What is Quibids? Is it a Gamble?

posted in: Online Scams & Product Reviews | 8

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Service: Quibids (Pronounced “Kwi-Bids”)

Price: $60 for Package of 100 Bids

Website: http://quibids.com

Rating: 15 Out of 100

Summary: Quibids is a penny auction website claiming customers can obtain high ticket items for pennies on the dollar.

Bottom Line: NOT RECOMMENDED

 

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No Love Lost with Quibids

During the holiday season 2014, you probably have seen several commercials on television showing “elated members” who won high ticket items while paying small amounts for those items. The website where they won this was Quibids.com.

So what is Quibids? The commercials made it seem like you could get brand name electronics for up to 95% off the retail price. This leaves many people asking, what is the heck is Quibids and can I make money using them? Are they even a legitimate company?

If it’s sounds too good to be true, it usually is. The trouble is right from the start, in order to start bidding, you are required to shell out $60 for 100 bids. Each time you bid it will cost 60 cents that you surrender to the company whether you win the auction or not.

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See the Pros VS Cons 

Pros vs. Cons

If you buy into the whole concept of penny auctions, then I suppose there can be some pros that you may realize with Quibids.

Pros

  • Each purchase qualifies you for voucher bids (different than the ones you pay for which are called real bids) that can be used for future auctions
  • You can refer others to gain more voucher bids
  • Playing games on their website can get you voucher bids as well
  • If you lose an auction and still want to pay full price for the item, the amount you spent in bids will be subtracted from that price.

Cons

  • 60 cent bids are very expensive
  • There is no other increment available – only 60 cents
  • When there is only 20 seconds left in the auction, time is added to the auction after every bid. Bidding wars can cost you big bucks
  • The Quibids concept is not unlike gambling
  • Ending bids do not include shipping and other fees – Quibids claims free shipping on all items but that is not what is stated in their Terms of Service.
  • Voucher bids expire along with other exclusions on these types of bids – the terms are very confusing
  • Regular (called real) bids also expire after 3 years

 

How Quibids Works

Each auction starts out at a penny and is incremented by a penny on a bid. The cost for the bid is 60 cents for each penny increment. If you win the bid, you still pay whatever the final price is as well as all the bids you made. So if you have made 10 bids you are already on the hook for $6.00 + cost of item. Bidding does not guarantee that you’ll win.

When there is only 20 seconds left in the auction, more time gets added to the clock after each bid. It wouldn’t take much for employees of Quibids to  run up the clock while at the same time draining your wallet by inflating bids. Or worse, this run-up process could easily be automated using the main system. This alone makes penny auctions a lousy business model. There’s simply too much room for abuse.

 

How quibids Can Claim It’s Not a Gambling Website

triple-seven-mdSince the company gives its members the option to buy at full price for all items (less the cost of bids) it can effectively keep away from being labeled a gambling site. However, just because the company manages to skate by a legal technicality does not mean it is a good service. The whole business model is flawed.

 

Complaints by the Boat load for who… Quibids!

It won’t be difficult to find complaints made about Quibids. It’s funny that on their website, they claim to have Better Business Bureau accreditation but I was not able to find it. Perhaps it’s been revoked? The biggest complaint that you will find is that people feel the bids are rigged in the manner I discussed, i.e., employees or automated computers artificially bulking up the bids. Other complaints have to do with lack of available high ticket items.

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Quibids recently announced that they are introducing a locking auction feature. This is in response (according to the company) to customers that have been complaining the difficulty to win auctions.

The locking feature will make it so only those that were bidding prior to the lock out period (determined by Quibids) are allowed continue with the bidding. This prevents people from haphazardly coming in trying to force the biggest bidders out of the race.

While this will help in some instances it does nothing to address the automated bidding that many suspect is going on. If anything, it gives a false sense of comfort to customers letting them think that the all that make the it within the locked period are legitimate bidders. It’s probably not easy to prove but the opportunity for abuse is simply too great.

millionaire money machine is a scamThere are also complaints that Quibids is not an authorized dealer of several of the higher end products  sold on the website. If true, this can mean those items are sold with no warranty. I was not able to find any information on their website that either confirmed or refuted this claim.

As such, it is advisable to contact the manufacturer of the item you wish to bid on and ask about Quibids’ authority on such a matter. But why even take risks?

 

Read the Terms Carefully

If after this entire discussion you are still not convinced to stay away from Quibids, then I urge you read over all the terms very carefully to make sure that you understand what you are getting involved with. To be fair, most penny auction sites operate in a manner similar to Quibids.

They just happen to be the biggest of this genre. Each penny auction service has nuances but at the end of the day, paying for bids is a terrible way for an auction to operate.

 

Bottom Line

Quibids and the majority of penny auction sites, should be avoided in order to reduce the risk of losing money. Be careful what you search for out there. Research and learn what is working first!

 

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8 Responses

  1. azlan

    Thanks for the information Rick. It seems like a gambling to me. I would rather go to Vegas than play with Quibids 🙂

    Azlan

    • Rick

      You ar welcome Aslan. It is gambling basically, and you don’t really know if the house is cheating or not!
      Rick

  2. Martha

    For me, it is a scam. Sooner or later we will learn about the complaints. Maybe there is a web page about complaints against Quibids. This company is a high risk customer for any banking institution. No doubt about it. As you mention, where is this company
    revenue with the prices that the commercials state.
    Thank you for this posting. Somehow I thought that it would be a good idea to purchase there. No way!

    • Rick

      You are welcome and thank you for mentioning this and responding to it in a commment. I’m sure it will help reinforce what others are seeing here as well.

      My job is done!
      Rick

  3. Randy

    Rick,

    Thank you for a great, informative review. I too have experienced the world of Quibids and had forgotten all of the details. Whereas I did start out doing well with it by waiting till the wee, early hours of the morning to bid, the individuals using the auto bidding soon caught on to the early morning bidding and pretty much ripped me taking away any profit that I had made.

    Last time I went on and checked it out, it was totally overrun with auto bidders and there wasn’t even the slightest chance of even coming out of it breaking even.

    At this point I believe you are right on the money with your descriptions and it very much is relegated to a scam status. I also didn’t know about the ‘authorized dealer’ sitch and lack of warranties on some of the items. That is so wrong on so many levels!!!

    Anyway, I was just wondering if you have come across any penny auctions out there that may be halfway legit. I think you’re right on the money regarding penny auctions being another form of gambling. When I was involved with Quibids, I remember being on it constantly for a long, long time until the auto bidders left me pretty much broke!

    Thank ya’ again for a great review and a very critical warning to those who may struggle with gambling!

    Randy

    • Rick

      Yep I actaully have done this and other similar internet bidding programs. I’ve failed to do anything except loose money. And are we not here to make money and to learn how? Thanks for feedback on Quibids!
      Rick

  4. Patrick

    Hi Richard,
    This is a good review of a scam program.
    I never believed that there were so many scams online till I started to do reviews myself. Boy are there many.
    You have covered this subject well, and from your site you have covered very many. Your site is will be a great inspiration to anyone looking for a good programs to join up too.
    You have wrote a vast amount of information here on your site.
    I like your theme and how you have laid out your reviews, and your use of images is excellent.
    Well done and I wish you every success in your business.
    Patrick.

    • Rick

      Thanks again. I’ve seen you comment on my other articles as well. I appreciate you following me and commenting. It helps others and reinforces what they are thinking about these programs. Hopefully we deter them from wanting to buy into such!
      Rick

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