- in Money Making Apps , Reviews by Derek Marshall
Can You Make Money With Sweatcoin [Review]
Welcome To My Sweatcoin Review!.
I caught the question being asked around certain groups "Can You Make Money With Sweatcoin?"
Excuse me if I am a little blunt here and let's not beat around the bush!.
Earning points or credits with an app, regardless which one, to only be allowed to exchange them for products is a proper kick in the backside - and even more so if and when you have been sweating you butt off to earn those points!.
This is exactly what sweatcoin wants you to do.
I completely understand all those that think Sweatcoin Is A Scam.
But...
I have uncovered a way in which you can get real money with Sweatcoin, read to the end to find out how to do that!.
In this review you and answering all of your pertaining questions including How Much Money You Can Make and How To Transfer Sweatcoin To Paypal!.
Before I get down to reviewing sweatcoin...
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Are you ready to find out all you need to know about Sweatcoin?
Yes,
Then keep reading!.
Sweatcoin Review
Product Name: Sweatcoin
Founder(s): Anton Derlyakta And Oleg Fomenka
Product Type: Activity & Fitness Tracker that pays you to Walk, jog or run.
Price: Free To Use.
Best For: For those that need extra motivation to be active. Not for those seeking to make money.
Summary: Forrest Gump "only" walked from coast to coast and ended up investing in Apple, you are required to walk half way around the world for an iPhone with SweatCo.in.
Despite being a great idea for a means of helping people to be more active it is a terrible means of making money!.
Rating: 80/100 as a health app, 10/100 as means of making money.
Recommended: Yes, to help you to be more motivated to get in shape should you need it, No, not as means of earning money.
Because You KNOW You Deserve A Better Life. The Question Is: Will You Step Up And MAKE IT Happen?!?
More...
Sweatcoin is not a cryptocurrency as claimed in this Sweatcoin Guide, it is a digital currency and fitness/activity tracker that has currently 12 million+ downloads and is available for both iOS and Android devices.
It is rated as one of the top 5 health and fitness apps on the Apple apps store having and average of 4.5 stars from over 110,000 raters.
On Google Play they are rated at just over 4 stars by over 120,000 raters - evidently this app is highly rated and well liked by close on a quarter of a million raters.
A digital currency is simply the balance of money that is recorded in a electronic manner, like the numbers on the screen when you check your bank account balance, the value or pre-paid credit left on your phone or how much money you have on your pre-paid credit card and of course your earnings for using Get Paid To Rewards Sites like Sweatco.in.
This is very different from what a cryptocurrency is.
The key distinguishing point being - there is cryptography involved with Sweatcoin and the Blockchain is not used.
Sweatcoin openly admit they are not a cryptocurrency and do not use the blockchain technology.
The confusion between Sweatcoin and crytocurrency and blockchain has arisen due to poorly researched and misinformed low quality amateur bloggers not putting in the effort to accurately inform their readers.
(after all, Sweatco.in themselves state on their own site that they are not cryptocurrency and do not claim to be one!).
You can earn sweatcoins by simply walking, running or going for a jog. Your daily activity is tracked through your smartphone and rewards you with 1 sweat coin for every 1,000 steps.
Which equates to 2 coins per mile (1.6km) walked.
Your coins can be exchanged for gifts like:
- Energy Drinks
- Digital Watches
- Magazines
- Music Downloads
- Electronic Gadgets
- Running Shoes
- Yoga Classes
- Even iPhone's & Apple watches!
The company behind this app are in collaboration with 300+ brands so you can have really wide range of what you can spend your coins on.
It is even claimed that, if you wanted to, you could even pay your taxes with sweatcoins, I would be a bit apprehensive about that though...
But what about getting some cold hard cash?
Who Are The Owners Of Sweatcoin
Sweatcoin was founded by London Based Russian Fitness fanatics Anton Derlyakta And Oleg Fomenka when they collectively came up with the innovative idea in 2015 and launched in 2016.
Both are in their 40's and can be described as determined serial entrepreneurs in the tech and start up sector.
