Cryptocurrency gambling is a very popular trend that continues to grow among crypto and gambling enthusiasts all around the world. Moreover, thanks to better and clearer regulations crypto gambling could continue expanding and providing better services to users.
One of the main reasons behind the current expansion of these two markets (crypto and gambling) is related to the fact that a large number of traditional payment services withdraw their support for some online casinos. That means that, in some cases, if you want to deposit funds at an online gambling platform, you would not be able to do so simply because your bank will block the transfer due to “security reasons.”
Therefore, cryptocurrencies became a great option for players that want to make sure that their transactions are processed on time and without issues. But there are also other benefits of using digital assets.
Cryptocurrencies, especially some of them, are fast, reliable, and cheap to transfer. Therefore, players will not only be able to play their favorite games and fund their online casino accounts, but they will also enjoy enhanced payment solutions.
That being said, in this post we share with you all the things you should know about the best Bitcoin exchanges that you can use if you are a crypto gambler. We will get into the best Bitcoin casinos, how you can easily buy digital currencies for gambling, and which are the most popular crypto trading platforms for gamblers, among other things.
🃏 You need crypto to play at Bitcoin casinos
If you are planning to use digital assets to play at online casinos due to the benefits that they offer, then you should first purchase some. But how to do so? This is a very simple thing that everyone in most countries can already do.
Cryptocurrency exchanges are the best option for players that want to play at online casinos. These platforms would not only let you acquire your favorite virtual currencies that could be used at gambling platforms, but you can also use crypto trading platforms for investing purposes as well.
Crypto trading platforms or exchanges, let you deposit fiat currencies through wire transfer or debit and credit cards, to purchase digital assets such as Bitcoin, Ethereum, or Dogecoin, among others. Nowadays, there are thousands of digital assets that you can buy using exchanges, it is up to you to decide which platform you use.
If you have selected a cryptocurrency trading platform to acquire digital currencies, then you need to deposit funds. As mentioned above, you can use many different deposit methods to purchase cryptocurrencies. It will depend on which digital assets you want to buy and the payment method that suits your needs.
Once you have deposited funds, then it is time to buy virtual currencies. You can buy many of them, depending on the exchange that you are using. Some platforms will have a larger number of coins, while others will have a more limited offer. In any case, you need to buy a digital currency that then you will be able to send to the gambling platform you will use.
After buying and storing your coins in an exchange, you can send them directly to a crypto casino, or you can send them to your own crypto wallet. Wallets are very useful if you want to play at online casinos and you don’t want to pay withdrawal commissions.
Exchanges apply a small (or large) commission on each withdrawal that you execute. Therefore, the larger the number of withdrawals you request, the larger the fees you will pay, which could have been otherwise used to play different casino games. By using a crypto wallet, you will save a lot in withdrawal fees.
💰 How to buy cryptocurrency for gambling using exchanges?
The buying process at cryptocurrency exchanges requires you to pass a know-your-customer (KYC) check. This process became quite standard at most cryptocurrency exchanges. The first thing that you should do is create an account with an email account and a password.
Secondly, you will have to share private information such as name and surname, country of residence, and even address. Finally, if you want to get access to most of the services offered by online exchanges, you will have to take a selfie and share a copy of your ID.
If you pass the KYC check, then you should be able to get access to most of the services offered by these platforms. You can start by depositing funds, buying and selling digital currencies, and withdrawing your funds (sending them to an online casino, for example).
There might be different deposit methods. This will also change according to the exchange you use. The larger the exchange, the larger the number of possibilities you will have to deposit funds. Usually, the most common deposit methods include debit and credit cards, wire transfers, and third-party deposits such as local payment platforms.
As we explained in the previous section, it will be up to you to decide if you want to withdraw your coins to your favorite crypto wallet or if you want to execute different withdrawals from the exchange directly to the online casino. If you are going to process just one withdrawal, then you can send the funds directly to the casino.
Instead, if you are planning to make multiple deposits, the best thing you can do is buy the virtual currencies, and send them to your wallet. Every single time that you will need to process a transaction to the casino, you can do so in just seconds from your wallet and without paying additional withdrawal fees.
🪙 What coins can you buy for gambling?
There is a large list of virtual currencies that you can buy online and in most crypto exchanges. Usually, the largest and oldest virtual currencies such as Bitcoin, Ethereum or Litecoin are always present in most crypto exchanges. But the list is even larger if we take into consideration the newest and most recent coins to be released to the market.
