Quibids and Deal Dash are among a group of auction sites that can help you get deals and buy some items at a relatively low price if used correctly. To use these sites, you need to register as a bidder. Once you’ve registered, you can view the items which are at auction, and you can participate. Items vary from electronics to collector’s items. Bidding is done using bidding points instead of cash.
On QuiBids you need to purchase “bids” to take part in an auction. Each bid costs 60 cents. You can only begin bidding when there are five minutes left on the auction’s timer. There are different variations of bidding, but the core principles are the same. At the end of the auction the highest bidder wins, but the other bidders still pay for each bid that they place. Due to this factor, it means that if you don’t win an auction, you lose your money. However, there’s still the option to buy the item at its standard retail price minus the sum of the value of all the bids placed on that item during the auction. The catch is that this can only be done within two hours of the auction’s closure.
However, if you do win the auction, then you can potentially save a lot of money on an item that you may have otherwise had to buy at a higher price. E.g. It’s possible to purchase a gadget which might have cost $100 at the price of $50. Since the currency is hidden it’s sometimes difficult to tell how much you ’ve bid on an item, and as such, you can easily buy an item at a price that’s higher than the original retail price. You have to be very careful when bidding due to this factor.
Deal Dash’s auction format has slight variations from Quibids, but the fundamental principals are more or less the same. All bidders pay for each bid they place whether they win or lose an auction. Those who lose the auction also have the option of buying the item at the retail price minus the value of the bids they placed. Hence if you don’t want to lose your money, this might be the best option.
Penny auction sites have the potential to save you considerable sums of money if the bidding in the auction doesn’t go on for too or too high to the point that you end up spending more than the cost of the item. You are also more likely to lose an auction than you are to win so keep that in mind.