In the vast world of online opportunities, it’s not uncommon to come across platforms promising easy money or rewards with minimal effort. One such application is called CashMagnet, which claims to pay you passive income essentially for doing almost nothing. But, the question lingers: Is CashMagnet a legitimate option for making money online, or does it fall into the realm of online scams?
In this review, I’ll be delving deep into CashMagnet, taking a close look at the workings of this mobile app that claims to allow users to earn by letting it run in the background, engaging in tasks such as browsing websites and installing games. By the end, you’ll have a clear understanding of whether CashMagnet is worth investing your time into or not. Let’s begin!
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Table of Contents
What exactly is CashMagnet?
CashMagnet is a mobile application designed to generate passive income by utilizing your device’s background processes, which means letting the app run in the background while it performs tasks such as browsing websites and installing games.
How can you starting earning with CashMagnet?
To start earning with CashMagnet, the initial step is to sign up for an account. You can register using your email address, or for a quicker process, you can sign up with your existing Google account instead. Please note that at the time of writing this review, no other options were available for registering an account.
Once you have successfully signed up for an account and logged into the website, the next step is to download the application for your mobile device. CashMagnet is not available on the Google Play Store, which means that you will have to download the APK file directly from their website.
You can do this by clicking on the “Profile” bar, which will reveal a dropdown menu. From there, simply select the “Download” option and then click the “App for Android” download button. Keep in mind that CashMagnet is available exclusively for Android mobile devices, so this means that you cannot use it on iOS or desktop devices.
How do you earn with CashMagnet?
When it comes to earning with this application, CashMagnet presents 2 options: passive earning and the referral program, both of which I’ll be talking about in this review section. As you use the app, CashMagnet rewards you in “Points,” which can later be redeemed for various rewards such as PayPal or gift cards.
The primary way of earning with CashMagnet is through its passive feature, which enables you to earn points by essentially doing nothing. To begin, simply start up the application, after which you will be prompted to give the application “Overlay” and “Accessibility” permissions.
Now, this basically means that you will be giving full control of your phone to CashMagnet. So, because of this, I strongly recommend that you don’t use CashMagnet on your main mobile device and instead use it on a burner phone. While the application itself is technically safe to use, it will still use up a lot of your phone’s resources, and you also won’t be able to use your phone while the app is running.
Once you’ve successfully granted CashMagnet both permissions, you will be able to click the “Start” button. A countdown will begin, during which your phone enters an idle state. The application will then explore various websites and install games onto your mobile device.
In addition, CashMagnet will participate in tasks such as viewing advertisements, interacting with banners, and consuming ads. As these actions unfold, the app secures revenue from sponsors, subsequently distributing a portion of these earnings to you.
Also, the application used to employ a leveling system in the past. But, that aspect of CashMagnet has been discontinued for now, so you don’t need to worry about needing to grind to unlock the app’s full potential as it’s accessible right from the start. All you have to do is run the passive feature of the app, and you will begin earning points right away.
As a second option, you can also earn a bit of additional income by inviting your friends to join CashMagnet. The way the referral program works is quite simple – all you have to do is share your unique invitation link with the person you wish to invite. Once they become your referral, there is a two-level system where you receive 5% of the earnings from the person you invited and 5% of the earnings from the person whom your referral invited.
All in all, this is not a bad referral program. However, you also have to ensure that the individuals you’re inviting are genuinely interested in using CashMagnet for you to gain any benefit. And, make sure to inform them that this app is best used on a burner device.
How much money can you earn?
The amount you can earn through CashMagnet depends on several factors. These factors include your location, the type of Android device you’re using, the number of games you’ve installed, how long you let CashMagnet run on your device, and whether your phone has been rooted.
If you refer to their FAQ section, they mention that their most successful users usually make around $15 per month. Currently, the maximum you can earn on one device is 500 points (worth $0.5), but it’s important to note that achieving this requires meeting all the criteria mentioned earlier, as well as running the app 24/7.
Also, you could potentially boost your earnings further if you have multiple devices that you can use CashMagnet on. In conclusion, CashMagnet has a relatively modest earning potential. But, at the end of the day, it’s also a completely passive income source and requires almost no effort to use at all.
How do you cash out?
For withdrawing your earnings, CashMagnet offers 2 primary options – PayPal and Amazon gift cards. As previously mentioned, when you run the app and it performs various actions, you get compensated in the form of points, with 500 points being equal to $0.5.
When it comes to PayPal, the minimum withdrawal amount is $5 (5500 points), while for Amazon, it’s $1 (1000 points). As you can see, CashMagnet charges slightly more for PayPal payments. So, if you want to receive the best value for your points, I would recommend cashing out using Amazon cards.
According to the company, payments are sent within 1 month after you have requested them. If you have not received your payment after 1 month, then you will have to get in touch with CashMagnet separately to find out what might be causing the delay. The company also states that they do indeed experience some delay with payments, around 1-2 weeks at the current moment.
Frequently Asked Questions (FAQ)
Can anyone join CashMagnet?
CashMagnet appears to be available globally, which means that anyone should be able to use this application, regardless of their location.
Is it possible to use CashMagnet on iOS or desktop devices?
No, it is not possible to use CashMagnet on iOS or desktop devices. To be able to use this app, you will need an Android phone with at least version 4.2 or later.
Is CashMagnet safe to use?
CashMagnet is safe to use and does indeed pay you, but it’s highly recommended to use this app on a burner phone.
How do you contact support?
You can reach the CashMagnet support team by selecting the “Support” option in the left section of the website. From there, you’ll be able to send them a message.
So, is CashMagnet legit or a scam?
CashMagnet is a legitimate mobile application that allows you to earn a small amount of passive income without too much effort. However, the overall earning potential of the app is on the lower side. If you don’t have a burner device that you can use, then I personally would not use this application at all. But if you do, then I do think it’s worth using CashMagnet to earn a bit of extra cash on the side, as long as you have realistic expectations.
Looking for more passive income methods? You can find them here!
Many thanks for reading my CashMagnet review! Should you have any other questions or concerns please do not hesitate to leave a comment down below.