Mad Bid Review – Scams & Online Penny Auctions

This is an Internet Marketing blog – and if you want to make a huge amount online, very quickly, this is a pretty sweet business model. If you have morals on the other hand, you might be less inclined to give this model a go. For the sake of education, and because it’s a rather interesting case study, I’m going to give you my opinion in this mad bid review.

In my opinion… Online Penny Auctions – such as the ones on MadBid.com – prey on ignorance. Bidding in these auctions is gambling, at best, and that’s only if you actually understand what’s going on.

While at first getting a Macbook Air for £26 might sound like a steal, things are not as they seem. Strictly speaking it’s not theft, but …in my opinion… it’s not far off. Unfortunately it’s actually the bidder getting screwed, and the auction house getting the bloody good deal.

The Model:

1. To place a bid on an auction you need to buy bidding credits. These will cost you between 75p and £1.50 each, depending on how many you buy.

2. When you place a bid, the price of the auction goes up by 1p (this has cost you one bidding credit)

3. When a new bid is placed, the auction countdown re-sets.

The Result:

Essentially all Mad Bid are doing, it revaluing the currency to make the deal sound better than it is. £1.50 is suddenly 1p, 15000% deflation!!! And every bidder is paying for the item regardless of whether or not they win.

Even if you win, you still need to pay whatever the auction price has risen to!

The sales pitch is absolutely golden:

Audi A3 for £514.63

£50 Asda voucher for £0.91

iPhone 3GS 32GB for £9.67

These are actual prices of auctions still taking place on mad bids, review these prices with the re-valued currency in mind and things aren’t looking so peachy.

Audi A3 (RRP £16,320) for between £38,597.25 and £77,194.50

£50 Asda voucher for between £68.25 and £136.50

iPhone 3GS 32GB (RRP £538) for between £725.25 and £1450.5

Why aren’t online penny auctions like Mad Bid reviewed by the same people responsible for regulating gambling? The opportunity for false bidding is rife, and the chances of winning are tiny!

The chances of winning with each bid are: (End Price x 100) to 1. If the end price is £56.60, each bid has a 1 in 5660 chance of winning. You’d be better off at a poker machine…

In theory Mad Bid could:

1. Fake bid if the auction hasn’t hit ROI yet

2. Fake bid to perpetuate auctions into peak bidding times… but wait, they don’t have to…

One thing that really pissed me off about this business model is that auctions don’t stop if the bidding time expires without somebody winning. The Audi A3 auction had been paused for several hours when I woke up this morning… While its understandable from the business’ perspective, it completely shits on the bidders.

And another thing that pisses me off, is that the last person to part with their bid, effectively winning the auction, still has to pay the bloody auction price.

The conclusion of this Mad Bid Review is entirely my opinion… and in my opinion Mad Bid Auctions, and penny auctions like them, are scams! They should be regulated at the very least, and the cost of bids should be reflected in the auction prices more accurately.

56 thoughts on “Mad Bid Review – Scams & Online Penny Auctions

  1. hay on

    Hi, thanks for the review, but I did not understand one point. You stated that “auctions don’t stop if the bidding time expires without somebody winning” surly if it is the last bid, and the time expires- that bidder wins?
    Thanks
    Hay

  2. R Andrew on

    You must have bought bids and lost but since you are marketing expert you may want to get their attention and maybe belong to another company!! who knows!!

    I guess your guesstimates doesn’t take into account free bids that customers get and do you think if someone win a product for 3p they don’t send it? That would have picked easily by authority or blogs!

    I think your view is too simple and one sided!

    Vince Edit: Says Andrew, from Cookie Bid….

  3. Mick on

    As you correctly say Vince, these sites “prey on ignorance”, proven by the replies that you’ve had on here!
    It’s basicaly on-line poker where everyone keeps tossing in money untill all except one “give up” but instead of the winner taking the pot, the “site” takes it and throws the winner a bone.

  4. Pedge on

    I guess the reason this is allowed to continue is because no-one is actually being mis-led, these sites prey on addiction rather than false advertising.

