CoinOut Review: Scam Or Legit Money Making App?

Written by Jason Michaels Last Updated: May 8, 2024

It’s no secret that we love receipt scanning apps at Frugal For Less.

They’re a simple way to earn cash by making everyday purchases.

They’re designed for online and in-store shopping, so you get all sorts of ways to earn.

It’s best to use multiple apps like this to redeem as many rewards as possible.

CoinOut is a newer receipt scanning app on our radar. It’s pretty unique from similar apps, and it serves multiple purposes.

But CoinOut has a great reputation and it’s going strong.

We wanted to see if it’s worth adding to our list of favorite apps.

Here’s our full CoinOut review that covers everything you need to know.

• Direct Link To CoinOut

How Did CoinOut Get Started?

CoinOut has officially been around since January 2017 and was created by entrepreneur Jeff Whitten. The concept for CoinOut is based on Whitten’s belief that people don’t care to bother with loose change.

The app allows users to save loose change and convert their receipts into easy money.

CoinOut became very popular in February 2018. This is when Witten pitched the app on the hit T.V. series Shark Tank. Shark Tank allows entrepreneurs to pitch their products to five investors. The five “sharks” decide if they want to invest as business partners.

Witten’s pitch was successful with Shark Tank investor Robert Herjavec. Herjavec made a $250,000 investment for 15% equity in the business. From there, CoinOut quickly became a popular receipt scanning app among users and finance critics.

The company is currently partnered with Epson, Amazon, First Data, orgHunter, BNB, and Clover.

CoinOut has overwhelmingly positive reviews from users; it’s actually difficult to find negative feedback. This certainly says a lot about how effective and successful Whitten’s concept was. CoinOut has been featured in media outlets like Forbes, Fox Business, NBC, and more.

How Does CoinOut Work?

CoinOut serves as a digital wallet and a receipt scanning app. Getting started is really simple. Just take the steps below to start earning money from your receipts.

1. Download the CoinOut app from the iTunes or Google Play app stores.
2. Register with the app by providing your phone number. Users report that you can use a Google Voice number or another VOIP number if necessary.
3. Select your preferred payment option. You can cash out via PayPal, direct deposit, or Amazon gift card. The details you must provide depend on the option you choose.
4. Scan receipts from in-store and online purchases. The full details about each of these methods is covered later in this post.
5. Earnings will appear in your CoinOut account. Most users say that earnings show up very quickly.
6. Cash out your earnings using your chosen payment option. For direct deposit or Amazon gift cards, there is no minimum cash out amount.

It really is that simple. Six quick steps from start to finish, and you earn extra change from your receipts. Users note that CoinOut customer support is very helpful and responsive. Make sure to contact them if you have any issues using the app.

CoinOut Pros And Cons

Every money making app has positives and negatives. CoinOut is no exception to the rule, though it’s got plenty of impressive feedback. There are a ton of news articles, user reviews, and other feedback about the app.

The following list features the most common CoinOut pros and cons based on those sources.

Pros  

• CoinOut is 100% free to use.
• There is no minimum cash out amount through direct deposits or Amazon gift cards.
• The CoinOut app has a 4.5-star rating on Google Play based on 2,555 reviews.
• The CoinOut app also has a 4.7-star rating in the App Store based on 9,787 reviews.
• You can upload almost any receipt to earn money.
• You don’t have to buy specific products to earn money.
• The earning requirements are much simpler than other apps.
• Scanning receipts is incredibly quick and easy.
• CoinOut offers a referral program.
• There are offers to make extra money – quizzes, badges, and more.
• CoinOut has a very positive reputation in the financial and business industries.
• All user data is highly protected using SSL-encryption.
• Data is also secured thoroughly through Amazon Web Services (AWS).
• Many users say that CoinOut has a responsive and helpful customer service team.

Cons

• CoinOut pay per receipt is low if compared to other receipt scanning apps.
• You don’t know exactly how much you’ll earn per receipt.
• There’s a limit to how many receipts you can scan per day (which is normal for most receipt scanning apps).
• With the PayPal payment method, you need to reach a $10 minimum to cash out.
• Low and random pay per receipt can make it difficult to reach the $10 minimum for PayPal.
• The CoinOut referral offer seems to change frequently, so it may be low at times.
• Some users reported that the app runs slowly for them. This may vary depending on the type of smartphone you use to scan receipts.

My initial take is that the pros outweigh the cons here. It’s clear that CoinOut isn’t going to earn you a ton of money. And the amount you earn isn’t stated up front.

