For years I have been able to earn a part-time income selling entertainment merchandise on eBay. It isn’t much but enough to make a couple hundred bucks a month for extra spending money. So when I seen this commercial on television for an auction where you could possibly win expensive items for a fraction of the cost it caught my interest. But first I decided to go online to see if I could determine whether or not the penny auction site Beezid is legit or a scam.
Now I will admit up front that I knew nothing about how these penny auction sites operated prior to doing some research on the subject. Once you learn how these companies run then it becomes pretty evident these really are gambling sites as much as they are auctions. For those that quickly signed up thinking that it would be much like eBay then I could understand how they would see these sites as a fraud. But the companies clearly post the workings of their system and therefore it really keeps many people from being able to call them a hoax.
So in order to make your own decision in regards to Beezid being legit or a scam take a minute to understand how the company is able to sell these items for such a low cost. The way these penny auctions make money is by making people pay per bid. On most of these sites you have to buy packages of bids that can cost as much as a dollar depending on the company and package.
So let us just say for example that you are paying a quarter per bid. Each time you bid on an item the price goes up a penny. But you are in a bidding war with other people and if you don’t win the item then you essentially spent money bidding on an item that went to another person. This is where penny auction sites like Beezid make their money and why many people cry fraud or scam. So you may be able to win a $500 flat screen television for as little as $50 but at 25 cents per bid the website made $1,250 just from the bids.
So what does all of this mean in regards to Beezid being legit or a scam? Well in my person opinion the devil is in the details. If you are unaware of how the system works then you likely will end up losing money in the long run on these penny auction sites. However if you take a minute to think about it they really are a ripoff in most cases. I would label anything where you have to pay just for a chance to win something as a hoax. That is something you encounter at the circus not with a legitimate company.
In the future just make sure you read all the fine print and do research to determine if companies like Beezid are legit or a scam. Because in the end it is real easy to call somebody a fraud but if they tell you all the details from the start then everything falls on your shoulders to make the decision. Is it still a ripoff if they inform you of everything when you sign the dotted line? This is where these questionable companies are able to stay in business so be careful out there my friends.