    They are absolutely right that the winner of the auction gets a fantastic deal. The £16’000 A3 for instance, even if they had put in 1000 bids at £1.50 each that’s still only £1500 plus the £514.63 that it went for. £2014.63 is still nearly £14’000 saving on the market price.

    However, the fact that it went for £514.63 shows that 51’463 bids were taken, and if that means that at £1.50 a bid the people running the auction have been paid £77’194.50 for a 16 grand car.

    So… to win you HAVE to win. And the more you realise that you are spending £1.50 with every button-click the more that need increases, and the only way to win is to keep clicking… I can only imagine the effect that has on someone who is prone to addiction.

  5. ilias on

    Mad bid it is a completely rubbish auction. They are scams, it is not my opinion it is a fact. I was bidding on iphone 4 and I was the higher bid. I did actually see the timer went to 0 stopped for 2 seconds and then rest to 57. The bidder was the same bidder that was bidding at another item and the bids were placed at the exact time on both of the item. I do believe that most of the people who bid are staff members of madbid.com and as soon as a newbie joins in the outbid them to death,

    Rip off, the site should not exist.

  6. It is worse than a scam. Bidders have to throw good money after bad money. Imagine bidding for a 16,000 car and the bid is currently £1,000. That means that 100,000 bids have been made so far. Bids vary in price but let’s say that they are worth £1 each. This means thast £100,000 in bidding had been paid. Supposing that you have made 100 bids and this has cost you £100. THERE IS NO WAY TO REDEEM THIS MONEY so unless you keep bidding you will lose this money. What do you do? Say good bye to £100 in return for NOTHING or continue?

    Many will continue…suppose you had made 2,000 of the 100,000 bids, do you stop and say good bye to your £2,000 or continue…and so it goes on. The more you bid the more you need to keep bidding to avoid losing all of that money!!!!

    That’s the hook: good money after bad!

  7. JonnyV on

    I agree its gambling, The only thing i dont agree with is the cost per bid. On the site it says that you can buy 50 bids for 14.99 thats about 30p a bid, not the 75p to1.50 you mentioned.

  8. thats genious i wish i came up with that idea its so simple, people are gambling without realizing. Its still a scam which i nearly fell for thank you for explaining it you saved me from that shit

  9. As keeps getting pointed out, the cumulative total of bids on items often (always!) exceeds the RRP price of the item. However, someone still wins the item for a bargain price. Madbid’s profit comes from everyone chipping in a little and getting nothing in return.

    I know from experience that prizes can be won by regular punters, and that you don’t need to spend £££ to get them.

    The sites there to make money. Its a cracking idea and at the same time some lucky people pick up a bargain.

  10. I haven’t made my mind up wether to participate or not but I have read the reviews, good and bad, I have read the terms and conditions also and I think I can see how they make their money out of it.

    The only thing staying my hand, and it has been touched upon, is that fact that it is not regulated and is therefore open to abuse by MadBid themselves. Even though the terms and conditions state that MadBid employees may not participate. I just don’t know how legal and binding the terms and conditions are and how easy abuse is to prove. They could always employ a third party, not officially related or employed by MadBid to do the dirty work for them.

    That said, the business model is pretty clever. Accumulated bids give them a huge markup. Would they really need to cheat?

    Still undecided.

  11. charlie on

    these sites are terrible i have spent 30 pound on bids to not win anything they say they will refund your bids within 24 hrs for 1st time users but im yet to see my credits increase. WHAT A RIP OFF!!

  12. This is not a rip off. It is exactly what it states on the website so I don’t see what everybody is getting worked up about. If they do actually pause auctions because they didn’t get they price they wanted, then yes, that is bush league. But if you are complaining about the business model, perhaps you need to think about it differently. Its quite brilliant I think. And perhaps you have a small chance of winning the bidding war but the people on the site are willing to take that chance so who is anybody else to stop them? The profit margin seems astronomical and yet each person bidding on the item pays a pittance of what that item is actually worth. This is brilliant in my eyes.

