You’re here because you want know the answer to this question: what is Wellbid.
We will do our best to to give you a heads up on what to expect from this website. There are a lot of scam websites on the net, so we want to make sure that this site is safe for you.
This review is also going to look into whether or not Wellbid.com is a good website to make money.
What is Wellbid?
Wellbid, in short is a penny auction website that has a unconventional way of bidding and auctioning things.
It is run by a company called Welmory Limited, which is registered in Cyprus.
Wellbid.com actually has a number of sister auction sites that are designed for various countries.
In fact, Welmory Limited conducts penny auctions all over the world, including countries in North America, South America, Africa, Asia, and Europe.
They claim that their goal is to make auctioning off items more interesting to their customers.
They also claim to provide very attractively priced items and services.
In fact, they even posted on their website that there is the possibility of winning an item that as up to 99% off its retail price!
Sounds a bit too good to be true to us.
But, let’s dig a bit deeper.
How Does Wellbid Work?
To get started at Wellbid you will have to sign up, register, and connect your bank account or Paypal.
However, unlike well known and respected websites like eBay, you will have to buy a currency that is exclusively available on Wellbid.com.
This currency is called BIDs, and you will need to buy them in packs to be able to starting bidding.
These BID “coins” are what allow you to participate in an auction.
Once you’ve got BIDs in your account, then you can try your luck at winning an auction.
There is a reason why the website uses its own internal currency and we will get to that in the next section.
Back to the matter at hand. When you find a product that you want to bid for, then you will have to pay with the BIDs you bought to be able to bid.
Kind of a confusing right?
Basically you have to use the internal currency of Wellbid to be able to bid for a product that is being auctioned.
Now keep in mind that to be able to bid, you will sometimes have to use more than one BID coin.
For example, sometimes when you need to raise another user’s bid you will have to place 6 BIDs or 6 of WellBid’s currency.
How many BIDs you will need to use is predetermined by the website.
The highest bidder wins the auction. The auction ends when the time limit finishes.
The time limit shortens every time someone bids.
Interestingly, there is an Autobid option that keeps bidding for you even if you are not logged into your website.
We recommend that you use this option responsibly.
Important Facts About Wellbid’s BID Currency:
If you use a BID on an auction, then it will not be returned to your account.
In other words, expended BIDs cannot be refunded.
This is true whether you win the auction or not.
However, supposedly you can use your expended BIDs to purchase an item in the “Buy It Now” section.
What is the “Buy It Now” section?
This option is only available 24 hours after an auction has ended. You can keep bidding while this option appears, but “Buy It Now” let’s you purchase items at their full retail price.
So, supposedly the expended BIDs that you’ve lost in previous auctions can be used in the “Buy It Now” section to get a discount on the items there.
Yes, admittedly it can be confusing for newcomers, and I think it is supposed to be that way.
You can also choose to buy an item in the “Buy it Now” section without using your BID coins.
This process can take up to 45 days. That’s a long time to wait.
I think the whole point of this complicated process is to ensure users that they buy a product from WellBid.
You see, customers are first attracted by low retail prices, but if they lose an auction, then they will end up having to pay the full price of an item.
This is how the website makes most of its money. This is of course only an assumption and is not backed by evidence.
Is WellBid a Scam?
There isn’t any hard evidence that we can find that shows WellBid is a scam.
There are however some reports online that aren’t exactly positive. Some say that the website uses bots to inflate the prices of auctioned items.
One reviewer claims that they’ve never gotten the goods that they have won. We are not saying whether these review are true or not, but in our opinion, the platform is not a scam.
Wellbid’s Affiliate Program:
The way Wellbid’s program works is that if you refer someone to their website, and that person makes an account, buys BIDs, and uses the BIDs in an auction.
THEN you will get an one time commission.
We couldn’t find much information about the affiliate program of Wellbid, but we do love affiliate marketing.
If you’re going to promote something online, we suggest promoting something you trust and care about, and balance it out with something that is profitable.
Affiliate marketing is a great way to make money online, but you need to have the right tools and training to help you get set up.
Want to know more?
Check out our free training series and learn how to build a profitable affiliate marketing business.
Find our “what is Wellbid” review to be useful? Don’t forget to comment and share it socially!