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What is Premium Level auction? What is the difference between Premium Level auction and Basic Level auction?

Premium Level auction allows you to set the Starting Price and Reserve Price. 1% of the Starting Price or Reserve Price (minimum 400 RMB) will be frozen as auction deposits. The auction deposits will be deducted in case of abortive auction. Please set a reasonable Starting Price or Reserve Price.

 

You are unable to set Starting Price or Reserve Price in Basic Level auction.
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