Local crypto platforms will offer a smaller number of coins compared to larger crypto exchanges. Therefore, if you are searching for more specific digital assets, then you should create an account at those platforms that offer a larger number of crypto assets.
In general, when we talk about online crypto casinos, players tend to deposit Bitcoin and Ethereum. They are very popular and easy to handle. Despite that, they might not be the best for users that want to experience the best performance when using digital currencies.
Bitcoin and Ethereum lack the speed and low transaction fees that other virtual currencies can offer. Litecoin, Dogecoin, and Tron are the best option for players that want to enjoy fast, reliable, and cheap transfers between their exchanges and the online casino platforms they have chosen.
Litecoin is among the oldest cryptocurrencies in the world. The Litecoin community is very close to the Bitcoin community and the coin offers fast transactions (close to 2/3 minutes) for under $0.02. In some cases, LTC transfers can cost $0.01 or even less. This shows that it can be a great option for fast and cheap transfers.
Dogecoin became very popular in 2021 after Elon Musk showed support for this digital currency. It is very fast (transactions can take just 1 minute), and fees are very low. Most of the time, DOGE transfers will be close to $0.01.
Finally, among the fastest virtual currencies, we have Tron (TRX). This virtual currency is a close competitor to Ethereum and it offers users the possibility to send and receive funds in less than 1 minute and for almost no fees. Transactions are usually processed for less than $0.04, which is great.
Other fast digital currencies include XRP and SOL. All of these coins are great options for users that want to enjoy a reliable experience while playing at online casinos. The challenge is to find an online gambling platform that supports the digital currency that you want to use.
↔️ How to convert winnings back from crypto?
This is one of the most important questions for online casino players. Imagine that you have played for several days at your favorite online casino and you want to convert your winnings back from crypto to cash. If you don’t know how to do it, then don’t be worried, is quite easy.
The process will be very similar to buying your favorite digital assets. This is something that can be done in minutes. You have to withdraw your casino winnings back to the exchange account and convert them back to fiat money. After this, you can request a withdrawal to your bank account or card.
Let’s get into the details of this process. When you withdraw funds, the casino will request you to share a wallet address. This is the address where your funds will arrive. You can use the deposit address of your exchange. Make sure that you withdraw Bitcoin to a BTC wallet. You cannot withdraw Bitcoin to an Ethereum wallet. This is very important. Wallets are not compatible across different chains.
Once you confirm your crypto withdrawal from the casino to the deposit wallet of the exchange, we can convert these cryptocurrencies to cash. Online exchanges are already offering fiat trading pairs such as BTC/USD, BTC/EUR, BTC/GBP, BTC/JPY, and many others. This makes it possible for you to use your local currency to receive funds.
Therefore, you will have to exchange your coins for any fiat currency before being able to withdraw your funds to your bank account, card or e-wallet. Once you have the fiat currency, you need to request a withdrawal from the exchange. They will offer you multiple withdrawal options, making it very straightforward for you.
Transfer times can vary depending on the withdrawal method that you have selected. You can always get more information about the withdrawal options and fees in the FAQ section of the exchange that you are using.
👉 How to choose the best exchange to get crypto for gambling?
As we discussed in this guide, there are several crypto exchanges offering solutions to people all around the world. Therefore, it becomes very difficult for people to choose among such a large number of platforms. Hence, which is the best exchange to get crypto for gambling?
In order to pick the right exchange, there are several things that you should check. These things are very important, as you might find some restrictions that would make it difficult for you to get access to digital assets to use at gambling sites.
1 – Check the exchange’s list of restricted countries
This is a similar check that you should also perform when searching for an online casino. You must make sure that the exchange didn’t include your country in the “restricted country list.” If you open an account at an exchange from a restricted country there are high chances that you can get your funds blocked and your account closed without notice.
Don’t risk your funds. Don’t open an account at a cryptocurrency exchange that has added your country to the list of restricted regions. If you break this rule, you risk losing your funds.
2 – Check if the exchange supports your preferred payment methods
Online exchanges offer support for a wide range of payment methods. Some of them would even let you deposit funds using small third-party providers. But not every exchange is the same. If you are looking for a very specific payment method, then make sure that they are accepting it before depositing funds.
3 – Check the fees to buy, deposit, and withdraw funds from the exchange
Every cryptocurrency exchange applies fees to users. In some cases, exchanges might focus on trading fees while others would focus on deposit and withdrawal fees. In general, trading platforms don’t apply fees to deposit funds, but there are very high barriers to exit, meaning that you will have to pay a large fee to withdraw your funds every single time you want to top up your casino account.
