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a quick start quide to humraz

To win, your bid must be the lowest unique bid when the auction closes.

Unique in this context means a bid that no one else has placed. Therefore, when an auction closes the lowest bid that no one else has placed is the winning bid.

• you place your bids using our custom designed auction console
• your bids are precise to the penny
• no one else can see your bids
• the symbol next to each bid will tell you its live status
  - if one of your bids is the lowest unique bid you will see the symbol next to it
  - if any of your bids are unique (but not the lowest) you will see the symbol next to them
  - if any of your bids are not unique, next to it will be one of these symbols pointing in the direction of the current winning bid
• the winning bid is used to determine the winner of the auction (competition); you do not pay this amount

To bid in an auction you reserve a 'seat' before the auction starts.

A 'seat' in an auction gives you access to its console so that you can place your bids.

For most auctions, there is a one-off nominal charge to reserve a seat. Thereafter, bidding is free and all bidders in an auction are allowed to place the same number of bids.

You must login to your humraz account before you can reserve a seat.

You pay for your seat only when the auction start is confirmed.

For most auctions you can pre-book a seat before its start date is set.

The benefit of pre-booking a seat is that you can save 50% or more on the booking price and you only pay once the auction start date is confirmed.

Once you have reserved a seat you are sent relevant reminders.

If you have a pre-booked seat you are sent an automated email as soon as the auction date is confirmed; at least 10 days in advance of its start.

All bidders are sent a reminder on the day the auction starts.

Pre-booked seats help ensure there is enough commitment to cover auction costs.

You are not charged for your seat while an auction is accepting pre-bookings. The auction start date is confirmed only when enough seats are pre-booked to cover auction costs.

Auction costs are calculated as fixed and variable. Fixed costs typically include the value of the lot, overheads and if applicable, stamp duty and a charitable donation. Variable deductions from each seat price typically include VAT, discounts and third-party charges such as payment processing, hosting and support.

The approximate number of pre-booked seats needed to start an auction is calculated by dividing the required auction fund (fixed costs) by the net yield from each seat (after deducting variable costs).

For auctions accepting pre-bookings, the more red in the indicator the closer we are to setting the auction's start.

In most other competitions, when an entry fee is taken and not enough entries are sold, the organisers retain a significant percentage, often 35%, of the total funds and the prize is a cash amount of much lower value than originally promoted. We have designed our pre-booking process specifically to avoid this situation because no money is taken until there is enough commitment to run the auction.

Once an auction starts it will remain open for bidding for at least 7 days.

When the start of an auction is scheduled we also stipulate how long it will remain 'open for bidding' once it goes live.

For all auctions, other than Practice auctions, this open for bidding period will last at least 7 days and will allow bidders the opportunity to place bids and review bid status changes at their convenience. At the end of the open for bidding period, if all bids have not already been placed, bidders are allowed minutes to place any remaining bids before the bidding engine closes the auction.

This format is designed to benefit people who wish to bid at times convenient to them as well as those who prefer to bid just before an auction's close.

Humraz auctions are prize competitions and not a form of gambling.

The auctions we operate are games of skill and not games of chance.

In the UK they are classed as prize competitions and are compliant with the Gambling Act 2005. (Please reference - Reverse Auctions, Frequently Asked Questions, June 2008 - on the Gambling Commission website.)

The design of the auctions ensures that they exceed the basic requirements outlined by the Gambling Commission and meets the criteria for skill as set out in Section 14(5) of the Gambling Act 2005 and, for our many users based in the Middle East, the competitions are even Shariah compliant.

It may help you understand more about bidding if you...

• view the video on the console explained page
• try bidding using our auction simulation
• develop your bidding strategies and skills by participating in our free practice auctions

You could also make 1000s of £s through our referral scheme.

If you recommend humraz to your friends you could be eligible for a referral bonus every time one of them wins an auction.

Most property and public auctions offer a referral bonus. The value of this bonus is displayed on each auction's page while it is in the pre-booking or booking phase. To qualify for the bonus you must have an active humraz account and your friend must enter your unique bidder id* in the referral code box when they register.

*Your bidder id is visible on the top right of the page once you login. This is the referral code your friends should enter when they create their humraz account.

Please be aware that...

Our ground-breaking auction model and software has been designed by us and is unique to humraz. The system that underpins our auctions is custom-built to our design and we own the Intellectual Property rights.

For more information please visit the faqs pages on our site.