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With deal-hunting and deep-discount websites on the rise, you may have heard of a new bargain website called QuiBids.

Like many other consumers, you may be wondering “What is QuiBids?” or “How Does QuiBids Work?”

QuiBids is an example of a penny auction website. Penny auction websites are sometimes referred to as pay-per-bid auctions. QuiBids prefers to be called an entertainment shopping outlet. Regardless of the name, the concept remains the same – users must purchase bids before they can participate in any of the auctions.

As users bid on an item – say a $25 giftcard – the price for that giftcard goes up by one penny. However, it is important to remember that each bid placed by the auction participants cost money up front. On QuiBids, each bid costs $.60.

If you’re lost already, don’t worry. Penny auctions like QuiBids can be a bit confusing at first. Here are some resources that will help you familiarize yourself with the penny auction format:

For your convenience, we’ve also embedded a YouTube video highlighting How QuiBids Works.