I have two penny auction reviews on this site and on both the negative feedbck out does the positive feedback. I am not here to make a post telling people what to do with their money i am making this post like i did the others to give people information on how penny auctions work.
Speedybuys.com verse eBay.com
I know some of you might say why would i compare Speedy Buys to eBay but i am doing this so you understand the difference. Ok actually i was in a bidding war on eBay yesterday for a quad core desktop computer yes I lost but what i like with eBay is that when i lose I don’t have to pay anything.
SpeedyBuys.com however doesn’t work like that. As soon as you sign up with SpeedyBuys.com you have to buy NON REFUNDABLE credits and once you make a bid you have actually lost your money or paid for the item. This is why many people call penny auctions scams. Personally i don’t think “penny auctions” are scams but i do agree that there could be some penny auction websites that really are scamming people.
SpeedyBuys.com Information and understanding Penny Auctions.
If you research penny auctions and its history the first time the world was introduced to penny auctions was during the great depression around 1929–1939. U.S Midwestern farmers receiving no government support decided to take matters into their own hands. It’s actually an interesting story if you research and read about it. That being said we are currently in a similar economic climate and being that we are a consumer based nation people are looking for ways to save money.
So the visual appeal of an online penny auction site is what I think is fooling people the most. If i see something up for auction that usually costs $500 selling for maybe $50 of course i will be tempted to join. in the back of my mind i know Gambling is illegal so I might initially think that if I bid and I lose i will get my money back. i know many of you were under that same impression.
Speedy Buys is it borderline gambling?
This is main problem i think people are having to deal with, with these online penny action sites. Gambling is Illegal in most U.S states that being said most of us have been program to approach auction sites with the frame of mind which is “I only pay if I win” so when people lose and they notice all there money which is now in the form of credits is gone they usually scream SCAM.
This is the main reason i am writing this post is to educate you the consumer about Online Penny Auctions. now being upfront i’ve never signed up to any online penny auction site because i find them to be very time consuming and personally i don’t like wasting my time and not winning something, i’m still mad about losing on eBay yesterday. So say i lost on eBay and i had to also pay for the item i lost oh you better believe i would be p*ssed off.
The bigger The penny Auction Website Gets The more Money The penny auction site makes
This goes back to what i said about the history of penny auctions, during the great depression penny auctions were a TEMPORARY solution to help the mid west farmers get out of their financial bind. This could be a similar case with the retail sector. I’m not saying it is but if you take a step back and think about it you may understand what i mean.
My SpeedyBuys.com Advice
Now my advice to anyone signing up for speedybuys.com is first if you can’t handle losing money don’t sign up, if you hate losing money like I do don’t sign up, if don’t like risking your money don’t sign up. I know the visual presentation on SpeedyBuys.com looks nice but don’t let it fool you. I have read stories of people spending days on online penny auction sites and coming up empty handed.
I don’t want to tell you what to do with your money but i personally don’t recommend signing up with SpeedyBuys.com Please leave your comments or stories below. both good and bad. If SpeedyBuys.com is scamming let the world know and try your best to explain your experience with them.
4 thoughts on “SpeedyBuys Scam”
I read an article about Speedy Buys and It sounded like something that I would like to try. First, if you look at the testamonials, it look as if you get 100 free bids to see how you like the site. Well, all the sudden 400 credits show up and 149.00 is taken from the debit card I had listed. I thought the credit card # would be required if I win an item or more. The auction site has maybe 20 items at the most and consists of colon cleanse, wrinkle remover, a clutch purse, junk toys and once in a while a laptop which in the complaints I have read the buyer never does receive the merchandise. Please stop this company from scamming people and get out money back please. Thank you kindly
i too have been taken buy this so called bid sight, $159.00 cdn and then have won bids also charged to my credit card. This goes back to 03 Sep. 2010 altogether over$ 300.00 to my credirt card. NUmerous phone calls and emails got me nowhere, Oct 15 2010 phoned the fraud dept. and they informed me they would very seriously look into this matter for me.
thank you for your comment please update every on your results
I also had the same thing happen to me. I had won a bid for a guitar on 09/26/10 and still have not received anything as of today 12/15/10. However, money had been taken from my card. I cannot get anybody to reply and found out today when I finally was able to reach someone that they are actively looking for a job and I cannot get the any information. The telephone number is automated answer and then disconnects you. Today, I was able to reach a person and again…was asked to call back. HELP! I want my money back. Isn’t there anyone to help with this problem.
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