Quibids.com - A Closer Look

So you’re thinking about giving Quibids.com a shot but you’re not sure if it’s worth it? Well, read this basic guide and tour to Quibids and be the judge!

Quibids - Is It A Scam?

I’ve got some good news for you: No, Quibids is not a scam. Like any 100% legit penny auction site, the game is played and won using a combination of calculation, timing, and of course, luck. If you’re still doubting the site’s legitimacy, I suggest you head over to BBB (Better Business Bureau) and check out their page. There, you’ll see that:

•    It has been a BBB Accredited Business since September 22, 2010
•    Quibids.com has an A-Rating, which is very high and respectable
•    Resolved / closed about 1060 complaints over the past 3 years
•    The business has completed a thorough internal controls audit by Grant Thornton in 2011

If that isn’t enough to convince you, I don’t what will. Moving forward, since Quibids.com is a penny auctions site, bids only increase by a cent – sometimes 2, 10, or even 20 cents depending on the auction and number of bidders.

Here’s the exciting part however: The final price or selling value of the item on auction will stay very low no matter what. It’s not at all uncommon for a bidder to walk away with a gadget that’s worth $700 for about $20 or even less! Cool, right? But while it is exciting, don’t let that fool you into thinking that it’s easy.

You can walk away with $4000 from a roulette table and spend only in $100 in the process. But we all know how hard it is to pull that off. The same thing can be said with any penny auction site. While it is doable, there are other bidders and the odds are stacked against you.

So How Does The Site Work?

If you’re a bit confused about how Quibids work, here’s a quick tour: They sell you bids NOT items. You can use those bids to bid on real and expensive products. The diversity of products on auction at Quibids is amazing – you can find iPads, top-tier PCs, MacBooks, home theater systems, and those are just to name a few.

•    Every bid costs $0.60
•    Every bid adds a penny - $0.01 – to the auction price
•    Of course, you will compete with other bidders who’re just as eager to get that item
•    Keep in mind that every auction in Quibid has a timer of 15 seconds
•    Placing a bid before the timer runs out resets it back to 15 seconds
•    As a certain amount is reached, the timer is shortened down to 10 seconds
•    If the timer runs out and you are the highest bidder, you bag the item!

Sounds really cool, doesn’t it? After winning, you only have to pay your bid amount as well as the shipping.

A Cool Feature

One of the niceties on Quibids is that if you lose the auction, they let you take the total amount you placed on the bids as credit for buying the item on auction at full retail price. Other penny auction sites don’t offer this ‘backup plan’ so to speak.