Only well-established online casinos, like ICE Casino, for example, offer multiple ways to fund your account. The four main classifications are cards, e-wallets, crypto, and bank transfers. There are also alternative ways to deposit funds, and we will discuss the advantages and disadvantages of each.
1. Credit Card and Debit Card
Most casino players use credit cards to fund their gambling accounts. It is quick and secure. However, there are two challenges in this payment method.
- Bank policies – many banks do not allow their cards to be used for gambling. While you can get away with it sometimes, there is no guarantee that your transaction will go through.
- Withdrawal – it takes days to withdraw funds. In most cases, it takes three days for the withdrawal process to complete.
The other problem with credit card withdrawal is that you can only cash out your casino winnings to the same credit card. On top of that, in most casinos, you can only cash out the equivalent of what you deposited.
If a platform allows you to cash out more than you deposit, you must enable your credit card to facilitate ATM withdrawal. Otherwise, you will not be able to access this money.
2. e-Wallets
E-wallets are payment processors. First, you fund your e-wallet, then you transfer that money to your casino account.
Here are the advantages of e-wallets
- Fast – you can complete a transaction for both deposit and withdrawal in seconds or minutes.
- International – most e-Wallets offer their services globally
- Secure – your credit card or bank information is secure. These data are not shared with anybody.
One caveat when using e-Wallets is that sometimes, they do not allow gambling. For example, while you can typically use Skrill and Neteller for gambling, they do not allow their services for gambling use in some countries in Asia.
Some users found a workaround for this problem. They deposit money to the Skrill or Neteller account and choose the option that says they will use it for shopping. Then, they can transfer money from Skrill to your casino account. However, it is still not recommended to do so.
3. Cryptocurrency
Cryptocurrencies are now becoming a popular choice not just among players but also casino operators. The most common cryptos accepted today are Bitcoin and Ethereum.
Here are the advantages of using crypto:
- It is decentralized; no single entity governs it.
- Cryptocurrency transactions have lower transaction fees.
- They are fast; they only take seconds to complete.
In addition, crypto transactions do not come with conversion fees. It is of the same value anywhere in the world. The worth of crypto isn’t impacted by your country’s economy, unlike with fiat money.
This is not to say that crypto’s value does not change. The truth is that it is much more volatile. The value may go up and down so quickly. The good news is that if it happens, you can keep your crypto just like that and wait until the value goes up again.
4. Bank & Wire Transfer
Bank and wire transfers are also common in the gambling world. However, they take a while. In most cases, you need to wait at least three days. One drawback to this transaction is the time. Certainly, you want to play now but you can’t. You have to wait three days for the bank transfer to clear.
In addition, you have to ensure that your bank allows this transfer. Most banks today do not allow this. They know that gambling has negative repercussions, and they do not want to get involved in a hailstorm of legal issues. If your bank allows gambling transactions, then you may want to consider this because there is little limit to how much you can cash out from the casino. There is a limit, but you can withdraw again and again.
It means that if you ever won something big, you could withdraw a portion of that now, and then withdraw the remaining portions later on. It’s just that you must wait at least three days for the transaction to complete.
Alternative Methods
Below are two of the most popular alternative payment options for online casinos.
- Prepaid cards – a good example of this is Paysafecard. You buy the card from a kiosk and then use it like a debit card online. It is safe.
- Mobile payment – some mobile telco companies allow deposits for gambling. You will be charged for this in your monthly bill.
At best, the recommended payment method will still be cryptocurrency or card. These are the fastest and safest modes of payment for the online casino world. For huge transactions, the best option is bank transfer, but your bank may not allow it.
By far, the best payment method for casino gaming is e-wallet. With this, you can easily deposit cash into your casino account and play. In addition, you can also withdraw your money quickly. It only takes minutes.
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