The ultimate guide to crypto wallets and crypto casinos

Online casino players have several options in games and banking methods to fund online gameplay. While traditional payment methods remain solid, there has been an increase in interest in crypto gambling.

On this page, we will take a look at playing with cryptocurrencies, how to use your crypto wallets for online casino payments and more.

Crypto wallets at online casinos

If you’re playing online casino games or participating in sports betting on a site that accepts cryptocurrency but is not yet used to how it works, you may find the whole experience overwhelming. New cryptocurrencies are always popping up as the technology for digital currencies continues to improve.

In order to safely enjoy online betting using cryptocurrency, you will need a secure crypto wallet. There are different crypto wallets, and despite similarities in function, they bear some differences that need to be kept in mind.

What is a crypto wallet?

How does it work?

You essentially lose ownership of the coins when you initiate a crypto transaction with any coins, including Bitcoin, Litecoin, Ethereum or even Dogecoin. As with cash, the funds are no longer considered yours when it trades hands.

In order to complete a transaction, you will require a public and a private key. The public key is a string of numbers and letters generated randomly by your crypto wallet provider. And the private key is almost the same but is a special key only known by you as the wallet owner.

It’s like sending a message. If you want to send a message to a specific person, you need their number, and if someone wants to send you a message, they need your number. While your number is public, you’d never simply hand over your device or your PIN to unlock the device.

If you use these two keys together, you are able to deposit and withdraw funds at crypto casinos and send funds to other crypto users. In other words, both the randomly generated public key and your private key are used together to authenticate the transaction. The transaction can be processed as soon as the blockchain has verified both keys.

Top 3 crypto trading platforms & wallets

Binance

Binance is considered one of the biggest and most reputable online crypto trade and exchange platforms. The Binance Web3 Wallet is a user-friendly wallet that forms part of the Binance app. The idea behind this wallet is to make the transition to decentralised finance more secure and easier.

When it comes to transferring funds to and from your Binance wallet, it’s easy, and the gas fees are very low. Binance is one of the crypto trading platforms with the most competitive fees, and it’s a great platform for both beginners and seasoned traders. If you’re looking for cheaper and easier options, Binance is a good place to start.

There are many benefits that come with using Binance, such as different finance options. With Binance Savings, you can make a return on any idle funds through a locked and flexible account. Both options have different interest rates, with locked savings accounts featuring a higher interest on a fixed-term deposit.

Then there’s the staking service, which offers you a chance to earn returns on proof-of-stake and other decentralised finance coins without requiring you to know more about staking the coins. A Binance Smart Pool option allows you to contribute to a larger mining group and then split rewards with other users.

You can purchase coins with a credit card or wire transfer. Binance has lower fees than Coinbase and more cryptocurrency options than Kraken.

Kraken

Kraken shines when it comes to crypto-to-crypto trading, margin trading, and advanced trading. It features over 230 different cryptocurrencies and 130+ crypto trading pairs. Kraken users also get to enjoy the benefit of low fees.

That being said, the fees for entry-level traders are on the high side, but if you’re using the Kraken Pro service, then fees are better.

One thing about Kraken is that it comes with a range of extras and functions that are useful for avid traders. However, it’s more friendly towards seasoned traders rather than those just starting out.

You can transfer funds to and from your account with a large number of payment methods. It also works with over 1000 financial institutions, but if your bank is not on the list, you will need to follow a different transaction process.

While Kraken is a trading platform, it also comes with a built-in wallet to store your coins.

Coinbase

Coinbase is one of the biggest cryptocurrency companies online. It originally started as a crypto wallet and later became a crypto exchange. It is accessible in over 100 countries and has 89+ million users across the globe.

It comes with a wide range of services, mainly crypto buying, selling, and trading. You can buy and sell via your bank account, debit card, or PayPal. Some regions also allow the use of credit cards.

In 2017, the crypto platform launched its own independent mobile wallet for iOS and Android users. The wallet lets you store all your private keys on your mobile device. What started as a crypto wallet and then changed into an exchange-only eventually added wallet services again.

With the Coinbase wallet, you can send crypto to and from your wallet to any recipient with the link. You can share links on messaging apps, email, or social media platforms. Making it even easier to send funds to others. It’s a free feature in the app, and no fees are added to claiming funds that have been sent to you.