Therefore, you should make sure how the exchange works and how they apply their fees. The best option would be to find an exchange with no withdrawal fees or with very low withdrawal fees. Otherwise, you miss the benefits of using digital assets for gambling.
4 – Check the KYC rules that apply to you
You will also have to make sure that you understand what the KYC process looks like. It would be a very bad thing to be in a situation in which you have your funds deposited at the exchange and you cannot withdraw them due to an incomplete KYC check. Make sure that you have all the necessary documents that they require in order for you to start depositing and withdrawing funds from the exchange.
✅ Best exchanges to get crypto for gambling
This is a list of the best cryptocurrency exchanges that you can find online. There are many others, but these are among the most popular and reliable ones. It is up to you to decide which of them you use to play at online crypto casinos.
Binance
Binance is a cryptocurrency exchange founded in 2017 that started as an Initial Coin Offering (ICO). The project became very popular because besides Bitcoin, Ethereum, and Litecoin, it offered a large number of tokens and altcoins.
At that time, this was a very positive thing considering that most exchanges offered a small number of currencies. As the exchange grew, it became the largest one in terms of trading volume. Nowadays, Binance is the first choice for users that want to get access to the crypto market.
Furthermore, Binance has expanded the solutions offered and it is nowadays letting users enjoy services linked to digital currencies besides trading. Some of the solutions offered by Binance include staking, earning, and derivatives, among other things.
If you want to play at online casinos, Binance has a very high withdrawal fee. Make sure that you manage this accordingly. Despite that, Binance is offering a large number of trading pairs, different coins, and multiple payment methods, which makes the whole experience very comfortable for users.
Kraken
Kraken is another popular cryptocurrency exchange that focuses on multiple markets, including Europe and the United States. Compared to Binance, Kraken has a smaller coin selection but this platform preferred to focus on regulatory compliance rather than on moving forward with multiple assets.
This exchange would be a great option for you if you are searching for a reliable and established crypto platform. When it comes to fees, Kraken has a very similar level of fees to Binance. That means that it might be somehow costly to process multiple withdrawals at all times if you want to add funds to your online casino account.
Kraken, as well as Binance, are great options for players that want to have access to reliable and secure trading platforms to purchase virtual currencies and send funds to their favorite online casino.
KuCoin
KuCoin was known in the past as being one of the crypto exchanges without KYC checks. Despite this having changed in recent years, it is still possible to use KuCoin and share less information than with other platforms such as Coinbase or Binance.
This is a great option for users that value their privacy and that want to have access to reliable services as well.
When it comes to the virtual currencies offered by KuCoin, this platform is now offering an extremely large number of trading pairs. That means that it will be a great option for users that want to play at online casinos and also trade digital assets.
Despite that, if you want to withdraw funds from KuCoin, you will also have to pay a large withdrawal fee. Nevertheless, it is worth considering KuCoin as one of the possible exchanges if you want to buy digital currencies to play at online casinos.
Coinbase
Coinbase is definitely one of the most regulated and controlled cryptocurrency exchanges in the world. This is also one of the oldest exchanges in the market, usually considered to be very user-friendly and easy to use for newcomers and retail investors.
While a few years ago Coinbase was only offering a limited amount of crypto assets (BTC, ETH and LTC), it has expanded the list of coins that it offers to users, making it one of the exchanges with the highest trading volumes in the world.
Furthermore, Coinbase has added new solutions for institutional investors, making it very easy for larger players to get access to digital assets. Coinbase supports multiple payment methods and it is also a great option for those users that want to buy crypto with fiat currencies.
Finally, Coinbase has decided to be an aggressive player in the market in terms of fee structure. Thus, if you are planning to use Coinbase, make sure that you know that this platform has higher fees than most other exchanges.
Crypto.com
Crypto.com expanded as well over the last few years as an alternative to most of the popular trading platforms around the world. Thanks to its large number of digital assets supported and its wide selection of coins, Crypto.com is now among the best options for players that want to get access to digital currencies to play at online casinos.
👍 Pros and cons of using crypto exchanges for gambling
Pros of using crypto exchanges for gambling:
- Cryptocurrency exchanges are easy to use
- They let you purchase multiple digital currencies
- Most of them have added a wide range of payment methods
- They can get connected directly with your bank account or e-wallet
- They offer a large number of additional services and solutions
- Some of them are regulated
- It lets you purchase digital assets to play at online casinos
Cons of using crypto exchanges for gambling:
- They apply withdrawal and trading fees
- Some of them might require KYC checks
- Multiple exchanges have just a small number of coins