How It Works
Bidknox.com
is a pay-per-bid style auction website. The basic philosophy of
a
pay-per-bid website, is to spread the cost of the item across multiple
bidders,
give the winner of the item an amazing deal, while hopefully generating
enough
bids to turn a profit for the website. The site functions similar to a
raffle-
everybody chips in, one person wins. But unlike a raffle, you can see
everything take place in real time, right on your computer screen! We
encourage
you to take a few moments to read this page carefully, so that you
understand
exactly how Bidknox.com works, and so you can get the most out of your
experience-
So when you see an item that has sold for $5.00, that's five hundred bids placed on that item. Remember, each bid increases the price by a penny and adds 15 seconds to the clock. So if Bidknox.com has a Silver Bullion Bar 10oz that we paid $300.00 for, and it sells for $5.00 (500 $1 bids), that's $500 the site has made to pay for the Silver Bullion Bar 10oz. Let's do some examples-
1) A GoldGram 1 Gram Ingot that retails for $75.00, sells for $3.12, how much profit has Bidknox made on this item?
312 Bids x $1 = $312.00 minus $75.00 = $237.00 profit
2) A American Eagle Gold 1oz Coin that retails for $1600.00 sells for $6.84 on Bidknox, how much money has Bidknox made/lost on the item?
684 bids x $1 each = $684.00 dollars minus $1600.00 equals $916.00 loss
3) A Silver Bullion 1oz Bar that retails for $30.00 sells for $.43 cents on Bidknox, how much money has Bidknox made/lost?
43 bids x $1 = $43.00 minus $30.00 = $13.00 in profit
Some important notes to the examples above -
* The bigger the bid pack you purchase, the lower the price per bid you pay. Our $299.99 bid pack gives you 345 bids, which is about $.87 cents per bid
* We offer WORLDWIDE SHIPPING and INSURANCE on all items purchased from Bidknox. The final price is the price you pay, plus $9.99 per item for Shipping and Insurance. WORLDWIDE SHIPPING means just that, if you are in Europe, Canada, Guam, South America, Australia, makes no difference to us where or what you win!
Win Limits
Clock resets Saturday 12:00 Midnight PST
Clock resets the First day of each month.
Daily Win Limits 2
Weekly Win Limits 4
Monthly Win Limits 16
Beginner Win Limits 1(Beginner Auctions are allowed one Win only, all others will be VOID)
Elite Win Limits N/A (This win be determined at a later point for special auctions)
If you bid on a lot of items and win by chance, anything over 2 will be VOID PERIOD so don't try it!
The system can not determine if you win prior to the close of the auction so if you bid on 5 items prior to the close out of the auctions, the system will void anything over 2 Wins so dont waste your BIDS.
We will always monitor the Wins to keep it FAIR and SAFE FOR EVERYONE.
We will adjust Win Limits every First Day of each and every month/or weekly.
Bid Packs count towards your Win Limits, plan accordingly.
Win limits will increase as we add more auctions to the site.
You will be notified by email so please make sure you subscribe to our Newsletter.
RESERVE PRICE
We reserve the right to have a reserve price on auctions.
Please refer to the auction details of the item to see if it has an auction reserve price.
If reserve price is not met at the end of the auction, we will refund the bids to your account
with in 24HRS.
How do I know if I won?
When no one else bids on the item, and the clock goes to zero, the winner of the item will get a confirmation email that's automatically generated instantly by the server, upon the close of the auction. This confirmation email is very important, this is your receipt that you have won the auction. Regardless of what you see on your computer screen, if you have not received a confirmation email, you have NOT won the auction. There are certain things that might happen at the last second, such as a brief pause as the server calculates the bids coming in, the button might gray out as the timer is increased, but the ultimate confirmation that you have won an auction, is the confirmation email. This is your receipt that you have won the auction. When in doubt, check your email!! Also, the item will appear in your Win History so you can complete the checkout.
- Register your account, and purchase a bid
package by going to the Buy Bids page.
- Bids cost $1.00 USD each, and discounts
apply for bid packages starting at $49.99 and up.
- Just like an Auctioneer saying 'Going
once... Going twice...', you will notice a timer counting down to
zero. When someone places another bid, 15 more seconds are added to the
clock.
- If you are the last bidder on the auction
when the timer counts down to zero, you win!
- Winners will receive a confirmation email.
