So you’re wondering what is Cash Magnet and if it’s a useful app to earn some pocket change.
If you’ve got these questions floating in your mind, then we’ve got you covered.
In this review we are going to talk about the pros and cons of Cash Magnet; how you can make money from it, if it is worth the download, or if it’s another scam.
Cash Magnet Review
Product Name: Cash Magnet
Product Type: Android application to make passive income online
Best For: People who want to make a little change from their android devices.
Summary: Cash Magnet is an advertisement based application that you download to make income online passively. The app automatically searches for ads online, and clicks them for you. Sounds like a great way to make money online, but the payout isn’t worth the time.
Recommended: No. If you’re looking into Cash Magnet for the money-making opportunity, consider my top recommended training program instead. It’s got all the tools and support you need to build a successful online business. Plus 10 Free Classes to get started!
What is Cash Magnet?
Cash Magnet is a free to download application that let’s you earn money online passively.
It’s only available on Android devices, and the way you earn money is pretty much completely autonomous, at least that is what they advertise.
They claim that as long as you have your Android device open and connected to the internet, then you will be earning coins (that can be converted to rewards or cash).
Now there are quite a few applications like this that let you earn some pocket money on the internet by performing tasks like:
- Watching videos
- Taking surveys
- Checking out advertisements
- And trying out apps.
But, Cash Magnet is a little different because you more or less don’t have to do anything to earn money.
They claim that all you have to do is download the app; sign up, and press a button.
The application does the rest.
Sounds too good to be true?
Well, we will find that out in the details below.
How Does Cash Magnet Work?
At first look, the application sounds a little fishy, right?
I mean, why would an application give me money for doing nothing?
It doesn’t make much sense.
Here’s the catch:
Well, the thing is, Cash Magnet doesn’t need a user to make money.
They only need your phone and your internet connection to make a profit.
You see, the way the app works, is it automatically searches for ads online, and clicks on them for you.
The business model is very similar to UpVoice, which scans ads on your social media accounts.
It’s like a bot or a script running in the background of your phone.
It can also go on to the Google Play app store to download a variety of gaming applications.
It downloads these games, then runs them.
When running the games, they will visit the ads in the games as well.
Essentially, the way I see it, the Cash magnet application generates views or clicks for a variety of advertisements found online.
I am assuming this is the way they generate money for themselves.
I also assume that part of the money they get goes to you in the form of the app’s internal coin currency.
Cash Magnet is probably somehow connected to the developers of the applications and websites the ads are from.
How Much Money Can I Earn From Cash Magnet?
On their official website, they claim that Cash Magnet can earn one person the maximum of $60 USD a month.
However, you should know if you only have access to one Android phone then you will only be able to earn $15 USD a month.
So to earn the maximum of $60 a month you need four phones. Who has four phones lying around?
This is because one person can only use four phones at once.
And one phone will generate $15 USD a month.
Some reviews have suggested (take this information with a grain of salt) that a higher end phone will generate more money than a less powerful one.
They also think that the app roughly makes about one point every 5 mins.
And you will need 1000 points to earn one dollar.
But keep in mind, if you withdraw the money through PayPal, then their will be transaction fees.
Also, there are other rewards that you can exchange your coins for.
These rewards include:
- Google Play gift card
- Amazon gift cards
- Xbox gift cards
- PlayStation cards
- Steam Gift Cards
- and more.
Here’s a picture from the Google Play Store.
Cash Magnet Complaints
So this may or may not be applicable to you.
One of the major complaints from users is that the app requires root access.
This basically means that Cash Magnet will have privileged control over some subsystems of your Android system.
For some people, that is a bit too much control for a foreign app to have.
Nowadays smartphones carry all sorts of private information we don’t want getting into the wrong hands.
Root access is required because everything is automated.
Remember, they have to access Google Chrome and Google Play for Cash Magnet to view ads.
But there are rumors that a version that doesn’t need root access is being developed.
Another common complaint among users is that the application sometime freezes and crashes, if you try to use the phone for something else.
Obviously this is going to render the application useless for most people during the day.
But, you can always leave your phone overnight for it to earn money.
Sound a Little Too Much? Check Out This Instead:
I thought it was pretty neat that Cash Magnet has a referral system.
It’s pretty basic, but it can earn you a little bit more money if you choose to use it.
The way it works is that you are given a code.
And if someone uses your code, and starts making money through the app, then you will get 5% of their earnings.
But there is a second level to the system.
If the person that used your code also uses the referral System, then you will get 5% of the earnings of the people he/she invited.
So basically the more you advertise the application, the more potential you have of making money.
It’s basically affiliate marketing, click here to read more about how affiliate marketing works.
Is Cash Magnet a Scam?
There’s no evidence that this Cash Magnet is a scam.
In fact, there’s a bunch of reports where users have received payouts.
But it is not known if the application is used for malware or spyware.
However, it is an official Google Play application and an app needs to pass an anti-virus test in order for it to be available on that platform.
What Do We Think of This Application?
Well, since it seems that you can not really use Cash Magnet while you are checking your messages, surfing the web, or performing other tasks, I think that it really isn’t worth the trouble.
The phone you use would have to be dedicated to this app alone.
However, if you don’t mind leaving your phone on overnight, then I don’t really see a problem with using this application.
Plus, if you have any other old Android phones that you aren’t using, it wouldn’t hurt to have Cash Magnet run in the background.
I also mentioned before that I liked how there is a referral program on this app.
Why is that ?
Well we think that affiliate marketing is a great way to earn money online!
It can possibly give you a location independent job.
You can also be your own boss!
You will potentially have much more flexible time to work on other goals in your life.
Need proof? Read this post: Affiliate Marketing Success Stories about how these regular people, from all over the world, have created 4 – 5 Figure monthly incomes through affiliate marketing. No BS, No Joke!
How to Really Earn Money Passively:
Once you get things up and running, you more or less don’t have do much to keep earning revenue.
And some people don’t just making pocket change with this type of business model.
Some people earn full time income, 10K/month, 50k/month, even over $100,000 USD/month.
But you’ll never be able to make that much by using apps like Cash Magnet.
Only if you start your own business.
Of course, results vary and it helps if you have the proper tools and training.
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Thanks for taking the time to read this Cash Magnet review.
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