Usually when we want to go thrift shopping or buy a gadget without draining our bank accounts, our usual go to’s are Ebay, Amazon or other reputable marketplaces. Only a few of us had ever tried penny auction sites. Penny auctions sites could be a good alternative for thrift shopping, but it depends on how you go about it.
Penny Auction is an online retailer that operates on a bidding fee auction format. Unlike the usual auctions, Penny Auctions are auctions for the strong heart. You should also have at least 75% of the retail price of the item you are bidding with. Quibids is one of the biggest Penny Auction websites.
Quibids is an online auctioneer that offers a great range of products you can choose from and participants gets additional benefits, like being able to purchase a high quality product at a very low cost and hours of fun and entertainment from its membership.
Quibids charges $0.60 per bid. This site is not for those who have fortuitous hearts, but it is for the strong willed and wise bidders. Use this site at your own risk. If you really want to ever have a successful bid and earn some really good deals, you have to allot a huge amount of time to learn this game and for you to come on top.
What is Quibids?
Quibids is an online penny auction site that claims to offer exciting and fast-paced auctions for thousands of varieties of items across a number of categories. Their incredibly low prices are increased by a penny for each bid placed, giving you an opportunity to save a great amount of money over retail.
However, do not let the statement “Penny Auction” deceive you. Penny Auctions does not mean you pay a penny to make a bid; rather, in Quibids, you actually pay $0.60 per bid you make and you can only be able to bid on varied amounts like 1,2,5,10 or 20 cents increments (depending on the auction) where $0.05 cents is the norm. This may be quite confusing because it says “Penny Auction”, but you can win the item with a price less than 2-3 times its retail price which makes Penny Auctions like these very appealing. However, a lot of users warn beginners to use this at their own risk, this is a very tricky game, and it requires a lot of thinking.
How to Start Bidding with Quibids
You need to buy your bids in Bid packs. There are five options to choose from: 40 bids for $24.00, 75 bids for $45.00, 300 bids for $180.00, 600 bids for $360.00 and 800 bids for $480.00. You will notice that they do not actually sell packs for a cheaper price. If you buy bids per pack, there is no discount or any kind of deal given when you buy more bids. All packs are settled for $0.60 per bid.
If you are new to Quibids, you are not given any other option, but to purchase the starter bid pack with 100 bids for $60.00. You simply cannot start bidding if you try to bypass this. You can purchase other bid packs after you start using your purchased bids. If you happen to win a bid, that’s great. However, there is still a lot of work to be done.
Claiming your “Prize”
Odd enough, Quibids calls the bid packs you purchased as “Prize”. To claim your “Prize” (purchased Bid Pack), you need to pay the amount you won the bid pack for (depending on your purchase). Purchased bids will automatically reflect on your bid account once payment has been made. The amount of bids you make will be automatically deducted from your Bid Account. When you win a bid, you have to pay for the price you won (the thing you were bidding for) and pay another $1.99 for the transaction fee.
A very important tip though, claim your prize once it is there, because if you do not claim it in a week or less, it gets forfeited and you might just lose your prize and say goodbye to your efforts in bidding and the money you spent on your bid packs. In other words, you are officially screwed. So do not ever forget to claim your prize.You can pay the amount using major credit cards or PayPal.
How to Bid and Timing Your Bid
Keep in mind that your bids expire after three years from the date purchased. There is also a limit to the number of auctions you can win within a certain period of time. However, Quibids offers 100% Money back guarantee on any unused bids.
Auctions start at zero every time. Each time you bid the auction price goes up to 1,2,5,10 or 20 cents, all of these are determined by Quibids. The increment is showed in the upper left of the product image but if there is none, it will automatically go up in a 5 cent increment. Unlike a normal bidding, you cannot choose your increment. Each time a user bids on the item, the clock gets reset. It has a maximum of 20 seconds, so the others have the chance to bid.
Are you really winning or Low Key Losing?