Their idea behind Sweatcoin is get people exercising more by giving them instant gratification of a financial reward, an immediate pleasure that when enjoyed often enough leads to long terms gains in terms of fitness and health.
Sweatcoin Lawsuit
I have not been able to uncover any information regarding lawsuits filed against sweatcoin by regulatory authorities, current or ex-employees or any private citizens or corporations.
I have not been able to uncover any legal action taken by the company either.
How Does Sweatcoin Work?
Sweatcoin works by motivating you to be more active and get more exercise, compelling you to get, stay or maintain your health by providing you with a financial incentive.
Every single time you are active, be it a short walk, a quick jog, a nice long run or even if you go out cycling your details are tracked and the Sweatcoin app tracks your activity and automatically logs it and converts your movement into sweatcoints.
It works for users using the brains reward system and the psychological aspect of instant gratification for long term gains, which is provided by the cash incentive as a short terms instant reward with the long term difficult to see gains being a better sense of well being and overall health.
Yes,
You certainly can make money with Sweatcoin but it is restricted to buying products that are on offer by the brands that they have partnered with.
If you are committed it is said you can anything from US$100 to US$400 per year which is not so bad - you can end up getting your new smartphone and be in better shape just for going walkies!!.
How Does Sweatcoin Make Money?
They are a privately owned for profit organisation and not a charity, and therefor they are making money themselves also.
Their business model provides them with various ways of of generating revenue:
- 1. Partnering with Insurance Companies who have a desire to help people to live a more active and healthier life.
- 2. Partnering with governments that need to reduce their health care costs. (Note: This applies to #1 above also).
- 3. Partnering with brands that wish to establish, maintain or increase their market share and dominance as well a their brand awareness
I also suspect but cannot confirm further revenue is made based on your transaction in the form of affiliate commissions.
This is not actually going to be a solid reliable way of making a full time income as you are not being paid in cash..
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Who Is Sweatcoin For?
The Sweatcoin App is aimed for two types of users as follows:
- 1. The Front End user.
- 2. The Back End users.
The front end user, folks like you and I, can be split into two further groups; those that are seeking motivation and inspiration to lead a healthier lifestyle and those seeking ways to earn money in the digital world.
I suspect that most people will fall into both categories, where they are looking for that stimulus to be more active and would also welcome the extra cash.
The back end user is simply the business side of it, the brand and businesses that would be willing to hand over advertising dollars to get their share of a captive and highly targeted audience.
It is certainly a win-win-win relationship for all 3 parties involved where:
- You Win: You get paid and get fit.
- Sweatcoin win: They have users, and audience that they can earn advertising dollars from.
- The Brands Win: They have a targeted audience to market to and the potential to make sales.
How Does Sweatcoin Differ From Other Similar Walking Apps?
Sweatcoin differs from other similar walking apps as it does not connect or sync with other fitness trackers like FitBit, other apps or pedometers.
It simply functions using the GPS on your smartphone or Smartwatch.
Whether that is good or bad it is a catch 22 situation as it is great as it gets you out and about in the fresh air and making the effort to get in shape as it only works while you are outdoors.
Any indoor walking about that you may do anyway is not counted and any activity in the gym on the treadmill will not count!.
Where as a pedometer would count all your steps, both indoor and outdoor.
Sweatcoin Hack: You could try using WinWalk App in conjunction with Sweatcoin, as sweatcoin uses the GPS to track your activity while WinWalk App uses a software based pedometer to track your movements, meaning you can kill two birds with one stone here.
...and get all your indoor steps counted!
How To Get Started With Sweatcoin?
Getting started with Sweatcoin is supereasy - there hardly anything easier to do!. all you need to do is the following 3 steps:
1. Download the App!
Head on over to google play or the app store and download and install the app.
Once you open the app you will be requested to enter your name and permit the app to access your GPS location data so that it can track how far you walk.
By allowing it to access your GPS location in the background you can have your steps tracked automatically even when you forget to use or open up the app.
2. Get Active To Start Earning Sweatcoins
Now you have the app installed and set up all that is left is for you to do is "GOYA!"
Which is Get off your ....(I'll leave that last word you!) and get moving!
