Coinmiles is a free rewards app that turns spending into investing. When you shop at your favourite stores, Coinmiles will give you cashback in the form of Bitcoin.
I've been using Coinmiles since May 2021, and this review will tell you if it's worth it and everything you need to know.
Typically 1%-5%, as high as 35%
Send to Bitcoin address or send cash via e-transfer
$20 BTC equivalent or $25 Canadian dollars
Pros and Cons
What Is Coinmiles?
Coinmiles is a Canadian rewards app that lets you earn Bitcoin when you shop in-store or online at your favourite brands. They have over 300 partner stores and pay you around 1%-5% cashback when you shop through the Coinmiles website.
The company was founded in 2017 and has about 9 employees according to their LinkedIn profile. Their mission is, "to make Bitcoin easier and more popular than loyalty points."
How It Works
1) Make An Account
Coinmiles takes under 60 seconds to get started. All you need to sign up is your name and email address and then confirm your email.
2) Start Shopping
There are two ways to earn, in-store shopping and online shopping:
Online Shopping - To earn online rewards, open the Coinmiles app or website and click on the brand you want to shop at. You will be redirected to the website using a special Coinmiles link that will track your rewards.
In-Store Shopping - To earn in-store, you must link your credit or debit card. When you buy something at participating stores, Bitcoin will be credited in your account.
3) Earn Bitcoin Rewards
After making an eligible purchase, most transactions show up within 24 hours. In-store offers are usually instant. For online shopping, most rewards are allocated within 24 hours but in some cases can take 30-120 days to be deposited.
How Does Coinmiles Make Money?
Coinmiles partners with these brands and gets paid commission every time you make an eligible purchase through their app. Coinmiles then keeps some of this commission and also shares some of it with you. Everyone wins. Coinmiles gets paid, you get paid and the store gets more customers.
Stores and Rewards
As of July 2021, Coinmiles has over 300 stores and most of the rewards available are online only. Here are some of the popular brands and offers currently:
Up to 1%
Up to 2%
Up to 1%
Shoppers Drug Mart
Up to 1.5%
Up to 5%
Up to 5.3%
Up to 10%
Up to 5%
Up to 2%
Up to 20%
Up to 25%
Up to 25.5%
Where It Shines
Free Rewards - If you're going to spend money anyways, this is a great, free way to maximize your spending and earn some Bitcoin.
Earning Bitcoin - Rather than earning loyalty points or cash on another platform, you can earn Bitcoin which could potentially appreciate in value over the long run.
Can Combine Rewards - For max rewards, you can combine Coinmiles with your credit rewards card as well.
Where It Falls Short
Not Many Stores - Coinmiles has 300+ brands but it's only useful if they have stores you shop at. It would be nice if they added Amazon, gas stations, and grocery stores which they don't have right now.
Not Significant Income - It's hard to earn lots of money because you only earn at supported stores and there are lots of exclusions as well.
Rewards Are Slow - Some transactions show up in 24 hours while others can take 30-120 days to be deposited into your account. Even though it's a free app, this is a long time to wait for such a small reward.
Transactions Don't Show Up - Sometimes online purchases don't show up in 1-7 days so you must manually add them.
Lot's Of Exclusions - Coinmiles has over 300 brands but many stores exclude popular products and categories. For example, Canadian tire excludes 13 very popular categories.
Best Coinmiles Alternatives
1. The MogoCard
The MogoCard is a free prepaid visa that gives you unlimited 2% cashback in Bitcoin. Unlike Coinmiles, this card gives you cashback on every purchase you make and rewards are deposited monthly rather than 30-120 days.
Rakuten is one of the most established rewards sites and they've paid Canadians over $100 million since 2012! You don't get Bitcoin cashback but they have 750+ stores and up to 30% cashback.
If Coinmiles supports the stores you shop at, then it will be a useful way to earn free Bitcoin. However, in my opinion, they need to add more stores and add faster payments. Right now, there are no in-store rewards in the GTA area and in some cases, online rewards take 30-120 days to show up.
If you want Bitcoin rewards, I recommend a crypto credit card instead because you'll earn Bitcoin cashback on every purchase you make instead of select stores.
Who Should Use Coinmiles?
- If they have the stores you shop at frequently
- If you want to maximize every dollar you spend
- If you spend lots of money every month
- If you will use it consistently, otherwise you won't earn much
Who Should Not Use Coinmiles?
- If it doesn't have the stores you shop at
- If you don't care for 1%-5% back on select purchases
- If you don't spend lots of money
Join Coinmiles And Get 10,000 Free Satoshi's When You Sign Up!