However, you will always earn money for uploading receipts – no strings attached. The app is also legit, easy to use, and has great feedback. It’s a solid pick if you’re realistic about how much you’ll earn.

What Receipts Does CoinOut Accept?

This is the main question when it comes to most receipt scanning apps. It’s also what sets CoinOut apart because they accept almost any receipt. The company’s FAQ page states they accept all receipts from any retailer as long as they:

1. Show the store’s name.
2. Show the transaction date – receipts cannot be more than two weeks old.
3. Show the total bill amount.
4. Show all receipt line items with prices.
5. Have been previously scanned by you or another CoinOut user.

As you can see, this really does include a huge majority of receipts. The only ones that are excluded are ATM receipts, lottery tickets, credit card slips, money orders, and coupons. You also can’t submit pictures of just receipt barcodes or QR codes. But those are the only restrictions.

How To Use CoinOut For In-Store Receipts

CoinOut makes it easy to earn money from your paper receipts. You simply upload and scan receipts by taking clear photos of them. The steps for this method are mentioned below; it’s a very simple process.

There are some general guidelines for scanning receipts from in-store purchases. Some of these guidelines come directly from CoinOut. Other tips are from CoinOut users. Keep the following points in mind:

• Receipts cannot be more than two weeks old.
• There is a limit to how many receipts you can scan per day.
• You must submit a picture of your entire receipt; laying it on a flat surface can help you take high-quality photos.
• In the app, press ‘Scan’ and align the receipt within the rectangular box to take a photo.
• You’ll instantly receive a set amount of cash back; the amount will vary with each receipt.

How To Use CoinOut For E-Receipts

Some retailers send digital receipts for in-store purchases, but this isn’t a problem. CoinOut accepts e-receipts for these purchases. All you have to do is forward your e-receipts to receipts@coinout.com.

Include the phone number associated with your CoinOut account in the e-mail, too. To earn from digital receipts, you need to forward them to CoinOut the day of purchase. CoinOut accepts up to four e-receipts per day as of now.

How To Use CoinOut For Cash Back Online

If you shop online, you have even more opportunities to make money with CoinOut. The main difference is that you’ll earn a percentage amount of cash back.

Each CoinOut partner merchant offers a set percentage per dollar spent. It also depends on the category your purchase falls under. The following examples are listed on the FAQ page:

• Walmart.com
  • Fashion – 5.4%
  • Pets – 1.8%
  • Health – 1.8%
  • Beauty – 1.8%
  • Sports – 6.3%
  • Video Games – 1.8%
  • Food – 1.8%
  • Outdoors –  6.3%
• Overstock.Com
  • 2.5% on all items.
• JC Penney
  • Up to 3.2% on most items.
  • Appliances, electronics, and gift cards are excluded.

This system is pretty standard for cash back apps and sites. It’s likely that the amount you can earn changes from time to time. Fortunately, you can see every current offer in the CoinOut app. Here’s a step-by-step guide of what to do:

1. Find the merchant you’re looking for in the app. The CoinOut homepage displays popular merchants, but you can select ‘All Stores’ to see every option.
2. Click on the merchant you want to buy from. This will redirect you to the merchant’s mobile website or app.
3. Choose your items and complete your online purchase.
4. Receive a text message notification from CoinOut confirming your purchase.

The money you earn from online purchases take anywhere from a few hours to a few days to show up in your CoinOut account. It depends on the merchant, and waiting times are listed on the CoinOut FAQ page.

The funds are listed as ‘Pending’ in your account balance until the merchant approves the purchase. This is standard for all online cash back portals. Some merchants approve within one week, but others can take up to 90 days.

How Much Money Can You Earn With CoinOut?

The short answer is that there’s not an exact answer. Everyone earns different amounts with CoinOut. The amount per receipt is random. And despite low pay per receipt, the criteria is super simple for scanning receipts. Earnings also depend on different factors. Here are a few of them:

• How frequently you use CoinOut.
• How many receipts you scan per day.
• How many bonus offers you redeem.
• How many people you refer to the app.
• Whether or not you use the CoinOut online shopping feature.
• Which merchants and items you buy from CoinOut online partner merchants.

Fortunately, there are plenty of user reviews that discuss making money with CoinOut. Below is a list of feedback and statistics from reviews and more. This can give you a real look at earning potential.

