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SocialGood Crypto Review - Legit or Just a Scam? We Tested It

Is SocialGood Legit or a Scam? A Full Review on this Cashback App

What is SocialGood?

SocialGood is a cashback app that rewards users with cryptocurrency for shopping online through their platform. The app provides access to cashback offers from over 1,800 partner stores worldwide. When users make eligible purchases through the app, they receive cashback in the form of SocialGood's own cryptocurrency called SG.

SocialGood App Sign Up

SocialGood launched in 2018 with the goal of providing an easy way for people to earn cryptocurrency as a reward for their everyday shopping. The app has seen steady growth since launch but still faces some major limitations, especially around their limited number of partner stores and high fees. I've tested the SocialGood app to see if it's legit and worth using or if users should avoid it.

Payment Method

The only payment method offered by SocialGood is their own cryptocurrency SG. Users cannot withdraw their earnings to a bank account or gift cards. The earnings can only be withdrawn to a cryptocurrency wallet that supports SG tokens.

To withdraw earnings, there is a 30% withdrawal fee that SocialGood charges. This is an extremely high withdrawal fee compared to other similar apps. The withdrawal process is simple if you already have experience handling cryptocurrency wallets, but can be confusing for beginners. You have to link an external wallet to withdraw your SG tokens, and the fees are deducted automatically before the transfer is completed.

The SG token itself currently has little real-world value and is not traded on any major exchanges. The only way to convert SG to cash is through private trades with other SocialGood users or by using a cryptocurrency trading platform that supports SG. Either way, you have to pay high fees and go through a complicated process to actually access your earnings in cash.

Earning Potential

The earning potential depends largely on your shopping habits and ability to refer others. The cashback rates themselves are quite good compared to similar apps. However, SocialGood has a limited number of partner stores available, which reduces the opportunities to take advantage of cashback.

You can also earn referral bonuses by inviting friends. Each referral earns 100 SG if conditions are met. There is also a staking opportunity to earn passive income on your SG holdings. The referral program and staking can help boost your earnings, but the rates are still quite low, especially considering the lack of value and liquidity of the SG token.

Overall the earning potential is decent but reduced by the limited partner stores in most countries. The app is best suited for those who already frequently shop at the available partner stores and want to earn cryptocurrency as a reward. For most users looking to earn cash, SocialGood likely won't provide a good return on your time and effort.

Available Platforms

SocialGood is only available as a mobile app. It can be downloaded for free on both iOS and Android devices. There is no desktop version available currently. The app is simple to navigate and provides an easy way to find cashback offers and track your earnings and withdrawals. However, the limited functionality and lack of a web portal reduces the usefulness for many users.

The app does provide push notifications when new cashback offers become available, so you can take quick advantage of the deals. You can also set daily reminders to check for new offers. The simple interface and notifications are handy but the lack of a full website is still a major downside.

How to Join SocialGood

Download the app from the iOS App Store or Google Play Store. Sign up with your Facebook, Google, Twitter or email account. The registration process is quick and easy.

To activate your account and access full features, you need to purchase 200 SG tokens. This currently costs around $7. The purchase and activation process can be confusing for beginners. Be sure to follow the in-app instructions carefully.

Once your account is activated, you can start earning cashback immediately on eligible purchases from partner stores. You need to make purchases through the links and coupons provided in the SocialGood app to qualify for the rewards.

Conclusion - Pros and Cons

Here are the main pros and cons of using SocialGood:

Pros:

  • High cashback rates compared to other apps
  • Easy to use mobile app
  • Worldwide availability

Cons:

  • Limited partner stores in most countries
  • Only pays in cryptocurrency (no cash rewards)
  • 30% withdrawal fee is very high
  • Account activation process can be confusing
  • Little real-world value or liquidity of SG token
  • No website - mobile app only

Summary

SocialGood is a legitimate cashback app that offers decent earning potential for the right users. If you frequently shop at their partner stores, understand cryptocurrency, and want to earn SG tokens, it can be a good fit.

However, the app has some significant limitations - limited partner stores, no cash payouts, a confusing account activation process, and excessively high fees. For most users looking to earn some extra cash online, there are better options available.

Overall, SocialGood is not a scam but also not a great opportunity for the majority of users. Unless you shop often at their partner stores and want to earn cryptocurrency, you will likely find higher rewards and easier payout options on other platforms. While the SocialGood app is legit, it needs major improvements to become a viable earning opportunity for most people.

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