Simply go to MY AUCTIONS
>> WIN HISTORY to pay
for your item, additional shipping charges and insurance apply for your
product for a flat fee of $9.99 per item.
- Each bid increases the price of the auction
item by 1 cent (and adds 15 seconds to the countdown timer).
- Find the auction you would like to bid on,
and start bidding!
- Due to the fast paced style of the
auctions, we highly recommend that you purchase bid packages
ahead of time!
- We also recommend that you sign up in the Bidknox.com Official Blog so you can ask questions, get advice from
other winners, and track your own winnings!
Explanation
#2
- Each bid costs $1
- Everytime someone places a bid, 15 seconds
is added to the timer, and the price of the item goes up by one penny
- If no one else bids when the timer goes to
zero, they win the item at that price.
- If someone else bids over them, 15 more
seconds is added to the clock and the original bidder looses their
dollar.
- Repeat until no one else bids, and the
timer goes to zero with the winner being the last bidder.
So when you see an item that has sold for $5.00, that's five hundred bids placed on that item. Remember, each bid increases the price by a penny and adds 15 seconds to the clock. So if Bidknox.com has a Silver Bullion Bar 10oz that we paid $300.00 for, and it sells for $5.00 (500 $1 bids), that's $500 the site has made to pay for the Silver Bullion Bar 10oz. Let's do some examples-
1) A GoldGram 1 Gram Ingot that retails for $75.00, sells for $3.12, how much profit has Bidknox made on this item?
312 Bids x $1 = $312.00 minus $75.00 = $237.00 profit
2) A American Eagle Gold 1oz Coin that retails for $1600.00 sells for $6.84 on Bidknox, how much money has Bidknox made/lost on the item?
684 bids x $1 each = $684.00 dollars minus $1600.00 equals $916.00 loss
3) A Silver Bullion 1oz Bar that retails for $30.00 sells for $.43 cents on Bidknox, how much money has Bidknox made/lost?
43 bids x $1 = $43.00 minus $30.00 = $13.00 in profit
Some important notes to the examples above -
* The bigger the bid pack you purchase, the lower the price per bid you pay. Our $299.99 bid pack gives you 345 bids, which is about $.87 cents per bid
* We offer WORLDWIDE SHIPPING and INSURANCE on all items purchased from Bidknox. The final price is the price you pay, plus $9.99 per item for Shipping and Insurance. WORLDWIDE SHIPPING means just that, if you are in Europe, Canada, Guam, South America, Australia, makes no difference to us where or what you win!
Win Limits
Clock resets Saturday 12:00 Midnight PST
Clock resets the First day of each month.
Daily Win Limits 2
Weekly Win Limits 4
Monthly Win Limits 16
Beginner Win Limits 1(Beginner Auctions are allowed one Win only, all others will be VOID)
Elite Win Limits N/A (This win be determined at a later point for special auctions)
If you bid on a lot of items and win by chance, anything over 2 will be VOID PERIOD so don't try it!
The system can not determine if you win prior to the close of the auction so if you bid on 5 items prior to the close out of the auctions, the system will void anything over 2 Wins so dont waste your BIDS.
We will always monitor the Wins to keep it FAIR and SAFE FOR EVERYONE.
We will adjust Win Limits every First Day of each and every month/or weekly.
Bid Packs count towards your Win Limits, plan accordingly.
Win limits will increase as we add more auctions to the site.
You will be notified by email so please make sure you subscribe to our Newsletter.
RESERVE PRICE
We reserve the right to have a reserve price on auctions.
Please refer to the auction details of the item to see if it has an auction reserve price.
If reserve price is not met at the end of the auction, we will refund the bids to your account
with in 24HRS.
How do I know if I won?
When no one else bids on the item, and the clock goes to zero, the winner of the item will get a confirmation email that's automatically generated instantly by the server, upon the close of the auction. This confirmation email is very important, this is your receipt that you have won the auction. Regardless of what you see on your computer screen, if you have not received a confirmation email, you have NOT won the auction. There are certain things that might happen at the last second, such as a brief pause as the server calculates the bids coming in, the button might gray out as the timer is increased, but the ultimate confirmation that you have won an auction, is the confirmation email. This is your receipt that you have won the auction. When in doubt, check your email!! Also, the item will appear in your Win History so you can complete the checkout.
