I’ve recently found CoinOut, an app that allows you to earn instant cash for buying products online and in-store. It claims to be the easiest way to make money online. But is it? Is CoinOut a scam or legit application?
Apparently, CoinOut app is only available in the United States and Canada. If you live in the United Kingdom, a similar alternative is Receipt Hog.
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CoinOut App Review
- Name: CoinOut
- Company: Coin Out Inc.
- Price: Free to join
- Countries: Canada and the U.S.
- Overall Rating: 3.3/5
What is CoinOut App?
CoinOut is a mobile application that allows you to earn cash back on purchases made online and in-store. It’s available for both iOS and Android devices.
You can earn cash either in two main different ways:
- Shop at selected online stores through the CoinOut app.
- Shop anywhere and upload pictures of your receipts.
Also, CoinOut has a referral program that pays commissions when you invite your friends to install and use the app.
Is CoinOut App a Scam?
No, it isn’t. CoinOut is a legit app operated by a reputable company headquartered in New York. The founder, Jeff Witten has even been featured in Shark Tank as you can see in this video:
I have reviewed many apps that have the terrible habit of terminating people’s account for no reason and messing up with payments. Well, I don’t believe that is the case with CoinOut.
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Pros And Cons
- It’s an easy way to make money.
- Get paid via PayPal, bank or Amazon gift cards.
- Generous referral program.
- Very low pay rate – Earn 1 – 8 cents per receipt.
- There a limit of 5 – 7 receipts per day.
- The minimum cashout is $10, which is relatively high.
Why Does CoinOut Want Your Receipts?
They want your receipt to understand your purchasing habits in order to show you more relevant offers through the app.
How Does it Work?
The CoinOut app is available for both iOS and Android devices, so you can download and install it via either Google Play or Apple Store.
Submitting Your Receipt
All you have to do is press “SCAN” and take a picture of your receipt to receive an automatic cash back amount.
Here is a quick overview:
You will earn anywhere from 1 to 8 cents per receipt depending on their quality and picture clarity.
Any receipts (any store) is accepted as long as it has all of the following information:
1) Date of Transaction (receipts older than 2 weeks are not allowed)
2) Store Name.
3) Total Bill Amount.
4) All items purchased with prices.
5) The receipt can’t be uploaded twice.
Unfortunately, there is a limit of about 5 – 7 receipts you can submit each day, so the income potential is incredibly low.
Earning Cash Back On Online Purchases
A better way to earn money with CoinOut is by making purchases online through the app.
Simply tap on the merchant’s button located in the CoinOut homepage, and you will be directed to their website.
Some of the popular merchants you can earn cashback include Walmart, eBay, Asos, Macy’s, Groupon, and more!
When you complete the purchase, you will earn a cashback amount based on the amount you spent, the merchant and the product category.
For example, if you are buying at Groupon, jewelry pays 2.5% while electronics pay only 1%.
Also, keep in mind that some merchants take up to 90 days to approve a cashback.
Another way to earn money with CoinOut is by inviting people to join through your link. Tap “Share & Earn” and then share the link with your contact on social media or directly via email. You will earn $1 per referral.
Once you reach $10, you can withdraw for PayPal, Bank, or Amazon Gift Card. Once you request the payment, it usually takes 4-5 business days.
What Are Other People Saying?
I had a look at many user reviews on the Google Play and found that most reviews are positive. However, I also found many complaints about the low pay rate.
A person reported having earned $5 after using CoinOut for 7 months, which is quite discouraging.
Well, CoinOut doesn’t require much time and effort, so it’s understandable why. Besides, no business can afford to pay as much as we wanted just for collecting receipts.
Indeed, if you are only uploading receipts, it will take ages to reach the minimum cashout threshold. But it’s a fact that you will earn much more if you make regular purchases through the app.
Conclusion – Is CoinOut a Scam?
No, it isn’t. There is absolutely nothing suspicious about CoinOut.
However, just like any other cashback platform, earnings are very slow, and so it usually takes time to reach the minimum balance requirement.
It’s important to understand that missing rewards may occur due to factors out of our control.
If you don’t earn the cashback after 90 days of the purchase, the first thing you should do is contact the company and send them a copy of your receipt so they can try to identify the problem and reward you.
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Thanks for checking out my CoinOut app review. If you have any questions, feel free to drop me a comment below, and I will be more than happy to help! 😉
Stay safe and peace out!