ZipBids Review – How Good Is ZipBids For Penny Auctions?

ZipBids Review - How Good Is ZipBids For Penny Auctions?, 5.4 out of 10 based on 7 ratings
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A site called ZipBids is doing some advertising right before Christmas trying to get people to sign up for their bid package. ¬†When we took a look at their site we noticed that a lot of the stuff that’s up for live auctions is mostly gift cards / free bids. They also had a couple of auctions going on for products like iPhone’s, and other similar products.

Once we signed up for ZipBids and purchased several hundred bids, we were eager to get a chance to start winning new products.

We bid on 3-5 products and 2-4 gift cards at the same time, and unfortunately we weren’t lucky enough to win anything. We basically spent several hundred bids, which is about $150 on a ‘CHANCE’ to win.

What we did like about ZipBids is that you can contact them pretty easily. If you take a look at their site you’ll notice that they have a ‘contact us’ link at the bottom of the page. If you click that link, you can find a contact form along with their address and phone number. A lot of the new penny auction sites that have been showing up on the internet try to hide their customer support information, whereas, ZipBids doesn’t.

Had we actually won something with ZipBids we’d be sure to continue using them, but for the meantime, we’ll stick with the sites that have done well for us in the past.

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2 Responses to ZipBids Review – How Good Is ZipBids For Penny Auctions?

  1. Alexandria says:

    I am commenting on the zipbids website … It doesn’t fully explain how it works, but you say they have a contact us at the bottom of the webpage, is good.

    You say, you bought several bids and lost $150! That does not make sense! In other words, the person who won the bid must have spent several hundred dollars to win the auction and everyone else who bid on the item, turned over several hindreds of dollars for nothing! That’s not good! They don’t lose, but actually get paid more than the item was worth!

    Bah humbug!

    • admin says:

      Hi Alexandria,
      Thanks for your comment. Zipbids works the same way any other penny auction site works, you purchase packs of bids and then every time anyone places a bid on the product the price goes up by one penny and the timer gets anywhere from 10-20 seconds added onto it (usually it’s ten seconds). The bid packs you buy make the price of each of your bids worth between $0.40-$0.80 cents (depending which site you use). The last person to place a bid before the timer ends up hitting zero, wins the auction.

      With Zipbids we purchased $150 worth of bids, but we were bidding on a bunch of products at the same time. The person who won the auction didn’t necessarily spend much to win it, we got out of the auctions once we realized we’d wasted a lot of bids. The winner could have placed one bid at the last second and had no competition and won, or he/she could have used 20-30 bids before winning. We didn’t stick around to find out after we used up most of our bids.

      Either way, the winner most likely got an amazing deal, and yes, everyone who lost the auction ended up losing money. It’s the nature of the game and the whole concept behind penny auctions. One person will get a great deal… Don’t get it confused with a lottery though because your chance of winning also depends on your strategies and which penny auction sites you use.

      Do the penny auction sites like ZipBids make a profit on the products? Yes, on certain products they make a good profit. However, you have to understand that they make a loss on most of the products, because there aren’t a lot of people bidding against each other. So it might seem like they’re making a killing because you see a big screen TV auction at $100 (which equals $6000 in bids), but they might have lost money on all the other products that auctioned off at $1-$15.

      We still don’t recommend using ZipBids if you’re going to get started in penny auctions. Try one of the other sites we’ve recommended first and get a feel for the way it works. If you’re not someone who likes to take any risks though, then do yourself a favor and don’t bother with penny auctions…

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