Coinbase is one of the most popular wallets from which you can manage all your cryptos and NFTs. The wallet is available on both desktop and mobile, giving convenience and easy access at all times. The app supports Web3 and dApps.

Using the app may be a little of a struggle for those new to cryptocurrency trading and crypto wallets, but at the end of the day, it’s one of the better options once you get accustomed to it.

How to deposit/withdraw using your crypto wallet

Before you can start wagering at a cryptocurrency casino, you will need access to cryptocurrency. This means you need to start by buying tokens from a trusted crypto exchange like Coinbase, Binance or Kraken.

When you’ve registered and verified your account, you can buy cryptocurrency using a debit/credit card or any other option that is most suitable. As you’re buying on these reputable exchanges, there is always a free wallet option where you can store your coins.

If it’s your first time, you will need to go through the process to set up your wallet with a passcode. Once this is done, it is ready to connect like any other service, including online casinos.

Here is a quick breakdown of the steps to funding your online casino account using crypto:

Step 1: Register/Login to a crypto exchange
Start by registering your new account via a verified exchange. If you already have an account, you can simply log in.

Step 2: Go to your wallet
The next step is to go to your spot wallet or go through the instructions on creating one.

Step 3: Deposit funds
Now, you can deposit from your wallet. Go to your casino of choice, choose your crypto payment method, and copy the address provided. Alternatively, you can connect your crypto wallet. Follow the casino guide on copying the address or connecting your wallet.

Step 4: Validate the transaction
Validate your transfer, and depending on the cryptocurrency used and the network traffic, funds should be ready instantly.

Making a Withdrawal

Withdrawals are just as simple as depositing funds into your account. Again, you will rely on your crypto wallet for the process.

Step 1: Log in to your casino account
The first thing you need to do is log in to your crypto casino and head to the cashier to choose your payment method.

Step 2: Make the transfer
When you’re making a withdrawal, you will need to copy the deposit address from your personal wallet and enter it on the withdrawal page at the casino. It’s important to make sure you’re withdrawing using the right currency, as some wallets only accept certain cryptocurrencies.

Step 3: Validate the transaction
When you’ve copied the address, you can click on Validate. Again, the transfer time will be different depending on the cryptocurrency and the network speed. That being said, you’ll still find crypto withdrawals run much faster and smoother than withdrawals via any other payment method.

Important Tips

Whether you’re a seasoned cryptocurrency user or someone only starting out for the first time, there are some important things you need to keep in mind. Here are a couple of tips from experts in trading and gaming.

• Take advantage of crypto bonuses: As a crypto casino player, you get the benefit of different casino bonuses and promotions. Remember to check the casino instructions to claim bonuses when making a deposit.
• Double check the crypto address: Whether you’re making a deposit or withdrawal using cryptocurrency, it’s important to ensure the crypto address is correct before copying and pasting it. Any typos in the code can send your funds to the wrong recipient. Unfortunately, with crypto, once funds have left your possession, it’s unlikely you’ll be able to recover it. So, double-check the address before you send the funds.
• Have a trial run: Before you make your planned deposit or withdrawal, it’s best to do a few tests to ensure you’re sending it to the right recipient. Remember, funds sent to the wrong address won’t be recovered.
• Get familiar with confirmation times: Confirmations are done to ensure fraud-free and secure transactions. The confirmation time via a big blockchain is often a lot faster.
• Two-factor authentication: Add an extra layer of protection by using two-factor authentication via your mobile device. More security is never a bad thing and can only be beneficial.

Fees & Processing Times

One of the biggest benefits of cryptocurrency gaming is the speed of transactions, especially payouts. It’s important to keep in mind that the payout speed of all Crypto casinos differs no matter which payment method you use.

From the blockchain side, you’ll always find swift, prompt payouts. However, the casino processing and payout speed may be different. This means the speed of transactions can take a few minutes, hours or even possibly days for other payment methods.

In terms of fees, casino users again benefit as crypto casinos don’t charge additional fees on payouts. There may still be some cashout fees depending on the blockchain. These fees are generally very small, especially in comparison to withdrawal fees via another payment method.

Start Playing Today

Crypto wallets are a handy tool and necessary for storing your crypto assets while making it easier to deposit and withdraw from your online casino account. Aside from an increased speed in deposits and withdrawals, crypto casinos offer the benefit of enjoying exclusive crypto-only games that can’t be found on regular gaming platforms.