COIN app review: Is it a legit way to earn digital coins?

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by Aidan Kang, CFA

Senior Writer

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UPDATED: October 26, 2022

Due to the rising prices of commodities, most people are experiencing budget constraints, albeit having a second job. If you’re one of them, you may feel the need to do more side gigs to earn extra money.

You might have heard about digital currency mining but aren't sure exactly what it is. You might also be worried about data security.

We feel you, so we looked into how the COIN app works by trying it out and doing in-depth research. We verified details from official COIN sources and reviewed feedback from independent sites like Trustpilot and Reddit.

We’ll share great features of the app that we discovered, so you won’t waste time and avoid missing out on opportunities to earn passively.

What is COIN?

COIN is a legit geo mining app that allows you to collect digital coins, which you can exchange for physical and digital rewards. It started in 2019 and currently has 4 million users. 

So can the company afford the rewards it gives to users?

Third-party businesses pay the company for displaying in-app advertisements, which is common in geo mining apps. 

The company also sells extension devices, such as SentinelX BLE, a Bluetooth device, and SentinelX NFC, a card that allows users to earn constant rewards. 

The app also offers subscription plans for $24.95 to $34.95. According to the company, you’ll collect more coins because of these paid plans.  

But in this review, we only tried the app’s free version since we’re looking for a passive income that won’t require you to spend any amount.

How does the COIN app work?

The COIN app is only available for 18 years old and above. Here’s how to get started on the app:

1. Download the COIN app from Google Play or App Store.
2. Enter your email address, then click Continue.
3. Retype your email address, name, and password.
4. You’ll be asked to turn on your device’s location access.

We found out that the app gives 100 free coins to new users.

So how can you earn using the app?

Geo mining

We like the app because it has a unique way of mining cryptocurrency. Other apps require complicated computer rigs that can mine digital items.

With this app, you only need a mobile gadget and an internet connection. 

The app offers four geomining modes, and you can access them by clicking the tiles icon on the right side of your homescreen.

1. Open Exploration

You need to click the pickaxe icon to start geomining XYO, BTC, and other cryptocurrencies. It’s similar to excavating digital assets from physical space.

We collected 0.03 coins the first time, but we earned 0.04 coins on the second try. The app informed us that the coins might vary per location, so the amount of coins you can get isn’t constant.

After mining five times, the app gave us 100 coins. The Geodrop feature was also activated, so we picked up an additional 10 coins from another user.

2. Gamified Travel

You need to go to a certain place to collect coins. But we found out that this mode isn't available for iOS 15 and above.

Fortunately, it works on Android gadgets. Here’s how to access the Gamified Travel mode:

• Click the tiles icon, then choose “Gamified Travel.”
• Tap “Setup destination.”
• Type a location or select among the following: Gas, ATM, Cafe, and Gym. 

3. Physical Exercise

The app will count your steps and give the corresponding number of coins. To avoid cheating, the COIN app can detect if you’re in a vehicle or if you’re in one place only. We tried it while using a treadmill, but our steps weren’t counted.

What we liked about this mode is that we can change our physical exercise goal from 100 to 50,000 steps.

You only need to click the tiles icon, select “Physical Exercise,” then choose between “Start exercise” and “Change goal.”

4. Mental Exercise

When our tile was already geomined, the app required us to go to another location or play a mini-game to clear the same spot.

Some of the mini-games are:

• Swipe to match
• Drag to align
• Tap the pair

Completing tasks

Here’s a list of the short tasks:

• Answer surveys
• Watch videos
• Sign up on apps
• Scan in-store products
• Shop products

After watching a game advertisement, we earned four coins, which is more than what we got from excavating a location.

However, we found out that not all tasks are available immediately. When we tried the app, Rewarded Play was the only option we could access.

You can click the green color icon on the right side of your homescreen to access the Rewarded Tasks.

In Rewarded Play, you need to do the following tasks:

• Download apps
• Reach a certain level
• Make in-app purchases

You can check out the table below to discover how much you can earn.

Refer friends

You can earn 1,000 coins and 10% commissions for every successful referral.

Here’s how to invite family and friends:

1. Click the plus (+) icon in the upper right corner.
2. Select “Referral Rewards.”
3. Copy the link or tap “Invite” to share it on your social media accounts.

Buy SentinelX and subscribe to premium plans

The app promises at least two times the rewards for premium plans. You can also get a temporary boost when you subscribe to a premium plan.

You can redeem more rewards, but the plans are pricey at $24.95 to $34.95 monthly.

How much can you earn on COIN app?

There’s no guaranteed earnings on the COIN app because your income depends on how frequently you use the platform. You can earn more by geo-mining several times per day, completing offers, and having successful referrals.

How does COIN app pay you?

Here’s how you can access the Redeem page:

1. Click the total number of coins on the top of your homescreen.
2. Select from the available cryptocurrency and products.
3. Tap “Redeem.”

The COIN app doesn’t have an official coin-to-cash ratio, so here’s how we computed it:

Fujifilm Instax Mini 9 costs $84, and you need 156,540 coins to redeem it. We discovered that one coin is approximately equal to $0.0005. The minimum threshold is also different for every product.

You can also convert your coins to cryptocurrencies:

Other rewards and the number of coins you need:

COIN app tips and tricks

We compiled some tips on how to maximize the Basic plan:

1. Enable Gamified Travel and Physical Exercise when you go out of the house to earn passively.
2. The app informed us that you can get more bonuses when enabling “Always” for location services.
3. Complete other tasks, such as watching ads, answering surveys, and downloading games.
4. Tap the color orange tile on your homescreen to collect Geodrop, which contains free coins.
5. Play mini-games to clear your current location, so you can continue mining in one place.
6. Share your invite link with many people.

What are the pros and cons of COIN?

Here’s what we like and don’t like about the app. You can use the list to decide if you want to try the COIN app.

What do people say about COIN App?

COIN app has a 3.2 rating on Trustpilot, but with only one review. The user said that the app was a scam because it suspended his account after accumulating coins. He also didn’t get any benefit from the app despite using it.

Since it’s only one review, we searched Reddit for other opinions. Most of them liked that the COIN app uses less data than most platforms. However, some users reported that the COIN app runs in the background, affecting your gadget’s battery health.

Actual users also said that the app doesn’t offer instant rewards since you need to mine for several weeks before redeeming a product or crypto. The value of digital currencies also depends on volatile exchange rates.

What are the alternatives to COIN App?

We’ve searched for the best geo mining apps, and here’s a list according to long-time miners:

1. CryptoTab

Reviewers say that they can earn $0.07 per day on CryptoTab. This amount is a bit small. Also, you can only receive cryptocurrency from the website. Like COIN app, it doesn’t pay cash.

You can make money by turning on the mining script on your browser, which is a more passive way of earning than in COIN app.

2. ECOS

Unlike COIN app, ECOS requires you to pay before mining, but reviewers claim that the company offers a fast withdrawal. 

It works as an investment, but take note that cryptocurrency’s value is volatile, so make sure you only invest money you’re willing to lose.

3. Bitdeer

Like ECOS, Bitdeer also requires users to pay before mining digital items. However, some users complain that they can only mine Bitcoins and Bitcoin Cash. Also, your earnings are dependent on your subscription and the time you spend on the app.

Conclusion: Is COIN app legit?

COIN is a legit app that you can use to have passive income, but it has a high payout threshold. You can still try this app if you want to venture into cryptocurrencies.

The app has different modes, like open exploration, gamified travel, physical exercise, and mental exercise. What we liked about the app is it offers these features for free, unlike other geo mining apps.

Aidan Kang, CFA

Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.