After testing countless online casinos over the years, we know that the platforms that truly stand out are the ones that allow players to choose from a wide variety of payment options. The method a player chooses depends on their preferences regarding speed, privacy, fees, bonuses, or compliance. However, if you compare the cashiers’ of the most popular online casinos, you’ll find that the most common and most widely used methods are digital wallets and cryptocurrencies.
According to Casino Crest, both of these options can help you make quick and effortless transactions to and from your casino account. However, before deciding which option to focus on, we recommend learning more about the target groups these payment options are best suited for and their pros and cons to make a more educated decision. We can help you out with this, so let’s get right into the guide.
The Pros and Cons of Using Digital Wallets
Digital wallets are dedicated platforms that help you bridge the gap between your bank account and the casino. Setting up an account at your preferred digital wallet is easy and takes only a few seconds, but it allows you to hide your actual bank or card information when transacting at online casinos. Some of the most popular e-wallets you should look into include PayPal, Skrill, Neteller, MuchBetter, Astropay, ecoPayz, etc.
Why Players Like Them
- Ease of use: Most e-wallets we’ve tried while testing online casinos allow you to set up accounts in seconds with minimal information. Each platform offers a website that’s easy to navigate, while for most, you can also download dedicated apps to make playing and transacting from your phone even easier.
- Speedy withdrawals: Unlike credit or debit cards that can take up to 72 hours to process payments, e-wallets complete transfers usually within 24 hours. However, the exact timeframes can vary depending on the casino’s internal processing speed.
- Easy KYC completion: When creating your e-wallet account, you will be required to verify your identity to ensure that the bank account or card belongs to you and that you are aware of it being used for the e-wallet.
- Budget control: Not only do e-wallets hide your actual bank information, but they also help you keep your spending in check, as you can use your account as a separate balance from all your funds and only transact with the amount that feels comfortable.
Shortcomings Worth Noting
- Fees & limits: When you use e-wallets to make online transactions, it’s important to remember that the casino might limit the amount you can transact per day, week, or month. Moreover, there can be a small fee charged by the e-wallet, depending on its policies regarding online gambling transactions.
- Geoblocking: Some e-wallets restrict use in specific countries, while some allow only payments from the wallets but not withdrawals to the wallets, so it’s wise to check these limitations before you start gambling.
- Currency conversion: If the casino’s internal processing currency is different from what you’ve set for your main e-wallet currency, you might have to pay a conversion fee when requesting each transaction.
The Pros and Cons of Using Cryptocurrencies
When trying to choose a safe and secure online casino, one of the most important factors to consider is the safety and reliability of the payment methods it offers. With crypto casinos, you can focus on crypto payments, which are some of the safest ways to move funds to and from your account. Not only that, but setting up your crypto wallet will be effortless if you decide to focus on this option. Popular options include Bitcoin, Ethereum, Litecoin, Dogecoin, USDT, USDC, Bitcoin Cash, BNB, and others.
Why Players Like Them
- Instant transactions: Once the casino confirms the transaction to or from your account, you can receive your funds in minutes, making crypto transactions some of the quickest possible.
- Enhanced privacy: Cryptocurrencies enable you to create a digital wallet for purchasing and using crypto. This means you won’t need to use your bank details with the casino, just your crypto wallet.
- Global accessibility: When accessing an offshore online casino, you may encounter limitations on the payment methods available to you from your country. If you choose to focus on crypto, these issues will be nonexistent, as crypto is available globally.
- Lower fees: Network fees are insignificant, so you don’t have to worry about losing a large part of your winnings when trying to move them from the casino account into your digital wallet.
- Hedging and stablecoins: With stablecoins, volatility is minimal, so you don’t have to worry about it. When focusing on Bitcoin or Ethereum, you might benefit from price moves, but you’ll also be at risk of losing money.
Shortcomings Worth Noting
- Volatility risk: If you decide to use non-stablecoins for your casino wagers, your deposit’s value can swing before you play or withdraw.
- Bonus exclusions & terms: Some casinos don’t allow you to deposit with crypto for bonus qualification or set higher wagering requirements on bonuses used with cryptocurrencies.
- Transaction issues: Depositing cryptocurrencies into an online casino that uses fiat currency as its sole internal processing currency can trigger KYC checks, fees, and local compliance checks.
So… Who Wins?
There will always be a debate on which is the best payment method you can use for online casino transactions, but this is not a one-size-fits-all type of thing. The option you choose ultimately depends on your personal preference and the supported currencies in your region.
We recommend focusing on e-wallets if you are looking for decent speed, smaller fees, and broader acceptance, even at secure, licensed casinos. As for cryptocurrencies, they are a better option for players who want to prioritise privacy and fast global payouts but are ready to deal with possible currency volatility.
Of course, you can always use both options interchangeably, depending on the conditions offered by the casino. E-wallets will be a much better choice for mainstream sites and promotions, but you can turn to crypto if you want faster, larger withdrawals when gambling on offshore platforms.