  13. porruki on

    why the government not banning this crap site
    what they advertise in magazines like Metro etc are cheat
    they should be fined heavily

  14. Tomek on

    They are cheating!!!!!!!!!!!!!!!!!!!!!!!!
    i sent them email today – is not for the first time when “someone” (madbid) bid against of me.
    I just want to get my money back, but once you bought bids they don’t let you go until you lost everything.

  15. Tommy D on

    An absolute scam. Take into account the actual amount of bidding that has gone on and you will see exactly how much you can end up paying. If you want anything from there, go and buy it from the high street or anywhere else. You’ll pay less 99.9% of the time.

    The remaining 0.1% is the incentive factor. You honestly have more chance of winning from the most crooked of fruit machines. And the bidding structure is completely bent. It’s OBVIOUS madbid folk (or connected with) are doing “safety net bidding” and that an auction can pause at 1 second remaining is the stuff of Nigerian scam folklore! An absolute racket here!! Has ANYONE ever heard of Ebay auctions pausing?!

    IT IS A SCAM!!!

  16. Am watching one of these sites from the US right now. 3 Hrs ago, an iPad was at US $3.55; it’s now at $26.81. which means 2,680 “bids” at $0.75 have been cast… ( $2,010.00) for the Auction Site !!, for an item that Retails at $ 729.00 – Quite a healthy return, I’ve watched as some bidders dropped out ( probably having expended their 50 or 75 Bid Pack ), only to see them re appear later. I don’t think the sites are rigged – they don’t need to be. They’re just “online – ‘Carnies’ “…
    “Try another 3 tosses sir, win a kewpie doll for the lady !!” …
    PT Barnum must be looking on grinning !!
    Greg, NY

  17. The facts are there, clear as can be. Folks will still give it a go as that is human nature, dumbasses are not regulated so let them play. They will also play slot machines, buy into lottery schemes and maybe even sign up for Jamster ringtones and applications. We have to watch and shake our heads, it is the mass dumbing down of our world population. Hang on, I have to reply to this email from a Nigerian prince, he needs my bank account details to clear a fortune…be right back.

  18. craigy on

    My main gripe is that an auction is an auction .Once time runs out that should be it really,and the clock shouldnt be reset, going down to one second and then resetting the clock seems a little cheeky. Novice users most certainly wont realize this . I would imagine that they will run their course and die out as although the idea is gr8 for an earner its a little grey and cloudy. I feel its slightly dodgy and definately open to miss use by the operator. Its a lottery therfore its gambling really and i think it should be governed more strongly.

  19. Peter Booth on

    I agree with most that has been said. These sites are daylight robbery. So is the lotto. They should not be allowed or be regulated.
    I cant blame the people that are running the sites I blame the government for not regulating them. My advice is do not use these sites. THEY ARE ONE OF THE BIGGEST SCAMS GOING. Come on,any MP reading this. clamp down on them. Peter.

  20. mandy on

    i put 200 pound in my account and never got a penny back and have nothink to show for it they are a total rip off i realy dont know how they sleep at night am gona report them to the standard traidings afer so many complaints they have to check them out if we all did this then they wouldnt be allowed to do it any more

  21. The latest bids for an Audi A3. See a common recurring pattern? All these accounts are most probably fake and affiliated with the website. They are blatantly prolonging the end of the auction by fake bidding.

    * MARIECLAIRE £1,832.43
    * MickKeating £1,832.42
    * hughgoes £1,832.41
    * keithnuttall £1,832.40
    * MARIECLAIRE £1,832.39
    * MickKeating £1,832.38
    * hughgoes £1,832.37
    * keithnuttall £1,832.36
    * MARIECLAIRE £1,832.35
    * MickKeating £1,832.34
    * hughgoes £1,832.33

  22. Richard on

    Sam, the bidding is now at £1,952.76 and you can add the following users to your list:

    *winnowin

    *raymar2_123

    MARIECLAIRE is still bidding away, poor girl has probably spent the 16 grand bidding already.

    I wonder how much profit the website makes if you exclude the fake bidders?

