Beware of Hidden Reserves

Before purchasing bids on a newfound penny auction make sure you sit back and watch the auctions for a few minutes and read all terms & conditions as well as any “How it Works” pages.

A reader just brought to our attention the undisclosed reserves of penny auction Ubidplace.com. He also found that the last real closed auction was many months ago.

ubidplaceuBidPlace.com does tell us that they have reserves, but they don’t tell you which items have them when it looks like all of them do.

“Common Questions:
Q: How do I know if there is a reserve?

A: You don’t we do not disclose that information for multiple reasons.”

Why should you be cautious?

There have been many penny auctions (Wormdeals.com for example) that have had undisclosed reserves, never obtained enough bidders and just closed up without issuing refunds to anyone.

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