From e-wallets and cryptocurrency to prepaid cards, instant banking, and credit cards, online casinos offer a variety of deposit methods to players. Which one is the best, though? And what difference does it make which deposit method you use? Read on as we discuss the benefits of different online casino deposit methods.
Most Popular Online Casino Deposit Methods
1. Debit and Credit Cards
Debit and credit cards are the leading payment methods at online casinos. Most online casinos will accept Visa and MasterCard. The key benefits of this payment method are:
- It’s highly accessible since most people can apply for a credit or debit card.
- Almost every reputable online casino will allow withdrawals using Visa And MasterCard.
- You can secure special bonuses for real money deposits through your debit or credit card.
- You can enjoy higher payouts and instant deposits. Most casinos that accept Visa And MasterCard offer a payout of 98%.
That said, many banks have introduced more stringent regulations on using debit and credit cards at online casinos, and you may not be able to use this option. It can also take up to 3 days to complete a withdrawal.
E-wallets such as Skrill, PayPal, EcoPayz, and Neteller are becoming increasingly popular. They serve as a gateway between the online casino and your bank account, and you can use them to deposit money into your casino account without sharing your bank account details.
Some of the biggest advantages of e-wallets include:
- Instant transactions for deposits.
- No fees when depositing balance.
- Indicates the legitimacy of a casino (this is especially relevant for casinos that offer payment methods like PayPal).
- Fast and safe payments.
Some casinos also offer special bonuses based on the type of e-wallet used. For example, if you are using EcoPayz, then you can enjoy special offers.
Most e-wallets do charge currency commission and fees on withdrawals. In the case of e-wallets like EcoPayz, it also takes 1 to 3 business days to withdraw your money.
Cryptocurrency is becoming an increasingly popular online casino deposit method. The most common cryptocurrencies accepted by online casinos include Bitcoin, Litecoin, and Ripple. Some benefits of using this deposit method include:
- Players can enjoy a great deal of anonymity and security.
- Instant deposits and withdrawals and fast transactions.
- Lower fees. For Bitcoin, Litecoin, and Ripple, the transaction fee might also be zero. This primarily depends on the online casino you are playing at.
On the flipside, cryptocurrency is not widely accepted currently. Users may also find it difficult to convert their local fiat currency into cryptocurrency. Moreover, the volatility of cryptocurrency can reduce the value of your deposits and withdrawals within a matter of hours.
4. Prepaid Cards
Online casinos also allow you to make deposits using prepaid cards. These cards can be purchased at retail outlets and used to play online casino games. Some popular prepaid cards include Neosurf, Paysafecard, AstroPay, Revolut, Vanilla Prepaid, and Flexepin.
The main advantages of using prepaid cards at online casinos include:
- You can control your bankroll and limit your losses.
- You don’t have to share your bank details with the casino or apply for a debit or credit card.
- You can enjoy instant transactions.
- Some of the most popular prepaid cards don’t charge any additional transaction fee.
- You don’t need a third-party account to play online casino games.
5. Instant Banking
Instant Banking is among the best way to deposit money into your bank account. This method lets you connect your bank account details to the online casino via an intermediary party to ensure a fast way to deposit funds. Some of the platforms that can be used for Instant Banking include eCheck, iDebit, Interac Online/Interac e-Transfers, Instadebit, InPay, PremierPay, Citadel, etc. These Instant Banking platforms offer a wide range of benefits to casino players, including:
- Instant deposits and fast transactions.
- Safe and reliable. Interac, for instance, offers multiple layers of security between your bank account or credit card and the online casino to prevent online fraud.
- No third-party accounts are required.
- Instant withdrawals for methods like Interac and iDebit. Other platforms can take up to 3, 7, or 10 business days to process withdrawals.
- No additional fees for methods like Interac and eCheck. Other methods can charge a low fee of up to $2.
While Instant Banking has its benefits, this method also has some vulnerabilities. Most prominently, users may fall victim to phishing attempts. This is because the transaction notices for this banking method are sent to you via email. Thus, if you respond to phishing emails from hackers pretending to represent Interac or other Instant Banking platforms, you could risk sharing sensitive information with the wrong person. Doing your due diligence and checking the legitimacy of each email you receive can help you avoid this.
Which is The Best Deposit Method?
Each deposit method comes with a unique set of advantages and disadvantages. While credit and debit cards are more accessible and offer potentially higher payouts, you might not be able to use this method if your bank doesn’t allow it. You also risk sharing your bank account details with the online casino.
E-wallets and Instant Banking are also highly popular methods that are much safer in comparison. They are fairly simple to use and enable fast deposits. You may have to pay a small fee based on the platform you are using. Instant Banking platforms such as Interac and iDebit also allow you to make instant withdrawals which is a huge perk. You can also avoid transaction fees with methods like Interac and InstaDebit.
Besides this, if you are considering using cryptocurrency, be sure to check how you can convert fiat currency into cryptocurrency and vice versa. We also recommend using cryptocurrencies that are less volatile and more reliable. You don’t want to lose all your winnings because of a decline in the value of the currency.
Are you interested in learning more about online casino deposit methods? Keep following us for the latest updates and figure out the best way to online casino games in a safe and secure way!