We have been experimenting with a lot over the past couple of years, so at this point, we have made so many mistakes that came with an equal level of insight into what to do and how best you should do it. The best part is that you won’t have to make the same mistakes we made when you read this article. Crypto casinos are simple chance games and there is so much fun when you know how to jump the hoops to steal the show. The following are proven steps on how to get started with crypto casinos.
Tips Before Getting into Crypto Casinos
- Use only secure and reputable cryptocurrency exchanges, officially sanctioned or regulated in your country.
- Casino players have always found altcoins like Ripple (XRP), Tron (TRX), Polygon (MATIC), Cardano (ADA) and Monero (XMR) excellent options. They’re usually cheaper, pretty stable, and (decently) safe.
- Keep in mind that using Monero (XMR) makes your transactions and activity private.
- Keep a small amount of money for easy transfer to the casino according to your financial situation.
- Avoid sending money won in a casino directly to an exchange. Instead, send it to your wallet before transferring it to the exchange.
- Trust Wallet and Rabby Wallet are excellent software (hot) wallets.
- When you win big, however, you should transfer your funds to a hardware (cold) wallet like Ledger, Trezor, or other safer options.
- Despite being the most popular cryptocurrency, Bitcoin transactions take about 40 minutes – don’t use it if you prefer speed.
- Play casinos on a different device from the one and application where you store your crypto.
One more thing you should keep in mind is that crypto casinos are games of chance. Never put what you can’t afford to lose at stake.
We made this quick table to compare cryptocurrency transaction speed
Short on Time? Use This Cheatsheet
Condensed info on all you need to get started playing crypto casinos.
|1. Best Crypto Exchange
|2. Best Crypto with Fast Transfers
|3. Best Crypto Casinos
|4. Best Wallets for Claiming Wins
|ByBit, CoinStash, Kraken, Binance
|Trust Wallet (multi-coin), Exodus Wallet (multi-coin), Tron Wallets, Solana Wallets, Coinbase Wallet, Gemini Wallet
|BitBuy, CoinSmart, OKX, Kraken Canada, Wealthsimple
|ByBit, OKX, Bitvavo
|🇺🇸 United States
|Kraken, Coinbase, Gemini
Buying Cryptocurrency Directly from a Crypto Casino
Again, you will find crypto casinos out there that let you buy crypto on their website and head straight to the game. You may have to pay extra fees to buy crypto on a casino website, but it is a great option if you love instant access and the flexibility of buying crypto and playing your casino from one place.
Here you find few casinos offering
buy crypto on site.
The Fees You May Have to Pay on Crypto Casino Journey
1. Deposit Fees
Most casinos do not charge deposit fees. You may, however, be required to pay exchange fees when using exchanges to convert fiat to crypto for deposit. It will be in your best interest to research properly, and compare exchange fees before you eventually decide to use any crypto exchange.
2. Conversion Fees
You will incur costs whenever you convert one cryptocurrency to another on the casino platform or other exchanges. You want to be sure about the crypto supported by the casino beforehand, and the best crypto that suits your specific needs like privacy and network speed. You can go back to the crypto comparison table to get some insight or research on your own to learn more before converting between cryptocurrencies. Also, understand the fees associated with the exchange you intend to use and ideally you want to go for the best price if you must convert from one cryptocurrency to another.
3. Network Fees
Blockchain networks have specific fees that you have to pay when transferring cryptocurrencies. These fees are there to prevent spamming, secure the network, and encourage honest participation. You may also want to consider this as you go on your casino journey. While network fees are not too expensive on average, they could go up as the demand for space increases.
4. Withdrawal Fees
Withdrawal fees get deducted whenever you take the money you won out of the casino. It is only fair that you don’t need to pay this fee on simple deposits assuming you added money and decide to take it back again without playing or winning. Like deposit fees, you may or may not need to pay withdrawal fees depending on the platform you use. You may also have to pay a percentage or flat fee for withdrawals.
