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New to X5?
New to X5?
Q. What is a reverse auction?
A. A reverse auction works slightly different from a normal auction. Instead of the highest bidder winning, the winner is the user that places the lowest unique bid on an item.
Q. What is the lowest unique bid?
A. The best way to explain how it works is with an example:
If the auction was to close at this stage User D would win as the lowest unique bid at that stage would be $0.06.
Q. How to get started with X5?
A. Getting started with X5 only takes 4 easy steps.
A. X5 runs two types of auctions which users can be involved in.
A. After winning an item in an auction you will have 7 days to confirm the item. This is done by going to the ‘won auctions-unconfirmed’ page which can be found on the ‘My X5’ page. There you simply fill out your details and confirm the item.
A. A reverse auction works slightly different from a normal auction. Instead of the highest bidder winning, the winner is the user that places the lowest unique bid on an item.
Q. What is the lowest unique bid?
A. The best way to explain how it works is with an example:
- User A bids $0.01 – this is now the lowest unique bid.
- User B bids from $0.01 to $0.05 – $0.01 is no longer a unique bid and the lowest unique bid is now $0.02
- User C bids $0.07 – this is a unique bid but it is not the lowest unique bid.
- User D bids $0.02 to $0.06 – the lowest unique bid is now $0.06
If the auction was to close at this stage User D would win as the lowest unique bid at that stage would be $0.06.
Q. How to get started with X5?
A. Getting started with X5 only takes 4 easy steps.
- Register. Registration is free. Simply fill out the registration form with your information and provide a valid e-mail address. You then chose a username and password. It is your responsibility to keep these confidential as X5 take no responsibility for any activities that occur on your account. A confirmation e-mail will be sent to your e-mail account once you submit the registration form. You must click on the link in the confirmation e-mail to activate your account.
- Log in. Once you have activated your account you can log in using the username and password you have supplied to begin exploring X5.
- Purchase credit. You can deposit money in your X5 account in the following ways:
- Money order - You can send your money order to PO BOX 506, Mascot 2020, NSW, Australia that is payable to Perfect Empire Corp. It takes 5 business days to credit the money in your bid account once the receipt of the money order is received.
- PayPal – You can provide the X5 link to the PayPal secure payment site wherein you can enter your PayPal balance or use your PayPal account, if you have one.
- Direct Deposit – Funds will be directly credited to your account within 5 working days once they have been cleared. BSB: 012 141 A/c no. 900 219 964 A/c name: Perfect Empire Corp, ANZ.
- Cheque – A cheque payable to the Perfect Empire Corp can also be issued. On receiving a cheque, the funds will be added to your bid account within 5 working days.
- Placing a bid. Click on the ‘Bid Now’ button for an item you wish to win. You will be then taken to the ‘Place your Bid’ page where you can enter the amount you wish to bid. Then click on the ‘Submit ‘button and you are now taking part in the auction.
A. X5 runs two types of auctions which users can be involved in.
- Timed Auctions – In this type of auction a time limit is set for an item and whoever places the lowest unique bid within this time frame wins the auction.
- Bids Remaining – In this type of auction the auction ends when a number of bids have been made. If the item has gone 90 days without the bid number being reached the auction will be changed to a timed auction with a 10 day duration.
A. After winning an item in an auction you will have 7 days to confirm the item. This is done by going to the ‘won auctions-unconfirmed’ page which can be found on the ‘My X5’ page. There you simply fill out your details and confirm the item.
