A bid in the final two minutes extends the auction by two minutes, and there is no limit on how often that happens. Sniping, winning by bidding in the last second, stops being a strategy, and the price ends where the bidding actually ends.
Selling here is restricted to the audited tier. An auction is the place where a buyer commits fastest and inspects least, so it is the last place a platform should relax the rule that everything listed has been verified.
It needs money to move, which is why it is later than the rest: bid deposits are held by a licensed payment provider, never by Sooqban, and the platform’s own entity never holds anyone’s funds. Until that provider is in place, an auction that took deposits would be doing something it is not licensed to do.
At a glance
- Who may sell
- Suppliers at the audited tier. Nothing lower
- The close
- A bid in the final two minutes extends it by two, with no limit on extensions
- The live feed
- Amount and time. Not the bidder, and not their country
- Deposits
- Held by a licensed payment provider. Sooqban never holds funds
How it works
- An audited supplier lists a lotWith the same verification behind it as any other listing on the platform.
- The auction is scheduledWith its start, its end, and the terms of the sale stated before bidding opens.
- Bidding runs against a soft closeEach bid inside the final two minutes moves the end two minutes out, as often as it takes.
- Settlement runs through a licensed providerDeposits and payment are handled by the provider, who is the regulated party. Sooqban is not.
Who this is for
- A supplier with surplus stock who would rather discover the price than set it.
- A buyer who can move quickly on a lot when the terms are clear.
- Anyone who has lost an auction elsewhere to a bid placed in the last half-second.
Questions
Why does the auction extend instead of closing?
Because a hard close rewards timing rather than price. Extending on a late bid means the winner is whoever valued it most, not whoever had the fastest connection.
Can anyone sell at auction?
No. Only suppliers at the audited tier. The place where buyers commit fastest is the one that needs the strongest verification behind it.
Who holds my deposit?
A licensed payment provider, as the regulated party. Sooqban’s own entity never holds anyone’s money, and that is an invariant rather than a current arrangement.
Register now, and be audited before the first sale.
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