How it works

TROYBID organises online auctions of high quality goods and services. The process is simple: for each auction, the bidder who submits the lowest unique bid is the winner.

The auction rules and structure are as follows:

1. A TROYBID Reverse Auction is different from a conventional auction where the winner is the person making the highest unique bid. In a TROYLOWBID%uFFFD Reverse Auction an auction it is the bidder who submits the lowest unique bid that wins. Moreover, the winner does not even have to pay the amount of the winning bid. Therefore it is possible to buy top quality goods and services for free subject only to the modest Bid Entry Fee!

2. In every TROYBID Reverse Auction there is a stipulated Minimum and Maximum Required number of Bids that are needed for the auction. Also there is a Time stipulated when the auction will close. Bids may be submitted up until the stipulated Closing Time. In the event that the Maximum number of bids for any auction is reached before the Closing Time, then the auction will close immediately and the winning bidder announced.

3. A Bid Entry Fee is charged per bid. This fee is payable in TROYBID credits. These can be purchased through our secure server or payment may be made through many different options.

4. During the course of an auction, bidders are not able to see other bids already submitted in order to ensure that all bidders have an equal chance of submitting the lowest unique bid. However, once the auction is closed, the results are published on the site with the details of all bids submitted so as to ensure full transparency. Bidders can check these to gauge the levels they may wish to bid.

5. In the event that there is not a single lowest unique bid, then we shall take the lowest bid where there were two identical bids. The bidder who first bid at this price will be declared the winner. If there are no two identical lowest bids, then we will take the lowest price where there were three bids and again award to the first bidder at this price, and so on to ensure that all TROYBID Reverse Auctions have a genuine winner.

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