When you are the highest bidder, and no one bids by the time the clock reaches zero, you have just won the auction. Let us say you won an IPHONE 6 for $80.00 using 35 bids $21.00. The IPHONE 6’s price in Walmart is $199.00, so you saved a total of $98!! Amazing! Even if you pay for the shipping fee of $9.50 and the transaction fee of $1.99 you still saved a whooping $86.51! Though they claim that 80% of their users experience these kinds of deals, from what I see it is not like that, maybe even the opposite. In this kind of game, it is so hard to successfully get great steals because you might be bidding with people who may have a bigger budget than you.
Most items in Quibids offer free shipping within the U.S (unless stated otherwise), which is also great to add up to your savings. In addition, all items come in a 30-day return policy, less shipping and handling charges. If you return the item not because of Quibids negligence on handling your goods, you may be subject to a 10% restocking fee. To begin this process, all you need is to simply email their customer service or go through a live chat with one of their representative.
What is sad about this kind of retail shopping is you cannot consider it as a retail therapy, because Online Penny Auctions are majorly stressing. In reality, if you are very competitive and eager and committed to win the auction, there are also at least 2 people eager to win. Here is what you call a good bidding war (which is again normal in an auction). Let us say 3 of you wanted to win that IPHONE 6 with a steal price (per se’ $100), each of you uses 35 bids for $21.00. The other who lost just lost a total of of $21.00 each, while the winner pays for their bids ($21.00) plus they won the item for ($100) plus the transaction fee ($1.99) plus the shipping fee (more or less depending on the location $12). A total of $134.99, you still saved $64.01.
However, you three were not the only one who joined that bidding, you and those other two people were just the top bidders. More or less Quibids made at least $80 from hosting that auction, but claim that they take a loss of around 50% of the auctions run each day.
What if You Lose?
When you lose, you can settle and still get the product you want. However, you get to buy them on the price they are selling them. For example they are selling the IPHONE 6 for $150, you can still buy it a little less than the retail price in Walmart.
This may seem enticing, however, you already paid $21.00 for the bids you made, and still pay for the transaction fee and shipping. So it is not an actual auction steal, but if you think about it, at least you did not throw your $21.00 away
Now With the Real Deal, Is Quibids a Scam?
Many users who lost auction biddings call this rigged and/or scam. Some believe that this is purely Pyramid Scheming and some people also say this is not worth their time and money so they do not bother risking their money here. However, if you really think about this is just like gambling. You just have a 20-60% chance of winning depending on how many bidders are joining the auction you are in. A game where taking risks and a strong heart is needed. If you want to thrift shop, this is not a place for you. Nevertheless, if you just want the thrill of joining an auction and competing with other bidders for fun while having a chance to shop at cheaper deals then this is for you.
However, be fairly warned. Quibids is highly addicting just like gambling. Like Lottery Tickets, Horse Racing or any kind of gambling.
Also included in this Quibids Review: Tips for Winning
This game is for the strong heart. If you are not committed to win the price, you might just be just throwing away money. If you cannot commit, do not play.
Go Into the Auction Prepared to Pay at Least the Full Retail Price
If you are not in it to win it, then lose the auction. You can always buy the item on its full retail price or just throw the money you wasted on your bids, that is totally up to you. Always remember that you cannot save more than 25% of the retail price of the item in an auction like this.
Always Wait Until the Last Second to Bid
Even in a real auction, this is a trick people do. The less time left, the less people are more likely going to bid and you might just win the auction.
Use the Bid-O-Matic – or better yet, don’t
This is a tool that can do all the bidding for you. But fair warning, you should not leave this or stay far away from this because you might just lose all your bids and the auction.
Don Not compete with a Bid-O-Matic Bidder
If someone is lightning fast in topping your bid then it might be a Bid-O-Matic tool, wait until you notice this users winning to disappear, meaning they lost all their money and need to reset the tool.
Make Sure it is a “Penny” Auction
Why pay more than 1 cent per bid of you can only pay 1 cent?
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