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Wavee is my first penny auction experience and I picked Wavee because it was reviewed as a legitimate site with fewer users and real chances to win some auctions. Not my experience.Sign up is relatively easy and they are more than efficient at charging your credit card and taking your money. Later you find out that somewhere on the signup page in a very inconspicuous small print that “All purchases are nonrefundable”. Bidding is very easy and they even suck you into using their Bid Bots which will drain your bid account in nothing flat.
My sister managed to blow through $250 in two days without ever coming close to winning a bid for anything. I signed up thinking that my credit card was being used as collateral to bid, but next thing I know my credit card was charged $179.00 for so called 350 bidding credits, and yes this was a special they were running that day. I suppose I should have been excited about their generosity.
There is something really weird about this site. If I tried to bid on something, I always found myself bidding against the same people regardless of what day it was, or what time, or what the item might be. And the people bidding against me were always the same half dozen bidders. And those half dozen bidders seemed to have unlimited bid accounts. And one or the other of them always won. Even when they had just bought the same item the day before and the day before that and the day before that. Obviously these are professional re-sellers or something even more sinister.
Use of the Bid Bots was an exercise in futility". As soon as your Bid Bot kicked in, surprise, surprise, one of the deep pockets bidders had a Bid Bot set up for the same range as I did and a Bot War ensued/. It was impossible to win a Bot War.. Even if I set my Bid Bot up for the maximum allowable bids, the other bidder had more bids and was going to win". Bid Bots are a good way to lose significant sums of money in the blink of an eye..
Wavee also has a nasty habit of promoting themselves as a source of terrific bargains'. Their math is inexplicable!. For instance, they will post that they sold a $960 Apple MacBook at a 65% savings;. The bid on that MacBook was $26.15. That means there were 2,615 bids @ $.75 a piece for a total of $1,961.25 plus the end cost of $26.15. So Wavee sold the $960 MacBook for $1,987.40. That's an incredible profit margin and certainly explains why they are in business.
Here’s another example, A "Cuisinart ICE-30BC Pure Indulgence 2-Quart Automatic Frozen Yogurt, Sorbet, and Ice Cream Maker" is advertised at a price of 65.88 at wavee, ends up being sold for $4.14. This is almost 5 times the advertised price ($4.14 x $0.75 + $4.14 = $314.64).
Anybody who thinks they are getting a bargain should think again. The bid winner may be getting a bargain, but all those poor schleps like me who thought they had a legitimate chance to win are the ones paying the freight for somebody to get rich.
I don't know if Wavee is legitimate or not. I'm guessing they are not breaking any obvious laws. But folks, regardless of which of these penny auctions you might sign up for, the one thing they have in common are that they are giant ponzi schemes. Unless you have very deep pockets and infinite patience, you WILL NEVER WIN at one of these auctions.
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 Comments (21) |
| 1. Written by m on April 22, 2011 from warren, michigan, US Pennyauctiononline.com does NOT deliver what you win...avoid !!! Joe the rep for the company accused me of fraud in order to avoid sending me my winnings! POOR customer service!!!! Do NOT take the chance and get ripped off like me! |
| 2. Written by PennyAuctionWatchDogs.com on March 29, 2011 from old town, maine, US Hey everyone! I just wanted to share my two cents, and invite you to join in my forum that is dedicated to discussions about penny auctions. Penny auctions are a double edged sword. There ARE good values to be had, however, the shady and scandalous sites put a damper on the enjoyment of winning. The best advice that I can give anyone who is venturing into the world of penny auctions, is to BE AN INFORMED CONSUMER. Do NOT jump into an auction site and immediately purchase the biggest bid pack that they have for sale. Watch, watch, and watch some more. Learn who the dominant bidders are. Learn how the timers work – are they glitchy? Read about the terms and conditions, and win limits that are set up to stop any single bidder from dominating the sites. View the closed auctions pages and see when other bidders might have met their daily/weekly/monthly win limit. Then…. and this is probably most important – purchase bids only in sync with your personal budget. DO NOT LET THE BIDDING FRENZY CAUSE YOU TO BUY MORE BIDS THAN YOU ARE PREPARED TO SPEND MONEY ON. If you win, it’s best to stop after a couple or few wins, and make sure that the site actually follows through and ships the stuff out to you. ASK QUESTIONS – send off emails to the site and make sure that they respond with the timeliness, courtesy and professionalism of ANY REPUTABLE RETAILER. If not, be cautious of the site. AND ONE OTHER THING: there are forums out there like mine (www.pennyauctionwatchdogs.com) that are designed to discuss bidding strategies and to discuss honest and cheating sites – check them out – it just might save you money!!!!! GOOD LUCK AND HAPPY BIDDING! |
| 3. Written by Mike on March 23, 2011 from aurora, colorado, US Thanks for the post and sorry about losing money. I signed up for a similar site months ago and was out $150! The only thing I won even though I tried bidding at 2 and 3am sometimes was more bids... |
| 4. Written by mo on January 15, 2011 from scranton, pennsylvania, US so agree. It is a total rip off. As soon as you see the time is ending, 17 more people join the bidding war and all you get is less credit points. You buy credits to start and every time you bid you loose a credit and eventually you loose your money and have nothing tangible to show for it. BEWARE |
| 5. Written by Dan on January 2, 2011 from columbus, ohio, US You are right and wrong. Your math is correct - they often (not always) get a lot more for the item costs. That IS their business model. Wish I thought of it. But it is not a scam. It is almost the same as a lottery - you MAY win $1,000,000 for a one dollar ticket. The reason you get $1,000,000 in Lotto is because 2,000,000 other people paid one dollar for a chance. But Wavee (and other penny auctions) are much better than lotteries. If you understand how it works, use intelligence, and have a strategy you can win. I only started penny auctions 4 or 5 days ago and have won lots of stuff and am WAY ahead of the game financially. I have met the maximum wins/month on several sites and now have to wait 26 days to bid (win) again ! ! I don't know anything about your "fraudulent" credit card charges, but these sites work well for me. Really. I have won a number of gift cards and numerous BidPacks (more bids) and now have more bids than I initially bought, and more value in gift cards than I have paid in. It just keeps getting better. Please don't be bitter if you don't understand how to do it properly. |
| 6. Written by Naomi Davillier on December 31, 2010 from harvey, louisiana, US I too almost signed up. Thanks a Bunch!!! |
| 7. Written by broookee on December 31, 2010 from reston, virginia, US anyone kow ho i can quit wavee? |
| 8. Written by smart shopper on December 30, 2010 from bellevue, washington, US I knew it was too good to be true, it just didnt sound right and seemed real shady, Wavee is scaming so many people right now! |
| 9. Written by nwyawker on December 16, 2010 from brooklyn, new york, US Thanks for the heads-up. I was a couple of keystrokes from inputting my credit card number. I am glad that there is a web sight that saved me from heartache. |
| 10. Written by MariaP on December 13, 2010 from herndon, virginia, US I had more or less the same experience as BitterConsumer last Friday. I sent Wavee an email and I´ve yet to receive a response. Is there any where we can file a formal complaint, either through this scam of a company or with a federal agency. I want my money back. They need to be held accountable for what they´re doing. |
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