Get moving and get earning some money and burning some calories. It will take you 1,000 steps on average to earn 1 Sweat coin, which works out at one sweatcoin per half mile walked.
What is very well thought out here is you don't have to do anything to claim your coins - unlike some other walking apps your coins are automatically credited to you and deposited in your account once you meet each 1,000 step threshold.
If you have this app running in the background, it really can be a set and forget kind of thing where you can visit your app months later and have a cool amount of coins to your surprise!.
(depending on how active you are)
3. Spend Your Coins
When you have enough coins accumulated you can start enjoying the benefits of your effort for getting in shape and get yourself something nice!
If you don't see anything that you like for the 300+ brands and their products listed just wait 24hrs as new products as constantly added and frequently change.
You can even save up your Sweatcoins and get your hands on your hands on the latest iPhone for example, which currently costs 20,000 Sweatcoins.
There Is Paid Sweatcoin Account
Well, sort of, it's complicated!.
There are various Paid Sweatcoin accounts of which you can pay for by sweating it out and using your Sweatcoins.
In a sense there are fee as your not paying actual cash for the and can use the sweatcoins that you have accumulated to upgrade to a paid account.
When you first get started your initial account is a mover account - which is 100% free, and free forever.
However,
you are limited to 5 Sweatcoins per day in earnings which is only a 2.5mile walk daily or 150 sweatcoins on a monthly basis, 1,800 per year.
With this account you will never be able to reach enough coins to cash it out for the latest iPhone!
The next plan up, the cheapest Paid plan which allows you to double your earning potential to 300 sweatcoins per day.
This plan is the Shaker Plan and will cost you less than 5 sweatcoins per month - basically only the price of a days walking on the free account per month or half a day on the current shaker plan.
And you get the potential of doubling your earnings! - Which does sound like a pretty sweet deal to me!.
The next plan up from Shaker is the Quaker Plan which will set you back 20 sweatcoins per month and permitted to earn 450 sweatcoins per month, 15 coins per day!.
Then next plan up for Quaker is the Breaker plan which will cost you 30 sweatcoins per month and the ability to earn 600 Sweatcoins per month.
Can You Make Money With Sweatco.in? Yes! You can! #Sweatcoin #MakeMoney. Please Retweet To Help Other To Get Active And Lead Better Lives.
Quick Recap:
- 1. Mover: Free Account, 5 Sweatcoins per day maximum earnings
- 2. Shaker: Cost 5 SweatCoins per month, 10 Sweatcoins per day maximum earnings.
- 3. Quaker: Cost 20 Sweatcoins per month, 15 Sweatcoins per day maximum earnings.
- 4. Breaker: Cost 30 Sweatcoins Per month, 20 sweatcoins per day maximum earnings
The founders or whoever named the accounts certainly has a sense of humour, Mover's, Shaker's, Quaker's and Breakers!
How Do You Get Paid By Sweatcoin?
Officially speaking, Sweatcoin does not pay in cash and therefore no monetary transaction takes place.
Sweatcoin allows you to exchange your Sweatcoins for products that you purchase using their app.
There are reported ways around this, which I'll get to in a second.
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How Many Sweatcoins Is $1
The value of sweatcoins kind of varies slightly.
If and when you use the old grey matter and calculate the value of the product that you want to exchange your sweatcoins for there is a slight variance in to how much each coin is effectively worth.
There is a certain gravity that sets the underlying value at a fixed rate of 5 cents.
This gravity is both the current value of the top prize - the latest iPhone which retails at US$1,000 which will cost you 20,000 Sweatcoins.
If 20,000 Sweatcoins are valued at the same as a US$1,000 product that makes the underlying value of each sweatcoin as 5 cents.
This is further confirmed by the only and unique way in which you are permitted to exchange your Sweatcoins for cash, which is by achieving 20,000 sweatcoins and exchanging them for US$1,000.
How Can You Profit By Knowing This?
As the say knowledge is power.
You are permitted to trade sweatcoins, if you keep in mind the current underlying value of the sweatcoins by pinning it to the current value of their top product in which you can exchange your sweatcoins for in similar fashion as to how FIAT currency was once pegged to the value of gold Pre-Nixon, (Gold standard).
