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Proxy Bid?

What is a proxy bid?

Here are a few terms that you must also be familiar with to understand Proxy bid:

  • Current Bid – The leading bid that is currently placed
  • Minimum bid – the minimum bid amount that can be placed on a koi at any given time; this is typically set to a specific increment, for e.g. $10. If the Current Bid is $100, then for someone to Counter Bid they must meet the minimum Bid which will be the Current Bid plus the increment of $10.

Now that we know what these terms are, then what is the proxy? Have you ever Bid $20 on an item and were prepared to pay $40 but just because you were not available to monitor you lost out because someone Bid $25? This heartache is solved with the Proxy Bidding function which is like your Bidding Robot.

In auctions, you will notice that the bid you place can be any amount equal to or greater than the minimum bid. If you place a bid that is greater than the minimum bid this will be considered as a proxy bid. You will notice that the current bid will still only increase by the $10 increment higher than the Current Bid although you placed a higher Proxy bid. Only you will be able to see what proxy bid you have placed.

For e.g. If the current bid for a koi is $100, and you bid $150, then the new Current bid is $110, you will then see that you are the lead current bidder with a bid of $110 but have a proxy bid of $150.

Why is all this useful? Proxy bidding ensures that you will get the koi for the least amount possible since you can now win the Koi for $110 even though you bid $150, and since competitors may bid, for example $120 afterward, your Proxy bid will automatically place a counter bid of $130. Only when the competitor Bids $160 would you be outbid. This allows for you to Bid the maximum you are prepared to pay for a koi but get it for the lowest price possible in the auction which would be in this case $10 more than whatever a competitor bid against you, up to the value of your Proxy Bid. 

When your proxy has reached its maximum, it will no longer be able to automatically bid up when new bids are placed. At this point, you can place a new bid, which can either be just the minimum bid or another proxy bid.

How to Bid

Hello!

Welcome to the Caribbeannishikigoi.com Auction!

Before you place any bids, please read our terms and conditions. The terms and conditions contains important information regarding purchasing a koi from our auction.

Here are a few things that you may want to know about our Auction.

What you should have before you Bid?

As with most online shops, you must have an account before you can take part in any of our Auctions. Please fill out the necessary information on the Register Page. There are no charges associated with creating your account. You will be asked to verify your email address, so please have your inbox open to click the link in the verification email.

You must be over 18 to participate in any of our auctions. You must also have a valid payment method. We accept Credit cards, PayPal and Bank Transfers.

You are free to browse all our live auctions at any time, but you must login before you can place a bid for a koi.

On your first attempt to place a bid, you will be redirected to a page where you will be asked to enter a payment option. Do not be alarmed. This is so that after an auction is won, if payment is not submitted within 24 hours via the auction payment gateway, this payment option that you enter here will automatically be billed for the value that the auction was won at. Please refer to our terms and conditions for more information.

How Do I bid?

After you have done the initial steps, you can now place bids on as many koi as you would like.

Here are some of the information that you might see on the auction and their meaning:

  • Estimated Value: This is the value the breeder has determined that the Koi would have sold at if it was sold the normal way
  • Current Bid: This is the bid value that is currently in the lead for the koi.
  • Top Bidder: This is the user that has placed the current bid
  • Buy it now (BIN): The value that you can buy the koi at. Read More Here
  • Minimum Bid: This is the next minimum bid that can be placed
  • Proxy Bid: This is your Proxy bid, Read More Here
  • Refresh to see new bids: This is a link that you can easily click to refresh your page. Refreshing this page is the only way to see when new bids have been placed after the page loads. Be sure to refresh your page at regular intervals to see new bids especially during the last few minutes of the auction
  • Place Bid (input): this is the field where you can enter the value that you would like to bid
  • Bid Now (button): click this button to submit your bid
  • Bids History: Click this link to see the history of how the bidding has progressed

You can use the Search bar on the list Auction page to help you find a koi that you like. The auctions are sorted by the earliest close time to the longest close time. Once you have found a koi that you like, open that koi page to proceed with bidding.

To bid all you simply have to do is enter the amount that you wish to bid into the place bid box and click the bid now button. You can bid the minimum amount or any amount that you are willing to pay (proxy bidding).

Our Auction is set by default to bid as a proxy. You can keep track of the progression of the proxy by viewing the fields above, or the bids history. Read More Here

Once the current bid reaches the value of the reserve Price the BIN button will disappear. Read more here

You can view auctions that you have previously placed a bid on by going to “My Bids” section on the menu. Once you are on this page, change the filter to “active” and you will see any auctions that are still open that you have previously placed a bid on. Once you have placed a bid on a koi you will receive emails from us every time an event takes place on the koi.

Bidding will only end once the time left has run out. If a bid is placed closer to the time the auction is scheduled to close, it will be extended by a few minutes. So ensure that you keep refreshing your page to see new bids during this time. The auction will be extended every time a bid is placed in the last few minutes of the auction. This is necessary to ensure that all bidders get a chance to respond to any new bids placed in the last minute and prevent “sniping”.

Once the auction time has run out, the auction will be declared within the next hour, Please check back the auction page to see if your bid has won, you will also receive emails regarding this.

Once you have won the auction, you will be asked to confirm and make payments via the gateway indicated on the auction page. You can select from 1 of 3 payment methods:

  1. Credit Card - you will enter your Credit Card details for us to process payments
  2. Paypal – you will be taken to the Paypal gateway to make payment for the value that the auction was declared at
  3. Bank transfer – you will see the detail to wire transfer the funds to TrinidadKoi.com. Please send an image of the successful transfer to operations@trinidadkoi.com. The customer is responsible for any fees that your bank will charge to transfer the funds.

What is BIN?

As the name of the button suggest, The Buy It Now (BIN) button allows you to purchase an item right away before the bids reach the BIN price.

The BIN button is particularly useful if there is an item that you want very much and prefer to lock in the purchase at a fixed price rather than take the risk of the cost going well above the BIN price as the auction progresses.

No matter the value the BIN is set to, the auction bidding will operate in the same manner. If you wish to bid, enter your bid in the place bid field and click bid now.

The BIN button will no longer be available when the current bid crosses a reserve price, which the seller determines. The reserve price is usually a set percentage of the estimate value; typically it is set to 50% of the estimated value. Once the current bid crosses the reserve price, the BIN button will disappear and bidding will have to continue until the auction closes naturally. The percentage used to calculate the reserve price may vary from item to item, based on the sellers discretion.

If you click the BIN button when available, you will automatically be declared the winner of that auction. Once you have used the BIN no cancellation will be accepted and it will have to be paid within 48 hours.

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