Sim, August 24, 2018
Review of : Quibids
Use : Penny Auctions
Value For Money
It relies on luck
Ease of Use
The ease of use doesn't change anything
Support by email
The Bid-O-Matic is a real joke
Matt Beckham and Shaun Tilford (founders)
Summary : Quibids is what we call a penny auction site. Each time a user bid, the price goes up by 1 penny.
What they don't tell you is that you need to convert : 1 -Quibids- penny is worth 60 cents.
In this review, I'll go into what makes Quibids a legit company and what also makes it a difficult way to earn online.
If you are wondering if Quibids is legit, you are not alone.
Sites like it advertise themselves as opportunities for anyone to grab goods and electronics at 90% less than anywhere else.
It’s only true if you are one of the lucky few.
How it works is that each item is in auction for a given length.
The auctions start at 5 minutes. That way, people have time to see items coming and be ready when the bidding starts.
Each bid placed increase the item value by 1 penny.
Also, each bid adds 10-20 seconds to the timer.
Let’s do some math here. Nothing complicated.
Just to show you how it really works for you and for Quibids.
Say there’s a Macbook air whatever in auction.
You are the lucky one and won it for the amazing price of 100$.
And lucky you, you only bet 50 times on it.
On your side : 50 bids * .60$ = 30$ worth of bids. Add the 100$ you spend to buy the laptop and it’s 130$ for a Mac.
On Quibids side : 100$ = 10 000 pennies right ? Well, 1 -Quibids-penny is worth 60 cents remember ?
So it’s 10 000 * 60 / 100 = 6000$
Let’s say they paid the Macbook 2000$ ? They’ve done a pretty neat profit.
And this scenario is the one in which you are the lucky winner between hundreds maybe thousands of contestants.
If you don’t win, you don’t get your money back. You’d lose 30$ right there.
The company defends itself claiming that its users can buy the items at retail price if they lose the auction (minus the bids).
Do you sincerely think that there’s a lot of persons on Quibids, biding on items thinking : Hmmm, if I lose, I’m going to buy it full price.
For god sake.
People are penny auctioning because they wouldn’t want to pay full price.
Anyway. It’s up to you.
In other words, you probably may, maybe, if you are lucky, win something, sometime.
While Quibids simply wins every time.
It was created back in 2009, in Oklahoma city by Matt Beckham and Shaun Tilford.
As every good success story, they launched the website from Matt Beckham’s apartment.
Since the launch, the company received multiple complaints and faced many lawsuits.
False advertising, disclosure problems, illegal gambling and fake testimonials seem to be the major concerns of users.
If you’d like to learn more : click here.
That’s what you really want to know uh?
Well, you need to purchase at the very least 100 bids. At a rate of 60 cents per bid that’s 60$ minimum.
How much you’ll spend on the site only depends on your behavior.
If you are a gambler like I am and’d like to try QuiBids yourself, I recommend you stick with the bare minimum.
You’ll see how boring it is in the end.
On their website, they say that Quibids makes money, but not as much as we think.
They encounter a lot of losses with auctions.
While it’s certainly the case sometimes, it isn’t clearly 50% of the time as they try to convince us.
Also, I want it to be clear that each bid equals 60 cents.
They write 1 cent but it’s not in US it’s in QuiBids.
Quibids will push you to using their Bid-O-Matic which is an automated bidder.
Stay away from this crap.
You will end-up bidding way more than you should.
One last thought, it is pure gambling.
It’s like the casino, with less chances to win.
Don’t join Quibids with the idea of making a whole lot of money.
If you were to use it, use it for… nah just… stay away lol.
Whatever you are told, there’s too much competition on this site.
I tried 2-3 penny auction sites in the past.
None of which, ended-up to be a life changer for me.
I don’t have the “special technique” maybe.
The way I see things, Quibids is simply the biggest penny auction site.
Which mean the most popular = more people bidding.
If I were to use the site, I’d probably go for the gift cards and dumb stuff like that instead of the electronics like everyone does.
But, instead of wasting my time on penny auctions, I prefer working on my business.
I build websites and make money from them.
Simple. Effective. Risk free.
Many persons claim that Quibids’s a scam for the same 3 reasons :
Even if Quibids has been around for a long time and is one of the most well known companies in the industry, those red flags are enough for me to keep my wallet in my pocket and to only speak of QuiBids in this review.
If you’ve been scammed or think you have, let us know please.
Other interesting reviews I found :
Are you a Quibids addict ?
What’s your take on penny auctions and Quibids particularly ?
Who’s behind Quibids
Does Quibids work
Who’s Quibids for
Is Quibids legit