Crypto casinos are continuously growing in popularity due to a number of benefits they have to offer over traditional casinos—they are considered transparent, more secure, and even come with a slew of different payment options, which is one of the most important factors to consider when picking a casino.
Nowadays, digital payments make up 80% of all transactions, and most top-tier crypto casinos support all the popular digital payment methods. But which one is the best, you wonder?
For the most part, that simply falls under personal preference. However, if you have trouble deciding, we have created a comprehensive guide to help you pick the best payment for playing in a crypto casino check out https://cryptocasinos360.com/reviews/fairspin.
Traditional Payment Methods for Crypto Casinos
Some of the best crypto casinos on the market operate as hybrid casinos, allowing you to deposit funds with both crypto and traditional fiat currency.
Most crypto casinos focus on cryptocurrencies, and the traditional payment section is often lacking. However, depending on the casino, you can still use the most popular traditional payment methods, such as credit and debit cards, bank transfers, and e-Wallets like PayPal and Skrill.
Credit and Debit Cards
Credit and debit cards are widely available. They are also convenient, easy to use, and also widely accepted. Undoubtedly, the most popular cards are VISA and Mastercard.
Despite all the benefits, there are several downsides to using credit and debit cards for playing in a casino, with fees being the most significant one. Namely, while most casinos don’t charge a fee for depositing via a credit or a debit card, banks treat gambling deposits as cash advance transactions and charge a cash advance fee that ranges between 3% and 5%.
Bank Transfers
Bank transfers are one of the oldest and most reliable transfer methods. By using a bank transfer, you are sending money directly from your bank account to the casino’s account. Because of that, each wire transfer is protected by banks’ security systems, making bank transfers one of the most secure payment methods around.
Unfortunately, there are many pitfalls as to why casino players tend to avoid wire transfers.
First things first, you need to have a bank account, and on top of that, you also have to share your bank information with the casino. Secondly, even though most casinos accept bank transfers, many banks do not process payments to online casinos.
The biggest disadvantage of bank transfers is the transaction speed—it can take anywhere between three to five workdays to process a wire transfer. In some cases, it can take even longer, especially if you are making an international transfer.
Additionally, wire transfers usually come with substantial fees, and you may expect to pay up to $50 for making a bank transfer. The exact amount varies from one bank to another, so it’s always a good idea to check the details beforehand.
E-Wallets
E-Wallets are quite similar to credit or debit card payments. In addition to being convenient and easy to use, e-Wallets are secure since the e-Wallet provider takes care of all the security and is the only party you have to share your information with.
In addition, e-Wallet deposits are usually instant. However, keep in mind that it may take up to a few hours or even longer to complete a withdrawal request, which mostly depends on the provider you decide to use—some of the most popular e-Wallets include PayPal, Skrill, Ecopayz, and Neteller.
The biggest downside to using e-Wallets is fees.
For example, Skrill charges up to a 5% fee when simply adding funds to your Skrill account. On the other hand, PayPal charges $3 to $5 per transaction, plus a percentage-based fee for withdrawing money to your PayPal account, and the story is similar whenever there is a currency conversion involved.
Crypto Payment Methods for Online Casinos
Crypto casinos are surging in popularity, and the main reason for it is crypto payments. As the name suggests, crypto casinos, whether that’s an Irish bitcoin casino, one based in Japan, or elsewhere around the world, focus on cryptocurrency payments, and the best crypto casinos out there allow you to make deposits and withdrawals with dozens of different tokens.
Some of the most popular tokens for crypto gambling are:
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- Bitcoin
- Ethereum
- Litecoin
- Bitcoin Cash
- Ripple
Crypto transactions are considered more secure than traditional transactions. Every crypto transaction occurs on the blockchain, which is virtually impervious to hacker attacks. Additionally, instead of using sensitive information and personal data, you only need a wallet address to complete a crypto transaction.
Because of that, most crypto casinos allow you to register using only an email. However, keep in mind that many top-tier crypto casinos are licensed, so you will be subject to a KYC check once you submit a withdrawal request, especially if it’s a large sum of $3,000 or more.
Transaction speed is another aspect that makes cryptocurrency payments more appealing. In addition to virtually instant deposit times, withdrawal requests take minutes. Of course, the exact time depends on the speed of the network and the coin you use.
For example, it can take up to a few hours to complete a Bitcoin withdrawal request. On the other hand, coins like Ethereum take around 5 minutes on average since Ethereum has a faster block time than Bitcoin.
Finally, crypto payments have much lower fees than traditional payments, which is why many players prefer them over traditional methods. Most crypto casinos charge only a minimal flat fee to process crypto payments, which is usually a traditional fee used to reward miners and incentivize mining.
The fee mainly depends on the coin you decide to use. For example, the average transaction fee for Bitcoin is around $1.47. While Ethereum is a tad more expensive at $6.26 per transaction, the average cost for Bitcoin Cash transactions is only $0.0045, while Litecoin is $0.016.
Factors to Consider When Choosing a Payment Method for Crypto Casinos
As mentioned earlier, the best payment method is mostly a matter of preference. However, there are still several factors you should consider when choosing a payment method for playing in a crypto casino, such as:
- Transaction fees. Make sure to check whether the payment method charges a flat fee or a percentage-based one.
- Processing times. Depositing cash into your casino account is usually instantaneous, but withdrawing cash can take anywhere from a few minutes to several work days, based on the method you choose.
- Security. Most payment methods involve high levels of security to protect your information. However, cryptocurrencies excel in this field because every transaction relies on blockchain technology and requires no personal information.
- Accessibility. Is the payment method available in your country? Can you access it through an app, and how easy is it to make payments? More importantly, how many other crypto casinos support the same payment method?
- Exchange rates. In addition to transaction fees, exchange rates can quickly rack up the cost of every transaction. Make sure that the payment method you are using has excellent conversion rates, especially if you’re converting funds from one currency to another.
Summary
Crypto payment methods are better in virtually every aspect compared to traditional payment methods, which is why they are a go-to option for a growing number of casino players. Crypto transactions are more secure, lightning-fast, and come with lower fees.
Moreover, the best crypto casinos out there accept payments in dozens of different tokens, so you shouldn’t have any issues finding and making deposits with a token that suits you the most.
The most important part to remember is that you should always gamble responsibly—take breaks from gambling, don’t chase your losses, and never gamble with any money you cannot afford to lose.
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