Virtual currency buying and selling are the next big thing. Blockchain, Crypto-currency, Bitcoins are all the words that have caught the eyes of the millionaires and billionaires of the world. Virtual buying and selling have become so rampant that it is now available on apps on various platforms like Android and iOS.
Being a big fan of cryptocurrency myself, I decided to look at the number of apps available on the Google Play Store. What I found astounding is that there are so many options available. They help you to invest and make and save money in the form of virtual coins and rewards. One such app in the market is called CoinFactory.
Even though the app is new and has only been installed over 5,000 times on the Google Play Store, I love every minute of using this app. Since I have already done the homework on the app, I decided to share my information with you to help you understand the benefits of saving virtual coins.
- About Virtual Currency
- Features Of CoinFactory
- How To Use The App
- The Perks
- The Shortcomings
- Tips For Success
About Virtual Currency
If you were to ask me to define virtual currency, I would say it is an electronic asset that works on trust. It is not regulated by any international financial body, and many people might not trust cryptocurrencies. These currencies are developed, managed, and distributed by private people.
Don’t get confused between a digital and a virtual currency. Virtual currency/assets are part of digital currency. In short, digital assets can be regulated, published, and distributed by authorities worldwide.
So, if some app promises you or sells you their product or service by talking about digital currency, you can avoid them.
These private players can only deal in virtual currency unless they have a tie with any legitimate financial body. One of the trusted apps, as I mentioned earlier, in this field, is called CoinFactory that does what it says. It helps people tighten the noose on their money and save money.
About CoinFactory
CoinFactory is a finance app that helps you monetize your balance in the Google Play Store. It allows you to monetize the rewards of your credit into coins. That means that your virtual credits can be turned into real money.
The app developers are based out of Bihar, India, and run the app as an individual entity. What I like about the app is that they do not beat around the bush. They do not present you with hefty information or things to do on the app.
They have a laser-sharp focus on the selling of virtual coins. I have been able to save over $600 using CoinFactory. To see the list of participating virtual coins, you can mail the developers directly.
Features Of CoinFactory
One of the best features of the app is the ability to allocate your points toward multiple uses. In simple words, you cannot only redeem your points in cash, but you can also use these coins to get rewards and participate in contests on the platforms that CoinFactory has an agreement with.
A noteworthy feature that builds trust for prospective customers who have not heard about the app is their integration with the Google Play Store.
You can easily buy virtual coins with your Google Play Credits using any of the payment methods mentioned by the app. It builds trust, transparency, and a sense of security for those who have never used virtual money in the past.
How To Download CoinFactory
CoinFactory is available on the Google Play Store. Unfortunately, the app is not available on any of the platforms.
So far, 5,000 people have downloaded the app on Google Play Store. You need Android 4.4 and above for the app to operate.
Eighty-five customers have given an average review of 3.6 on the Google Play Store. In short, there are mixed reviews by customers about the features and the offers of the app.
How To Use The App
As soon as you download the app, you will see the FAQ dashboard with all the relevant information you need to understand how the app works. Click the next/skip button on the bottom right-hand corner of the dashboard. It will take you to the different packages available on the app.
On the packages section of the app, you will see the various options available to choose from. Just click on your desired pack and buy the credits using your Google Play Store Credits with the one-tap feature.
Your coins will immediately be credited to your account. There are no other options or pages to navigate on this app. CoinFactory has kept minimalist options on the app that focuses only on buying coins.
If you have any questions or feel confused, click on the top three dots on the right side of the panel. Read the FAQ guide if you have any questions or email the developers directly.
CoinFactory Costs
CoinFactory is available for you at no cost whatsoever. The only in-purchase you will see is related to the commission or the conversion fee charged by the developers. It can range anywhere between $0.55 - $7 per item.
A few noteworthy packs that you can buy are as follows. Get one hundred and twenty coin packs for $2.68, 24 points packs for $0.55. The 300 coins pack is available for $6.7. The 36, 60, and 30 coins pack each for $0.67, $1.34, and $0,68.
To see if there are other packs are available, you can email the developers directly. Plus, they will respond to you with email support.
The Perks
Let us weigh the pros and cons of the app based on what the customers have to say.
One of the best things about the app is that it is a no-frill, direct-to-bank app. Many new customers have liked the fact that the app does not ask for any phone numbers and converts Google Play Store Credits into coins without any hassle. This is probably exactly what the customers were looking for.
The customer support provided by the app is on-spot. When one requests to transfer Google Play Credits into coins by the time it reaches your bank account, the cycle is short.
Customers even like the comprehensive guide that explains everything, even before they use the app.
Exchange Rate
The exchange rate is competitive and not very high compared to the competing apps. I trust the pricing and am confident about placing my money in the hands of the makers of the app.
Also, one can use PayPal to remit the funds in a few days. Transparency and social proof as something that I love about CoinFactory.
The Shortcomings
There has been a delay in transferring payments from coins to money in people's accounts for international customers. Also, the app does not allow remitting funds within the first 24 hours. It has led to many uproars among the buyers/customers who feel the app does not understand or care about the concern.
A special mention goes to the complaints from Indian customers. Many of these clients have raised the issue of not hearing from the app developers for days.
Also, the amount promised versus the actual amount in the bank is a large margin. It gives an impression to the customers that the app is a scam and fraud.
Charges
CoinFactory charges a higher fee compared to its competition. They are very vocal about these charges.
For example, they have mentioned the 50% transfer rate from coins to money. The competition charges anywhere between 20% to 35%, and customers feel that CoinFactory has no right more expensive.
Tips For Success
First things first, beware of fake apps with similar logos and branding used by CoinFactory. The internet is full of virtual coin apps that promise handsome returns. The truth is far from these promises. These hackers ride on the goodwill and brand name of legitimate apps and cheat customers.
Before you choose to buy coins using the app, I suggest you make sure to double-check the charges as they depend solely on the current exchange rate as well as the currency in which it is traded.
Just because rates are mentioned for the US Dollars, it doesn’t mean the same rates apply for other currencies.
Word Of Caution
Make sure that you use your coins within one year of purchase as they have an expiry of one year. There is no point in gathering coins in your CoinFactory account only to find out that the entire saving has gone to waste at the end of the day.
The developers will not be responsible for this loss due to your own negligence.
Conclusion
Even though there have been many mixed reactions by customers, the app is worth a try. If you are someone who engages with virtual coins on an everyday basis like me, then it makes sense to convert the balance to cash.
It’s better to start small and see how the app works before making larger transactions.