• One Reddit user reported earning anywhere from $0.65 to more than $5.50 per month.
• Another Reddit user reported earning between $0.25 to $4.44 per month.
• Many users say the basic premise is that you earn random amounts averaging $0.01 to $0.07 per receipt you scan.
• Many user reviews also mention that CoinOut occasionally offers ways to boost your earnings. Examples include quizzes or offers like signing up for free apps through referral links.
• In a December 2018 Reddit thread, one user says CoinOut pays $0.01 to $0.05 per receipt.
• A Reddit user in the same thread earned $3.63 in one month.
• One CoinOut reviewer stated he typically earned $0.03 to $0.05 per receipt, but he also stated he earned over $0.60 for one Starbucks receipt.
• Another reviewer said he earned anywhere between $0.01 to $0.20 per receipt.
• A new CoinOut user said he earned $0.21 for the first receipt scanned.

With consistent use, it seems like you can earn about $3 to $5 per month. That’s not a lot of money at all, but it’s so easy to earn. Plus, there’s really no catch to it at all.

You truly just scan nearly any receipt you get. For many users, the laid back nature of CoinOut makes it totally worthwhile.

How Does The CoinOut Referral System Work?

CoinOut allows users to boost earnings by referring new users to the app. Each user’s unique referral links are under the ‘Share & Earn’ section of the app.

There are options to share directly through popular social media platforms. Users can also simply use their unique URL and share it anywhere.

The CoinOut FAQ page doesn’t state how much money users earn through referrals. But there are lots of reviews that mention the bonus. Users most commonly say that CoinOut offers a $0.50 bonus for every successful referral.

Some sources also say the bonus is $0.75, so it’s likely the bonus changes from time to time.

CoinOut Payment Options And Details

CoinOut payment methods are Amazon gift card, direct bank deposit, or PayPal transfer. Some sources cite minimum payout methods, so it seems that it may change occasionally. The following quote is from the CoinOut FAQ page:

“Currently there is no minimum to cash out for Bank or Amazon Gift Card. There is a $10.00 minimum for PayPal.”

So for bank transfers and Amazon gift cards, you literally need $0.01 to cash out. This is even backed up by user reviews. Several users say tested the system by redeeming amounts such as $0.12 or $0.25 for Amazon gift cards. All of them said it worked perfectly.

To access your earnings, locate and press the $ button in the CoinOut app. You’ll then see available options in the top right-hand corner. A user can request payment once per week. CoinOut says to contact them at support@coinout.com if you experience issues.

It typically takes 1-2 days for requests to be processed. After processing, Amazon gift cards are e-mailed within a few hours. PayPal and direct deposit typically take an additional 1-2 business days.

CoinOut Review Verdict: Is It Worth A Shot?

We’ve covered everything there is to know about CoinOut. Our conclusion is that this receipt scanning app is definitely worth trying out. You’ve read the main benefits throughout this post. Here’s a good summary of why we’re sold on it:

• CoinOut earns you cash back with almost any receipt/purchase.
• Reviews from users and financial experts are very positive across the board.
• You can choose from three cash out options, and two of them have zero minimum earning amounts.
• Users report that CoinOut pays out when promised.
• CoinOut uses multiple security methods to keep your data safe.

No, you’re not going to get a ton of money with CoinOut. And the company is totally honest about that. It’s simply designed to net you a few extra dollars here and there. It’s risk-free and easy to use, so consider downloading the CoinOut app.

More Great Receipt Scanning Apps

If you’re not familiar with receipt scanning apps, you’re missing out on easy money. There are many available, and we have quite a few favorites. These four free apps are our top picks:

• Ibotta – Ibotta is our most recommended receipt scanning app. With this app, you get access to thousands of cash back deals. Ibotta works with hundreds of retailers, and cash back can be earned in-store or online. Learn more by reading out Ibotta review.
• Fetch Rewards – Fetch Rewards is another well-known app for scanning receipts. You have to buy specific items to get cash back, but you can buy them from any merchant. There are fewer offers than Ibotta, but the cash back per item is usually higher. Our Fetch Rewards review features details, tips, and much more.
• Trunow – Trunow is somewhat newer than the receipt apps mentioned above. This unique app lets you earn cash back by scanning your gas station receipts. It also features a tool that shows you the lowest fuel prices near you. Our Trunow review has tips and resources to help you use the app.

Check them out and download as many as you’d like. You’ll get quick access to PayPal cash, gift cards, and more. Find similar money-making apps in our post Top 10 Free Apps That Pay You Money For Scanning Grocery Receipts.