Is CoinOut Legit or A Scam? My Honest Review

Have you used receipt scanning apps? This is an easy way to make some money. CoinOut has become a popular receipt scanning app. It claims that you can earn cashback from any receipt. The app was even featured on Shark Tank back in Season 9.

But is CoinOut as good as it claims? Is it even legit? How much can you actually make from this app? If you are curious about how this Shark Tank featured reward app works? This review will help you find out wether it is worth of your time.

What Is CoinOut?

CoinOut is a reward app that is for iOS and Android devices. It is completely free to download. All you need to do is scan your paper receipts and online order e-receipts to fetch rewards, earn valuable gift cards. Unlike other receipt scanning apps, CoinOut accepts almost any kind of receipt.

In case you haven't tried any of the receipt scanning apps before. This is how it works: all you need to do is shop, snap a photo of your receipt, upload it through the CoinOut app to earn cashback.

Back in 2018, CoinOut was featured on Shark Tank, the app has grown to over 3 million receipts since then. The foundation of CoinOut is that it functions as a digital wallet. This app aims to tackle the idea that people are not willing to put in the effort to keep and track their loose change.

Jeff Witten, founder of CoinOut, debuted on "Shark Tank" on Season 9 Episode 23 in 2017. He entered the show asking for $250,000 for 7.5% equity of the company, setting the CoinOut valuation to around $3.3 million. Witten's pitch was largely based on this idea of fixing the loose change problem.

CoinOut's current valuation has been up and down for a while now, but that is not what we will focus on today. I will talk more about how this app helps consumers make money with their receipts!

Is CoinOut Legit?

CoinOut is legit and has millions of downloads and plenty of positive reviews on both Android and iOS app stores. The users of the app mainly get paid by uploading the receipts. CoinOut was featured on Shark Tank and has a 4.6 star rating on the Apple App Store and a 4.5 star on the Google Play Store.

The main takeaway with any money-making app is to have realistic expectations. CoinOut receipts dont pay that much, and the real money comes from completing badges. Overall, it is not a very lucrative app.

How Does CoinOut Work?

I have tried out the app myself, the app is really user friendly. After you download the app, you can start using the app to earn cashback for your in-store and online receipts. You just need to scan the receipt using the app and upload the receipts to CoinOut.

If you only got electronic receipts, that works as well. CoinOut started accepting electronic receipts recently. You can forward them to [email protected]. Remember you need to send the receipts the same day as you purchased. CoinOut only accepts up to 8 receipts per day.

You can also use CoinOut badges to earn extra cashback. On the homepage of the app contains a number of badges, which are partner offers and rotating bonus offers. For example, you can shop through the CoinOut app at a variety of merchants to earn cashback.

CoinOut also runs contests and sweepstakes for sponsored partners. The participant will be rewarded for buying specific products. There are also prizes for members who end up shopping the most for specific brand.

You can also make money by refering some friendS. But the referral bonuses is around $0.5 to $0.75. This is not quite encouraging actually.

How to Cash Out With CoinOut?

CoinOut offers direct deposit, free PayPal cash and Amazon gift cards for rewards. They also introduce CoinOut Level, it let you redeem different cash reward tiers. You make more coins perceipt, the higher levels you are, the more earnings you will make.

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 will be reset to Bronze. Many CoinOut reviewers aren't fans of this leveling systern. Because Bronze level users can't even redeem rewards! 

How Much Does CoinOut Pay?

CoinOut pays you based on your CoinOut Level. This ranges from 10 coins per receipt for Silver members to 50 coins per receipt for Diamond members. This is only 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. 

Final Thoughts

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

But, you can use this app together with plenty of other reward apps, loyalty programs, and credit card rewards. If you are trying to save some money, this app might be worth your time. 

I hope you find this CoinOut review helps you decide if this app is worthy of your time. Thank you for reading.