Reddit Lied! CoinOut Saved Me Big – Here’s How

CoinOut is a popular receipt scanning apps that states it lets you earn cashback from any receipt. And the app was even featured on Shark Tank back in Season 9.

But is CoinOut legit? And how much does this app really pay?

If you're wondering how this Shark Tank featured reward app works, be sure to read this CoinOut review until the end to see if it's worth your time.

Looking for more money-making ideas? Checkout:

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What Is CoinOut?

CoinOut is a free reward app for iOS and Android devices that lets users earn cashback for uploading their receipts. Except unlike many apps like Ibotta or Fetch that are picky about what kind of receipts you can upload, CoinOut accepts almost any kind of receipt.

If you've ever used receipt scanning apps like Receipt Hog, Receipt Pal, or Checkout 51, you'll know exactly what to expect.

But, in case you haven't, the idea is pretty simple: all you have to do is shop, snap a photo of your receipt, and upload it through the CoinOut app to earn cashback.

The app also functions as a digital wallet, and this is actually the foundation of CoinOut. The app aims to tackle the idea that people aren't willing to put in the effort to keep and track their loose change.

CoinOut was actually featured on Shark Tank back in February of 2018. Since then, the app has grown to the point of over 3 million receipts per month. And it's now a receipt scanning reward app primarily and has kind of ditched the digital wallet idea.

CoinOut founder Jeffrey Witten pitched the Shark Tank, asking for $250,000 in exchange for 7.5% of CoinOut. Witten's pitch was largely based on this idea of fixing the loose change problem.

After a lot of back and forth, multiple offers, and scorn from Mark Cuban, Witten ended up securing a $250,000 deal with Robert Herjavec for 15% of the company.

This made CoinOut's valuation at the time roughly $1.6 million. However, the deal fell through in due diligence, so CoinOut went private for a few more years.

However, the company went on to partner with Epson, a POS provider, grow its user base, and find its way in the saturated mobile reward app market. And in 2021, IRI Worldwide, a data analytics company, for an undisclosed amount.

But, let's drop CoinOut's current valuation and exit and focus on how this app helps consumers make money with their receipts!

Is CoinOut Legit?

CoinOut is legit and pays its users for uploading receipts. The app was featured on Shark Tank and has millions of downloads and plenty of positive reviews on both the Android and iOS app stores. In fact, it has a 4.6 star rating on the Apple App Store and a 4.5 star on the Google Play Store.

However, the main complaint people have about CoinOut is that it doesn't pay very much per receipt.

But, the main takeaway with any money making app is to have realistic expectations. CoinOut receipts don't pay that much, and the real money comes from completing badges.

CoinOut makes up for this in my opinion by having no minimum withdrawal amount for Amazon gift cards or direct deposit. However, it's not a very lucrative app overall.

How Does CoinOut Work?

I tried out CoinOut for the purpose of this review, and the app is very simple to use. Overall, it works in eight steps if you want to maximize all of its features:

1. Download CoinOut
2. Shop and scan your receipts
3. Upload e-receipts
4. Use Homepage badges
5. Enter sweepstakes
6. Invite your friends

1. Download & Signup

CoinOut is available for Android and iOS, and it's one of the most popular reward apps in the United States.

Once you download the CoinOut app, you have to register by providing your phone number.

CoinOut then texts you a verification code, and there's no way to bypass this. I don't recommend trying to use VOIP phones or anything sketchy since your account might just get banned down the line.

2. Shop & Scan Receipts

Once you register with CoinOut, you can start using the app to earn cashback for your in-store and online receipts.

The process is very similar to Fetch Rewards, and you're basically getting paid for sharing your shopping data with CoinOut.

To upload receipts to CoinOut, you just need to scan the receipt using the CoinOut app and submit the photo. Just note that receipts can't be older than 2 weeks in order to credit. Once you upload a receipt, you earn cashback in your CoinOut wallet in the form of coins.

There are some nuances here which I'll cover a bit later in this CoinOut review. However, the process is fairly simple.

3. Upload E-Receipts

CoinOut recently started accepting electronic receipts, providing another way to earn cashback.

