Users of Quibids start by buying bids; there is a set rate for these at 60 cents per bid. There are a number of different items that go up for auction each day, including big ticket items like MacBooks, HDTVs, kitchen appliances and smart phones among others, and those who are interested can use one of their bids to start the bidding on the item of their choice. Once the bidding starts, they can place as many of their 60 cent bids on the item to continue to stay in the bidding.
Unlike other auction sites where the highest bidder wins, in this bidding format, it is the last person who bids that get to buy the item at a very discounted price, minus the total value of the bids that have already been placed on it. The catch is the bidding only closes when a timer on the item runs out. Each time a new bid is placed, it extends the time on this timer by 10 to 20 minutes.
So, a person could bid on an item and win it for a very low price – provided no one else comes and bids on that item before the timer runs out. This format makes bidding on items more of a fun game, however there are many who use this format to earn a good income.
Some people who are good at winning items are able to take those items and resell them on other website or on their personal websites. All items are brand new and in their original packaging so reselling is not a difficult task.
Although there have been a few Quibids complaints (some regarding the limit of auctions one can win in a day, which is only 3) most users like the low cost of the bids and the exciting bidding format. The fact that all items are brand new also makes it a potential opportunity for those who are in the reselling business. A full review is available for more info on Quibids.
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