Proxy Bidding and Rules
1. What is proxy bidding?
Proxy Bidding is an automatic bidding system where bidding is done on your behalf. You place a bid for the maximum amount you’re willing to pay for the domain. West.xyz places a bid for you starting at the minimum bid plus an increment and your high bid is not revealed to anyone else.
West.xyz continues bidding for you until the price exceeds your maximum bid, then notifies you via email if you have no sufficient balance under account. If no other bidder exceeds your maximum at the end of the auction, you win the item even if your current bid is not a high as your maximum bid. If there are two same proxy bids, the first one who sets proxy wins.
2. Proxy bidding settings
The user can re-set proxy if there is a need. The new proxy can be higher or lower than original one. If you set by error, you can adopt this way to reset.
3. Other description
Buyer price ------- (bid price= current price+ integer-multiple increment).
The higher part will be proxy automatically. West.xyz continues bidding for you until the price exceeds your maximum bid
Under the same offers, proxy bidding leads. If there are two same proxy bids, the first one who sets proxy wins.
The security deposit gives priority to actual bid price and irrelevant to proxy. The proxy bidding is valid only when the balance is greater than or equal to security deposit of proxy.
Say for example, a domain is in auction with a starting bid price of CNY 10.
If bidder A places a bid of ￥50 for the domain, our system will start his bid at ￥10 and bid up to ￥50 automatically on his behalf.
When bidder B visits the auction, he sees the current bid price as ￥10. If bidder B decides to place a bid for ￥30, he will be outbid immediately by bidder A.
If bidder B places a bid for ￥50, which matches bidder A's maximum bid amount, then bidder A would still be the high bidder, but the new minimum bid would be ￥60.