Payment methods

Pros and Cons of Different Casino Payment Methods

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TTo play for real money online, you must first choose between the multiple payment options available on the website. It’s okay to be skeptical and find the best way to protect yourself against fraud, hacking, and data theft. Instead of guessing which payment method is the safest, consider this list of pros and cons, so you never have to worry about gambling online again.

Prepaid credit cards

Most online casinos allow you to use Visa and Mastercard, but putting your credit card on any website comes with risk. If you are looking to take advantage of without giving out your bank details, try a prepaid credit card instead.

Advantages

  • Visa and Mastercard are accepted at all the best online casinos, including prepaid cards.
  • They usually don’t require a second account or association with your bank. You can buy a prepaid Visa or Mastercard with the amount already on the card.
  • Even if someone finds out your Visa or Mastercard information, they will not be able to relate that information to you, your bank, or your identity.

The inconvenients

  • Prepaid cards expire after one year. You will lose the funds of the prepaid card if it is not used.
  • They cannot withstand large amounts. Anything over $ 1,000 is not accepted.
  • You cannot withdraw on a prepaid card which is the biggest drawback. You will need to add your credit or debit information to receive your winnings.

Voucher system (Flexepin, Neosurf, Paysafecard)

A voucher replaces money in an online casino and is the closest thing you will get to depositing money directly into an online casino account. The the most predominant depend on where you live, but they all work the same.

Advantages

  • Voucher methods are available in most densely populated countries (UK, US, Canada)
  • The vouchers are very secure; a PIN code is sufficient to activate this balance on the voucher.
  • Easy to find and use. Many convenience stores sell coupons.
  • It helps you control what you spend because you have to buy a voucher each time and you cannot ‘top up’ a voucher you already have.

The inconvenients

  • Voucher schemes work like cash and can be lost easily.
  • You cannot withdraw your winnings on a voucher.
  • Most coupons have low balance limits of up to $ 200 or less.

Electronic wallets (PayPal, Neteller, Skrill, WebMoney)

Most online shoppers are familiar with PayPal, but e-wallets like WebMoney, Skrill, and Neteller are more specific to the casino. Electronic wallets allow you to upload your credit or debit card directly to the website and then add an additional encrypted barrier between buyers and seller.

Advantages

  • Trusted companies use e-wallets primarily for their business due to their security.
  • No one will ever see your card details except the e-wallet company.
  • Electronic wallets are user-friendly and take 10 minutes to set up.
  • Most electronic wallets are accepted at trusted casinos.
  • You can deposit and withdraw quickly between your e-wallet and your credit / debit card.

The inconvenients

  • Electronic wallets sometimes charge a high fee for withdrawing or converting currency.
  • It can be difficult to overcome legal compliance. Some e-wallets do not allow you to withdraw casino winnings from certain countries or US states.
  • You must maintain your account, or you will be billed for account dormancy.

Cryptocurrencies (Bitcoin, Ethereum, XRP, Stellar)

Cryptocurrency is a digital currency that you can use to purchase goods and services. More and more casinos are using this method because it is unregulated but incredibly secure. Companies will use their own currencies through the blockchain, which records transactions and encrypts user data.

Advantages

  • You don’t need to open a bank account to use crypto and are usable anytime as long as you have access to a cryptocurrency wallet.
  • Most cryptocurrencies are fast and settle in seconds, so you can cash in quick payments.
  • BitCoin in particular is incredibly secure (BitCoin networks have never been hacked). Other cryptocurrencies, as long as they go through the blockchain, are very secure.
  • It is possible to sit on a winning jackpot. Cryptocurrency gains value faster because it doesn’t rely on the traditional economy.
  • Provably Fair casinos use this method to make gambling fair and eliminate piracy.

The inconvenients

  • Crypto is difficult to obtain and requires an account on Coinbase or other exchange.
  • If you send the crypto to the wrong address, it is gone forever.
  • Great learning curve. It can take weeks to figure out how a crypto wallet works.
  • Crypto crashes happen a lot and could cost you a lot of money.

Each method has its pros and cons, but e-wallets are usually the safest option as long as you can get past the high withdrawal fees.


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