Press Release   •   Aug 07, 2012 11:28 BST

More people are choosing to make its currency exchange online. It is easier and more convenient simply. Now the entrepreneur Kevin Soltani is taking online currency exchange to the next level, namely through auctions.

Kevin Soltani, founder and CEO of the company Starbid, launched its business concept (English) in July 2012. He got the idea of auctioning of currencies by a long time studying the stock market, especially during the last three years when we ran into a financial crisis and the stock index fell sharply.

- It was based on the situation on the stock that I got the idea of starting a business where we can auction foreign currencies and allow people to buy them at a much cheaper price than the market price, says Kevin Soltani in an interview.

He continues:
- StarBid will feel like a mix of the stock exchange, currency exchange and an auction. It is really exciting and fun that we come up now. You can make amazing bargains for very little money.

StarBid is based on Penny Auction concept, which means that each bid in an auction is equivalent to 10 cents. All auctions are time-based and the time period restarts at each new bid so other bidders will get a chance, if nobody else places a new bid, will the last bidder win the auction. Thus it is in the same way as traditional auctions, where you buy an auction item after the last placed bid. The advantage is that you can bid home currencies for a lower price than the current market price, in fact up to 95 % cheaper. This is true facts due to what has happened on the Swedish website during the last four months"

Participants buy bid packages and can participate in all auctions. The first auctions will close 4th of August 2012.

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