IN Dark Orbit how does bidding work

First you have to have money, then you have to go on the trade link. Then you search for the object you are looking for, then you click on bid. After you put the amount you want to pay to get the object, if you have the highest price when the biding is done you get the object. But if you don't you loose all the money you placed on the object.
Yup but be carefull sometimes some glitchers glitch like they put 1 credit and someone puts in 50million credit then 50 mil lost cuz of glitch