  23. biddershelp on

    Now I am sick of bully bidders winning all the Auctions. After months of research, study and bidding, I have come to the conclusion that there is no chance for newbie’s to win the big gadgets which they joined Madbid for. For weeks I saw same people bidding for a car from 9:00am to 2:30am every single day. As the bid timer is only 20 sec, this means they don’t and can’t get off their pc’s for weeks non stop, unbelievable. Furthermore no point even trying to bid on anything like that or any other amazing gadgets.

    I think there should be a limit set for bidding or winning in a month and give others a chance of winning. The more members to the site the more the costs will go up and the less chance for beginners. My advice is only join if you have plenty of money to throw away and got plenty of time to stay on your pc. For most like me who don’t have both of these, its basically impossible to win and you will just waste all your bids and most importantly you‘re money. To avoid the “bidding war” people have started bidding another way known as “snipe” or “sniping”.

    After loosing money myself I thought I’ll have to somehow make it all back and come up with a system that makes everything easy, which wastes no bids(money) and time. So finally after weeks I have come up with a tool that will bid for you without you being there, similar to eBay Auction Sniper but this one specially for Madbid. Not only that, it will also only bid when the timer has reached below 1 second but before it reaches 0, dramatically increasing your chance of winning. So basically you will loose no unnecessary bids and will only bid when someone is about to win an item. Go ahead watch others compete against each other for hours whiles wasting bids after bids and as soon as one of them is about to win you’re bid becomes active. 100% guarantee you will save on bids and most defiantly raise you’re chances of winning, not only that you don’t even have to be next to your pc for hours.

    I wont be reading any replies on here so if you want further advice and want information on how to set it up please email me at ***Contact Details Removed – Don’t want to may madbid any more money*** As I am receiving plenty of emails at the moment I mite take time to reply but don’t worry I will reply to all. Please no time wasters.

  24. Jordan on

    The site makes a huge profit and they are regularly investigated. Whenever someone puts in a complaint against them they get investigated and always provide server history, IP’s, addresses, emails, phone numbers etc and are sometimes verified (i’ve been called before) how the reviewer can say that you have a 5660 chance of winning JUST because there has been 5660 bids I don’t know. If you put money in a slot machine where playing properly you would have a 1 in 10 chance of a win, but instead decided to just bash the buttons, it’d decrease your chances dramatically. As with madbid, or flutterroo or bidz etc if you just keep clicking bid on random auctions you’ll decrease your chance. But if you play properly and watch carefully you will have a much better chance. If you work it out on the Audi up to now the site will have made about 100k profit.

    I’ve been on the site actively bidding for 3 weeks now. On my first day I won 50 bids (total including cost of bids was £1.08) on the same day I won a £50 John Lewis voucher for 8p (which works out at about 90p that I paid myself, plus £3.50 postage which in total is £4.40) which basically paid a decent amount towards my weekly shop (can be used in waitrose too) the next day I won 50 more bids (worth £15) and paid the same again (£1.08) and 9 hours later won thorntons chocolate for 10p which was worth £50 I used 4 bids, which works out about about £1.20 and spent £3.50 on postage.

    I lost a few auctions too, in total I spent around £60 on bids and today received everything, (1 week after winning) in total worth (not RRP, actual value off ebay etc) £150. Obviously the voucher is worth what it’s worth, the coffee machine sells for £50 new and thorntons chocolate is also worth whatever you pay for it, especially since it’s a bundle. What I loved most was that you can get things cheaper, you can shop around and get things for half the price but the voucher was sent by John Lewis, the thorntons chocolate was sent by thorntons and the coffee machine was sent by amazon (not sure if it was purchased on amazon or they used their service that lets them store items they buy in their warehouses and then they pack and ship it for them)

    It’s not about chance, it’s about skill. Everyone who puts money in knows what they’re putting themselves in for. I’ve spent £60 and got £150 worth of goods in return. That doesn’t seem like a scam for me

  25. Jordan on

    Oh just to add. About fake bidders, as I said in my previous post. Yes, they are investigated a lot but also they have no need. They make loads of money and if you look at all the auctions that sell where they won’t get their ROI.

