Depositing money safely at the online casino involves the need to be aware of some basic principles of safe online gaming. You need to choose a reputable platform that features games developed by a licensed game developer, enable two-factor authentication (2FA) to secure your account, refrain from sharing your password or other private identifying information with anyone and use responsible gaming practices.
Grande Vegas casino invites you to learn more about how to facilitate your casino banking with crypto.
Differences Between Crypto and eBanks
When it comes to making safe casino deposits, credit cards, ewallets and cryptocurrency each offer distinct advantages and risks. Here’s a comparison between the two:
Security
Credit card transactions generally come with fraud protection, allowing users to dispute unauthorized charges. Major credit card companies (Visa, Mastercard) also have strict security protocols. eWallets and eVoucher cards are secured through encryption technology and app security from major app stores like Google Play or Apple App. Wire transfers rely on the security of the land-based bank that is facilitating the transfer.
Cryptocurrency transactions don’t require personal information, which adds a layer of privacy. It’s important to remember that crypto transactions are irreversible which means that you can’t reverse the transaction after you’ve completed it, for any reason.
Anonymity & Privacy
Credit card, ewallet/evoucher and wire transfers are traceable and linked to your identity. Casinos typically verify the ebank information which may compromise privacy.
Cryptocurrency transactions offer greater privacy since they don't require linking to a bank or credit card account. If you are making crypto transfers via a KYC-compliant exchange, your identity may be linked to transactions.
Transaction Speed
All transaction methods, including credit and debit cards, ewallets and evouchers, wire transfers and crypto typically complete transfers of funds into a casino account within minutes. The main difference involves withdrawals – withdrawals into non-crypto methods of ebanking can take a few days.
Cryptocurrency transactions, including withdrawals, generally take a few minutes.
Fees
One of the biggest differences between crypto and other methods of ebanking involves transaction fees. Transaction fees of 3% and upward may be charged for credit and debit card transactions as well as transactions by wire transfer, ewallets and evouchers.
For crypto transactions, fees vary but all in all are much lower than those charged by other ebanking institutions.
Regulations
eBanks and credit/debit card companies are regulated by financial institutions which must prove compliance with anti-money laundering laws. Crypto transactions are anonymous, though some casinos have started requiring KYC (Know Your Customer) verification for large crypto deposits and withdrawals.
Play Safely With Crypto
Even with the high security of crypto, you still need to exercise precautions so that your crypto deposits and withdrawals stay safe and secure. Some suggestions for this include:
- Use secure wallets. There are two types of wallets that you can use for your crypto transactions, hot wallets and cold wallets. Hot wallets are used for online transactions and they are convenient for frequent transfers but vulnerable to hacks. Cold wallets are offline wallets. They aren’t connected to the Internet so they’re more secure. Casino security experts suggest that you use a hot wallet for your transfers to and from the online casino and then transfer the funds into a cold wallet for long-term storage.
- Enable two-factor authentication (2FA) on any crypto-related account including on exchanges and wallets. Authenticator apps (like Google Authenticator or Authy) are more secure -- SMS-based codes are more vulnerable to SIM-swapping attacks.
- Beware of phishing attacks. Phishing attacks involve attempts by cybercriminals to trick you into providing sensitive information – passwords, credit card numbers, personal ID information, etc.
A phishing attack generally occurs when you receive an email or text message that seems to be from a legitimate source (bank, government office, online service) where the message encourages you to click on a link or “confirm your data”. The scammer then uses that information to gain entrance to your accounts and, sometimes, identity.
Avoid clicking on unsolicited links, especially in emails or messages. To enter a website, use the site’s official URL or app. Be wary of emails that ask you to provide information that, in the wrong hands, could compromise your security. - Use reputable wallets and exchanges. Avoid unknown or unregulated exchanges.
- Never share the password of your wallet key with anyone! Archive the key password in a safe place (write it out by hand – don’t rely on your phone, computer or cloud storage. If you lose your wallet key password, you could lose all of your funds permanently.
- Avoid public Wi-Fi for transactions. It’s easier for a hacker to gain access to your data if you’re using a public network. Access your crypto account using a trusted, secure internet connection.
- Stay aware of your transactions – they are irreversible. Double-check recipient addresses and transaction details before you confirm any transfer of funds.
- Update your software on a regular basis. Old software may be vulnerable to security breaches to ensure that your device operating system, wallet software and related apps are up to date.
- Diversify and insure your crypto funds. Spread your assets across different wallets and platforms. Check out whether your wallet or exchange offers insurance options and if it does, take it.
Risks of Using Crypto at the Online Casino
Regardless of which online banking platform, there are risks. Crypto transactions are not uniformly regulated. Depositing crypto in an online casino could expose you to legal issues depending on your location.
Cryptocurrencies can fluctuate wildly so the amount of money that you deposit or win could change in value overnight. It’s important to watch the trends to get a feel for what’s happening with your crypto funds.
As mentioned, cryptocurrency transactions are irreversible. If there’s an issue you will have limited options for recourse.
If you’re playing real money games at the online casino, your best recourse is to be prepared to ensure that your funds will be secure and that you’ll be able to enjoy a high level of protected gambling entertainment.
