Quibids Review: Is Quibids Legit Or A Scam?

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Website: Quibids.com
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Online auction sites are becoming increasingly popular and while Quibids does seem to be leading the pack with some of it's unique features and user tutorials, it seems to catch a lot of negative criticism from it's steep prices and misleading marketing. Quibids, like many penny auction sites, restarts the countdown timer any time a new bid is made. This gives other users a chance to bid and feels more like a conventional auction in that regard. It also opens the doors to timing strategies, where users can prey upon "easy picking" auctions at a time of night or day when most users aren't online to outbid. 

Hi, I'm +Jay. Entrepreneur by day, internetist by night. Thanks for visiting my page and be sure to leave your comments and questions below!

What is a Penny Auction & How Does It Work?

To those who are not familiar with penny auctions, these websites offer retail products at an extremely reduced price. A perfect example would be an iPad 2 retailing at $399, yet sold at auction for a mere $19.23 to the winning bidder. To the masses, this looks like it could be a really good opportunity to walk away with tons of ridiculously inexpensive loot... but the truth is large-ticket auctions like the iPad are rarely won and the profit loss accrued by Quibids is far outweighed by the shear volume of bidders fighting over it during prime-time hours. This makes their loss very minor in the long run.

What some people don't realize is that every 1 penny bid costs around $1.00 on Quibids. which means the winner of the $19.23 iPad was just one out of 1,923 bids - all of which earned Quibids nearly $2 grand.

While the business model can be construed by some to be "shady", it's still a pretty brilliant way of basically "raffling off" cool (and sometimes very expensive) retail items at crazy cheap prices.

Users with a bit of wit, tactic and determination can figure out ways to game the system to their advantage.

WARNING: I DO NOT recommend Quibids for those starting out in penny auctions!

I'd go with Beezid instead. You have more opportunities to win auctions because of the smaller user base and with the right coupon you receive a lot more bids for the buck. I always recommend this to friends because it gives you a chance to gain experience and formulate your bidding approach without spending an arm and a leg.

UPDATE: I scoured the net for coupons, and the best one I could find as of writing this (June 2013) will give you 50% more bids and 26 dollars off your first package. Twice as much for almost half the cost... (wish I had this when I first started!)

Coupon code: "SWIM"

Quibids Bid Packs

Quibids Under the Microscope
How it works.

Quibids is nothing too terribly different from some of its competitors, but does offer several twists on the typical penny auction site model.

It includes fixed bid increments, the necessity to pay for your bids; and the timer countdown strategy which is all common amongst these types of sites.

Each auction has a fixed bid amount. Usually just one penny, but sometimes three or five cents.

To make a successful bid, you are required to purchase bid packs. These prepaid bid packages can be bought at a lower cost per bid when purchased in larger quantities. For the true veterans who know what they're doing, these "bulk" bid packs save quite a bit of money.

Auction items are placed on a continuous countdown timer which rolls back to 20 seconds for every bid that's made. So once a new bid has been made, the timer resets to 20. As the auction starts dragging too long, the timer gets capped at 15 sec, then 10 sec if even more time goes on. When there are no more seconds left on the clock, the last bidder is declared the victor, and the winner of the auction item.

Because this can be a confusing process to some, Quibids provides newbies several "starter auctions" for lower priced items. This is like a tutorial so new users can get a hang of things before bidding on more expensive auction items where the competition is way more fierce. Quibids recommends first observing related auctions that you're planning to bid on, prior to bidding. Not bad advise, as this will give you time to notice the strategies of other bidders.

Quibids gives everyone the same opportunity to win items. However they restrict the number of auction items you can win in a particular period of time.

You're only allowed to win 12 auctions during each 28 day period, and you're only allowed 3 wins every 24 hours. It's also not permitted to win more than one auction of the same type in each 28 day period. This reduces the number bidders who try to game the system. Some might try to sign up for more than one account - but this is against Quibids Terms of Service and basically requires creating an entirely new identity and shipping address. Not too easy for the average Shady Joe.

Quibids Commercial:

Is Quibids a Scam

For those who don't do their due-diligence and research, it might seem that way. But to those who create good strategies, Quibids presents a very fun and potentially profitable buying experience.

It's strange how many people start something without really knowing what they're getting into. The internet is an easy place to fall into that kind of trap so I can't emphasize enough how important it is to research strategies that are working for other people before going off on bidding frenzies. The thing that seems to be most overlooked about Quibids is that each and every bid costs around 60 cents no matter what - regardless of winning the auction or not! It could come off misleading for the beginners because the actual bid cost only goes up by a penny. It's important to know you still have to pay 60 cents to make that penny bid.

The reality is that Quibids has a brilliant system of raffling off high ticket items at very low prices.

Quibids goes a long way to inform and educate newer users about how the system works. You'll see a lot of comments and remarks from around the web about Quibids being a scam but it seems those types of comments come from users who did not take the time to understand the system and probably skipped over all the tutorials and newbie-friendly auctions they prepare for new users. Feel free to share your experience, thoughts and opinions with Quibids.

Penny Auction Strategies

One of the keys to successful bidding is timing. The more users that are online, the harder it will be to win. More competition = smaller chance of winning. Try to pick a specific day when fewer users are online.

From my experience, the best time to bid is during Wednesday. Also recommended are Tuesdays and Thursdays from 2 to 5pm EST.

As a bit of a Quibids "veteran" I can tell you the best days to bid are Wednesday, Tuesday and Thursday from 2pm-5pm EST. The worst times are the weekends.

Best to stay away from bidding during Saturday, Sunday and Holidays. Because a tremendous amount of users are online and ready to bid compared to week days when many people are at work.

If you find yourself bidding on weekends, avoid bidding between 10pm and 2am. That is when the competition is the largest.

Watch closely on the same or similar type of auctioned items you plan to bid on as you can often foresee how much the winning bid for the same or similar item will be on the next days. As example, an item won for $30 on one day; in the future you should begin to bid once it reaches $35 - $40.

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