    You just have to be clever with it, people have won cars for really cheap and in total spent under £1000 for a £20000 car or whatever. Some people will lose out, you won’t win every auction and you’ve got to be brave to put money into it. I was extremely sceptical, I’ve had an account for a couple of years that hasn’t been touched, I used the initial bids up that came free and that was it. Saw the advert the other week and was pretty bored so gave it a try with £10 worth of bids. I’m now putting more money in, but the second I start a losing streak I will stop. It’s not gambling, it’s just risky.

  26. Jordan on

    Damn, I should really look at what I’ve wrote before posting it. Missed off one final thing.

    They do have a system which stops people winning too much. You can only win 3 things within 24 hours (I reached this limit on my first 2 days on the site) and 12 wins within 30 days. There are also deeper rules like value of goods you can win within set period.

  27. Anthony on

    I won an item a month ago. I have not received it yet. When I ring them they just mess about. Has anyone received their item from Madbid? Where can I complain ?

  28. MadBid i personal think in my own opinion they are getting greedy they say for new people rookie auctions i have yet to find one i also think they advertise 1,2,3 bid auctions on price but to this day have not found a 1bid auction they are all minimum of 2bids when i first joined i emailed madbid complaining about this as i wasted my bids not relising it was taking 2 bids each time to this day (1week later) no email back i did ring a reprasentative which she explained to me she said high value items are 3-4 bids per bid medium are 2 and low are 1 i asked would she call a medium item about £20 (thortons Chocolate) a medium value item she said no a low in which i responded so why is it 2 bids not 1 and why are all your auctions 2 bids minimun she could not answer me which frustrated me i must say i have won 3 items 50 madbids 1p toaster 17p and thortons fudge pack 19p but did cost me £100 in bids Madbid is dear i have learnt and customer service is far from good at complaints. I think madbid dont like customers feedback on what they should do different i would love to email the director but probebly would not get a response like there customer service i would use MADBID again but not until they clean up there act with all these 2 bid auctions you get 30 bids but use only really have 15 which can go within minutes and they are not cheap

  29. I also forgot to mention in my above article they also hype up the RRP example toady a LG HT305SU Home Cinema System on madbid RRP on madbid £350 google search on Amazon RRP 99.99 ?????? big difference

    Description Price:
    Current Auction Price £15.54
    Shipping and Handling £8.00
    Total Price to be Paid¹ £23.54

    thats 1554 bids worth over £400 in bids to them and still going up in price before goto bed

  30. Comment from Jordan
    Time February 2, 2011 at 12:57 pm

    It is clearly obvious Jordon you work for MADBID lol you talk just like a madbid spokesman would no one would go on about how great madbid is like that like a set speech

  31. Taaha on

    When you say that you pay for the item regardless of weather you have wno or not, what do you mean?

    Pay for it, as in buying bids that you waste or money being taken out of your account when you have not won?

  32. mr.j lonodn on

    it is a big cheating dear friends, i lost arouund £2000, in last 2 months , and last i won something , then they told it is technical fault, and restart bidding again for a won item. they r real robbers, dont put yourself in a trap.they will allow you to won 1/2 items first and then take your money , you will realize it little later, thank you, dont waste your money it is a request

  33. Philip on

    Hello,

    I don’t think this is a scam at all, its a clever business idea, they clearly state how it works and even have a video to show you. They clearly list the price of credits and items. They are not blindfolding anyone and they are not forcing people at gun point to buy products.

    Yes, they don’t tell you how much profit they made on each product in total, but when you buy a car for example at 15,000 retail do they tell you how much profit they are making?

    Also, I dare you to tell me about a company that is 100% honest and open.

  34. Karen on

    Hi – I agree with Philip – there is no ‘scam’, as the instructions explain clearly how it all works. If the site/business owners are making a healthy profit – so what? Why are we so adverse to people making money? I have won a number of items on MadBid and I’m a happy bunny – spent about £60.00 and have won Coffee Machine, Cookware, Blender and Chocolates – worth around £300 (current online prices from Amazon and Thornton’s). Like any gamble, you need to set your limit and don’t go over that. Chill out and have some fun ‘bidding’….!

