Product name: Madbid
Product type: Rapid bid auctions
Price: Free to start
Owner: Marcândi Limited
I call them rapid penny auction sites – you’ve seen the type before I’m sure you have.
Auction websites where you can grab a fantastic bargain like a new iPhone 5 for £4.53 or a mini cooper for £212.65 or something! Well there’s one such website that’s come to my attention called MadBid and I need to try out.
Madbid Program Overview
Madbid is a fast moving bargain auction site. The site has been known to auction off brand new motor cars for as little as a few hundred pounds.
You simply buy credits and use your credits to bid on any item. They also have a ‘buy now’ button for members with a purchase discount.
MadBid.com have been in business since 2008 and have recieved a big chunk of change in 2010 to grow the business when Atomico Ventures, an investment group setup by Skype founders Niklas Zennstrom and Janus Friis.
They put in £4 million in the first round of institutional funding.
What’s Included With Madbid?
It’s a very uncomplicated concept that doesn’t require a long user setup. You are assigned your chosen username and password that allows you into your personal user profile area. There you can buy credits, and place your bids. It’s that simple!
The only cost to consider is your credits and postage and packaging. Depending purely on the item you are bidding for, you may use more or less credits.
It’s quite simple to figure out really. Using the regular scale of £7.99 for 75 credits we can work out what each bid is going to cost us in real cash terms.
- 02 Credit bid auctions cost £0.21 pence per bid
- 04 Credit bid auctions cost £0.43 pence per bid
- 06 Credit bid auctions cost £0.64 pence per bid
- 08 Credit bid auctions cost £0.85 pence per bid
- 10 Credit bid auctions cost £1.07 pence per bid
Who Is Madbid For?
Available all over Europe, if you’ve a few minutes to spare and you are looking for a great deal then Madbid may sound like the ideal place.
If you are after an awesome bargain Madbid.com is a site that you’ll love to browse… BUT be warned as it’s not for those brand new to online auctions.
Madbid is a calculated business venture. I found that I used all my credits without winning any bids, which the majority of users will. It’s a game of chance really.
Are There Any Madbid Complaints?
There genuinely seems to be very few complaints apart from the odd mention of the items were not exactly as described. Yet I found that when looking at the auction lots and descriptions, all the details are listed there clearly for all to see, even if it’s in the small print.
My Own Thoughts On Madbid
It’s a gamble that pays heavily in the dealers favour. Granted there will be a lucky winner of an iPad mini, but being realistic there’s a very very slim chance it’s going to be you.
I placed a bid on a remote control truck that I thought was a great deal at £4.99 – then I had to add on P&P for £9.99 giving me a total price to pay of £14.98 ( the RRP was £16.99) so I actually only saved £2.01 which was hardly the bargain I was expecting.
Madbid Review Summary
Madbid.com is a fun site that does throw up the odd bargain to a lucky bidder.
There are a number of auctions running at the same time. When you consider the bids needed to push the price of an item up to £60 it’s easy to see that it’s a fantastic business model for the owners and investors, however you as a punter can easily end up buying a lot of credits with nothing to show for it.
Do you have any experience with Madbid.com? If so please do share your thoughts in the comments section below.
Tony – WFHW