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Cryptocurrency is a digital payment form that has made its way into the casino business, and one thing we can almost guarantee is that crypto casinos are here to stay, both in Canada and abroad. It is simple, anonymous and reasonably secure to pay with cryptocurrency like Bitcoin when you gamble online, as long as you know what you’re doing and understand how a crypto casino works. If you are still in doubt about whether to explore this casino group further, we are here to help. This guide will bring you a basic understanding of a complex casino payment method.
How Crypto Casinos Work
Most crypto casinos in Canada are regular casinos offering cryptocurrency as one of their payment methods, and this means the casino itself tends to work just like you are used to. You create an account, make your initial deposit, activate your welcome bonus (if eligible) and start playing the games offered in the casino game library.
You have access to the same games (both regular casino games and live casino games) that someone using a different payment method would have, and you can usually make use of any special features on the site. The only difference here is that you won’t be making your deposits and withdrawals with the standard payment methods, as cryptocurrency is a currency of its own.
While most Canadian crypto casinos are regular casinos where you can make your transactions with cryptocurrency, there are also crypto casinos that use Blockchain technology to host their entire platform and game selection. These are less common in Canada at this point, but they do exist and usually only accept crypto payments.
Unlike other payment methods, you can’t just pick one, make a quick account and start making payments, the way you would with e-wallets and contactless payment options. With cryptocurrency, you need to have a crypto wallet and there needs to already be crypto tokens in your wallet.
As a result, this payment method is mostly used by those with experience with blockchain technology and who are already invested in the virtual world of cryptocurrency, and it’s not something you can suddenly start using as it involves a completely different type of currency that isn’t bound to any bank systems or countries.
If you feel like crypto casinos might be right for you, then it’s advisable to start doing your research on the crypto tokens you are interested in, and start investing. This is a step you will inevitably have to take before you can start making casino payments with crypto.
Deposits & Withdrawals
Making deposits with Bitcoin and other cryptocurrencies is surprisingly easy! Once you’ve located the casino cashier or payment page, all you need to do is to choose the cryptocurrency you wish to use from the menu or list. This shouldn’t take more than a few seconds if you’ve already created your casino account.
Most online crypto casinos will let you save your crypto wallet to the platform, so that you can easily access it for future deposits or withdrawals as well. You’ll then choose the amount (in cryptocurrency) you wish to deposit into your casino account, activate any welcome bonus offer there may be available and then, once you approve it, you’ll be ready to go.
Deposits made with cryptocurrency are instant, and the fees are lower than at other casinos and might even be non-existing. If you can’t seem to find your preferred cryptocurrency in the casino dropdown menu, then chances are they don’t offer it or that it isn’t actually a cryptocurrency casino.
Withdrawing funds is just as easy, and just as fast, as making a crypto deposit. Again, head over to the payment page, locate your preferred payment method, choose the amount and make the withdrawal. You will need to fulfil any potential wagering requirements before you can complete your crypto withdrawal, and the payout will be made in the same cryptocurrency used to make the deposit.
You can expect crypto withdrawals to be much faster than a withdrawal with a bank card, bank transfer or even e-wallets, and to be available in your crypto wallet within minutes at many crypto casinos. You can read more about payout times in the casino terms and conditions.
Crypto No-Account Casinos
Now that we’ve covered the registration process at standard crypto casinos, we also want to mention no account casinos as these are gaining ground in Canada. A no account casino is a gambling site that doesn’t require its players to register before playing, and where you can play by simply identifying yourself with your Bank I.D or even your crypto wallet.
Trustly is currently the most popular payment method for No Account casinos in Canada, but cryptocurrency also accommodates the unique terms of a no account casino. It is expected that the Canadian gambling market is going to shift more towards no account crypto casinos in the future, but it might take a while.
Is Cryptocurrency Safe to Use?
We get it, there is a lot to worry about when dealing with money, and especially on the internet! One of the things you don’t want to have to be concerned with is, of course, how you pay. Cryptocurrency is built on a highly advanced blockchain technology that has truly taken internet security to a new level, and you can rest assured that your transactions are as protected as they can be.
That said, cryptocurrency can be unpredictable, and that’s something you need to be aware of before you start making casino transactions this way. There is no guarantee that your tokens will be worth the same the following day, and the value of your casino funds can and will fluctuate. If you take this into consideration, there is definitely a risk and uncertainty that comes with crypto casino payments, but this isn’t necessarily a bad thing since you can also walk out with a lot more than you had if the market value rises.
