Frequently asked questions

1What is the auction system?

The auction system is a method of selling products through competition between buyers, where each user submits increasing price offers, and the sale is made to the highest bidder when the auction time ends.

2How do I participate in an auction?

To participate in an auction, you need to register on the platform, browse available auctions, and place your bid. Make sure you have sufficient balance in your wallet to cover your bid.

3What happens if I win an auction?

If you win an auction, you will be notified immediately. The amount will be deducted from your wallet, and you will need to complete the payment and delivery process according to the auction terms.

4How do I become a partner?

To become a partner, you need to register as a partner on the platform, complete your profile information, and submit the required documents for verification. Once approved, you can start listing your products for auction.

5How are profits calculated for partners?

Partner profits are calculated based on the final sale price of the auction, minus platform fees and any applicable taxes. Profits are transferred to your wallet and can be withdrawn according to the withdrawal policy.

6What is the withdrawal process?

To withdraw your profits, go to the profits section, enter the withdrawal amount and your bank account details (IBAN), then submit the withdrawal request. The request will be reviewed and processed within 3-5 business days.

7What happens to my deposit if I do not win?

It is refunded automatically when the auction ends, through the same channel you paid with: back to your wallet for wallet or SADAD payments, or restored to your promissory note if you used one. No request is needed.

8How long do I have to pay the balance after winning?

The deadline is shown on the final payment page as soon as the lot is awarded (three days by default). If it passes without payment, the deposit is forfeited under the refund policy and the win is cancelled.

9Which fees are added to the hammer price?

A commission at the published rate of the hammer price, VAT on the commission (or on the bid amount when the seller is a business), and a fixed administrative fee. For real estate, the real estate transaction tax replaces VAT. The full breakdown is shown on the lot page before bidding and on the final payment page.

10Why was the auction extended when it was about to end?

Any bid placed in the final minute automatically extends the auction by two minutes so everyone gets a fair chance. Extensions continue as long as bids keep coming, and the auction ends two minutes after the last bid.

11Can other bidders see my name?

No. Only a bidder code (such as VH-2619) is shown in the bid log and in the winner announcement. Your name and phone are visible to platform administration only.

12What is a promissory note and when do I use it instead of a cash deposit?

A promissory note is issued electronically through the Nafith platform and stands in for a cash deposit once approved. It suits bidders who join several auctions without locking cash; the deposit amount is drawn from it per auction and restored if you do not win.

13How do I know my bid went through?

Your bid appears immediately in the bid log with the new price, and the current price updates for everyone viewing the lot. If it does not appear within seconds, check your connection; the platform never accepts a bid below the displayed minimum.