Have you ever tried bidding on a lowest-unique bid auction? If so, did you like the experience? Did you win anything?
DreamBid.co was the newest penny auction site to offer all lowest-unique bid auctions, and they are also the latest penny auction to shut down.
While the site was very unique and offered great items, they couldn’t make it. They didn’t have enough traffic/bidders to generate a profit and keep the site going.
“Dear DreamBid Customer:
We are very sorry to inform you that no more items will be added to the DreamBid site. Our goal was to make a big positive impact in the world and try to help as many people as possible, but the unfortunate stigma around penny auction sites has made it difficult to find charities to work with. As a result, DreamBid will be shutting down at the end of the week once all of the current auctions have ended.
Members who still have paid bids by the end of the last auction will have two options:
- Have the value of your remaining paid bids refunded to you either by PayPal or check, or
- Have the value of your remaining paid bids donated to a charity of your choice.
Once the last DreamBid auction has ended, you will receive an email with more information on the refund process.
Thank you so much for supporting DreamBid!
Best wishes,
The DreamBid Team”
It’s unfortunate that this article comes after the site has shut down. I personally tested their site out to see whether or not it was legit and how it functioned, however, I hadn’t received my won items until they shut down.
What is a Unique Bid Auction?
There are definitely not as many lowest-unique pay to bid penny auctions as there are traditional penny auctions, so you may not yet be familiar with how they work.
The Basics of Lowest-Unique Bid Sites
Lowest-unique bid penny auction sites charge per-bid to “place a bid,” which is basically just guess which bid is going to be the lowest unique bid on an item.
What is a lowest-unique bid?
Instead of bidding and the clock ticking down, in this type of penny auction users place bid amounts, i.e. $0.01, $0.21, $1.30, $5.23, $0.17, any amount that they want to place and can even place bids (on most sites) for a range of numbers. The strategy behind this type of penny auction is that you need to have placed a bid on the amount that is the lowest number closet to 0 that another user has not yet placed a bid on.
How do you know if you have the lowest-unique bid?
There are timers that will tell you when the auction is going to close, so it could be better to place your bids closer towards to end as other users could always place bids and take away your unique bid. The best lowest-unique bid sites, in my opinion, are the ones that provide you with signals indicating whether or not your bid is the lowest unique bid at the moment. Some, I know Winnit does this, will tell you a range of bids that will include a lowest-unique. The status of your bid is updated when another bidder cancels out your bid.
DreamBid.co
DreamBid was tastefully designed and offered unique, top-notch items, but they took a loss on nearly every single item that they offered. site.
Among their closed auctions was a stay at the Bellagio in Las Vegas, the winning bid was only $0.29! Coach handbags, cookware, a Sphero ball, elliptical machines and a lot of very unique items.
It would be great to see more penny auction sites launch and offer the unique user experience that DreamBid.co did.
Thanks for providing the service that you did, it was fun while it lasted DreamBid!
Discuss this in our penny auction forum!
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