When you get a receipt, simply forward it to [email protected]. You must send receipts the same day as your purchase, and CoinOut only accepts up to 8 receipts per day.

Edit: CoinOut has changed how their online cashback portal works.

Now, retailers like Walmart and eBay pay you automatic cashback thanks to CoinOut's new partner market, which is basically a network of cashback offers.

This isn't the most robust cashback platform out there, and I stick with Rakuten and Capital One Shopping, but it's nice new features are getting added.

Note: Capital One Shopping compensates us when you sign up with the provided links.

4. Use Homepage Badges

The CoinOut app homepage contains a number of badges, which are partner offers and rotating bonus offers that you can use to earn extra cashback.

Popular examples of CoinOut badges include:

• Cashback Partner Offers – Earn cashback for shopping through the CoinOut app at a variety of merchants. This is super similar to the Drop App.
• Limited-Time Offers – Unlock some hefty rebates for signing up for recommended products or services. Again, this is very similar to apps like Drop or Ibotta. Many of the offers are for different gig economy apps or financial services, so it's worth checking out.
• VIP Badges – These unlock things like unlimited receipt uploads per week or at least a few extra uploads per week.
• Bonus Badges – Some badges unlock perks like 2x cashback on your next receipt or for a certain number of future receipt uploads.

The real cashback comes from CoinOut badges.

Really, CoinOut is just an affiliate partner similar to Rakuten or Drop. But, if you were going to buy a recommended CoinOut badge anyway, you might as well earn some cashback for your efforts.

5. Enter Sweepstakes

CoinOut regularly runs shopping contests and sweepstakes for sponsored partners that award members for buying specific products.

There's also prizes for members who end up shopping the most for a specific brand:

If you already shop for a certain brand or product that just so happens to be part of a CoinOut sweepstake, you might as well upload your receipts for a chance to win!

6. Refer Friends

Another way to make money with CoinOut is to refer some friends. CoinOut states that referral bonuses, but historically, you can expect to earn around $0.50 to $0.75 for each verified referral.

This is honestly much worse than a lot of other apps with sign up bonuses, but hey, it's still free money.

Cashing Out With CoinOut – Rewards & CoinOut Levels

Currently, CoinOut offers the following reward options:

• Direct deposit
• Free PayPal cash
• Amazon gift cards

What's great about CoinOut is that there's no minimum redemption amount of Amazon gift cards. However, your redemption minimum for cash payments is based on your CoinOut Level.

CoinOut Levels let you redeem different cash reward tiers. You alsoearn more coins per receipt, so higher levels mean more earnings:

This is frankly confusing, and it's also discouraging when you first start using the app. Plus, CoinOut determines your level at the start of each month based on your previous month of activity. So if you take time off the app, you'll reset to Bronze.

Recent CoinOut reviews aren't fans of this leveling system, and neither are we. Especially since Bronze level users can't even redeem rewards!

How Much Are CoinOut Coins Worth?

1 CoinOut coin is worth $0.001. This means receipts pay you between $0.01 and $0.05 depending on your level, so you're earning pennies per receipt that you upload.

 The 30 Highest Paying Apps.

What Types Of Receipts Work With CoinOut?

According to CoinOut, any receipt from a regular retailer is eligible for cashback, provided it has the following information:

• Transaction date
• Store name
• Transaction total
• All receipt line items with individual prices

If you attempt to upload the same receipt twice or use multiple accounts, you might get banned, so be careful with tracking your uploads!

What Receipts Don't Work With CoinOut?

The following receipts don't qualify for cashback:

• ATM receipts
• Lotto tickets
• Credit card slips
• Money orders
• Coupons
• Non-English receipts
• Receipts you didn't purchase

Additionally, if a receipt is difficult to read or missing information that's required for eligibility, you won't earn cashback.

How Much Does CoinOut Pay?

Unlike many other receipt scanning apps, CoinOut doesn't care about your transaction total when determining how much to pay you. Instead, the company pays you a certain number of coins based on your CoinOut Level.

This ranges from 10 coins per receipt for Silver members to 50 coins per receipt for Diamond members. However, this is just for 25 receipts per week. Additionally weekly receipts only earn 10 coins.

CoinOut coins are worth $0.001 each. This means a receipt pays you $0.01 to $0.05 per receipt depending on your level.

