One of the most common questions we get asked here at PAS is “How Does Quibids Work?” People see the low priced merchandise being auctioned off for pennies on the dollar. Way cheaper than Ebay and some items going for literal pennies on the dollar. There must be some catch, right? Right.
QuiBids uses the penny auction model. Where each time someone bids the price of the item increases by one penny. The catch is that it costs money each and every time you place a bid, win or lose.
You pay to bid. Or pay to play I should say. Quibids is a strategic shopping site where if you time it right or just get lucky you can get incredible discounts on top end consumer products. Here are a couple of interesting things about how Quibids.com works.
- All auctions offer a ‘Buy it Now’ (referred to as ‘BIN’)
- What ‘BIN’ means is that the value of each bid you place is applied towards the items purchase price. If you are not the winner of the auction you have the ability to purchase the item you were bidding on using the value of your spent bids to go towards purchasing the item from Quibids. This makes Quibids extremely low risk
- QuiBids is the largest penny auction site on the USA. Probably the world
- You can get 3 free bids for registration and if you follow our quibids tips you can snag 10 free additional promo bids once you buy your first bid pack
- Quibids is a member of the Oklahoma BBB
One other interesting aspect to how Quibids.com works is that they do not allow bidders to keep bidding after they have reached ‘bin’. Meaning that if you bid enough to cover the cost of the item, the system does not allow you to keep on bidding. Instead you just have to claim your item. It is an interesting strategy because on many PA sites, even with BIN, they will allow you to keep bidding and over spending if you want.
QuiBids Bidding Info
You will notice high priced items up for auction with timers about to reach ‘sold’ for crazy low prices. If you click on an auction and watch it for just a few minutes here is probably what you will see.
- Item for sale – auction timer counting down to sold
- Someone clicks the bid button:
- A: The timer adds 10 seconds to the count down clock
- B: The auction price goes up 1 penny
- Each time someone clicks ‘bid’ the above repeats
- The Quibids has an auto-bidder that will automatically bid for you somewhere with a few seconds left in the auction
It is likely when you watch your first few auctions you will see them close cheaply and quickly. It’s just how Quibids works – most of the quality auctions are not easy to win. You can see our review and player ratings here. Keep in mind that many of the negative ratings are from people who do not understand the basics of penny auctions. They thought they could spend pennies and bet that iPad for $30 bucks. Sorry, doesn’t work that way!
Many people mistake their real name as QuickBids. While quick bidding may work, the name of their site is QuiBids.
New to the idea of penny auctions? See our Penny Auction 101 Guide.