If you are still reading, then perhaps you have already decided to give crypto casinos a go, and then there are a few things you should be aware of to make the most of your gambling as well as your casino transactions. Below are the steps to creating an account at a crypto casino when you live in Canada.
For someone who is already familiar with cryptocurrency and how regular crypto transactions work, the “hardest” part about joining an online casino where you can use cryptocurrency is actually finding one. You run the risk of coming across a few sketchy sites if you’re not careful, and you should always stick to casinos that are licensed by authorities such as the UK Gambling Commission or the Malta Gaming Authority.
Keep in mind that you won’t be fully anonymous on these types of sites even if you opt to pay with cryptocurrency, and if that’s a deal-breaker, then you should look for a casino that exclusively accepts cryptocurrency or a casino without verification.
Cryptocurrency casinos use the same or a very similar registration process as that of other casinos, and unless it’s a no-account casino, you should be able to find the option to register directly in the browser or mobile phone app. The first few steps usually include for you to type your full name and email address, and you’ll then need to verify your email by clicking on the link sent to you by the casino.
There is a big difference between a crypto casino that only accepts cryptocurrency payments and one that accepts a long list of different payment methods (with crypto being one of them). A regular casino will have you verify your identity by uploading supporting documents as well as your home address, and this needs to be done before you can gain full access to all the different casino features.
Crypto Casino Bonuses
While we can usually recommend similar payment methods in case a specific one does not convince you, there really isn’t another payment option that compares to cryptocurrency. Crypto is an entirely different type of currency, and a revolutionary way to make borderless payments on the internet.
What we can do is to list a few alternatives if cryptocurrency isn’t the right option for you, and most of these are payment methods you might already be familiar with. We have listed some of the most popular payment types in Canada down below, for those who prefer to skip crypto casinos and cryptocurrency altogether.
Among Canadian players, one of the top payment methods is still the classic card transaction. Most Canadians already have a Mastercard or VISA card, and it becomes a quick and convenient option to make payments this way. The downside is that it can take a few days for your withdrawals to go through, and that most withdrawals come with a small fee that could build up if you request payouts often.
E-wallets like EcoPayz, PayPal, Neteller, Skrill and Google Pay have been top choices at Canadian casinos for a very long time. Many of these can also be used outside the casino industry, and one thing they do have in common with cryptocurrency payments is the slightly elevated anonymity. You only need your login details to make payments, with no need to fill in your card information or other sensitive data.
The majority of Canadian banks have some type of agreement with online casinos, which means you can use your regular bank account to deposit and withdraw money when you gamble on the internet. It isn’t the most convenient method, however, because while it is considered extremely safe, it can also be very slow. When you use bank transfers, you also need to remember that your casino transaction will show up on your bank statement.
As an improved option for those who previously used bank transfers, Canadian players now have access to Trustly! Trustly is a payment service that significantly simplifies a classic transfer to or from your bank, and the greatest benefit is that it is completely free from fees, and your transactions with Trustly are instant.
Pros & Cons
Yes, it is legal to gamble online in Canada, and this includes gambling at crypto casinos. It is your responsibility as a casino player to make sure you pick a licensed site that is operating legally and that offers reliable gamble services, but you can at least rest assured that you’re not committing any type of felony or illegal act by gambling at a crypto casino as a Canadian.
No, cryptocurrency is still far from the most common and/or popular payment method at Canadian casinos. As a result, you might need to do some research before finding a gambling site with crypto, and especially if you are interested in using a less popular cryptocurrency as opposed to, for example, Bitcoin.
Yes, most gambling sites allow you to make both deposits and withdrawals with cryptocurrency, but there may be a few exceptions depending on the site. Crypto itself can be used for both, but it comes down to what the casino has decided to offer their players.
If a casino lists cryptocurrencies as payment methods, then you can almost be sure to find at least Bitcoin and Ethereum. These are currently the two most popular crypto tokens in the world for casino transactions, but more and more cryptocurrencies are being added to the list.
It depends. Legally, online casinos cannot operate in Canada and there are therefore no crypto casinos registered in Canada, but there are plenty available offshore where it is legal for Canadian players to gamble.
Yes. No account casinos are gambling sites with no registration and instant withdrawals, and these either use Trustly or cryptocurrency as its sole payment methods. While few, there are some excellent no account casinos in Canada.
You do need to register for a casino account when using a crypto casino, unless the crypto casino offers a no-registration option or if the site is a no account casino.
Surprisingly, cryptocurrency is one of the safest and most sophisticated payment methods in the world, but due to its volatility, it also comes with a few risks.
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