Placing a bid on an item is actually pretty quick and easy. At the bottom of every auction listing will be a "bidding" section. There will be three boxes to fill out, the amount you want to bid, your Username, and your password. You must bid at least the minimum bid price, which will be shown next to the bid field. With the Ghana freemarket Proxy Bidding system, you can actually bid your maximum price, and let the Proxy do the bidding for you. To see an example of how Proxy Bidding works, click here.
Deciding on your bid amount is an important part of the buying process at auctions. One benefit of the auction format is that you can see what other people are willing to pay for an item. The best strategy at the Ghana freemarket Auction is to bid the price you are willing to pay, and let your Proxy enter bids as necessary. Proxy bidding is described below, and you can find more information in the Buyer's FAQ.
Normally, an auction closes at the scheduled time as displayed within the listing. However, if there are bids entered within the last 5 minutes of the closing time, then the auction will go into overtime. The auction is extended until there are no further bids for a continuous 5 minutes. This is similar to an auctioneer continuing to take bids until there is no further interest. For example, if a bid comes in with 4 minutes left in the auction, then there will be 1 minute of overtime, unless more bids are submitted. Thus, it is possible for an auction to be extended continuously, although the record so far is 20 minutes.
Overtime helps dissuade "snipers", or last second bidders. For example, you may have spent considerable time and research to achieve your high bid status at an auction. Without overtime, someone could time their bid entry to within a few seconds of closing, leaving you without enough time to notice the bid and enter one in response. This is a common practice at online auctions, and somewhat unfair because if you have a slow internet connection, you could be at a disadvantage. At a live physical auction, you can see your competition, and the auctioneer continues the auction until no one else bids. The Overtime feature allows Ghana freemarket auctions to more closely resemble a live auction. We have found that 5 minutes is enough time to receive an outbid email from our system, log in to our site, and place another bid.
So what's the best strategy? If you have the time and enjoy hanging out at online auctions, then wait until the last few minutes of an auction to bid. Your competition will have 5 minutes to respond, but maybe they are not available. But if you are not able to attend the closing of an auction, then use the Proxy Bidding method, described next. Together, these two features save you considerable time online, while still protecting your chances of winning auctions.
The Proxy Bidding System is designed to save you the time of having to watch every bid at the auction, and is used by all reputable internet auction systems. Essentially, you bid the Maximum price you are willing to pay, right off the bat. But your bid is actually kept confidential, and not posted. The system is now bidding for you, as a "Proxy".
When you enter your maximum bid, one of three things might happen:
1. If there is no reserve, or the reserve has been met, then your Proxy will try to bid as little as possible to get you the high bid. Then it will wait to see if anyone tries to outbid you. Your Proxy will only bid one increment more than your competition, and will never bid more than your maximum. If someone bids more than your top price, you will be notified.
2. If the seller has a reserve price on his auction, then your Proxy will see if it can meet the reserve. If your maximum is more than the seller's reserve, it will submit your bid at the reserve price exactly, and then see if anyone tries to outbid you.
3. If the previous bidder had a Proxy in place (hidden maximum bid), then your proxy will try to beat the previous bidder's if possible.