You may have seen television advertisements promoting online auctions, such as Bee Zid. Known as penny auction sites, these programs supposedly allow consumers to pay mere pennies for expensive items, such as computers and other high-end merchandise. Unfortunately, if you take a few moments to do some online research, you'll find all sorts of complaints regarding one or more Beezid scam. Before spending even one cent at this site, read the following online auctions review.
How does Beezid work?
To participate in this type of auction, consumers must purchase bid packages that usually come in groupings of 30 to 1000. The price for each bid ranges from $0.55 to $0.90, with cheaper pricing associated with larger purchases.
Each time a member bids on an item, the price goes up one penny. Unlike a traditional auction, each time you place a bid on Beezid.com, you lose the bid. This means you effectively must pay each time you bid on an item; so you can actually lose a good amount of money even if you don't ultimately win the penny auction.
Is Beezid a scam?
Though technically legitimate, Bee Zid is deceptive at the least. Unlike many other online auctions, this company won’t let members sell items. Instead, it only sells items it owns. Though the final purchase price may amount to only pennies to tens of dollars, because the company profits each time a member makes a bid, it has the potential to make thousands on an item that sells for only a few dollars.
Similar to the Skoreit business model, the Beezid scam relies on deception, and there are all sorts of reviews that suggest unscrupulous, secretive behavior. For instance, some have complained that the company tries to rip off consumers by using shills to make fake bids that drive up prices and encourage more bidding.
Based on the proliferance of negative Beezid reviews, I would suggest that consumers choose other online auctions. Without any sport of third-party monitoring, there's simply no way for members to know if Beezid.com uses false bids to scam its members. Even if Bee Zid doesn't employ these tactics, the company's business practices are obviously deceptive.