I have had many of you ask me how Quibids works and if Quibids is legit. The answer is YES! Last week, I won this iPad on Quibids! I’ve also won a Hoover Vacuum Cleaner, and lots of Store & Restaurant Gift Cards in the last couple of months!
Here’s how Quibids Works:
1. You start off by buying bids. Bids are .60/each. As a new member, the smallest amount of bids you can buy is a 100 pack, which will cost you $60.00
2. Find an item that you like and place a bid on it. Once you place a bid, the price of the item will raise $.01 or $.02 (depending on the auction). Each time someone places a bid on an item, it puts time back on the clock, that way there is no opportunity for last minute snipers!
3. Continue to bid on the item, until you either win, give up or run out of bids.
How Does Quibids Make Money?
Quibids has the most brilliant business model, and I kick myself for not coming up with it first. Here’s how it works: Let’s say an Apple iPad sells for $65.00 on Quibids. That means that 6500 bids were placed on this item. 6500x .60 (the amount one bid costs you) = $3900 to Quibids. Since the iPad only costs $600, Quibids has made a profit of $3300 on one item! Sure there are some items which Quibids takes a loss on, but there are plenty that they make tons of money on to offset the cost.
How Much Did this iPad actually cost me?
The iPad auction ended at $29.92. I used 422 bids to win this. So here’s the math:
$253.20 Spent on Bids
$29.92 Auction Price
Total: $298.12 for the iPad 16GB Wi-Fi
I was very happy with this ending price. I wanted the iPad and was willing to pay full price for it anyway. So in effect, I saved around $200 dollars!
Get Started with Quibids!