Can you make money using CoinOut?
CoinOut pays you cash in exchange for your receipts. It sounds an easy concept and almost too good to be true! There are many ways of making some extra money on the internet. It can be challenging to know which is a scam and which is legit.
Our preference is for side hustles to be reliable and consistent, they may not make you rich or even replace your monthly salary but, that doesn’t matter so long as you know roughly what to expect each month. We have prepared a comprehensive CoinOut review from the perspective of how good of an opportunity to make money is it?
So, let’s take a look
What is CoinOut?
CoinOut turned heads when it was featured in Shark Tank recently. The app, which was developed by Jeff Written, is a mobile application that allows you to earn cash back on purchases made by scanning receipts.
You can earn by:
- Shopping anywhere, including your local store and uploading your receipts, or
- At selected stores on the CoinOut app
There are other ways of earning through CoinOut, which we will discuss later. Why does this app need my receipts, you may wonder? CoinOut collects receipts to analyze consumer behaviors and shopping habits. They are not new with the idea, several existing apps do the same thing. What CointOut set out to do was to simplify the process.
It was launched in 2018 and following their appearance on Shark Tank grew rapidly. Several additional features were added that year and in January 2019 they announced 3 million receipts were uploaded every month. CoinOut appeared in the top 100 iOS apps in March 2019.
What is the CoinOut app like?
CoinOut is very easy to use. The app pays you to upload your receipts without dictating where you shop. As long as you remember to upload your receipts, you can earn between $5-$10 per month. There are no restrictions on how much you can make.
CoinOut will not replace your day job or make you rich in a snap of a finger. It’s a viable means for someone looking for an extra channel to supplement their income. It’s a very easy way to make money as it only requires you to have a valid phone number and a smartphone for uploading the receipts.
Their website is very slick and provides a lot of information about their platform.
How to sign up for CoinOut
The signup process for CoinOut is very simple and completely free. You can download the app for iOS or Android by visiting the official CoinOut website, or from the Google Play store. The signup process requires you to enter a valid phone number then you are good to go!
Once you have signed up, you can upload the photos of the receipts or take the photos directly inside the app to start earning. The app is not very big and so won’t take up much memory or drain the battery! You will not be required to enter any of your bank or financial details and there are no fees throughout.
Will your data be safe?
CoinOut will never sell or share your data, the app will analyze your transactions so you get offers they think you will like.
How to make money
There are several ways you can earn money with CoinOut.
Let’s take a look.
Scan valid receipts
The basic way to earn through CoinOut is by scanning receipts. There is no limit to the receipts you can scan as long as they are clear and not previously used. You can only upload a receipt once, though. The app accepts receipts from all stores.
All you need to ensure is that the receipts have:
- A valid date of transaction
- Store name
- Total amount spent on items
- The list of items you have purchased with their prices
For the receipts to be accepted, it must be within two dates of your purchase.
You can earn more money by shopping online on stores that are partnered with CoinOut. CoinOut pays you cashback for shopping on eBay, Sam’s Club, Walmart, Groupon, Macy’s, Hotels.com, Overstock, JCPenney, among other stores.
You will find these online stores on their website. You can shop in the store of your choice by clicking on it on the app and following the instructions given to the latter. Keep in mind that merchants may take up to 90 days to approve the receipts for you to be paid.
You can as well earn more by completing badges. The option appears on the main screen under the cashback icons. When you click on the badges, you will be given a task to complete to earn additional cash. The task can be anything from uploading additional receipts, partner offers, or trivia.
CoinOut app pays users for every friend they refer to the app. The more people you get to sign up, the more you get paid. CoinOut has one of the most generous referral schemes you will come across. The only requirement is that your referral has a valid phone number.
How much can you earn?
The amount you can earn uploading receipts to CoinOut is completely random. The amount you have spent or the number of items you bought does not determine how much you can earn. Payment, however, ranges between $0.4-$1.0 for every valid receipt.
You will as well be paid 1-4% of the total purchase price for cash outs from shopping to online stores. You also get $2-$10 for completing badges. Every referral earns you $1 but no residual income from their receipt uploads.
CoinOut offers three ways to receive your cash out.
You can either get paid via:
- Bank deposit, or
- Amazon gift card.
It does not matter how much you have made when using an Amazon gift card or bank deposit. You, however, need to have made at least $10 to complete our cash out via PayPal.
Are there any joining restrictions?
CoinOut is only available in the USA and Canada. Therefore, it’s limiting to people in other parts of the world who would like to earn through CoinOut.
CoinOut also restricts the user from uploading 5-7 receipts only in a day.
As you would expect from an app as popular as this one, there are a lot of opinions shared! It has an overall rating of 4.4 from nearly 18,000 reviews, on the Google Play store. That’s a very good score, particularly as the vast majority are 5-star reviews.
Users love that there is no minimum cash out amount with CoinOut. Therefore, you can cash out after getting paid even for a single receipt.
The app also boasts of fast processing of the user’s funds. Within 48 hours, you will receive the amount you have cashed out.
Direct deposits, however, may take longer, depending on the bank.
Although there is no limitation to the amount you can earn, you will be limited to one cash out per week.
There is also a limit to the number of receipts you can upload in a day.
The daily limit is also random and changes every day.
Users also report that it’s challenging to add long receipts to the app as there is no add button.
A useful tip for such a challenge would be trying to find the receipt to be able to capture the date of transaction, amount, and list of items as required.
Is CoinOut legit?
CoinOut is legit, as it backed up with many positive reviews. The app only requires you to scan receipts, and you get paid randomly. You can withdraw your earnings at any time since there is no restriction on the minimum payout.
The best part about using this app is that you can scan any receipt from whatever store. As long as you can remember to scan your receipts, you will earn some extra income with little effort.
This app is very good. It’s free to download and use and does exactly what it says it will. There are no surprises. You will earn cash, or gift cards, just for uploading receipts. We love the fact you can shop anywhere and still upload the receipt to earn money.
There are 4 ways of earning too which is a real bonus. Refer your friends and work colleagues to claim the $1 bonus. As we said in the review, you will not get rich using this as you will likely only earn around $10 a month. However, the point here is that you don’t need to change your shopping habits or spend more to satisfy CoinOut, just remember to upload within 2 days of purchase.
It’s free money.
Here are some other articles you may like:
This post contains affiliate links that we receive a small commission for, at no cost to you.