quibids.com reviews - As with most things, there are negatives as well as positives to think about when considering penny auctions.
quibids.com reviews - One of the biggest downsides is that you can spend a lot of money bidding on auction after auction yet never win anything. The money you spend is non-refundable, so you might question why bother bidding at all?
quibids.com reviews - Some have pointed out that even when you do win on a penny auction, despite having got a product you wanted for a lower cost than you may have buying it from a store - you have still spent a lot in other auctions where you didn’t win. So you may have in fact spent the same amount or even more than you would have done anyway.
Another downside to penny auctions is that they can be quite addictive. As with any kind of online purchase, where you cannot physically see what you are spending, it can be very easy to forget it is real money you are dealing with. This becomes even more difficult if you win something. For then you become more confident that you can win again…and the cycle of spending continues.
The amount of time the penny auctions can take can also be considered a downside, as each bid causes time to be added to the auction; often they can last way beyond a sociable hour. You are also bidding against people in different time zones, which can put you at a disadvantage at times, and at an advantage at others.
A worry that some people have voiced is that penny sites use automated programs to drive up their auction prices, which is obviously a huge downside to the auction websites and something that a consumer will never really be able to work out at the time of auction.
One of the biggest downsides to penny auctions is most likely to be the gambling side of things. There are quite a few complaints that these websites are causing gambling addictions, however, people are free to do as they please and if they wish to risk their money on something that is by no means a sure win, then they can do.
Although there are some sleazy bidding fee auction sites, there are also reputable ones out there. Before you start bidding on one, look at the site itself and see which publications or media it has been featured in.