Navigating From Registration to Withdrawal
Step 1. Registering on a Cryptocurrency Exchange
If you have found a reliable cryptocurrency exchange such as ByBit for Australians, BitBuy for Canadians, and Kraken in the United States, then you can move on to the next steps. If you haven’t, then note that this step takes a bit of time. First you need to follow the steps in the first section of this article to find the right exchange. After that, visit their website and provide the details needed for registration.
Required documents could include a driver’s ID, national ID, voter ID, utility bills, and bank statements. KYC procedures are compulsory on most exchanges after sign-up. The entire process can take 1-3 days. After verification, you can deposit money using bank transfer, P2P, or card deposit. Ensure to use an exchange that works in your location and country.
Step 2. Buying Your Cryptocurrency
Move on to the next step if you have already got your cryptocurrencies. If you haven’t then ensure that the exchange you chose earlier supports your preferred deposits and withdrawal methods. Based on your location and other considerations using some payment methods may result in lower fees. You will also have to pay deposit and conversion fees for fiat and cryptocurrency transactions.
Step 3. Transferring Your Crypto to the Casino
The next thing you want to do after registering and buying cryptocurrency is move your crypto to the casino. We have found casinos with built-in wallet integrations like Metamask and Rabby.io to be more efficient when performing this crucial step. Other payment alternatives often take time.
Remember as we said before that you should move your funds from your mobile crypto wallet such as Trust Wallet before transferring it to the casino. We found using one device for playing and managing, and a different device as your wallet for storing crypto a more efficient way of dealing with crypto casinos.
Step 4. Withdrawing Your Wins
Congratulations! You won! Now you need to get your money but doing that isn’t just straightforward. Depending on the amount you won, the casino might request to verify your ID and other documents, so keep them handy. Endeavor to withdraw funds to your hardware wallet, and keep your wins in privacy-based altcoins whenever possible.
Try not to sell your entire win in one transaction as it’s safer and advisable to do so in installments. You can withdraw it all to a cold wallet, and then send a fraction of it to an exchange instalmentally for fiat conversion.
A Warnings From Other Users—Avoid These!
Exchanges you don’t want to use.
- Coinbase – Although it’s popular, users have raised concerns about unresponsive support, account freezing, and sudden crashes during periods of market volatility.
- Crypto.com – Users have reported an abrupt decrease in cashback, high fees, and random account blocking, along with an overall poor experience.
- Gemini – Users have also experienced, poor customer support, irregular account freezing, withdrawal issues, and disconnection of bank accounts.
Not All Casinos Allow VPN
While it is important to maintain privacy, being flagged for VPN might result in restrictions on your account and access to your funds. VPN-friendly casinos are better and they do not require KYC. They, however, come with a fair share of risks such as lack of regulation, and could easily be scams. We recommend that you check our list of VPN-friendly crypto casinos below for platforms with a secure casino experience.
Your Country Matters
Most countries are still on the path to building a complete regulatory framework for digital assets. Even so, gambling websites like casinos are often restricted to protect the average individual. It is critical to stick with long-existing casinos with established reputations. Using new casinos may expose you to the risk of account restrictions since it may be hard to verify their VPN-friendly claim.
Following the insights and steps we have outlined thus far will make your cryptocurrency casino journey less daunting. The key to a fun and successful experience in crypto casinos is careful research to understand crypto exchanges, fees, requirements, and local regulations while deciding honestly according to your financial situation. Despite the entertainment and potential earnings in crypto casinos, simple mistakes can cost you everything. Hence you must be cautious and responsible as you have fun and attempt to win.
Also, remember to prioritize your security by using only trusted platforms and researching more to uncover the experiences of other users before using any platform. Never bet more than you can afford to lose, and if you follow all that we have said, you will be sure to get by and secure that big win in due time. The best we can do at this point is to wish you the best of luck on your exciting journey.
With 8+ years in the iGaming industry, Tomek has a wealth of experience in building and improving online casino platforms. Fascinated by the intersection of crypto technology and iGaming.
He has been involved in crypto since 2016, writing about free web (3.0), crypto (d)apps, and blockchain safety. Based in Malta, Tomek is a specialist in live casino games, one of his favorites – live roulette.More by Tomek Jedrak