Getting Started with Crypto
If you’re reading this, we reckon you’re alien to the whole digital currency thing. Terms like “peer to peer” and “crypto wallet” have probably got you breaking out in a mild sweat. We don’t blame you.
Firstly, cryptocurrency is a digital currency – not a tangible banknote or coin. It’s all stored on your computer or the internet. It lets you fund your casino account without a third party (like a bank or e-wallet).
It’s also volatile. The value of cryptocurrency can go up and down without a moment’s notice. But that aside, it’s one of the safest ways to play at online casinos.
With all that in mind, let’s get started with buying your first cryptocurrency.
🙋 FAQ 🙋
Frequently asked questions about buying Crypto and funding your casino account
How To Buy Cryptocurrency?
You need to set up a crypto account and wallet at an exchange and link a traditional payment method with which you will purchase your desired cryptocurrency.
How to Deposit Crypto at an online casino?
Register at your preferred online casino and choose which cryptocurrency you want to fund your account with. Enter the casino’s crypto wallet address at your exchange, choose how much you want to send to your casino account and complete the transaction.
Is it safe to use Cryptocurrencies at an online casino?
Yes, it’s safer than traditional payment methods as cryptocurrencies offer anonymity and added security levels.
Do all online casinos accept all Cryptocurrencies?
No, but you’ll find a list of the best online casinos accepting cryptocurrencies on this page.
What are the common Cryptocurrencies used at online casino sites?
Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Doge, Tron, Ripple.
Are there any hidden charges when buying Crypto?
Yes, but it’s usually a small percentage of the amount you trade.
How long does it take to deposit Crypto at an online casino?
A couple of minutes! Once you complete the transaction, the funds will reflect in your casino account.
How long does it take to withdraw Crypto from an online casino?
It’s instant. Choose how much you want to withdraw, complete the transaction and the funds will reflect in your crypto wallet.
Step 1: Buy Cryptocurrencies
Before you can even purchase cryptocurrencies, you need to set yourself up with a cryptocurrency exchange account.
There are several popular exchanges out there, and we’ll touch on them shortly. But for this guide, we’re going to use Coinbase to demonstrate how easy the entire process is.
Similar to regular money, you need merchants (exchanges) from whom you can purchase, sell and exchange your cryptocurrency.
There are plenty of exchanges out there, each with varying levels of security and accepting different payment methods.
Always choose an exchange based on important factors like:
Transaction fees – most exchanges charge a transaction fee. The lower, the better.
Security – make sure the exchange uses top security measures.
Payment options – choose an exchange that has the right payment options for you.
Activation time – check how long it takes to activate and verify your account.
Range of cryptocurrencies – make sure the exchange offers the crypto you want to buy.
Sign Up At An Exchange
Your first step is to sign up at an exchange. We’re using Coinbase as our example.
You’ll need to enter:
- First name.
- Last name.
- Choose a password.
- Tick the box to verify that you’re 18 years or older.
- Click Create Account.
Verify Your Email Address
- Open up the email from Coinbase (or your preferred exchange) and select Verify Email Address.
- You’ll be redirected to Coinbase.
- Sign back in with the email and password you chose. You’ll be asked to enter a mobile number.
Verify Your Phone Number
- Add a phone number.
- Select your country.
- Enter your mobile number.
- Click tap or Send Code.
- Enter the seven-digit code you receive.
- Tap Continue or Click Submit.
Enter Your Personal Information
Complete your profile with:
- First name
- Last name
- Date of birth
Verify Your Identity
- Sign in to your new account.
- Complete the ID verification process by uploading the required documents.
Link Your Payment Method
- Choose your preferred payment method and currency.
- Click here to see which countries Coinbase supports.
Now it’s time to set up your crypto wallet.
Choosing Your Crypto Wallet
A wallet is where you store your cryptocurrency. No matter what type of wallet you choose, you will receive a private and public key (we’ll discuss this shortly).
If you plan to purchase more than one type of crypto, you’ll need a wallet for each cryptocurrency.
First, let’s discuss the different types of crypto wallets.
Online wallets – This is the most common option amongst crypto gamblers. It’s a wallet that you can access anywhere, anytime, provided you have an internet connection. Online wallets are safe, but they are somewhat open to the risk of security breaches.
Hardware wallets – this a device you store your wallet on, like a USB drive or external drive. You plug the device into your computer when you want to make crypto transactions. It’s a portable option that you can keep in your safe.
Paper wallets – you can write down your crypto public and private keys and keep the piece of paper safe.
Software wallets – these are perfect if you have enough memory on your PC or mobile device. You download and install software to the device and then store your crypto there.
What Are Public and Private Keys?
Once you’ve chosen a cryptocurrency wallet, you’ll receive your public and private keys.
The public key is like an email address that you can securely share with the casino to send and receive funds.