  35. LOL check out the posts from “Jordan”. Wouldn’t happen to work for MadBid would you? Obviously an attempt from MadShit to pul the wool over peoples eyes. Damage limitation FTW. MadBid is a SCAM.

  36. madbidisrubbish on

    Do not waste your money!!!!!!!!!!!!!
    I hope no one uses this site they dont care about you just your money that you wont get back!!!! It is a total waste of time, go out and enjoy the out doors!

  37. david on

    i have been watching items on mad bid for 3 weeks now and i dont intend to partake in bidding for anything now
    i watched an auction for £75 from the start and it was mainly 2 bidders all the way with one of them been every second bid and the odd punter trying to steal it at the last second but hay ho again comes another bid from the same person every time who eventually wone it at a cost of £24.90 you do the maths 2490 bids at the cheapest bid package 10 per bid chip requiring 4 chips per bid = 4op per bid the site made £996.00 in bids if you share the bids between 4 bidders they spent £240.00 each and only one of them won it then had to pay the £24.90 on top of what they spent to winn it who can afford to buy £75 for £273.90 this winning bidder has won a few more auctions as well with the same outcome i really hope the inland revenue are watching this site the current minni on auction right now has 4 persistant bidders who have all spent more in bids than they can go to a dealership and buy one what does this tell you watch it for yourself for a few weeks

  38. howierd on

    screw me once my fault- screw me twice your fault. you don’t have the guts to print this.

  39. Madman on

    Comment from Philip: Its not scam but a clever business idea!

    Definitely not. In a business, profit is usually less than 50% per transaction, usually in the range of 10-30%. At madbid, if a £1000RRP item sells at &100, it makes £10000 in bids at £1 per bid and £100 in sales, that is £10100 for £1000RRP. Profit on RRP is 1010%

    Now, who earns profit in the range of thousand percent? Business??? Only scammers who pray on greed of others. Philip, if they blindfolded others or forced on gunpoint they would be looters, they are scammers because they are not doing so.
    And it does not make them angels if others are not 100% honest and open.
    Dear Philip, why are you taking side of the con artists? Its not a lottery where thousands of people lose couple of pounds to make you win thousands. Here, couple of poeple lose thousands to make you win thousands. If you are lucky, you lose ten times and win once to even out, or better. But Madbid wins every time in the range of 1000%. Call them honest and open!!!

  40. ches on

    i totally agree that this site is a rip off, after watching it for a few days,i came to the realisation that you actuallly have very little chance of winning. i did bid on serval items they only let you win on smaller items such as the meal deal ones if your new . the bigger prizes seem to be for the people that obviously have bought the highest amount of credits, and yes, i to had the same problem haveing the last bid goes to checking the counter has gone passed zero and yet the auction suddenly starts to run again, i think it`s a con, and this happend on serval items. so dont go on this site and waste your money,

  41. Jason on

    I agree and disagree With careful study and timing you can increase your chances of winning. I got several free credits when i joined, i used up the first ones whilst trying to work out what I was doing. The next few i used and Won the item. But i agree this can become very addictive indeed if you are not careful

  42. The thing that bugs me is that they refer to these sites as auction sites which is where some of us cry scam.

    In a real auction, we “bid” on items and who ever gets the highest bid pays the amount and the rest of the bidders save their money for the next bid or simply go home with it in their wallets.

    In a casino, are we putting “bids” in a slot machine or on a blackjack table? No. That money is gone unless you win. Much like the penny “auctions” so it should be considered penny gambling.

    @Philip “its a clever business idea”

    If it makes you money who cares what the consequences are, right Philip?

  43. andy on

    I’ve read most messages here and madbid seem to get under everyones skin but 1 million people use this site so thats 1 million stupid people, personally i wouldnt go near one of these sites anyway, its probably more risky than poker, never really going to win and in the long run they will profit big time.

    It is a good idea though and it seems like they have a good business going, who said you have to be popular to make money.

    Better just paying retail price for the things you want less hassle and wont cost you as much in the long run plus they dont get the business.

  44. Jona on

    It is 100% scam, a scumbag exploitation of basic human aversion to loss; basically it is a reworking of the old ‘dollar auction’.

