Payment methods in online casinos
Your comprehensive guide to the best payment methods to use for deposits and withdrawals safely and securely at online casinos. Here at Legit.Casino we want you to enjoy a safe and secure online casino gaming experience. All online casinos will require that you make a deposit to place bets on their casino games. If you win playing the casino games, then you will want to make a withdrawal from the online casino using a payment method of your choice. These days, there are online casinos that will only accept fiat currency payments. Others will only accept cryptocurrencies. More and more online casinos are now accepting both fiat currencies and cryptocurrencies to give their players the widest possible choice. You need to make the right decision when it comes to which payment method you should use.
This is where our comprehensive guide comes in. Our team of experienced online casino experts has compiled this guide so that you are aware of the advantages and disadvantages of the various payment options. In this guide, we will explain what payment methods are and the different options available to players from all around the world. You will learn how to make successful deposits and withdrawals and other practical advice that you can apply when you are choosing a payment method accepted by an online casino.
Payment methods defined
Let’s get started by defining what a payment method really is.
In the simplest terms, a payment method is a means for a player to send money to an online casino in the form of a deposit. The deposits that players make are added to their casino balance and allow them to place bets on their favorite casino games. The other side of the coin is using a payment method for receiving withdrawal funds. Usually, there are fewer payment method options available for withdrawals compared to deposits. This is not always the fault of the online casino. With some payment methods, only deposits are available. The technology is not there to accept a transfer of funds inwards. For example, if there is an option for you to pay using your mobile phone account then it is very unlikely that you will be available to make withdrawals using this method.
What common payment methods are accepted at online casinos?
Most online casinos will accept credit cards from Visa and MasterCard. Usually, you can make a bank transfer for a deposit and also request a withdrawal using the same method. Other popular payment methods accepted at online casinos include e-wallets like PayPal, Skrill, and Neteller. Players like these because the transactions are usually fast and they do not have to provide the online casino with any of their financial details. Pre-paid cards are also a popular method of payment and now there are more online casinos that are willing to accept major cryptocurrencies from players for deposits and withdrawals such as Bitcoin, Litecoin, Ethereum, Dogecoin, and Bitcoin Cash.
Many new online casino players are confused about which is the best payment method for them to choose. We will provide you with the advice that you need here.
How to choose the best payment method that will suit your requirements
With so many payment options available at online casinos these days, it can be overwhelming for players to choose which is the best one for them to use. Of course, having a lot of choice is a good thing, but if you are new to all of this then it can be very confusing. We have already told you that some payment methods are only accepted by an online casino for deposits only. Even if a payment method has the capability of receiving funds from the casino, there may be reasons why the online casino will only allow deposits to be made.
So, it is a good idea for you to check that any payment method you are considering has the capability to accept withdrawal funds, and that the online casino that you are playing at will accept this payment method for withdrawals.
What do you want from a payment method?
We recommend that you work out what you want a payment method to do for you. This is likely to vary from one player to another. You are going to have different payment opportunities available to you than others will. Also, how you intend to use the payment method in your life will vary from others.
Here are some important things to consider
- How much you want to hold in your account – you will need to ensure that the payment method that you use has sufficient funds in it to honor the deposit transaction with the online casino. This doesn’t mean that you need thousands in your account. If you are new, we recommend the opposite. The more money you have available the more likely you are to take unnecessary risks.
- Laws and regulations – the laws and regulations relating to the transfer of money to online casinos vary across the world. You need to know what the laws are in your country and abide by them. This can also have an impact on the types of payment processors available in a country.
- Transaction speed – some payment methods offer faster transaction times than others. If you want your funds to appear in your casino account very quickly, then you need to choose a payment method that can do this. The same applies to withdrawals from an online casino.
- Fees charged – payment processors make money through the transaction fees that they charge. We recommend that you compare the fees of different payment processors to find the best one.
We are beginning to make good headway with payment methods but there is still a lot of ground to cover so stay with us as this is very important for you to know.
