Does anyone know if the website "wellbid.com" is legit?

[Rui]

im asking this because the website's prices of the product sold, are not very convincing, Samsung Galaxy S4 (500$) @ 0.21 Cents???
Common thats very suspiscious...

[Jeremy]

Umm..well logically speaking I think it's scam I have seen the site I wouldn't send them any credit card information but that's just me.

[Jake]

The 10 year old site is registered to an address in the country of Cyprus, probably out of reach of the authorities, they also own welmory.com and some wellbid variations.

Penny auctions are really more like Casinos than auction houses, for every winner there may be 10 losers who paid in almost the same amount.

The best known of them Quebids charges a $600 sign up deposit, which may be typical. The distorted world they have created allows them to advertise those ridiculous prices, to the detriment of normal stores.

[Baron]

This is a scam site, first of all, the value they claim on the dads is the value you pay after you earned the right to buy the item, and that's where is going to cost you. Besides they make sure that only after they made at least 5 to 10 times the value of the actual item. I made the mistake of bidding on a camera, I was at it all day on a ten second bid. I would be bidding every 10 seconds for an hour against a single player, after a couple of hours, a second or third bidder would start bidding as well, and the guy that I had been bidding against would leave, less than a minute later here I was bidding against one different bidder for another couple of hours, only to be in the same position once again. I was at this for a full day, every ten seconds. Sometimes for an hour, sometimes for two. What are the chances of this???