Is there a catch?

[rov1100]

Happened to come across this website Bidwiz. Its an auction website but some items are so cheap I wonder why. Flatscreen TVs for less than £2, Kindles for less than £12, etc

http://www.bidrivals.com/uk/signup

[bednobs]

don't you have to pay to bid regardless of if you win or not?

[Buenchico]

The catch is that you pay a fee to make each bid, even though (with possibly thousands of other people bidding at the same time) you actually stand very little chance of being successful.

Chris

[B00]

Apparently, according to the FAQ you pay 45p for each bid.

[ChuckFickens]

The catch is that you pay to bid regardless of if you win an item or not.

So... say each bid increases by 10p and costs £1 to make that bid (I've not checked the exact amounts)

An Item with a retail value of £1000 goes up starting at 0 and it is eventually sold to the successful bidder for £500 would result in the website getting £5000 in bidding fees for a £1000 item plus the £500 it was sold for. (so they've been paid £5500 for a £1000 item)

If you were lucky enough to put one bid in at £500 pounds and won the item you're onto a winner as everyone else who hasn't won it has paid for the item and more with their bid charges, if you bid £400 pounds you've got nothing and it cost you £1

[rov1100]

Thanks, that makes it a lot clearer. I suppose you wouldn't be allowed to make the maximum bid which is also a very low price?

[wildwood]

It also awakes the competitive streak of to not be outdone in us which we all have. The very basis why auctions often get more than retail price for items.

[Hopkirk]

If it sounds too good to be true ......

[joko]

it wouldnt surprise me if the winning bidders did not exist...