Bidder FAQ: How GBM Bid-to-Earn Auctions Work
Welcome to a new kind of auction- one where you either win the item or get paid for trying. Here’s everything you need to know before placing your bid.
What is a Bid-to-Earn auction?
In a Bid-to-Earn auction, every time you’re outbid, you get your full bid back- plus a financial reward. That means you either:
- Win the item by placing the highest bid
- Or get paid for participating in the auction
It’s a fairer, more rewarding experience for all serious bidders, where everybody goes home with something.
How do I earn money?
When someone outbids you, you get back whatever you paid to secure your bid, plus a reward, directly added to your account’s balance.
Your reward is calculated as a percentage of your bid, and the percentage varies depending on how big your bid is compared to the previous bid.
As a bidder, you’ll know exactly what your reward will be before placing a bid– it’s clearly shown upfront. The earlier and more competitively you bid, the greater your potential earnings.
Where do the rewards come from?
The rewards come from the final bid, so the seller is the one paying for all bidder rewards. The rewards are built into the structure of the auction; no additional funding from outside is required.
Only the final winning bidder pays for the item (as in any standard auction), and the rest of the bidders are rewarded for their participation.
What currency is used?
All bids, rewards, and transactions are handled in whichever currency the auction is being held in- typically USD, EUR, or GBP.
Is my money safe while I’m bidding?
Yes. Every bid you place is fully secured. If you’re outbid, your funds (plus your reward) are immediately returned to you.
If you win, you simply pay the amount of your final bid.
Can I keep bidding if I get outbid?
Absolutely. You can re-enter the auction at any time before it ends- either to try to win the item, or to earn more rewards by bidding strategically.
Do you have extended bidding?
Yes, any bid placed towards the end of the auction extends the timer for that lot. This ensures every serious bidder has a fair chance to respond.
Why should I bid early?
The reward is calculated as a percentage of your bid, so placing early and competitive bids means:
- You have more chances to be outbid
- You earn higher rewards
- You shape the final price early on, and get rewarded for it
- You win if your bid is competitive enough!
What can I do with my rewards?
Once you’ve earned rewards for being outbid, they are available in your available balance, along with the original bid amount too. What you do with them is completely up to you. You could:
- Use them to place a bid again or on something else
- Use them to make a final payment on an item if you have won
- Keep them in your available balance for the next auction
- Withdraw them out completely into your own bank account (if available)
How do I bid?
Bidding is done securely via credit or debit card- we accept all major providers. Simply enter your card details once, save them securely, and you’ll be ready to start bidding in real time. You can also register and use multiple cards if needed.
Why am I paying a portion of my bid and not the full amount?
One key advantage of our system is that you only need to pay a partial amount of your bid upfront- similar to a deposit. This gives you significantly more bidding power, allowing you to place higher or multiple bids without worrying about hitting your card limits.
If you are outbid, you get this partial bid amount back, plus the reward on top- ready to use from your available balance
What happens if I win the auction?
If you win an auction, you’ll need to pay the remaining balance. This can either be completed using your saved card, or the auction house will contact you directly to arrange payment via wire transfer, including any applicable buyer’s premium.
How do you handle reserves?
If an item has an undisclosed reserve, rewards are still calculated and shown when you’re outbid- but they’ll only be paid out once the reserve is met.
This ensures that rewards are only distributed when the item is actually going to sell, meaning there’s real money in the system to back those payouts. It’s a safeguard to keep the model fair and financially sound for everyone.
Anything else I should know?
This model is designed to reward smart, strategic bidding- not just the final bid. Whether you win the item or walk away with a reward, every serious bidder benefits.
If you have questions during the auction, support will be on hand to assist.