The Definite Answer
Is MadBid a Scam?
The Straightest MadBid Review You’ll Find
So really? Is Madbid a scam? On one side, they do have all the set characteristics of a penny auction site, so if you consider those a scam, then MadBid is one of them. On the other side, they do honor their agreements and they have a fairly high prominence (including appearances on BBC and The Times), so let’s just say that they’re one of the better sites of this kind.
The real question however is quite different:
Should you play on MadBid or not?
The answer: ONLY if you know what you’re doing.
Most people bidding on MadBid will pay more than they could ever hope for to win at these bargain rates. If you want to be one the few that turns a profit you have to be either extremely lucky or you need to beat the system. And before you ask, YES, that’s possible.
But how do penny auctions work?
Well, the most important aspect worth remembering is that each bid, no matter whether it wins or not, costs. In MadBid’s case the cost is usually 4 or 6 credits, with each credit worth between £0.10 and £0.12 pence (depends on which package you purchase). This is how penny auction houses are profitable.
So let’s take the following auction:
Seems like someone scored a pretty big deal and MadBid lost a lot of money. Well… not really. As you see the cost per bid is 6 credits so biding once costs £0.60 pence. Now if you look at the final price, you’ll realize that people have bid 2606 times. Some quick math-fu and you’ll see that MadBid actually earned 1593.6 pounds out of bids alone. Compare that with the 510 pounds retail price and you’ll suddenly understand where the money comes from.
It doesn’t seem that glamorous now, does it? However keep in mind that all it really takes to win is one bid, so basically the strategy would be to win the auction with as few bids as possible.
So how do we know when and when not to bid?
Well this is where you should pay attention, because you won’t find this advice anywhere else.
Tip 1: Practice for free
The 2 credits that MadBid gives to newcomers aren’t exactly a treasure trove. Well, we have some good news. If you signup with MadBid using the link below, you’ll get much more than that. Before you click the link, make sure to clear your browser cache and cookies.
Click Here & Enter 5FORFREE After Joining
Tip 2: Know when to bid
Did you know that there is a certain small range in which most of the auctions are won? We’ve actually compiled a statistical report to determine this and math doesn’t lie.
This is one of the charts we’ve compiled.
It all looks like a horrible mess, but once you start to interpret the data a pattern emerges. If you’re aware of it you’ll know when is the optimum time to place a bid. Just sign up to our mailing list and we’ll send the report neatly to your inbox.
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In case you’re wondering what’s that, look at the screenshot below.
These 2 poor hapless fellas are wasting credits like there’s no tomorrow. And keep in mind that there’s no guarantee that either of them will win the thing. Don’t be one of these guys.
Tip 4: Apple sucks
Ok it doesn’t, it just sucks to bid on them. Popular brands and products have this drawback. Basically, you can be certain that such items will attract a lot of bids and thus the odd for a random bid to win is quite small.
Tip 5: Don’t stay on the homepage
MadBid shows 5 highlighted live auctions on their front page. Typically these are seeing a lot more action than the others going on at that the same time. The basic idea is: try to see what other auctions are going on, chances are these will be much easier to win.
Tip 6: Manage your credits properly
Things can get ugly and when this happens it is important to know when to stop. Don’t gamble it all in one auction, plan ahead and pick you fights carefully.
