Review: CashMagnet Part 2

Here’s Part 2 of the CashMagnet review blog post series.

Requesting Payment

You can request payment through the Redeem tab in the app itself or through CashMagnet’s website. Currently, 5,000 points will get you a $5 Amazon.com gift card. If you want $5 in PayPal cash, you’ll need to redeem 5,500 points. As you redeem for bigger rewards, you get a slight discount. For instance, a $25 Amazon.com gift card is 24,000 points and $10 in PayPal cash is 10,500 points.

In my experience (redeeming Amazon.com gift cards only), it takes anywhere from a few minutes to 48 hours to receive your payment after you request payment.

CashMagnet’s website says the minimum withdrawal amount is $1. But from the app or website, the smallest denomination I see is 2,000 points for Bitcoin or Ethereum.

The Referral System

CashMagnet has a two layer referral system. For every person you sign up, you get 5% of their lifetime earnings. And for every person your referral signs up, you get 5% of their earnings too.

Device Limits

CashMagnet has 4 device limit per account per their FAQs. However, I have read on Reddit that there is no device limit per account and the 4 device limit is actually per IP, which is functionally the same as an account device limit for most people. And it looks like this might be a “lifetime” limit. For example, you can add a device to your account and delete it too. But they won’t let you add and delete devices willy nilly. I’m presume this is to prevent people from getting a bunch of phones to download CashMagnet, then download apps to take advantage of the easy 20 points per app.

If you try to delete a device and CashMagnet won’t let you, it’ll say “Device can not be deleted many times.” Whether this is a permanent thing, I don’t know. Perhaps you can delete it after a certain amount of time. I’ll try to find out and provide an update if I have anything to report. So if you want to add a device to your account, assume that once you do, it counts towards your 4 device limit for good, or at least an extended amount of time.

How Much Can I Earn?

According to its website, users can earn up to $60 per month across 4 devices (that’s $15 per device per month). In my experience, I’m making about 1 to 3 cents per hour per device at Level 3. It’s not much, but that’s at least 25 cents per day per device with no babysitting (assuming it’s run 24 hours straight). That’s about half of what I should be making. Maybe that’ll be possible at Level 4 or 5? We’ll find out soon, I hope. Keep in mind that CashMagnet is probably factoring in the extra points you get from downloading apps and leveling up.

Problems With CashMagnet

It’s a somewhat new app, so it’s a bit quirky and buggy right now. For example, certain features may not work, preventing you from leveling up. For example, I’ve been stuck on Level 3 for the past month or two because the “Watch and Install” feature that I need to do to level up hasn’t been working properly. And when it does, sometimes the Watch and Install feature fails to work even though I do exactly what it says. Other times, Watch and Install works perfectly.

Another issue is that the instructions are a bit vague, inaccurate or incomplete. It’ll say something will happen, or that you need to adjust a setting on your phone (like make CashMagnet the default browser) to level up, but the instructions it gives you for doing this isn’t 100 percent accurate. For instance, it says to look for a gear symbol to adjust your settings, but when I click OK to complete the adjustment, it takes me to my settings screen where there isn't a gear symbol. After a few minutes I figured out what to do by finding another way to make CashMagnet my default browser, but it reminded me that I can’t follower its direction literally.

I think lack of clarity is partially because not all users have the same phone running the same version of Android. So the steps to change a setting might be slightly different (or show slightly different wording) than what CashMagnet imagined when its developers wrote the directions.

Also, a few months ago, I noticed points disappearing. I’d go to bed with a few thousand and wake up with only a few hundred. After a few days, I noticed all my points had returned. It’s things like this that remind you this app is still in basically a beta stage, even though it’s been out for many months, now. But at no time have I been cheated out of points or have a request for payment fail to be fulfilled. Also, CashMagnet’s reddit page seems to have pretty responsive moderators.

Another issue concerns the passive earnings timer. Sometimes I’ll have, say 22 hours left. I’ll run it for 10 hours and I should have at least 12 hours left, right? However, it’ll say I have a lot less, like 5 hours. It hasn’t done this lately, but it was a bit annoying. The inverse is also true. It might say I have 24 hours, I run it for 8 overnight, but when I wake up, it says I have 20 hours left. Assuming this isn’t a glitch, it’s possible I started with over 24 hours and the timer couldn’t show more than 24 hours (I have no clue if this is even possible) or I was able to reload some passive earning time on the app while it earned. Again, I don’t know if this is officially possible.

Finally, I’ve read about a lot of other users experiencing crashing issues lately; I haven’t and I’ve been running Marshmallow, KitKat and Nougat phones for a while now. A few months ago, I had some problems with crashing, but it got resolved in a few days.

One last observation: even though you close the app, it’ll continue to run in the background. Unless you actively stop CashMagnet from running (press the big yellow button on CashMagnet’s the home screen), simply closing it won’t actually turn it off. I will Force Stop the app whenever I want to be 100 percent sure it’s not running in the background.

How Passive Is it Really?

It’s about as passive as you can realistically get. Every once in a while, you need to shut it down so you can get more passive earning time, complete a “Watch and Install” task to level up or download an app for points or additional passive run time. But other than that, once you start it, walk away and do something else!

Conclusion

If you’re on the fence about using this app, I strongly encourage you to try it out, but only on a farming phone. I highly recommend you DO NOT use your personal phone with this app.