Frequently Asked Questions: Auctions

When are domains put on auction?

If there is more than one backorder for a domain then we will auction it so that everyone has a fair chance at owning it.

How long do auctions run for?

Each domain auction hosted on DropCatch.ai spans a period of at least 7 days, providing ample time for interested parties to participate and place their bids.

What happens if there a bid in the last minutes of an auction?

To promote fair competition and give all participants a reasonable chance to win, any bid placed within the last 5 minutes of an auction extends the auction duration by an additional 5 minutes. This extension continues indefinitely as long as new bids are placed within the last 5-minute.

What is the minimum bid?

Generally bids start at €30.00 but this can depend on the auctioned domain.

What is the minimum bid increment?

Here is the current structure for bid increments: Up to €99 bids must increment by at least €5, €100 to €499 minimum bid increment is €10, €500 to €1000 minimum bid increment is €25 and lastly for Over €1000 the minimum bid increments are of €100,

I won an auction. What now?

Upon the conclusion of an auction the buyer will receive an invoice detailing the final bid amount for the domain. The buyer is required to settle this invoice within 7 days from the invoice date.

I won an auction but I want to cancel my bid.

The right of dissolution or withdrawal that offers the consumer who has made a bid the possibility to withdraw from the agreement within the legal consideration period of 14 [fourteen] days is not applicable to the agreement that is created between client and customerAll bids are final and can't be rescinded because they influence other user's decisions. Bidding on an auction is a legally binding contract and winning it means that you must pay for it. Outstanding invoices may be forwarded to a collection agency for recovery of the owed amounts. This step is taken as a last resort and may involve additional fees and legal consequences for the buyer.

Can I place a proxy bid?

Yes, we offer a proxy bidding feature, which allows you to submit the maximum amount you are willing to pay for a domain as your bid. The system will automatically place bids on your behalf participant, in response to competing bids, up to your specified maximum limit.

Can I modify my proxy bid?

If you want to raise the maximum amount, you can simply place a new proxy bid in addition to the first one.

You must contact our support team if you want to lower your proxy bid. You must do so before it has reached its maximum amount.

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