You may have heard about the QuiBids class auction lawsuit and wonder what’s going on here. I’ll try to explain it and answer the big question many people have – are penny auctions scams? While there are a few penny auction scams, a vast majority of these sites are completely legit, but you do have to watch how you bid so you don’t spend more money in bids than the item you want is worth.
Frankly, I’m not sure the class action lawsuit against QuiBids holds any merit whatsoever because the rules and regulations of bidding on QuiBids.com are clearly marked along with a section on the site called QuiBids 101 that is linked to on every page that answers copious questions on exactly how penny auctions work. That section answers all kinds of questions such as “How Does QuiBids Work”, “The 3 Biggest Mistakes Beginners Make”, “Buy It Now Explained” and much more.
There is also a section on the site labeled Frequently Asked Question under the help section with even more information to learn the ins and outs of the penny auction game. So, for anyone to claim they didn’t know what they were getting into simply doesn’t hold water. If penny auctions are not for you then the simple answer is, don’t bid on them. But for people to claim they got ripped off from a site that displays how everything works in plain site, is completely ridiculous.
To win at penny auctions and actually get good deals, you do have to know what you’re doing and you absolutely must read the rules of how each site works because they can be different in substantial ways and it is important to know what they are. The basics of how to get good deals are this:
Look for items you really want instead of just bidding on what looks to be a good deal.
Look at the previously close auctions section available on most sites to see what items are selling for and then start bidding when the item you want gets near the previously closed price.
Look for penny bid auction sites that offer Buy It Now and options to buy an item that you didn’t win for the retail price minus the cost of your already placed bids.
Look for established penny auction sites to find your deals.
Do a search on the name of the site you are thinking of joining and see if there are any scam complaints against it and if those claims are legitimate. Remember this is the internet and competitive sites can do all kinds of things to try and put their competition put of business.
If you aren’t comfortable with the procedures and features of a site or something just doesn’t feel right, do not join the site!
Watch out for auction fever! In other words, don’t get caught up in having to have an item and lose sight of how much you are spending on bids. Self control is paramount on penny auction sites.
If you pay attention to what you are doing you can find some great deals in these penny auctions, but please, read the rules before you start to bid on anything.
If you want to join a good site and find legit deals on penny auctions, we recommend Wavee.com.