10 {{ upvoteCount | shortNum }}
10 {{ upvoteCount | shortNum }}

Is beezid Legit? Penny Auction place

by Tonylee93
8 replies
what do you guys think? its a Penny auction place, and everyone is saying that it works you can get like ipods for like 20 dollars and stuff. I was wondering if anyone uses this place to buy stuff and resell it on ebay to make an income.. I was just wondering what WF thinks about this!
#auction #beezid #legit #penny #place
  • Profile picture of the author aeri
    I haven't heard of beezid, but my boyfriend participated in some of those penny auctions, and to be honest, unless you can get consistent good deals (pay a good percentage below retail price, like maybe at least 25% off) before they get flooded with power bidders from the other penny auction sites, then it might not be a good idea.

    Just to keep in mind that while the price might be enticing, each bid is worth roughly 50 cents to a dollar...so depending on how much experience you have (are you a power bidder?) and how much money you can invest into it, it might be a good idea if you're new to the penny auction system.

    Just my two cents, but you can take it with a grain of salt since I'm basing it off from what my boyfriend mentions to me time to time in the past
    {{ DiscussionBoard.errors[5369130].message }}
  • Profile picture of the author Old Dog New Tricks
    These auctions are real however you need to have the heart and spirit of a gambler.
    Easy come easy go. Sometimes you win sometimes you lose. The odds are always in favor of the auction site. They always win. Just my opinion. I'd rather gamble on a WSO on this forum...
    Signature

    P.S. If I can be of any assistance in your "Off" or "On"- line sales and marketing please PM me or email at WinnersChoice-Warrior@yahoo.com . Old Dog

    {{ DiscussionBoard.errors[5369240].message }}
    • Profile picture of the author Jon Patrick
      Personally, I would rather find a good deal on the item I want, buy it, and move on. And paying so much per bid in hopes of a "too good to be true" result isn't appealing to me. However, I haven't tried it.
      {{ DiscussionBoard.errors[5369280].message }}
  • Profile picture of the author HypeText
    I am a little surprised at this question...

    As the old saying goes "If it seems to good to be true...it usually is"

    Penny Auctions are actually under a lot of scrutiny from the Gov't due to how misleading they are.

    First, you have to buy and pay for your bids. Bids can cost a penny, a dime, 50 Cents etc depending on the site you are on.

    So basically when they say you can buy that $100 item for $10, they don't tell you that you may very well spend a lot more than the value of the products you win just paying for the bids on the auctions that you lose.
    Signature
    (916) 520-HYPE (4973)
    Local & Mobile Marketing Solutions
    $0 Setup & $99/mnth Private Label Reseller Accts
    {{ DiscussionBoard.errors[5369259].message }}
  • Profile picture of the author zaco
    I have participated in many penny auctions, I only won an xbox game once but I spent way more, some penny auctions are real but.. watch the penny auction for a day, they have certain bidders that bid and win, those bidders will pay 300% to build reputation, no matter what they will outbid you and anybody else, I was on one of their forums, they are well known, new users join the penny auction everday, they start bidding against those bidders but they never win

    lets say 10 people are bidding against this bidder, he will keep bidding until they give up, the auction site will make alot of money from all the participants and the well known bidder will make money from the product that he/she wins, usually bidders give up after spending alot of money but the well known bidder will still get the product for cheap and sell it on ebay, the known bidders won't bid against each other because they know the game, they place a bid on the auction before hours to mark it so other well known bidders stay away from it.
    {{ DiscussionBoard.errors[5369362].message }}
  • Profile picture of the author Algreen70
    People are actually using penny auctions to win items very cheaply in order to flip them on ebay. If you go on a site called all penny auctions they have stats on specific bidders and how much they have one. Some people have made hundreds of thousands of dollars. The thing is that you can't get the deals all the time. There is a chance that you wont get a great deal. If you do it properly it can be done risk free though. Most of the responders haven't mentioned that there are Buy it now options that allow a person to use their bids as a discount on an item. So for example, if you are bidding on a $100 item and spend $50 in bids you can buy that item for $50 more. This takes the risk out of the equation completely. You have to be careful though because sometimes the prices are marked up. Actually, they are marked up a lot of times and there are fees and S&H. I guess what I'm saying is it definitely can be done and is being done, but you have to do a lot of research.
    {{ DiscussionBoard.errors[5826533].message }}
  • Profile picture of the author mediaspree
    I once won a 100 bid pack or something with 10 promo bids, Wow I thought this is great. I then spent the next few hours trying to win an ipad with those 100 bids. They were soon depleted and I'm not typing this on an ipad. So, If those bids had been paid for at .70 per bid , it would have cost me $70 with nothing to show for it. Its "legalized" gambling no doubt (I doubt it will be legal for long)
    {{ DiscussionBoard.errors[5826588].message }}
  • Profile picture of the author Algreen70
    You would have had the opportunity to use that $70 towards the Ipad and would have lost nothing. I'm not sure if the site you were on had that option, but many of them do now. I think a lot of people still don't understand that and that's mostly the fault of the penny auction. New customers should only bid on items they want to buy anyway. If they do this and they don't win the auction at a huge discount they pay normal retail and nothing was lost.
    {{ DiscussionBoard.errors[5827474].message }}

Trending Topics