Earning money from your receipts sounds like a great way to earn, right? It’s like turning trash into treasure.
CoinOut claims to offer this kind of opportunity, which, in my opinion, makes it a very interesting app. But before you go and download this app, there are a few things you must verify.
First, you need to make sure CoinOut is legit and not a scam. After all, you wouldn’t want to waste your time on an app that won’t pay you.
The other thing you need to verify is whether this app is worth your time or not. And to do that, we have to examine everything the app has to offer, which this CoinOut review will do. That way, you can decide if this app is worth using or not.
So, let’s go ahead and take a closer look at CoinOut.
What is CoinOut, and what does it offer?
At its core, CoinOut is a cashback app that will allow you to earn a few extra bucks for availing of cashback offers and taking photos of your receipts.
It has been featured on the popular show Shark Tank. Now, let me address its legitimacy to put you at ease. CoinOut is indeed a legit app that will pay you for availing of cashback offers and more.
But to truly gauge if this app is worth using or not, we have to take a closer look at the earning opportunities it offers. So, here’s how you can earn from CoinOut.
Option 1 – Scanning Receipts
This earning opportunity is pretty straightforward. It’s a lot like what ReceiptPal offers.
Whenever you have a new receipt, you can simply log in to the app and take a photo of the receipt, and upload it, then you get paid for it.
The important thing to remember when taking a photo of your receipt is that it must include the merchant name, all the items purchased, the total amount spent, as well as the date the receipt was issued. Take note that only receipts issued within two weeks of purchase are valid.
When taking a photo of the receipt, you just need to make sure it is aligned in the rectangular area of the scanning page.
To complete the upload, just hit the “Scan” button. CoinOut will then award you coins once your submission is verified. So, don’t expect to receive the compensation right away.
You also have to know that not all types of receipts will be rewarded. These are the types of receipts you won’t receive any rewards for uploading:
- ATM Receipts
- Lotto Tickets
- Credit Card Slips
- Money Orders
- Pictures of just barcodes or QR codes
- Coupons
- Receipts not in English
- Receipts that do not have products included
- Receipts not from your own purchase
They have also started accepting e-receipts. For this, the process is even simpler.
Just forward your e-receipts to receipts@coinout.com. To receive the reward, the receipt needs to be forwarded on the same day of the purchase.
They are currently accepting up to 8 e-receipts per day. Just make sure to register your email through the link you will receive from them via email after sending an e-receipt, so you can receive your reward.
Option 2 – Cashback Offers
CoinOut also has cashback offers you can avail of. If you are not familiar with cashback offers, they are basically offers that will allow you to earn a percentage of the money you spend.
In CoinOut’s case, their cashback offers are for online purchases from their partner stores.
They offer online cashback from merchants like Walmart, Groupon, eBay, Travelocity, and others. To avail of their cashback offers, simply log in to the app and go to the cashback section. Then, just choose which online store you want to shop from and click it.
Once you are in the merchant’s online store, you just go through the normal process of buying. When you complete the purchase, you will receive the cashback reward. However, don’t expect to receive the reward right away.
It usually takes more than a month before the cashback reward is credited to your CoinOut account balance. This is because merchants have to wait for the refund period to clear before they award the cashback reward.
Option 3 – Referral Program
CoinOut did have a referral program earlier, but at the time of updating this review, they no longer have an incentivized referral program.
I just still wanted to mention it here, as I have often been asked about it, and I just wanted to make it clear that it is not an option anymore.
Recommended: Check Out the Best Cashback Sites
How do you get paid?
Every activity you complete on CoinOut will earn you a certain amount, which will then be credited to your CoinOut account balance.
For the receipts, the rewards used to be randomized. This has changed since I first tested it, and you now get paid a certain amount depending on your membership level (more about these levels later). For the cashback offers, it will usually be a specific percentage, and you can see this before you take a cashback offer.
You can then withdraw your earnings via PayPal, Venmo, or you can choose to convert your earnings into gift cards instead.
How much you need to earn to withdraw depends on your chosen reward and your membership level. The lowest threshold is a $3 Amazon gift card.
