Quibids Reviews: Is Quibids Legit?

You may now be familiar with the penny-auction website called Quibids by now. There are television commercials and ads all over the Internet. Penny auction websites have actually been around for a while and tend to draw a whole lot of interest. The reason is because it is so enticing how you can win auctions on items for cheap, that would otherwise cost a lot at retail value. But some are wondering if this business is legitimate. Here we will go over briefly how it works and how people spend their money on the site. Then you can decide yourself.

How It Works

The process is quite simple. All you have to do is sign up and buy bids. Each bid raises the price of an auction by one cent. But this is the catch. Each bid does not cost you one cent. It costs you 60 cents per bid. So, it can be a bit confusing. Each time you press the 'bid now' button, it costs you 60 cents. The good thing is, the price of the item becomes very cheap and the closing cost is usually 2 or 3 times less than retail value. That is why penny auction website are so appealing.

You can find an iPad going on auction and see that the final closing price was only $120 or so. Or you can see a home theater system running down to the wire, with the bids only at 11 cents or so. This is why Quibids tends to draw so much attention. But there is kind of a catch. You see, all the items have a timer on them. The auction closes when the timer runs down to zero. However, there are only a few items closing at any given time. This causes thousands of people's attention to be focuses on just a couple items, increasing the competition tremendously for that item.

Is Quibids Legit?

Yes, Quibids is legitimate. The reason why some people ask is because it is just so hard to win. You have thousands of people always willing to one-up you at the last second, which causes the timer to go back up 10 seconds. This can go on for hours and you might blast through $20 or so in bids, in no time. You are in a way, gambling to say the least. But that does not mean it is not legitimate. It works and many people have walked away with incredible deals. You can be a winner too.

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