Then you can certainly profit knowing this and buying the coins at a cheaper price.
Despite "the market" increasing the supply of coins on a regular basis due to activity by users, many do not reach a payout threshold for a reasonable product of value or simply want to get actual cash for their coins and fast, and thus the market is flooded with a glut of sellers.
Many of which have not quite calculated the underlying value of their "asset"; Also with a shortage of buyers the price is vastly reduced.
I have seen Sweatcoins On Reddit Groups being sold in the 2 to 3 cent region.
Keeping that in mind, you can buy 20,000 swetcoins for US$400 to US$600 and then either cash out for US$1,000 or get you funky new iPhone for significantly less than it's actual value.
Of which you can either keep or sell at a profit!.
Is Sweatcoin Accredited By The BBB?
You should always check out all money making opportunities that you are interested in and conduct a full background check.
One place I always check is the Better Business Bureau, and any regional equivalent, if and when necessary.
Sweatcoin is headquartered in the UK, and thus I was not expecting them to be listed but none-the-less I still checked!.
It only take a second!.
And, from time to time there are the odd listings with an appropriate alert issued by the BBB for non US Based companies if and when there are certain concerns and a sufficient amount of complaints to warrant such an alert.
There is no mention of Sweatco.in on the Better Business Bureau database, by default their standing is unaccredited and not rated.
I checked with the UK equivalent, which is the Trading Standards Office and the Citizens Advice Bureau, there was no mention of them on their websites either.
This is something that we can view in a positive light as the UK Trading Standards (a government organisation) and the Citizens Advice Bureau (a charitable organisation that is 60% government funded) only list complaints and concerns as a warning to consumers.
They have no rating system like the Better Business Bureau do.
I have found Sweatcoin to be highly rated by the complaints board TrustPilot.
What Do The Truth In Advertising Say?
Having checked the Truth In Advertising Website and the UK Counterpart the Advertising Standards Agency, I found no listing or mention on either site which indicates that they are not taking part in any deceptive, misleading or false advertising or marketing practices.
Common Complaints
By Far the common complaint was related to some technical issues and glitches with the app; particularly with the app not measuring steps correctly.
That is certainly something to be aware of; one user claimed only 65% of steps were counted.
Is Sweatcoin App Legit?
Yes,
From what I have seen and going by my deep investigation to the owner and company I can say that the app it legit - it is rated #1 on the app store in a number of countries including:
- USA
- UK
- Australia
- Canada
- Germany
- Italy
- Romania
- Poland
- Portugal
- Turkey
- Netherlands
- Hungary
That is pretty impressive - I strongly doubt that an illegitimate app would be so highly rated in Apple's App Store by so many different people for many different places.
Is The Sweatcoin App Safe To Use?
The Sweatco.in app is 100% safe to use, Neither I nor google or apple have found there to be any security issues or any such concerns.
If the sweatcoin app was not 100% safe, it would not be listed on their platforms nor would it remain there for so long.
If it was unsafe, it would have attracted far too many complaints which would lead to the app being taken down and off the platforms.
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How Many Steps Is 20000 Sweatcoins?
To achieve the 20,000 Sweatcoin barrier by walking and earn a US$1,000 payout or get your hands on their top product, the latest brand new iPhone.
1 sweatcoin is currently 1,000 verified steps.
By definition and basic mathematics you will need to make 20,000 (Sweatcoins) X 1,000 verified steps to arrive at how many steps are required.
Which is 20 Million Verified steps.
Which means you will need to walk 10,000 miles to reach the US$1,000 pay out making it the equivalent to walking from New York all the way to Bangkok and beyond with still 1,000 mile or so left to complete.
Or it is like walking New York City To Lagos, Nigeria to buy an iPhone from a shop there and walking all the way back again.
And you know what Nigeria is famous for...
Clue: It is not make making people walk 10,000 miles for an Smartphone!
Can Sweatcoins Be Converted To PayPal?
Yes,
There is a way in which you can exchange your Sweatcoins and get cash for them or for money in your Paypal account.
