How is this legal??? (Madbid.com)

A warning about Madbid.com who have an add on mainstream TV.People see this and think if its on TV it must be ok, OMG it is a really clever scam!

I haven't used this site but researched it when I saw the adds on TV and couldn't beleive what I found out! They are using a penny auction to sell for example an I Pad 2 for £130. Well thats great they are normally £500 right? Wrong they are making AT LEAST £7,800!!!! You have got more chance of winning the lottery than winning an item and you are charged for every bid you make!!!!

https://m.youtube.com/watch?v=jauBVBt6H ... rch=always

Somebody else draining people who are hard up in the lead up to Christmas! High interest loans perhaps but how the hell is this legal??

Funny it was legitimised by reporter in national paper awhile ago as he got item at massive discount? Shows you cant trust the papers

Totally agree.

These sort of set ups should be banned. Basically playing on peoples ignorance.

Clever business idea in my opinion, the winning bidder gets item at a discounted price.

Its not really a scam is it? A good business idea, where the profits are made through several people paying to bid rather than the sale of the item, you chose how many bids you place so your not being scammed are you?

If you don't win the item then I guess you would be pissed off as I guess you could put a fare ammount of cash in.

Fair play clever idea it's not forcing you to bid you do have the option.

Just don't bud stupidly low on things. Anyone bidding 1p on an iPad mini is not going to win, keep an eye on what your looking for, see how much they are going for roughly and start your bidding at just under that price