This is a pretty low rate. But this is pretty common for the world of receipt scanning apps. And CoinOut is still an easy and legit way to get paid to shop as long as you diligently upload your receipts.

Pros & Cons

Pros:

• No Withdrawal Limit – CoinOut is the only app I've seen that lets you cash out to Amazon or direct deposit anytime you want.
• Receipt Eligibility – Almost any receipt is eligible for cashback, regardless of merchant or transaction total.
• Multiple Ways to Earn – Like Drop or Fetch Rewards, CoinOut offers plenty of ways to earn cashback if you put in some effort.

Cons:

• Low Earning Potential – If you only upload receipts, CoinOut doesn't pay very much.
• Mediocre Referral Program – Other reward apps pay upwards of $5 to $10 for referring new users, making CoinOut fall short in this category.
• Limited Gift Cards – While the lack of a withdrawal limit is awesome, apps like Fetch Rewards or Ibotta have CoinOut beat in terms of reward variety.

Other CoinOut App Reviews

One great way to tell if CoinOut is legit or not is to see what other users have to say about the app. And, plenty of users report getting paid and that CoinOut is legit on Reddit, so this is a good sign.

This CoinOut review from YouTuber Money Done Right also provides a great overview of how much money you can make with this app:

The review covers exactly how the app works, including how to earn badges and upload receipts. However, the review also points out how recent app reviews have been quite negative on the app store, so this is a red flag for CoinOut.

The advantage of CoinOut is that you can earn with any receipt. However, don't expect to earn a lot of money with this app.

Extra Reading – The Best Apps To Win Real Money.

Is CoinOut Safe?

Yes, CoinOut is safe, and the app states that it uses bank-grade technology and encryption to protect your personal and financial information. And since it's linked to your phone number, it says your account is safe as long as your cell phone info is secure and correct.

Funds in your account are also FDIC-insured, which is rare for a rewards app. And CoinOut even works with a security compliance firm to help detect possible vulnerabilities.

Overall, this makes CoinOut a safe rewards app that follows many of the same practices as other leading apps. However, you should still consider if sharing your personal data with this beermoney app is worth earning a few dollars on the side.

The Best Apps Like CoinOut

After testing out CoinOut, I think it's a legit rewards app with a cool premise. And I love that there's no minimum cash out requirement.

However, there are plenty of higher-paying apps out there. And you can always stack several CoinOut alternatives to make more money:

• Pogo
• Fetch Rewards
• Capital One Shopping
• Checkout 51
• ReceiptPal
• Beem
• ReceiptJar
• Receipt Hog
• Upside (for gas cashback)
• Drop
• Caddle (for Canadians)
• Hoopla Doopla
• Ibotta
• Ampli (a more passive app and also for Canadians)

I also made a video on the best cash back apps you can use to score free gift cards and cash if you want even more ideas.

Ultimately, gpt apps like CoinOut aren't going to transform your personal finances. However, for some free cash and gift cards, they're a reliable option and can be fun!

And at the end of the day, all of these apps let you make money on autopilot for your daily shopping. Overtime, these small savings can add up, even if it seems small at the start.

Extra Reading – The 10 Best Apps Like Fetch Rewards.

Is CoinOut A Scam?

CoinOut isn't a scam, and the app is a popular receipt-scanning app that pays you for sharing your shopping data. However, it's very low paying, and this is the main reason for many negative reviews.

Extra Reading – The Best Way To Make $150 Fast.

Final Thoughts

When CoinOut first came out, this app made a massive splash. After all, it was a Shark Tank pitch that actually got a deal. That doesn't happen everyday, least of all in the world of FinTech apps.

However, since then, a lot has changed. CoinOut has been acquired, the app has a new leveling system, and the founder is gone as well.

If you do a lot of shopping, I think CoinOut is a cool way to earn passive income. But this app won't make you rich. And I wouldn't expect more than $1 to $5 per month from CoinOut.

However, you can stack this app with plenty of other reward apps, loyalty programs, and credit card rewards. So if you're trying to save more money, this app might be worth your time.

Hopefully, our CoinOut review helps you decide if this app belongs on your phone!

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