Facts about payment methods that you must know before choosing one to use at an online casino
You don’t want to make the wrong choice of payment method to use at an online casino as this has the potential to ruin your gaming experience. By following the advice and guidance here you will not go wrong. This guide has been compiled by experts in the industry who know what they are talking about.
Make sure to consider the facts below before choosing a payment method
More payment method choices is usually a good sign – online casinos that provide their players with a good range of payment methods to choose from are usually doing better financially than those that only offer a limited number of methods. You need to accept that some online casinos are not going to accept your preferred payment method.
- Read and understand the terms and conditions – it is essential that you are well-informed when it comes to deposits and withdrawals at an online casino. This means reading and understanding their terms and conditions. We know that this is not the most exciting way to spend your time but it can save you from making a costly mistake.
- Use a local payment method – where possible, using a payment method that has its roots in your country is a wise thing to do. It’s even better if you have been using this payment processor for making other online purchases for a while. Better the devil you know!
- Be aware of transaction fees and speeds – how fast can a payment processor you are considering make an international transaction? What will they charge in fees for such a transaction? The more you know about fees and transaction speeds the better.
Why is it so important for you to be knowledgeable about online casino payment methods?
Unfortunately, there are bad people online who come up with different ways to scam you out of your money. You do not want to fall foul of these financial fraudsters who will lie and deceive you so that you part with your hard-earned cash. Not all of this is related to the gaming industry of course, but it does bear the brunt of some of it. When people lose money in the gaming sector it is usually down to being misinformed about how to make online casino transactions safely and securely. These people are unaware of the trusted payment processors that they should be using. By following the advice in this guide you can protect yourself from fraud.
It will pay you in the long run to know all that you can about legitimate and safe payment methods for use with online casinos. We are here to help you, so please read all of this important guide and avoid any potential fraud.
What online casino payment method is the most secure?
The good news is that there are several payment methods that you can trust to provide you with a totally secure way to perform financial transactions with an online casino. These methods take advantage of many different techniques such as personal verification, fraud prevention, security codes, ID protection, and insurance among others.
These are some of the most secure payment methods for online casino deposits
- Credit and debit cards and prepaid cards –payment cards from trusty providers such as MasterCard, Visa, American Express, Maestro, Visa Electron, Paysafecard, Switch, and so on are going to provide a secure means of payment. These have fraud protection and insurance coverage and also offer 24/7 support to cardholders.
- Bank transfers – yes, this is old technology, but transferring funds from your bank account will usually be very secure. The problem with bank transfers is that they tend to be slow and often the fees are high.
- E-wallets – examples of secure e-wallets are PayPal, Skrill, Neteller, EcoCard, and MyCitadel. These usually have very fast transactions and are very convenient to use.
- Mobile phone payments – some mobile phone operators will permit deposits to online casinos to be made using your account. They use a service like Payforit to provide secure transactions. SMS payments are possible for small deposit amounts.
- Cryptocurrencies – cryptocurrencies are a very secure payment method. They are all supported by decentralized blockchain networks which are more secure than conventional client/server setups. More and more casinos are now accepting major coins such as Ethereum, Bitcoin,and Litecoin.
We consider all of the above payment methods to be secure. But you always need to be careful about who has access to your personal financial data.
Why do different online casinos accept different payment methods?
The truth is that there can be several different reasons why online casinos accept some payment methods and not others. Most of these will make sense to you as they are entirely logical. Here are some of the most common reasons:
- Operating license – an online casino has to abide by the terms of its operating license. For example, many licensing authorities insist that online casinos have a rigorous know-your-customer (KYC) process. This will prevent the online casino from accepting cryptocurrencies as these are anonymous transactions.
- Local laws and regulations – each country or region can have its own laws and regulations concerning financial transactions with online gambling sites. If a payment processor is unable to comply with these then it will not be accepted.
- Where the clients of the casino come from – most countries have a preferred payment method that is preferred by their citizens. This will be different for Russians, Americans, Canadians, Europeans, and so on.
