Looking into Quibids? Want to know what is The Quibids exactly? Auction websites (penny auctions) like Quibids, offers a different way to shop online.
The way these sites work is that an user has to pay a fee in order to participate in an auction.
Usually, items that are up for sell are promoted to be far below their retail price. For instance, Quibids claim that they sell high value items at incredibly low prices.
If such items are sold at such a low price, then you can definitely save money by shopping on an auction website right?
Perhaps you can even earn money by reselling said items? 😉
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In this Quibids Review, we will discuss…
- What is Quibids.
- How it works.
- And what we think about it’s earning potential.
What is The Quibids?
Quibids is often called a penny auction website.
The thing is, rarely do penny auction websites only cost pennies to participate in, and Quibids is no exception.
Each “penny” on Quibids has to be bought with $0.60 USD – that’s 60 pennies!
Once you buy the website’s pennies, then you can place a bid on an item.
Keep in mind that higher value auctions, or more expensive products, will cost you more than just one “penny” to enter.
Some in fact have been reported to cost as much as 20 Quibids “cents”.
Once you sign up and connect your credit card to an account, you will automatically be charged for $60.00.
This fee is for the starters bidding package, which is basically forced upon you.
If you don’t want that package, then you won’t be able to take part of any auctions.
It has also been reported that the website’s exclusive currency or “Pennies” cannot be bought individually. You will have to buy bid “pennies” in packs of 40 to 800.
This basically means, you will have to invest a decent amount of money just to try out Quibids.com.
How Bidding Works:
So now that you know a little about getting started, we will talk about how the actual auctioning works.
Each time a new bid is placed on the auction, the price will go up by one, five, ten, or twenty (the amount it goes up is determined by Quibids).
You won’t be able choose how many cents you will pay for the next bid.
This randomness is in our opinion not very professional. While Quibids is not officially a gambling website, it feels like one to us.
That is of course our own opinion.
Back to the matter at hand.
After each bid, users have a maximum of 20 seconds to place another, higher bid.
If no new bids are placed when the timer reaches zero, then the highest bidder wins.
Keep in mind that you will be bidding with other users. So if an item looks more attractive, then there probably will be more bidders participating in the auction.
Can You Lose Money with Quibids:
It’s reported that if you decide to pull out of an auction, then all of the “pennies” you’ve used on that bid will be lost.
You see it doesn’t matter whether you win or lose, once the penny is placed on the bid, it’s no longer really yours.
Seems a bit shady to me!
Remember, there are usually more than just two people bidding on an item. So, this means that there will typically be multiple users that lose their bid “pennies”.
As you can see, this is how many penny auction websites like Quibids make their money.
Supposedly, if you do lose an auction, you can use the “pennies” you’ve lost on bids to directly buy a product. This option is called “Buy It Now”.
However, there have been reports that items in the “Buy It Now” are more costly than usual. Although nothing has been confirmed.
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Is Quibids a Scam?
We haven’t found any evidence that suggest Quidbid is a scam.
That being said, you should still know what you are getting into.
Here is an excerpt from a Federal Trade Commission article about penny auctions in general.
Penny auctions might be a fun way to try to get big ticket items at reduced prices. But in many ways, a penny auction is more like a lottery than a traditional online auction.
In a penny auction, you have to pay to bid.
Before you know it, you could spend far more than you intended, with no guarantee that you’ll get anything in return.”
If you want, click here to read more of what the FTC has to say about Penny Auctions.
What about Scam Bots:
There also have been reports that penny auction website sometimes use bid bots.
Bid bots help a dishonest website by constantly outbidding actual users. This will of course raise the price of the item and in some cases, cause an user to drop out of the auction.
Now, there is no proof that Quibids uses bots or any type of fraudulent methods to steal money.
But, we just want you to know that such a thing exists in some penny auction websites.
So Does Quibids Work?
It’s a high risk, high reward system.
Remember, there will be fierce bidding wars, especially for attractive items, so the price usually shoots up.
So, the website can work. In other words, there is the possibility of winning an item at a discount price.
But, there is absolutely no guarantee.
Seems like a lot of risk for
What Do We Recommend?
Well if you are planing on buying items for a low price from Quibids and selling them elsewhere for a profit, then we recommend against doing that.
There are a whole lot of great ways you can make money online, that are simply just less risky and more profitable.
Plus, you could potentially even spend more money than usual on items in penny auction websites.
What do we recommend?
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