MyStarbid


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PRIZE: Various item. Please refer above picture.
DEADLINE: N/A
WEBSITE/URL: http://www.mystarbid.com/

DESCRIPTION:
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Mystarbid
1. Who is Mystarbid?
Mystarbid is a website run by the Malaysian registered company and has four services center in Philippines, Vietnam, Malaysia, and Indonesia. Mystarbid are where products are placed on auction with the following rules:

Bidders are asked to place their bid, a bid which they think no one else will duplicate, and the successful bidder will be the one with the LOWEST UNIQUE BID.
An Administration Fee is charged per bid.

2. How does Mystarbid Work?
The variation from the traditional style auction system is the auction result is awarded to the Lowest Unique Bid when the predetermined Required Number/time of Bids has been met and the auction is closed. Each Bidder is required to pay an Administration Fee in order to place a Bid. This is best illustrated with the following example:

Apple iPod Shuffle 1 gig – Recommended Retail Price : $199
Required. No. of Bids : 200
Administration Fee : $2.75
At the end of the auction the lowest ten bids may look like this :
Bid 1: $0.01
Bid 2: $0.01
Bid 3: $0.02
Bid 4: $0.02
Bid 5: $0.02
Bid 6: $0.03 Lowest Unique Bid
Bid 7: $0.04
Bid 8: $0.04
Bid 9: $0.05 Unique, but not the lowest
Bid 10: $0.06
Bid No.6 is the Lowest Unique Bidder and is awarded the auction result and would have to pay only 3c. He/she has therefore purchased an article for $3c (Bid Amount) + $2.75 (Admin Fee) = $2.78 = 1.4% of the Retail Price ($199)!

3. This seems too good to be true. What’s the catch with Mystarbid Auctions?
You really can purchase products for a fraction of their normal retail price however you need to pay a small non-refundable Administration Fee per bid that you place. Note that you are not guaranteed to purchase the item on auction for the amount that you bid – only if your bid is the Lowest Unique Bid will you be the successful bidder in the auction.

4. Can I purchase these products directly from you without participating in the auctions?

No. You cannot purchase any of the products directly. You must participate in the auctions.

5. Who can join and bid? And how much does it cost?
Anyone above the age of 18 can join. There is no cost for joining, but there is a Administration Fee for each bid placed. Administration Fees vary depending on the value of the product.

6. How many items are available in each auction?
There will be a quantity of one item available per auction, unless otherwise stated.

7. Do I get notified when an auction starts or ends?

We do not send out notifications when an auction starts. All participating members are however notified by email when an auction has ended.

8. When does an auction end?
An auction ends when the Required Number of Bids has been received or the bid duration time end(depends on the terms and conditions for each item).

Bids
1. How many Bids can I submit per auction?
Each Member may submit as many Bids per auction as they wish, provided they have paid the administration fee for each Bid.

2. Where can I view the Results and / or Winning Bid of an auction?
The results are announced immediately upon the successful closing of an Auction. The successful bidder with the lowest unique bid will be highlighted. Note: you may have to go through all the bids received. All participants are notified by email when the Results are posted on the site.

3. How do I know if my bid was successfully submitted or accepted?
You will be notified by email as soon as your Bid has been accepted or submitted into our database.

4. What happens if there are no Unique Bids?
If there is no single lowest Unique Bid then the successful bidder is determined by the Lowest Bid Amount with exactly 2 Bids placed and where the bidder bid first.

5. Can I review the auctions I’ve entered?
Yes, by clicking on the bidding history link in the members area.

6. How much do I bid?
Bid the price that you think will be the unique lowest bid, remember it isn’t the lowest bid that is successful – it is the Lowest Unique Bid.

Fees
1. What and how much is the Administration Fee?
The Administration Fee is an amount charged for each Bid placed on a particular auction. Each fee is indicated on the auction description page. This fee is non-refundable.

2. WHAT ARE BID POINTS? HOW DO I GET THEM?
Each Bid point is worth $1 and Bid points can be used to offset the amount you offered to pay for the item. Bid points are points Mystarbid gives you when u do a western union deposit or buy from agent. In future you also will get bid points by registering on the site, referring friends through our site who join.