By far the safest and most secure way of getting actual cash is by opting to cash your Sweatcoins for an Amazon Gift Card and then hoping over to CardCash and then trading your new Amazon gift card for actual cash.
You will lose some money in the transaction.
Amazon gift cards are the ones that maintain a higher value when compared to other gift cards and with a long expiry date you will maintain an even higher value of around 90% to 95% of its value.
You can of course risk trading your Sweatcoins on Reddit or Discord and request the seller to pay you to your Paypal account.
As I pointed out the value plummets significantly due to a disproportionate amount of Sellers Vs Buyers, with the coins selling for 40% to 60% of their underlying value.
You also run the risk of being scammed and not being paid and lose your coins without being paid at all.
If you do wish to trade in this way I suggest that you use an escrow service such as Escrow.com who have Paypal feature - avoid any buyer who is not willing to use an escrow service.
...They might be from Nigeria!.
(In which case, tell them to go walk!).
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What I Liked About The Sweatcoin App
There are something that I like about the Sweatcoin App:
- It Is free and easy to Join
- It can help you to get fit and stay in shape
- It does not need to be synced to other fitness devices like a Fitbit, Or Garmin device.
What I Did Not Like About The Sweatcoin App
There are a few things that I did not like about Sweatco.in
- They Are Registered Or Rated Nor Accredited By The Better Business Bureau, yet clearly they are plying their trade stateside to consumers there.
- Only your steps that you take while outdoors will count.
- Claims of a 65% inaccuracy between actual steps taken and verified steps.
- Payout is abysmal and shocking. NYC -> BKK and Beyond for an iPhone or US$1,000.
Can You Make Money With Sweatcoin App?
Yes,
It is completely possible that you can make money with the sweatcoin app as I have indicated but it is not a particularly feasible way of making money as firstly you only get paid in products or gift cards which you can later exchange for cash using the method that I have outlined.
And getting actual cash would require you to walk half way around the world!.
Good luck with that, Forrest!.
Is Sweatcoin A Scam Or Legit?
Sweatco.in in my opinion is not a scam.
It would be incredibly unfair to tarnish what is a particularly brilliant idea and way of getting people to stay motivated and to stay in shape and a more active lifestyle.
No deception or fraudulent activity is taking place that would lead you to suffering a financial loss; the very legal definition of a scam therefor they are not a scam.
Sweatcoin Alternatives
There are a number of alternatives that you can use instead of or in conjunction with Sweatcoin.
The one I recommend most if you are aiming to get in shape and need that extra insipration is StepBet.
Others include.
- BetterPoints
- WinWalk
- Achievement App
These apps are great and are really good when it comes to getting in shape and maintaining your motivation, but in reality they are not at all a mean of making a regular income at level where you earn all that much.
If you are looking for a way of making money and in a rather enjoyable way I do suggest that you consider affiliate marketing - it is what I do and how I went from struggling to achieving a full time income and REAL Freedom.
It is fun and easy because you can create an affiliate marketing site around a topic that you are passionate about and helping people to buy products that they are already interested in buying!.
It seems like shooting fish in a barrel huh!.
And effectively speaking it is!.
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My Sweatcoin Review - The Final Conclusion
Being completely open and honest here, as I can only be...
I do love apps like this - why not!. They have a positive impact on people's lives and it is incredibly highly rated and that is in despite of there being a few negative comments and reviews on Trust Pilot (4% rate at 1 star currently).
I did notice not a single complaint was related the health aspect and being more active - which is what the app was designed for.
All of the complaints were made by those that were using the app as a means of making money.
Which is not what it's main use is at all. Obviously, the complainers did not do their homework - or come across my site and find out exactly how far they would need to walk for US$1,000.
I see nothing wrong is using this as app as a means of motivation to get in shape, even though I think StepBet is better.
I would not in million years expect you to make a full-time income from this app, as I just dont see any one not even Mr F. Gump, esquire, Doing a complete lap of the world a couple of times per month, every month.
Even in the movie, he "only" went from coast to coast in the US.
Use for health benefit purposes, not for earning money and be sure to click share and help others to find a great way of staying motivated and leading a more active lifestyle.
Good luck!.
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