I guess all penny auction sites may be legal as a business model but in spirit are misunderstood and make money on the gullibuility of people with greed.
The site makes you think you can win a costly thing for a riduculously low price if you buy thier auction bid opportunities and keep placing till you exhaust them. Its actually looks like a gambling under a cloak
This feedback is not just for ipennybid but all sites that operate on this model. Customer beware. Nothing comes free. Even this advice since i have spent some money on sites like those before writing to all