How It Works?

BlackBid Auction Rules

What you need to know for a fair, transparent, and exciting auction experience on BlackBid.

"On BlackBid, every bid is a strategy, every increment an excitement. Our rules ensure everyone competes fairly in this dynamic environment."

Starting Price

Every auction begins with a starting price set below the product's market value. This price forms the initial phase of bidding and gauges participants' interest in the item. The starting price does not reflect the product's true value; it is merely a reference point for the auction to begin. As bids increase, the product's true market value emerges.

Braking Zones

BlackBid utilises a 'Braking Zones' system to make the auction process fairer and more strategic. This system dynamically adjusts bid increment limits based on the product's market value. The aim is to balance last-second bids and offer participants the opportunity to place more considered bids.

The table below shows the braking zones and maximum bid increment limits based on market value:

Price / Market Value

Max. Increment

Status

%0 – %15

1% of market value

Ideal zone for rapid increments.

%15 – %30

Suitable zone for normal increments.

%30 – %45

%0.2

Zone for slowing down and strategic bids.

%45 – %58

%0.05

Crawl mode for last-minute bids.

Example Scenario:

An auction for a product with a market value of 1000 GBP has started.
When the price reaches 15%, the maximum bid increment drops to 1%.
When the price reaches 45%, the maximum bid increment drops to 0.05%, and the auction enters 'crawl mode'.
This prevents high-increment bids in the final seconds and ensures a fairer closing.

Fast Zone

Initial phase where bids rise rapidly.

Normal Zone

Middle phase with more balanced bid increments.

Slowdown Zone

Phase where strategic bids gain importance and increments decrease.

Crawl Mode

Critical phase in the final moments of the auction, continuing with the smallest increments.

Balance

A fair competitive environment.

Protection

Protection against sudden price surges.

Justice

Equal opportunities for everyone.

Dynamic

Constantly changing market conditions.

Soft-Close

BlackBid utilises a 'Soft-Close' system to prevent sudden and unfair closings in the final seconds of auctions. This system automatically extends the auction duration if a new bid is placed within a certain period after the last bid.

If a new bid is placed within the last 30 seconds of the auction, the auction duration is extended by another 30 seconds.
This extension repeats as long as new bids continue to be placed, giving all participants a fair chance.

Purchase Process

After winning an auction, you need to follow these steps for the product to reach you:

Payment: You must complete the payment within 24 hours after the auction ends. Payment methods include credit card and bank transfer.
Address Details: Before making payment, ensure your delivery address is up-to-date and correct.
Shipping: After payment is confirmed, your product will be dispatched within 3 business days. Your tracking number will be sent to you via email.
Delivery: The delivery time of your product may vary depending on the shipping company and your address.

Important Note: If payment is not made within the specified period, the auction may be cancelled, and the product may be offered to the next highest bidder or relisted.

Security and Privacy

BlackBid maintains the highest level of security and privacy for its users. All your transactions are carried out over encrypted connections, and your personal data is protected in accordance with GDPR standards.

All transactions are logged.
Identity, IP, and device information are recorded.
GDPR-compliant data processing.
Multiple account usage is prohibited.

These rules have been created to ensure a fair and secure auction environment on BlackBid. If you have any questions, please do not hesitate to contact our support team.