Frequently Asked Question

03. Auctions

Last Updated 4 months ago


When you list an item for sale in Lokein auction, you choose a starting price, bid increment, auction date for starting & ending and interested buyers place bids. When the auction ends, you sell to the highest bidder.

You can list your auctions depend on your interest. Example: n minutes, n hours, 12 hours, 1 day, 1 week, 1 month & etc. It depends on the situation of your selling approach type. Auction can be scheduled to be posted earlier and your auction listing will be published in the Upcoming Auctions.

To make sure you get the price you want for your item, you can add a reserve price. A reserve price is the lowest price at which you are willing to sell your item. If you don't want to sell your item below a certain price, you can set a reserve price. The amount of your reserve price is not disclosed to your bidders, but they will see that your auction have a reserve price and whether or not the reserve has been met. If the bidder does not meet the price, you are not obligated to sell your item.

You will not be charged an insertion fee to list your item. You can list as many as you want.

Tip

You can also add a Buy It Now price to an auction listing. Buy It Now disappears when the bid exceed Buy It Now price.


Buy It Now in auction listings

When you add a Buy It Now option to auction listings, buyers can either purchase your item right away at the Buy It Now price, or place a bid. The Buy It Now price is available only until someone bids on the item or until the reserve price is met.



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