However, the longer you wait to withdraw, the better value you get for your coins. Overall, the reward system is a bit confusing compared to many other earning apps, in my opinion. But once you get used to it, it is a decent system, and I like the payout options it offers.
If you prefer sites that use a simpler payout method, I recommend you check out the top sites that pay via direct bank transfer instead.
How much money can you make?
The amount of money you can make from CoinOut will depend on how often you scan receipts and how often you avail yourself of their cashback offers. If we were to consider only the amount you can earn from scanning receipts, then unfortunately, you won’t earn much from it.
The amount you can earn from scanning receipts will depend on your membership level. In general, your earning potential will depend on this level, which is something CoinOut has introduced since I first tested it. It is a way for them to reward the most active members.
There are 5 levels from Bronze to Diamond. You will get different benefits, depending on your level.
Not only will you earn more with a higher membership level, but you will also be able to withdraw higher amounts and get access to more payout options.
Also, be aware that you will not even be able to earn from the app until you level up to Silver (but luckily,y this is easy to do).
The exact requirements for each level are described inside the app and also in their FAQ section.
But overall, you will level up automatically as long as you keep using the app regularly and use the different options it has.
As for their cashback rewards, most of the cashback rates they offer usually range from 1.5% to 5%. There will be offers that have higher cashback rates from time to time, but the above rate is what you usually encounter.
But overall, I would say CoinOut doesn’t really have a high earning potential. But what I like about this app is it offers an effortless way to earn extra cash. Plus, there’s no payout threshold you need to worry about if you plan to withdraw your earnings through direct bank transfer.
Can you use it on a desktop?
CoinOut is a mobile-only platform. So, you won’t be able to use it on a desktop. That’s why if you plan to avail of their cashback offers, you have to be comfortable using your mobile device when shopping online.
Their app is available for download on both Android and iOS devices. The app is also very user-friendly, so you won’t have a hard time getting used to how it works.
Who can join CoinOut?
The website doesn’t mention the countries where the app is available. It just says you can join their platform as long as you are at least 18 years of age. But when I checked the iOS version of their app, it was listed under the US apps. This leads me to believe that the app is only available in the US.
Further proof of this is that if you look at their partner stores, they are mainly based in the U.S. If you are using an Android device, the best way to check if you can join their platform is to see if you can download the app from Google Play.
If it is available for download, then that means you can register as a member. But I do wish they would be more transparent about this kind of information because it is very crucial information to know beforehand.
Can you get support?
If you have any questions about their app, you can first check their FAQ page to see if your question is among the topics they cover.
If you can’t find the answers you are looking for, you can always get in touch with their support team. You can do that from both their app and their website. You can click the Contact Us link found at the bottom of their homepage to open your email client.
For their app, you can just go to their Help section, and the contact form will be accessible from there. Overall, I would say they have a decent support system in place since they provide a way for you to contact their support team.
Final Verdict
CoinOut is a legit cashback app that will allow you to earn rewards for scanning receipts and availing of cashback offers. It offers a couple of advantages, but it also has certain disadvantages you need to be aware of.
So, let me finish this review with a summary of its pros and cons to help you make a decision about whether this app is the right fit for you or not.
Pros:
- Offers a very easy way to earn rewards
- Offers convenient payment methods
- Their app is very user-friendly
Cons:
- Low rewards
- Limited earning opportunities
Overall, I would say CoinOut is a decent app to use – that is, if you are eligible to join. It offers a very easy way for you to earn rewards (scanning receipts).
They don’t offer the best rewards, but considering you don’t have to put in a lot of effort to earn, I would say the amount you can earn is just proportional to the effort you will have to put in.
Now, if you are in it for their cashback offers, there are better options out there. They don’t offer the best cashback rates. So, if that’s all you are after, I recommend you look elsewhere.
Now, if you are looking for ways to earn extra cash that give more opportunities, I recommend you check out the top survey and GPT sites in your country instead. The sites on this list all offer good earning potential, and you will definitely be able to find a site you can join regardless of where you live.
If you have any comments, questions, or experiences with CoinOut, I would love to hear from you in a comment below.