The private key – made up of letters and numbers – should never be shared. Ever! It’s your password to unlock the wallet that holds your crypto.
Using our Coinbase example, you can store your private key in your crypto wallet.
Buy Your Cryptocurrency
Now that you’ve set up an exchange account, you’re ready to buy cryptocurrency. Most exchanges accept payment methods via PayPal, credit card or bank transfer.
Once you’ve linked your payment method, choose which cryptocurrency you want to purchase. Popular options for online casinos include:
- Bitcoin Cash
Select how you want to pay and confirm and complete your purchase.
That’s it! You’re now the proud owner of cryptocurrency.
Now it’s time to find a crypto casino.
Select a Crypto Casino
Finding the best crypto casino is not at all difficult. We’ve done it for you. You can go through our top list of cryptocurrency casino reviews to find one that offers what you want.
Here’s what we look for when reviewing a casino.
Bonuses and promotions – we look for casinos that offer generous crypto welcome bonuses and ongoing promotions that help to extend your gambling budget.
Payment options – the sites on our top list accept a variety of cryptocurrency deposits and withdrawals. Both funding your casino account and withdrawing winnings is instant, and there usually aren’t additional fees involved (but this can differ from one casino to the next).
Games – we like to see a wide variety of slots, table games and live dealer options. There are several crypto casinos that have crypto-specific games, too, and we mention this in our reviews.
User interface – our team like to find crypto casinos that are easy to navigate. We look for speed of loading, mobile interface, layout, customer support and how the lobby is set up to filter through games.
Take a look at our top list of crypto casinos and choose the one you fancy the look of.
- Register a new player account by entering the required information.
- Verify your account and identity.
Finally, it’s time to deposit your cryptocurrency at your casino of choice.
It’s a slightly different process from the way you’d normally fund your casino account. But provided you’ve bought your crypto, you’re ready to start.
- Log in to your casino account.
- Head to the cashier and choose your preferred crypto payment method.
- A pop-up will appear with the casino’s crypto wallet address (you’ll use this to send money from your crypto wallet to theirs).
- Head to your crypto wallet and click on the option to send funds.
- Enter the casino’s cryptocurrency wallet credentials and choose how much money to send to your casino account.
- Complete the transaction.
Once the transaction is processed, it’s verified across the network and then appears in your casino account.
The entire process only takes a couple of minutes, and the casino tends to provide step-by-step instructions throughout the deposit process.
Once your funds reflect in your casino account, you can claim any bonuses and start playing your favourite games.
How to Withdraw Money
When you’re ready to cash out your winnings, you’ll need a fresh wallet address to receive your funds from the casino.
- Open your cryptocurrency wallet.
- Click “Receive”
- Click the option to generate a new address.
- Copy the new address and head back to the online casino’s cashier.
- Choose the withdrawal option and how much you want to withdraw.
- Enter your wallet address and complete the transaction.
There are some online casinos that want you to enter the withdrawal amount in a major currency, like Euros or USD. Then they will ask you for your crypto wallet address and convert your winnings to cryptocurrency.
This is all done at the market rate at the time of cashing out. Sometimes there’s a withdrawal and processing fee involved, but it’s usually minimal.
Remember to make sure you’ve met any bonus wagering requirements before you request a withdrawal and check what the minimum and maximum withdrawal amount are – these differ from one casino to the next.
What Was That About Extra Fees At Online Casinos?
In most cases, there are no fees involved for depositing cryptocurrency at your preferred online casino. There are some online casinos that allow a certain number of free withdrawals per month, and those that charge fees of around 1.5% to 2%.
So, when you’re looking for the best crypto casinos, this is something to take into account. Bear in mind that you would pay a small fee if you were using traditional payment methods, so it shouldn’t be that big of a deal – and it’s something we try to mention in our reviews.
What Are The Benefits of Gambling With Cryptocurrency?
Why exactly should you choose cryptocurrency over other payment options at online casinos? Let’s take a closer look at the benefits of playing with Bitcoin and other major cryptos.
Anonymous gambling – crypto technology lets you gamble without having to enter a ton of personal details or your banking information. All the casino asks for is basic details on signup and your cryptocurrency wallet address.
Smaller transaction fees – most of our top recommended crypto casinos don’t charge deposit and withdrawal fees. Some sites do charge a small processing fee, though, but it can be as small as 0.0001 BTC, which you’ll barely notice.
Added security– cryptocurrency transactions are encrypted several times during the transfer process between the casino and your wallet. That, with the anonymity that crypto provides, gives you additional layers of security when gambling online.
Quick and easy registration – registration at crypto casinos is designed to get you up and playing within seconds. You mostly need an email address, username and password. You can then link your crypto wallet to your casino account and start playing.
Fair gambling – the best online casinos that support cryptocurrencies prove the fairness of their games with a transparent verification process. It’s a technical process called “hash cryptography.” All you need to know about it is that it makes sure every single outcome is fair.