MadBid is great deal or rip off? This online penny auction website started creating buzz in the online shopping domains in the late 2008. MadBid.com gained popularity in the year 2009 because of its unique bidding features. You would be surely enthralled by the auctions offered on the website. You can start bidding online and can also, SMS to bid. This online gambling site gives you the comfort of home-shopping channel and the excitement of casino. Yes! It is right that this is online speculation which is highly addictive. If, you don"t understand the real bidding techniques, you end up paying 5-10 times more that the real selling price. Although, MadBid.com offers sale of new items like; cameras, consoles and even cash, the bidding strategies are tricky.
MadBid auctions on "bidding fee auctions" or "penny bidding" style of online entertainment shopping. For participation, you must pay a non-refundable fee against every bid. Although, the winner pays the final price but, there would be many bidders shelling fee amount for the auction.
MadBid, much like Quibids, is a scam, because it lacks transparency. The bidders are unaware of the auction techniques and pay more for the real selling price. The secret strategy is to make you pay the fee for each bid; whether you win or not.
However, according to "The Times", users of MadBid can crack deals wherein they can save up to 98% on recommended retail price. On registration the site offers two free bids to start off but, it is not a win-win situation for everyone.
The sales pitch appears really inviting – Audi A3 for £515, iPhone 32GB 3GS for £9.72 but, remember that every bidding starts with bid fee amount of £1.50. When you compare the auction prices of these items with the re-valued currency, you would get the picture clear. The situation is not so rosy, as it appears to be. In addition to this, MadBid doesn't stop the auctioning even after the bidding time expires.
The chances of winning on MadBid are very tiny as – (Final price x 100) to 1. This means, if the final bid price is £62.53 then, each bid has one in 6253 chance of winning the auction. It would be better to enjoy real gambling at poker machine than, wasting time and money on penny auction websites like MadBid.com. Ultimately, even if you crack the jackpot, you have to pay for the auction price so, it is a never ending tricky situation.