Skip to content Skip to sidebar Skip to footer

CoinOut App Review - Is It Legit? (Expert Opinion)

CoinOut App Review - Is It Legit? (Full Details Revealed)

Wondering if CoinOut is a legit way to earn some extra cash or just another scam? This in-depth CoinOut review will reveal everything you need to know to decide if this app is really worth your time.

CoinOut App Sign Up

What is CoinOut App?

CoinOut is a cashback app that allows users to earn rewards by scanning receipts and availing of online cashback offers from partner stores. The app first gained attention when it was featured on the popular show Shark Tank.

At its core, CoinOut aims to provide an easy way for people to earn a little extra money from their everyday purchases. But is it truly as simple and worthwhile as it claims? Let's take a closer look at how CoinOut works and what it offers to determine if this app can be a good source of passive income or if your time would be better spent on other money-making opportunities.

How Does CoinOut Work?

CoinOut offers users two main ways to earn: scanning receipts and online cashback offers. Here's how each method works:

Scanning Receipts

This is CoinOut's signature feature. Whenever you make a purchase, you can use the CoinOut app to take a photo of your receipt and upload it. If the receipt meets their requirements, you'll receive a small cash reward, typically between $0.03 to $0.07 per receipt.

To earn rewards, the receipt must include the merchant name, purchase date, items bought, and total amount spent. You'll want to upload the receipt soon after purchase, as only those from the last 2 weeks are eligible. Not all receipt types qualify, so be sure to check their list of excluded receipts before scanning. These include ATM receipts, lotto tickets, credit card slips, coupons, non-English receipts, and more.

While scanning receipts is an easy way to earn, the rewards are very minimal. For most users, earnings from receipt scanning alone likely won't amount to more than a few dollars per month at most. However, when combined with CoinOut's other earning methods, every little bit helps.

Online Cashback Offers

CoinOut also provides cashback opportunities when you shop online with certain partner stores. When you make a qualified purchase through their app, you'll get a percentage of your money back. Partners include major retailers like Walmart, Groupon, eBay, and more. The cashback rate can range from 1-5% typically.

Online cashback offers provide the bigger earnings potential, though rates are still relatively low compared to some other cashback platforms. However, if you frequently shop at CoinOut's partner stores anyway, it's an easy way to save a little money with no extra effort required. Over time, earnings from online offers can add up to a nice chunk of change.

Referral Program

You can also earn by getting friends and family to sign up for CoinOut using your referral link. The exact referral bonus amount varies but is typically a few dollars per referral. While referrals alone likely won't make you rich, every dollar earned can help if your goal is to maximize your earnings from CoinOut.

CoinOut Payment Methods

You can withdraw your CoinOut earnings in a few different ways:

  • PayPal - Minimum $10 balance required
  • Direct bank transfer - No minimum
  • Gift cards - No minimum

Of these, direct bank transfer is often the quickest and easiest option. You'll simply need to link a bank account. PayPal is also convenient for those who already have an account. Either of these options provide a fast way to access your earnings without fees.

Gift cards can also be a good choice if you frequently shop at one of their available merchants anyway, like Amazon or Starbucks. You can earn and then spend at the same place. However, gift cards do limit how you can use your rewards. For maximum flexibility, bank transfer or PayPal are better options.

CoinOut Earning Potential

How much money you'll earn with CoinOut depends on your activity level. Scanning receipts provides very small rewards, usually $0.03 - $0.07 each. There's also a daily limit of 10 receipts per day. While quick and easy, earnings are minimal.

Online cashback offers provide the bigger earnings potential, though rates are still relatively low compared to some other cashback platforms. Most offers are 1-5% back. If you spend $500 per month at Walmart or Groupon, you could earn $5 to $25 back. Over time, this can add up to a decent amount, especially if you take advantage of offers from multiple stores.

For most users, CoinOut earnings will amount to some nice extra pocket change. But it likely won't be a hugely lucrative opportunity for the time spent. With consistency, you may earn $5 to $20 per month. While not a major money-maker, CoinOut remains one of the simplest options if you want completely passive earnings from routine shopping.

CoinOut Platform

CoinOut is a mobile app available for both iOS and Android devices. There is no desktop version at this time. The app provides an easy way to upload receipts, browse cashback offers, and track your earnings on the go. However, those who prefer using their computer may find the mobile-only platform inconvenient.

How to Join CoinOut

To get started, simply download the CoinOut app from the App Store or Google Play Store. Unfortunately, it appears CoinOut is only available to users in the United States at this time.

Registration only requires an email address. You'll also need to link a PayPal account or bank account to withdraw earnings. The signup process is quick and easy, allowing you to start earning within minutes of downloading the app.

Pros and Cons of CoinOut

Here are the main advantages and disadvantages of using CoinOut:

Pros:

  • Easy way to earn from everyday purchases
  • Seamless mobile app
  • Quick PayPal and direct deposit payouts
  • No hidden fees
  • Simple and straightforward to use

Cons:

  • Very low earnings from receipt scanning
  • Mediocre cashback rates
  • Only available in the US
  • Limited number of receipt scans and cashback offers
  • Earnings may take time to build up

The Verdict: Is CoinOut Worth Trying?

CoinOut provides a legitimate way to earn a bit of extra money from receipts and online shopping. However, the earnings potential is lower than many other cashback and rewards platforms. If you have spare receipts and like the idea of passive rewards, it may be worth giving CoinOut a try. Just don't expect it to become a major income stream. For most, it will only supplement other earnings options.

There are more lucrative survey, rewards, and cashback programs out there. But CoinOut remains one of the simplest options if you want fully passive earnings from routine purchases. While you probably won't get rich using the app, you can earn a little extra cash with virtually no effort on your part. For some, this ease of use may be appealing.

If you're looking to maximize your earnings, CoinOut may not be the best choice. But if you simply want an easy way to save a little money from shopping you're doing anyway, it could be worth a try. The app is free, so you have nothing to lose by signing up and giving it a shot. You may find that the rewards, while small, do add up over time to a nice bit of extra money in your pocket.

Post a Comment for "CoinOut App Review - Is It Legit? (Expert Opinion)"