Strategic Considerations
	How to Play

Lowest Unique Bid Auctions is a website which offers item for sale by a reverse auction process. Rather than the bidder with the highest bid winning (as is the case in traditional auctions), the winner is the person who has the "Lowest Unique Bid".
Bids may be any amount between $0.01 and the maximum bid amount listed for each item. The cost of the item is covered by the administration/bid fee you pay to make a bid.

How is the Lowest Unique Bid Determined?

The "Lowest Unique Bid" is an amount of money between $0.01 (lowest) and the maximum bid amount listed for each item. The amount closest to $0.01 where no other bidder has bid the same amount (unique) of money is deemed the "Lowest Unique Bid".

Example of a possible result at the end of the Auction.

Bid	$0.01	Not Unique
Bid	$0.01	Not Unique
Bid	$0.03	Lowest Unique Bid
Bid	$0.04	Unique, but not the lowest
Bid	$0.05	Unique, but not the lowest
Bid	$0.07	Unique, but not the lowest
Bid	$0.10	Unique, but not the lowest

For example if the results above were for an item with the following details:

Auction ID:	00022
Admin Fee:	$5.00
Maximum Bid:	$4.00
Value:	$545.00
Max # Bids per Member:	Unlimited
Required # of Bids:	250
Bids remaining:	0

In this example the Bid of 3c is the Lowest Unique Bidder and is awarded the auction result and would have to pay only 3cents. He/she has therefore purchased an item for $0.03 (Bid Amount) + the $5 Admin Fee (as in the table above) paid when he/she placed the bid.

If the Bidder of the successful bid had more than one bid  they would need to add (the $5 Admin Fee) for each additional bid placed.
Lets say as an example they placed a total of ten bids during the auction their total outlay to own the item would be 10 X $5.00 = $50.00 (initial Admin Fees) + $0.03 = $50.03.

Remember: During the Auction the Lowest Unique Bid is constantly changing, if in this example someone else was to bid $0.03, then $0.03 would no longer be a “Unique” bid, meaning it would no longer be the Lowest Unique Bid, $0.04 would now become the Lowest Unique Bid. However if someone Bid $0.02, as this has not been bid previously by anyone else, it would then become the Lowest Unique Bid.

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Strategic Considerations

It is important to note that the strategy of waiting to place a bid is not necessarily the most successful one for example:
If at the close of the auction we didn't have a single lowest unique bid the successful bidder would be determined by the two lowest exact same bids however the bidder awarded the item would be the bidder that placed the first bid.

So in that scenario it is very important to get your bid in early.

 

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How to Play

Start Bidding in just 3 Easy Steps

1. Register - complete the registration form. Your password will then be emailed to the email address you provide us. It is vital you keep your username and password confidential, otherwise you may allow others to access your Bid Bank and place bids from your account.
   You are fully responsible for all activities that occur through your subscription and under your password and account.
2. Purchase Credit - deposit money into your Bid Bank.
   There are 4 ways to deposit funds into your Bid Bank:
   • PayPal - Enter the amount you would like to deposit on the Purchase Credit page, minimum $5. Then click on "PayPal Click Here To Pay". You will then be taken to the PayPal website. Complete the transaction by entering your credit card details, or using your PayPal account if you have one. Once complete click on "Return to Unique Bid Homes" (this will bring you back to Lowest Unique Bid).
   • Credit Card by Phone - Call during business hours - 8am to 5pm Mon-Fri (AEST).
     Australia: Ph: 1300 550 108
     International: Ph: + 61 7 5585 1930
     
   • Direct Deposit - Click here for details, funds will be credited to your Bid Bank once cleared in our account (you should allow for up to 5 days).
     It is important you use your reference number to assist with allocating the funds to your Bid Bank, if this is not clear on the transfer, delays in fund allocation will occur.
     All funds must be in Australian Dollars.
     
3. Place a bid - Click on "Bid Now" under the item you would like to buy. You will then be taken to the "Place Your Bid" page. Enter the amount you wish to bid, being a dollar amount in the left box and cents in the right box.
   Then click "Submit your Bid".
   You will be shown the status of your bid and an email will also be sent to you with the status. If you want to place another bid, click on "Place another Bid" and repeat step 4.

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