I. What is proxy bid?
Proxy bid is that you set a budget in advance. When the proxy bid you set is greater than the current highest bid, the system will still bid for you with current highest bid. if no one bids, you will win the bid at current highest bid; if someone bids, system will automatically bid for you until your proxy bid is exceeded.
For example, a domain name is in auction, your budget is $500, so you set the proxy bid of $500. Assuming that current highest bid of others is $200 and the lowest bid increment is $10, system will automatically place bid $210 for you. After someone else bids $220, system will place bid $230 for you. If no one bids thereafter, you will win the domain with $230 rather than your proxy bid of $500.
II. How to set proxy bid?
1. Open the domain name auction page;
2. Fill in your budget in the bid box, and then click to place bid. The system will automatically bid for you. When someone bids, system will only add one bid increment for you until your proxy bid is exceeded.
III. How to cancel or modify the proxy bid?
1. To cancel the proxy bid, you only need to make another price in the bid box.
2. To modify the proxy bid, if you set a proxy bid of $2,000, you can increase or decrease the proxy bid before other users exceed yours. But the reduction cannot be less than ‘current price one bid increment’.