Hi folks! After many questions from some of our readers regarding the winning rate at different penny auctions and the way to minimize your loses, we came up with an awesome idea. Since many of you don’t know how to win or at least avoid loosing too much money we decided to elaborate a strategy you can use to start learning how penny auction works while trying to make money. Our step-by-step technique might works with other auctions but we did not verify so you could always test it.
The Ultimate Guide To Make Money With BidCactus
The first thing you have to do is to create an account at BidCactus.com to be able to participate in an auction. The other essential thing to do is to buy a bid pack (if you are new to penny auctions we recommend that you browse our site and read on the subject). As you know, you will need those bids to bid on stuff, so depending on the value of the item you will bid on you might want to buy at least 50 bids. After this step, you are now ready to start.
Here is the important part. As a new member of BidCactus you are eligible to bid on “Beginner Auctions” which are marked with a “B” icon. Those are easier to win because they are restricted to bidders with less than five won auctions. Ok, now look for a gift card or a pre-paid credit card in this category (it will work even if it is not in the beginner auctions but it might be harder to win….but as you will soon find out an lower winning chance does not mean that you will lose). The best card to get is a prepaid credit card as it will make the whole process easier. Once you found the one you want, wait until the timer is near zero before bidding(15 to 30 seconds).
Before you start bidding on that card you need to verify two things. The first one is that the auction must have an “buy it now” option. They are marked with a dollar sign icon. The second one is to look what is the maximum percentage of your bids that can be apply to the buy it now option. In most case there is no limit but you should always make sure before. If there is a limit, like 50%, then this will be the maximum to bid. As an example, if the card is worth $50 and the limit is set at 50% then you should not bid more than 33 times ($0.75 per bid x 33 = $24.75). Again, this is not the case for every items but you should take it in consideration.
When it is time to start bidding do it in a natural manner aka bid and wait until you are outbid to place another one. This part have nothing particular…you have to bid and try winning the prepaid card. If you win, then nothing else to do. You can use it for your own needs or resell it for profit. If you won it and your final cost is $10 and it is worth $50, you can sell it and make $40 in your pocket.
What if you did not win? Here is the best part. If you spent $30 to try winning it and you did not then use all your bids and apply them to the “buy it now” option. In this case you would have to pay the remaining $20 to get the card. As you can see, you did not loose anything here. You have a prepaid card with $50 on it and you paid $50 for it. You must hurry because you only have 60 minutes from the end of the auction to use this option. You should see the plan by now….you did not loose your money and you had the chance of getting something for less than its value.
The final step to make this works
Take your prepaid credit card to buy another bid pack and start over again. The goal is to do this with two aims. The first one is to get better at winning penny auctions and the second one is to make money. You can now bid in this sequence and every time you win an auction, sell your card and keep the profit.
Repeat as frequently as you want or until you reach your profit target. Take advantage of this right now because we don’t know when it will stop working!