Ebay has long been the most popular online auction website, but if you are looking for something specific, particularly electronics or collectibles such as coins, you might find some luck trying “Ubid.” One the complaints about Ubid is that its auction method differs from Ebays. As one user commented:

Ubids bidding process sucks – near the end of the auction – even the slightest increase in bid will add 10 mins to auction duration. I like ebays method much better – can’t spend all day in front of the computer increasing bid limit. FedEx shipping is too expensive and to restrictive – Would prefer USPS Priority shipping – I live in a rural area and either FedEx can’t find me or I have to sign for the package and am not home when they arrive.

Adding 10 minutes to an auction when a user makes a bid essentially defeats the purpose of online bidding. The point is that you make decisions quickly and if you don’t bid enough, you might not get the item. Adding 10 minutes makes it more likely that Ubid will earn money, and less likely that you will get a good deal on an item.

What has been your experience with penny auctions such as Ubid and others? Unlike Ebay, where you bid a cap amount and you are automatically bid in for an item, you can spend hours on these sites one-upping other people on the internet. However, if they are given 10 minutes to out-bid you, then the chances that you will pay a low price are slim.