What is Quibids?
Quibids has become of the most popular penny bidding sites online. Not only does it attract thousands of visitors each day, it manages to do so with enormous profits. For those that have seen or used Quibids, it is a relatively new player into the field of penny auction sites. Customers pay to bid on penny or sometimes higher cent auctions. The bidder that has the highest bid when the clock reaches zero wins the auction. However, each time a bidder makes a bid, the clock is rewound back 10 seconds or more, making it difficult to gauge when an auction will really end. This system allows many items to be sold at unheard of reductions in prices. Most of the items sold are fairly high end including iPads, radios, computers, gift cards, and even bid vouchers. This is perhaps the single greatest attraction to the site. People want to find out how buy an iPad for $100 or sometimes less. Thus they pay sometimes large sums of money trying to outbid each other which ultimately results in an explosive profit for Quibids.
Quibids makes a great deal of profit off most of the higher end auctions but can lose money on lower priced items such as gift cards or movies. Sometimes lucky bidders can win an auction for a blu-ray movie for less than a dollar. Others may obtain a $50 giftcard literally cents on the dollar. Sometimes higher end items such as digital cameras or vacuum cleaners can be had for a very small dollar amount. These low prices are very appealing to bidders and many spend money to bid on these auctions with these prices in mind.
How does Quibids work?
Bidders first sign up for an account and have to purchase a bid package of prepaid bids. These bid packages start at around 28 dollars and go up from there. Then the customer can decide to bid on a beginner auction or go on to the regular auctions. There are restrictions on auctions including a limit of 3 auctions in a 24 hour period along a limit of 1 auction win in the beginner’s auctions. The first auctions can be both enticing and tough. The Quibids site even gives guides and hints on how to bid without running out of bid credits. Many bidders will spend all of their bidding credits fairly quickly, especially if they do not understand the site or read the introductory guides. Others that are more cautious and read the help section will have more success.
When a bidder clicks on the bid button, a bid credit is taken out of their account. Each bid then will cost money. The bid usually will result in the bidding price being increased by a cent or more. Often many auctions have multiple bidders that try to outbid each other. This process can quickly drain bid credits from one’s account. If the bidder has the highest bid and the clock reaches zero then they win the bid. The bidder then will have up to a week to actually pay for the item, a transaction fee, and the shipping charges. The items are usually shipped out fairly quickly and most if not all items are new.
My own trial
During the review of Quibids, I decided to give the site a trial run. I signed up for the basic $28 bid package and read through the help guides, which are highly recommended reading. After getting a general idea of the bidding process, I proceeded to bid on a 25 bid credit package and won. I then paid a $2 transaction fee and the amount of the auction which was around 50 cents.
Feeling lucky, I decided to try the regular auctions. I noticed that the main bidding page has two sections: soon to close auctions and a regular listing of auctions. The soon to close auction section is very much where the action is on Quibids. People constantly bid each other during the last moments of each auction and end up delaying the auction sometimes for hours. After bidding on several items, I realized I was simply getting caught up in the bidding frenzy for last moment auctions. Waiting several hours, I tried again for the same success. Some auctions would end very quickly while others kept running through ongoing bids for hours on end. Ultimately I ended up spending all of my bid credits on several auctions that appeared to be better bets but lost to other bidders.
From my brief experiences with Quibids, I realized several strategies. One strategy was to watch the auctions carefully. This can entail watching who is bidding, whether they are bidding constantly or slowly, the amount of the item, even whether the item is highly desirable. On the other hand, waiting on very low busy periods can be helpful if one is prepared to bid at 3am in the morning. This may or may not work for some. A friend who uses Quibids told me this can work sometimes. Another strategy is to understand that sometimes high priced items will go for high prices. If a great many bidders are bidding on a high priced item, it is likely to go for a higher price. This is especially the case if bidders use an automatic bidding system that Quibids provides. However, one should be careful as this process can take out credits quickly.
Perhaps the biggest strategy is to simply understand that there may be no golden rules. Many auctions may go for ridiculously low auction prices with few bidders only to have the exact same item go for a much higher price the next hour. What strategies might apply for one item may no longer be applicable for another auction. One has to be very observant, flexible, and be able to walk away from a bidding frenzy.
Beware the bidding frenzy
It is the perhaps the biggest element on Quibids that makes the company money. Getting into a bidding frenzy is easy and hard to get out of. More often than not, multiple bidders will try to outbid each other only to end up wasting large amounts of bids. These frenzies are almost like tornadoes where one can easily get caught up in the excitement. The best bidders will try to avoid such as frenzies and wait for auctions that have lower numbers of bidders or are less biding action overall.
What is Quibids exactly?
Many have called such sites as Quibids as either scams or even thinly veiled gambling sites. Earlier penny auction sites were caught using automated bidding programs to bid up auctions. This gave penny auction sites a bad name. However, Quibids denies using any type of behaviors and proclaims that it has an ethical operation. Unfortunately this image sticks and some still view Quibids as same as other sites.
Another problem is the nature of how penny auction sites such as Quibids work. The auctions work to encourage last minute bidding frenzies that can easily draw in people to fork over big bucks to bid. On auction sites such as Ebay, bidders do not have to pay unless they win the auction. However, on a penny auction site, players are paying for the privilege of bidding, making it appear to be like gambling. Some people believe that Quibids is gambling covered in the cloak of an auction site. They say bidders are gambling with their purchased bids and may or may not win auctions. The same dynamics or draw may be compelling for some people to keep spending money in hopes of winning an auction.
Ultimately, Quibids offers an enticing auction scene for bidders to obtain items for often very low prices. However, bidders must pay to bid which can end up costing them a great deal of money, especially if they go all out. While the site does appear and seem to be legitimate in its operations, many still view such sites as being unethical or simply gambling operations under a thinly viewed cover. On the other hand, bidders are clearly warned about over spending and wasting bids on auctions. The site offers many help guides that can help anyone win auctions with patience. In the end, people will have to decide if the benefit of potentially obtaining items for low prices outweighs the costs of bids.