What is bidfun?

Answer 1

I am a BidFun user in Australia, so can only speak of my Australian experience.

I believe however that BidFun is based in the UK and that they have several other international sites.

I have won 1 BidFun auction to-date. After spending around $60AU on bids, I won an Apple iPad for $139.72. Total spend just short of $200AU...

So I speak from at least some degree of experience, and hope to offer a balanced viewpoint...

BidFun is marketed as an on-line auction site - currently specialising in hi-tech gadgets and games.

Is it legitimate? YES. I received my item within 24 hours of my successful bid.

In reality however, it is somewhat a combination of casino and auction in one. This site is bound to prosper. I wish I had thought of it - although it is not the only auction site of its type - the model appears to be a huge money spinner for the developers. It seems to draw on some of those bare human emotions - when you win a bet at the casino... when you find that elusive bargain... "I'm in the fight now, I can't back out now..."

You purchase "credits" - or "bid points" in order to bid on any auction. On a basic plan, 1 bid = $1. There is a sliding scale of discounts depending on how many points you purchase at a time.

If you place a bid, it costs $1, and increases the bid price by $0.02c

At the same time, the countdown clock for this item is set back by 20 seconds. This gives other bidders time to respond to your bid.

Like any auction (except Dutch auctions), if you are the highest bidder when the clock hits zero, you win.

There are many forums which criticise BidFun as a "scam" or a "ripoff". My mind is not yet made up...

If you do the straight math - the site represents VERY POOR value for money.

I paid $139.72 for my iPad.

This represents 6,985 consecutive bids (from a starting price of $0.02). In theory, BidFun collected a maximum of $6,985 from the bids, as well as my $139.72. A total of $7034.72

For an item that possibly costs around $600 wholesale, this results in a markup of about 1,170%

Other people lost around $7,000 before I spent $200... on an $800 item.

Starting to sound more like a casino???

There are accusations that have been made in some forums that BidFun uses "dummy bids" or robots of their own in order to keep auctions alive. Whilst this may or may not be correct, this would actually reduce the grand total above...

If 50% of the bids at this auction were "dummies" then their markup has been reduced by the same margin.

Needless to say, I am not a lawyer. I do know that in Australia there are very strong rules regarding the correct and fair operation of an auction. The use of dummy bids is expressly forbidden. If this site is using an Australian (or any other) domain, and they are using tactics such as dummy bids, I am sure that the politicians and the law will catch up with them eventually in their respective municipalities..

As well as the (theoretical cost) of dummy bids, many bidders have purchased discounted bids in bulk, or won points in other auctions and surveys. (When I won my iPad I had the choice to collect 600 bid points instead, as well as PayPal credits and more.)

There is some reflection on-line that a small number of people win these austions, hence they must be rigged. It is a possibility that there is a system to winning - this "perceived" result would need tangible evidence before I would support the theory.

Some theories about how to win an auction have been floated in forums... a bit like how to win at the casino... In Australia, a casino must issue a prospectus which details the anticipated "drop" for each customer. That is - the average amount that the casino believes each and every customer who walks through their doors will lose. Most walk away losers. A small few walk away with a win - a little like that magic stroke in Golf - the one that keeps you coming back, despite the 100 poor strokes you played prior.

I suspect there are a few "winning" theories in this forum, but that the winners are unlikely to share them...

I do not think that the profit made by this Company anywhere resembles the straight math listed above, but they are not on a losing streak either.

How much do you spend on entertainment?

How much do you spend at the casino?

Set your limits.

Study the game.

Be prepared for some significant losses amongst the few spectacular gains.

... and good luck!