    Here is how the dollar auction works:

    An auctioneer who volunteers to auction off a dollar bill with the following rule: the dollar goes to the highest bidder, who pays the amount he bids. The second-highest bidder also must pay the highest amount that he bid, but gets nothing in return.

    Suppose that the game begins with one of the players bidding 10 cents (bid increments are 10 cents a bid), hoping to make a 90 cent profit. He will quickly be outbid by another player bidding 20 cents, as an 80 cent profit is still desirable. After this point the two players continue to bid the value up well beyond the dollar, and neither stands to profit.

    The engine driving the whole thing is not wanting to be the second highest bidder and having to fork out cash and getting nothing in return (standard loss aversion).

    Madbid works the same way, with bidders not wanting to lose and having to be in the position of paying out knowing they will not getting anything in return (sunk costs).

    The dollar auction is perfectly fine pub scam to get a few £ for beer money from your friends, since it only involves small amounts of money, but when you are turning it into a business and exploiting psychological weaknesses, this is no longer acceptable.

  45. Richard on

    If this is not a scam, why is the American Federal government investigating similarly run auction in the “States”, with the aim of making that company re-imburs all that took part in bidding. That particular bidding site made over half a billion dollars from unsuspecting mugs like myself. As for bidding against other bidders, are you kidding? built in to this bidding software are autobots that monitor every bid and then out bid the last highest bidder automatically.

  46. Tammy on

    I certainly agree that madbid.com is not an auction website and definately should not be advertised as one.
    I found madbid.com website advertised on a childrens-teens channel called ‘kix’ which is all the more to complain about, since the website isnt for under 16′s it should not be advertised on such channels.
    I haven’t actually tried out the website myself, but after carefull consideration I dont think I ever will.
    In my opinion I do believe this website was created to scam people out of their money. I mean if you want to go giving out your money in return for nothing then madbid.com is definately the place to do it.
    If you want to gamble then go to a casino, gambling on the internet has a lot more hidden brick walls than the real thing.

  47. Caladrea on

    Madbid, although not illegal or the convetional type scam, is, non the less a huge scam.
    As other posters have pointed out, you have to pay X amount of £ for X amount of Credits. Each auction uses different amount of credits per bid.
    I, unfortunately, decided i would have a go. So i paid £27.99 for 275 credits which works out to just over 10p per credit.
    i was bidding on the IPad @ 6 credits per bid. working out to 61p per bid.
    There were two main bidders throughout, every 2nd or 3rd bid was theirs. They must have had thousands of credits.
    I remember thinking even at that time, that they had to be working for madbid to have that many credits or have spent stupid amounts of money on credits.
    For myself, it was when i began bidding that i really how stupid a decision i’d made. Each 1p bid was effectively costing me 61p.
    The IPad sold for just under £60.
    So working on £60 as a base price thats 6000p @ 60p per 1p = £3,600 paid in credits for a £400 item. A minior profit of £3,200 to Madbid.com of which who knows how much the winning bidder contributed to.
    The ONLY way to prevent such unscrupulous sites from ripping off unsuspecting persons such as myself is not to join them, and if you already have, then do as I intend to do, and not use any of the credits i have remaining. For that will force others to continue using theirs.
    Just Stop! Simple.
    I have 119 credits left to use. I’ve lost that money regardless, but i refuse to contribute to making others loose theirs by bidding against them now.

  48. Jinny on

    I saw the advert for Madbid, looked at the site and saw that it was really hard to find out how much the credits actually were worth, so investigated more and your answer gave the answer I expected. Thanks for that!

  49. christopher on

    the most entertaining part is watching the bids fluctuate, you constantly observe the bid time reaching near 0s and then suddenly shooting back up, now its either this is a marketing ploy or bidders connections are delayed, and then there is always the psychological approach of if you bid last, like on ebay you are probably going to win the item who knows, but none the less it is one fun show to watch and monitor!

  50. christopher on

    THEY EVEN CHARGE YOU CREDIT TO SNEAK PEAK THE OPPOSING BIDDER !

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