Penny auctions are popping up all over the Internet lately, fueled by the widespread desire for cheap deals on jewelry and electronics. While auction sites, such as SkoreIt and QuiBids openly advertise on network television, other companies prefer to lurk under the radar. One of these sites, called Bid Fun, claims to offer items at a fraction of normal retail prices; however, you'll find plenty of complaints regarding a BidFun scam. Before you spend your hard-earned cash, read the following BidFun.com review.
What is it?
Similar to other penny auction sites, such as MadBid and Beezid, Bid Fun places items at auction, so its members can compete against one another for the right to purchase the merchandise. That said, unlike traditional Internet auction sites, such as Bid or Buy and Bidz, BidFun.com requires its members to purchase bids in bulk. Each time a bidder wishes to make a claim on an item, he or she must use one of these bids. Ultimately, the company collects its members' money whether they win the auction or not.
Many current and former members have voiced concerns regarding a BidFun scam centered on bot activity. According to numerous complaints, bidders believe the company uses computer systems to make false bids on items to keep auctions active and force continued bidding. Although there's no way to know if this is true, the company does not use any sort of third-party monitoring system; so buyers should beware just in case.
Is Bid Fun a scam?
While technically legal, the company's business model is quite deceptive. Because it profits off failed bidders, it's in the company's best interest to encourage failure. It does this by adding several seconds to each auction every time bids are placed. This opens the door for more bidders to place claims and forces those that have already invested in the auction to keep placing bids or else lose their initial investment.
In the end, there can be only one winner, and this occurs when the auction clock reaches 0:00:00. By then, numerous members have squandered their bids; and though the item may end up selling for just a few dollars, Bid Fun has collected hundreds to thousands of dollars in wasted bids.
Although this BidFun review is negative; this sort of high-risk, high-reward website may appeal to some people. That said, you should definitely view this site more like the lottery or a slot machine than a reputable online auction.