How It Works

GlobalBidders.com auctions – What are they and how do they work?

GlobalBidders.com offers many lowest unique bid auctions. The winner of an auction is the one who has the lowest unique bid when an auction closes.

The following rules apply:

 

  1. A lowest unique bid auction is an auction where the bidder places a bid as low as possible which they feel that no other bidder will bid i.e. the lowest unique bid OR the lowest unmatched bid.

  2. The minimum bid is $0.01 and bids may be placed at increments of 1 cent ($0.01).

  3. There is a minimum number of bids required before an auction closes. i.e. the Required Number of Bids. Once the required number of bids has been reached, the auction will close.

  4. A bid fee is charged per bid. This fee will be charged in GlobalBidders.com credits (1 credit per bid), which can be purchased through GlobalBidders.com’s secure server. Please view our credit prices and promotions on the “Buy Credits” page.

  5. All bids are kept confidential during the course of auctions. You can, however, view the status of your personal bids by logging into your account.

  6. When auctions close, all participants of an auction will be notified by email whether they won or lost once an auction closes. If you have won the auction, the item will be shipped to the address you have provided.

  7. All you need to purchase is credits in order to place bids! There are no other hidden fees. You will NOT have to pay for your bid amount, shipping fees or the item value.

How does GlobalBidders.com select a winner?

For example, for a GlobalBidders.com auction with the following settings:

Max bidding price: $300.00
Required number of bids: 200
Bids Placed: 200

Assuming that the bids received were as follows:

Bid Price Bids Received Note
$1.10 24  
$1.11 19  
$1.12 7  
$1.13 37  
$1.14 25  
$1.15 1 Lowest unique bid (WINNER)
$1.16 9  
$1.17 1 Unique (but not the lowest)
$1.18 3  
... ... Other bids...

 

The bidder that submitted Bid Price $1.15 has won the auction because it is the closest Unique Bid to $0.01 and under the Maxbid limit of $300.00



For more detail please view the GlobalBidders.com's Terms & Conditions.