Is Quibids Auction a Scam Or Legit..?
Should Quibids be your new shopping alternative?
Here is an in-depth look of quibids auction strategy.
Product Name: Quibids Auction
Product Website: Quibids.com
Product Owner: Matt Beckham
Product Price: “Penny Auctions?”
(1 quibid = $.60!)
Example of a quibid currency transaction to US dollar: 40 Bids Package (quibid currency) = $24 (U.S. Dollars)
$24 / 40 Bids = $0.60 – What this means? That each single bid does not cost a penny.
Quibids trick is in utilizing these packages into making the consumer think 1 quibid is equivalent to 1 penny! However, this is not the case, as 1 quibid is equal to 60 cents. Lets take a $100 auctioned item starting at the base of .01 with increments at only $.01 – .02.. Conclusively we can estimate that Quibid makes a profit of..
(60 cents/per 1 quibid) x $100 = $6,000 off of one product! Quibids has not been outlawed to this day, and remains operating and active within U.S. borders.
The complaints are endless and is why quibids must be prevented at all cost
ACTUAL RETAIL COST: $24/40 quibids = $.60!
Please read below on this widely misconceived penny auctioning scam.
What Is Quibids Auction..How Does Quibid.com Work?
Quibids.com Auction is a penny auctioning website designed for people to continually bid on an incremental basis.
Essentially quibids auctioning platform works off of a 10 second, 15 second, and 20 second timer basis. This is the amount of time given to auctioneers to decide on whether or not they want to place their extra bid.
For every additional penny that’s bid on a product allows for this continual stream of highly competitive outbidding on a specific auctioneered item.
Quibids.com Auctioning utilizes $.01 and $.02 increments (in quibids, not U.S. currency) during the set timer.
Here are the biggest problems and misconceptions I found while researching further into quibids.com:
First being this highly misconceived notion that every “penny bid” on quibid, actually costs a penny. Well this happens not to be the case.
Instead, quibids inital offering upon signup when luring auctioning bidders into their platform, consists of purchasing quibid packages. The reason for these packages is to confuse the user into how much their actually bidding or spending every time they make a bid. Thus, every bid you do, although costs “only $.01 – $.02 in quibids,” in reality costs $.60!!
Hence, the highly misconceived notion in utilizing the name “penny bid auctions.” In simpler words, every single bid does not cost 1 or 2 pennies! Obviously if it did, Quibids would not be in business.
This is the reason for the offered packages – To push the consumer into buying these so-called quibids, as a replacement of actual U.S. currency during the bidding process.
After doing the math, you’ll soon realize that after purchasing a quibid package, your actually spending $.60 per bid!! Hence, imagine a bid on any given item starting at a .01 quibid. Even on a $10 gift card, every bid (or quibid penny), which is worth $.60 comes to show that the consumer is way better off simply buying the $10 gift card. Essentially, people on quibid will mistakingly bid continually until they try winning the item, and if they do, they’re likely going to end up spending an absolute fortune as a result!
Another problem that I found, which really annoyed me, was the missing cieling cap on the final bidding prices of these items. Therefore, when people aim to bid on say an iPad, not only can a person jump into the auction at any given time, but there is no limit to the bidding price of the item. This will then allow for an auctioned item to continually rise, up to a thousand times of the actual retail price.
Since the price is shown in quibids however, people mistakingly don’t find out until later, their $40 quibid package not only lasted them a short hour at most in being able to bid on a very small cheap item, but even if they were at the point of conclusively winning, quibid has supposedly incorporated its own bots into the system just to outbid you, and make sure their not selling any item below retail.
What Type of Quibids Products are Auctioned?
Quibids.com auctions off mainly electronic type items ranging from gaming consoles, HDTV’s, cell phones, cameras, various types of gift cards, and many more.
In addition, Quibids gives users the chance to see any upcoming products that are to be auctioned in the next coming days.
What Is The Cost of Bidding on Quibids?
Every bid on Quibids costs around $.60 and are sold in the following quibid packages:
40 Bids Package = $24 ACTUAL RETAIL COST: $24/40 quibids = $.60!
75 Bids Package = $45 ACTUAL RETAIL COST: $45/75 quibids = $.60
300 Bids Package = $180 ACTUAL RETAIL COST: $180/300 quibids = $.60
600 Bids Package = $360 ACTUAL RETAIL COST: $360/600 quibids = $.60
800 Bids Package = $480 ACTUAL RETAIL COST: $480/800 quibids = $.60
Furthermore, quibids runs over 200 auctions on any given day. In addition, any quibid.com winner must pay for the various shipping cost in order to receive the physical item. According to quibids.com, shipping time takes anywhere from five to ten days.
Quibids.com policy only allows one account per household, eight quibid wins per every 28 days, and three quibid wins per day. These quibid auction limits are supposedly said to be put in place, so that more people are given the chance to win the auctioning of a given item.
Quibids.com Auction Timer and Quibid Bots
Theoretically, Quibids can easily scam people from their money, and in-fact this seems to be the case almost 99% of the time. Quibids is no different than your everyday penny auction scam.
Reason being that there are potentially so call Quibid bots that have not only been implemented with quibids but have grown popularity over past years to scam potential winners from a given price by continually upping any potential prize winner by randomly entering into an auction and increasing the continual on-going bidding war.
Therefore, it is my sole recommendation to stay as far away from any quibid or penny auction scams at all cost! The chances of winning yourself a brand new macbook pro are more than slim to none, but nearly impossible.
Hence, the number of increasing complaints continually sent to the “Better Business Beaurou” and other so-called online business reputation overseer’s have been able to do nothing about it because of the huge lack of evidence.
Nevertheless, while most penny auction scams (approximately 50%) in the past year have shut-down alone as a result of the huge lack of items being won, Quibid has somehow withstood all the scam talk as a result of their so-called “ability to create a better user penny auctioneer experience,” along with their buy it now option that allows a person to purchase their loss of money on any given item to be purchased at retail price minus their loss.
To conclude, quibids is no different than any other of the penny auction website scams out there and should be avoided by all means. In addition, for people truly wanting to earn a legitimate online income instead, I recommend this alternative solution, that should truly help you in building a consistent income that will allow you to buy any gifts you like, with your own money, on your own time, in a normal retail outlet!
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Thanks for reading and if you’ve also been scammed by Quibids, you not only have my sympathies, but are more than welcomed to discuss your quibid experience in the comment section below and join our free alternative, only at Wealthy Affiliate!!!