies. Meaning, once you win an auction, you only need to pay for a dollar or two for the item that you've won. Really nice, eh?

Oh, but I forgot--you need to buy bids that you can use in the auctions.

Though I know several of these sites, all foreign, I've only tried bidding in PisoBid because: 1.) If I win, there'll be no hassles in shipping (because shipping fees are always shouldered by the buyer) and 2.) I've been given 10 free bids by this auction site.

In my humble opinion, I think these penny auction sites are really addicting. Why? Because of the fast-paced environment, your eagerness to win (fabulous) items is increased. You might not even notice that your bid credits have already run out because the 20-second timer really ticks fast. Plus, you can get to pay only PHP5 for a PHP1,000 peso Globe load or maybe even less depending on the winning price.

And probably because it really is addicting, there are already hundreds of people who have purchased 1000's of bids from PisoBid to join the auctions. But of course, isn't it fun?

Additionally, I'm thinking that this is similar to gambling--though of course, not totally. It is similar in the sense that everyone wants to win badly. In fact, they'll buy n bids just so that they can win.

And mind you, I find the bids expensive. You see, these bids are usually available in bid packs. In the US, one bid costs USD0.60 and the bid packs are calculated based on this price. However, I find that the prices of bid packs in PisoBid varies. The first bid pack which includes 10 bids costs PHP300 and the fifth bid pack which includes 500 bids costs PHP3,000.

Really, this online auction isn't for the poor.

Oh well, what can I say to these people but enjoy. Enjoy bidding! In addition, I would like to give useful tips on how to be a smart bidder.

Tips on How to Bid (Smartly) in Penny Auction Sites

• Before bidding, be aware of terms and policies including the rules and regulations of auction site. Reading these materials can guide you into what to expect in the ongoing auctions. Plus, you can also create a strategy for an effective bidding (and eventually winning) by going over the rules of the site.

• Make sure to have your research first. Read forums, Facebook pages and blogs before buying bids from the auction site. If they'll give you free bids, use them first and see if you like their bidding system.

• Do not buy bids more than you actually can. If you're on a tight budget, don't try buying 1000's of bids just because you want to save (or so you thought you can save).

• Create a threshold of how much you can spend on these auction sites. By doing so, you can control your spending habits and be able to avoid overspending.

• Lastly, choose a good time of the day (or night) when bidding. Bidding on these auction sites can take more time than you can imagine. Make sure that you're not in the middle of your work when you bid!