To illustrate, if you offer $100 for an item and you have 100 bid points, you can offset 100 bid points for the item.

3. WHAT COSTS ARE INVOLVED?
Each bid offer you send incurs a non-refundable administration fees (plus 7% GST of the administration Fee) which covers the cost of administering the auction.

The administration fee amount is determined by Mystarbid.com and is listed in the item’s description before you bid for

4. When will I be charged my Administration Fee?
Administration Fees are charged from your Members Account balance immediately upon the submission of a bid. Bid amounts will only be charged to the successful Bidder upon the closing of the auction for a given item.

5. What are the cancellation terms and do I get refunded?
Participants are not permitted to cancel bids once they have been accepted. The Administration Fee is refunded only in case of an unsuccessful auction.

Shipping/Payments
1. Are their any Shipping or Transport costs?
Shipping and Transport is free to Members with a valid Indonesia, Vietnam, Malaysia, Philippines and Singapore delivery address, unless otherwise stated.

2. How do I know that your website is secure enough to give you my Credit Card information?
We use the highest industry standard levels of security to ensure that your information is protected. This includes, but is not limited to, SSL encryption for the transfer of sensitive information over the Internet, multiple levels of password control and firewall access to our systems.

3. I don’t have a credit/debit card or a PayPal account. Can I pay using another method such as cheque or direct deposit?
We accept payment with a valid VISA and MasterCard, and by Direct Deposit through PayPal or Western union. A PayPal account can be easily set up at no charge by going to http://www.paypal.com. For Malaysian, we also accept maybank2u transfer to buy the bid point(usd1 = 1 bid point). We also have agents that sell bid points in below country Indonesia, Philippines, Malaysia and Vietnam.

4. How do I receive the product if I am the successful bidder?
Upon receipt of payment for the amount of the successful bid, the item will be shipped to the address on record for the successful Bidder within ten business days, unless otherwise stated in item description. If the item is on backorder with stockist, item will be shipped as soon as backorders are filled. All items will be shipped via a carrier of Mystarbid choosing.

BID STRATEGY

Mystarbid is a reverse auction website where the lowest unique bid wins. It’s a brilliant and exciting new way to win brand new products for a fraction of their guide price!

Bid Rules

The idea of a reverse auction is that a player aims to be the lowest and unique bidder on an item, and the bid has to be one which no other player has made i.e. the lowest unique bid.

For each auction there is a reserve, the minimum number of bids needed before the auction can close.

At the close of the auction, whoever has placed the lowest unique bid will be entitled to purchase the product/service for the cost of that bid.

How Do You Win

You should use your skill and judgement to develop a winning strategy.
The variation from the traditional style auction system is the auction result is awarded to the Lowest Unique Bid when the predetermined Required Number/time of Bids has been met and the auction is closed. Each Bidder is required to pay an Administration Fee in order to place a Bid. This is best illustrated with the following example:

Apple iPod Shuffle 1 gig – Recommended Retail Price : $199
Required. No. of Bids : 200
Administration Fee : $2.75
At the end of the auction the lowest ten bids may look like this :
Bid 1: $0.01
Bid 2: $0.01
Bid 3: $0.02
Bid 4: $0.02
Bid 5: $0.02
Bid 6: $0.03 Lowest Unique Bid
Bid 7: $0.04
Bid 8: $0.04
Bid 9: $0.05 Unique, but not the lowest
Bid 10: $0.06
Bid No.6 is the Lowest Unique Bidder and is awarded the auction result and would have to pay only 3c. He/she has therefore purchased an article for $3c (Bid Amount) + $2.75 (Admin Fee) = $2.78 = 1.4% of the Retail Price ($199)!
The game is easy to play and success depends on you being able to outwit fellow bidders by using your skill and strategy to place the lowest unique bid!

Strategy

Try and predict where you think the auction will end and place bids around that price mark first..

Get your bids in early! If there is no single lowest unique bid then the winner is determined by the first person to place a bid.

75% of bids are made within the last 24 hours, make sure you have enough credits left to cancel out other bids!


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