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As with any investment, you should always do research before allotting time and money to a risky endeavor. Penny auctions are no exception.

The list below features the top 10 highest traffic penny auction sites as of January 27, 2010. Before bidding on a penny auction site, you should always check the site’s traffic using a reliable source like Alexa. Knowing site traffic allows you to determine the legitimacy of a site and helps you gauge the number of users you could be forced to bid against at any given moment.

Top 10 Penny Auction Sites (ordered by their Alexa rank)

  1. Swoopo (Rank: 9,923)
  2. Bidcactus (Rank 13,085)
  3. Dubli (Rank: 20,534)
  4. Beezid (Rank: 39,954)
  5. Haggle (Rank: 65,681)
  6. BidRay (Rank: 89,861)
  7. For10Cents (Rank: 109,629)
  8. Zoozle (Rank: 125,738)
  9. BidRodeo (Rank: 129,359)
  10. BidFire.com (Rank: 143,333)