Wavee is a new live shopping and auction website. Consumers can either win an auction at up to 90% off retail price, apply credit used to purchase the item, win bonus credits, and use statistic to help get the winning edge. So is Wavee.com a scam? Is Wavee.com legit? How can the prices be so low?

wavee.com logo

I too was wondering if the new website wavee.com is legitimate, sincee the prices are so cheap compared to retailers that it seems like some kind of a scam. So I decided to sign up for an account at www.Wavee.com, after seeing an ad on facebook.

Wavee is a Bidding Fee Auction site. The price shown at the end of the auction is the winning bid, but all bidders have contributed to paying for the item. Unlike a site like Ebay.com, bidders on Waveee.com are charged 75 cents per bid, even if they do not win the auction. On the new Wavvee.com site participants must pay a non-refundable fee for each small incremental bid they make. When time expires, the last participant to have placed a bid wins the item and also pays the final bid price, which is usually significantly lower than the retail price of the item.

Wavee bids

Sites like Wavee.com are not new to the internet. There are other sites that have used the same model as Wavee in the past at Gozila and MadBid. Most of these types of auction sites do not show the actual cost of the bids that were used to win the item, but on the new Wavee site the winning items listed had the price that the item won at and also had the actual cost of the bids.

For example one of the winning items listed was an Apple iPad Tablet (64GB, Wi-Fi), with a retail value of $858.98, the winning price was $76.00 but the actual cost of the bids that won the Mac book was $116.25, so the total cost of the Mac book was actually $192.25 to the winning bidder on Wavee.

I too thought that this was a great price for and item that sells elsewhere on the internet for between $750-$1000. So how does Wavee make money on these auctions, and is it a good idea to participate in these auctions?

In the example above with the Apple iPad Tablet (64GB, Wi-Fi), there were a total of 7,600 bids placed on this item (1 cent per bid, starting at 1 cent). Each Wavee credit costs 75 cents, meaning that combined bidders spent $5,700 worth of credits on this auction. Wavee therefore received a total of $5,776 for an item that retails for about $850, leaving the auction site making a profit of $4,926.

Now that you can see how Wavee.com makes profit from these auctions, you are probably still wondering if it is worth it to compete in these auctions.

There are many factors that could affect the outcome of an auction on this type of site, and to truly know weather this site is worth bidding on, we need to take all of the factors into consideration.

A few of these factors are, How many bidders are participating in the auction? (time of day would play a big part). How many credits do you have? (will you run out of credits before someone else, and will a new bidder arise before you have depleted your credits). How many items are currently listed on the site, that would interest people more than the item that you are bidding on, and do these items end about the same time?

Because all of these things are hard to judge, and because there are other factors that could effect the outcome of an auction on Wavee Wavee.com, I would much prefer bidding on an auction site like Ebay.com.

Overall, the Wavee.com review shows this is a viable site and is not a scam, but definitely not an auction site that will produce many winning bids for you.