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My Experience with Quibids.com



I won five items (2 mp3 players and 3 gift cards) worth $140 for $20 on penny auction and entertainment website, Quibids.com, and I would like to share my experience to help you save money in case you use the website, or a similar one in the future. If you’re a current Quibids.com user, skip to the section named “What I Learned.”

Quibids.com offers you the ability to purchase items you need or want for a discounted rate if you “win” an auction in a similar way to eBay.com. To participate in an auction, a user must set up an account and purchase “bids” to use in an auction. Per the website’s description, Quibids.com is a penny auction website; each bid you place increases the purchase price of the item you’re bidding on by one penny. Auctioneers have purchased products such as iPads, laptops, blenders, vacuum cleaners and dress watches for pennies; however, it is never that simple, is it…?

I found preparation to participate in an auction is much more expensive than I originally anticipated. If you recall, I said users must purchase bids. Bids cost users .60 cents each and I purchased 100 bids for $60.

What I Learned

Overall, I found out that Quibids.com auctions are highly efficient ways to separate you from large and small amounts of money very quickly; however, the rewards and opportunities to win products worth a lot of money are real. I’ve written a list of items I learned from using Quibids.com this month below for your reference.

  • Quibids.com is a gambling website

The “penny-auction” moniker is misleading. I handed money over and received a chance to win more than I put down; however, the odds of winning are decisively not in a typical auctioneer’s favor.

  • “Quiet times” to snag awesome deals do not exist

I researched Quibids.com on a website-monitoring website named Alexa.com. The graphs supplied by Alexa.com showed that Internet traffic to Quibids.com is approximately the same each day. 

Next, I spent time checking out the website during different times I would consider slow to any normal person (e.g., 4 AM EST in the morning). I noticed that there were not a lot of people bidding on products; however, there was a severe lack of notable products causing potential bidders to fight over the only decent items, which often included $25 gift cards to shops such as Target and restaurants such as Applebees.

  • Bidding patterns do exist and anyone can take advantage of them to win items with less risk to your pocket book

If each bid costs .60 cents each, there are very few (illogical) people willing to place more bids than a product is worth therefore, there should be an optimum time to place bids and win products with a high chance of winning the product for significantly less than other bidders. When I joined Quibids.com, I believed bidding patterns must exist and I set out to track more than 50 auctions. While not a full statistical test, I learned enough to help me win my products very easily.

I noticed on average three to four “waves” of bidders on products with values between $9 and $100. I consider a “wave” a group of bidders priced out of winning an auction item because they have reached their threshold on how much they are willing to lose in pursuit of the item.

I also found that desirable products receive seven (7) bids per dollar value (listed on the auction page) on average. Hot items would often receive between 10 and 12 bids per dollar value. This means if a product is worth $25 then waves of bidders will place approximately 175 ( 25*7) bids on the item before it sells. Please note that the number of bids per dollar value does vary between types of products such as gift cards, electronics and bid vouchers.

  • Beware: I was not the only one that knew when to start bidding to win products versus other bidders

I was apparently not the only person that has taken the time to figure out when to swoop in and win products for pennies compared to other bidders. I noticed other bidders do exactly what I did, or planned to do in many circumstances. Sometimes, bidders that had spent a lot of money would try to keep bidding; however, the new bidder(s) knew they were at an advantage and could outbid everyone else. I call these individuals “sharks.”

The longer an auction goes on, the more sharks appear. This causes auction items to receive between 12 and 24 bids per dollar value – significantly more than the average. I have never seen a product go for more than 24 bids per dollar value.

This post is long at this point so I’ll wrap it up, but I have a lot more information – if you have any questions for me please submit a comment and I’ll get back to you. I hope this helps with your Quibids.com auction going.

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Discussion

4 thoughts on “My Experience with Quibids.com

  1. This is good stuff, man. I always just assumed quibids was a scam. I guess my scam-radar was picking up on the lack of correlation between what I would expect from an auction website, and what quibbids was offering. Good to hear that it’s not a scam. However, I do have one question for you–if you are looking to actually purchase some specific item, say an electronic gadget you’ve been shopping for, would you be better off going to an actual auction website, or using quibbids?

    Posted by Andrew Pierce | March 30, 2011, 11:01 pm
  2. In short – No to both of your options.

    I personally think it is better to save up and learn when the product you want to buy goes on sale (e.g., HDTVs – Black Friday). I would only use Quibids.com for entertainment purposes. I’ve actually discontinued my account now. Personally – I would rather save up my money for a trip to Atlantic City. I enjoy betting for money more than bidding for stuff I don’t really need, but would be cool to have like an iPad.

    Posted by Matt | March 31, 2011, 2:42 am
  3. Eh, I still feel shaky about Quibids – the thing I keep hearing is that the “sharks” that you were referencing weren’t sharks at all – they were automated bids by Quibids themselves.

    Posted by Unsure about Quibids | July 15, 2012, 3:23 am
  4. It’s not a scam but your chances to win are very low.. check out what users are saying on this page: http://www.doesitreallyworkorscam.com/quibids-scam

    Posted by Cata | April 27, 2013, 12:19 pm

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I hope you enjoy my personal blog. I'll publish posts on various topics and voice my opinions on an eclectic array of things.

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Blog Created On: July 28, 2008 E-mail: crossover65@hotmail.com

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