Unless you've been living under a rock, you've seen advertisements from penny auctions sites, such as Skoreit and Quibids, which claim to offer members the chance to win expensive merchandise for only pennies. One of these companies, called Bid Rivals, claims to offer members a chance to secure big bargains; however, you can find several complaints regarding a BidRivals scam. Before you sign up, read the following BidRivals.com review.
What is it really?
Online auctions, such as Bidz and Bid or Buy allow sellers and buyers a platform to barter for merchandise. Online penny auctions like Bid Rivals are different. Although it does offer consumers the chance to compete against one another by placing bids on items; unlike traditional auctions, BidRivals.com requires members to purchase so-called bid packs, beforehand. Each time you place a bid on an item, the price of that item increases by two cents and you lose your bid. This is true whether you win the auction or lose to a more opportunistic bidder.
A Bid Rivals Scam?
Although it's not illegal, this penny auction's business model is somewhat deceptive. BidRivals is able to make huge profits off items that sell for very little, because it collects money from failed bidders who are compelled to waste their bids, which cost 75 cents a pop. What's more, each time someone places a bid, the auction timer resets and seconds are added. Though the company says this gives other bidders a chance to participate; what it really does is reduce the likelihood that any one bidder will win. It also allows BidRivals.com a chance to reap a greater profit at the expense of its members.
Although my BidRivals review is relatively negative, there may be times when the auction makes sense for certain types of people. If you view this penny auction site as a form of high-risk, high-reward entertainment, it may be worth your while to participate. That said, it shouldn’t be viewed as a reliable way to score bargains on quality merchandise. In the end, you'll probably end up spending way more than you would by purchasing the item outright from a merchant. You could also end up losing hundreds of dollars without winning even a single auction.