- The reputation of the payment processor – trustworthy online casinos only want to accept reputable payment methods so that they protect their players.
What are the best deposit payment methods for Europeans to use at online casinos?
If you reside in Europe then we recommend the following secure payment methods for your online casino deposits:
- MasterCard and Visa cards – this is a secure way of making a deposit and is used my many players across Europe
- Skrill – many Europeans trust the Skrill e-wallet system for good reason – it works and is very secure. You will need to set up a free account and then link it to your credit or debit cards.
- PaySafeCard – this is a prepaid card that several Europeans use for their online casino deposits. A 16-digit code will be provided by PaySafeCard to ensure secure transactions. Incoming funds can be withdrawn to a service like PayPal or direct to your bank.
- WebMoney – this is available in a lot of European countries now and players use it with confidence to make their online casino deposits. Security is very high with this method and you never have to reveal any sensitive financial details.
- EcoCard – consider this to be a prepaid MasterCard. A lot of Europeans use this now because they can use it to make deposits at online casinos with no fees. It can also be used for withdrawals but there is a small fee involved here.
- Cryptocurrencies – many Europeans are switching to cryptocurrencies for their online casino deposits and withdrawals because the transactions are secure and fast.
There are other secure payment methods that Europeans can use which include Trustly, Neteller, Boku, ClickandBuy, and so on.
What are the best deposit payment methods for US citizens to use at online casinos?
There are fewer secure payment options available to US citizens because of the tough laws in place regarding payments to online casinos. Several payment processors have been prosecuted under the Unlawful Internet Gambling Enforcement Act because they couldn’t fully comply with the law.
Here are the best options for US citizens:
- MasterCard and Visa – these giant companies are aware of the law and have the resources to comply with it. Despite this, around 50% of online casino deposits fail with these cards.
- Prepaid cards and gift cards – these are anonymously funded and contain no personal financial details. These are secure and work well but there are usually limits on how much of a deposit you can add to these cards.
- Cryptocurrencies – there is no US control over cryptocurrencies so they are a very good solution for US players.
The bottom line is that it is tough for US players to gamble at online casinos. E all hope that things improve in the near future.
What are the best deposit payment methods for Asians to use at online casinos?
If you reside in Asia then you need to accept that it is highly unlikely that you will be able to play at online casinos in your local currency. There are exceptions of course. Don’t let this put you off. The casinos will convert your currency to US dollars for example. You will soon get used to this.
These are the payment methods that our experts recommend for players from Asia:
- Visa and MasterCard credit cards – these cards are widely used in Asia and offer a secure way to provide online casino deposits. For Japanese players, JCB can be a good option. A lot of Asian banks will not permit payments from online casinos to credit cards so players need an alternative for withdrawals such as bank transfers.
- iWallet – many Asian online casinos now accept this payment method. The service is based in Hong Kong and players in Asia can use it to make deposits and withdrawals securely and without charge.
- ecoPayz – this is an e-wallet system that a lot of Asian online casinos accept. It is very secure and transactions are fast. They are also able to provide support in both Japanese and Chinese.
- Instadebit – this is a secure bank transfer option for Asian players and a lot of online casinos that accept players from Asia will accept this payment method.
In addition to these payment methods, Asian players can use cryptocurrencies, Interac, EntroPay, MuchBetter, and iDebit.
What are the best deposit payment methods for Australians to use at online casinos?
There are some strict gambling laws in Australia which makes it a challenge for Australian players to make deposits. Different Australian online casinos will often accept different payment methods. If you have a preferred method, then always check to see if the online casino you want to play at will accept it.
Here are the payment methods recommended by our experts:
- Visa and MasterCard credit cards – almost all Australian online casinos will accept credit cards for deposits. But not all of them will support the provision of withdrawals to these cards.
- Neteller – a very secure e-wallet system that many online gamblers across the world trust. Deposits and withdrawals are fast and secure with Neteller. A lot of Australian players have been using Neteller for a long time.
- POLi – this is another secure e-wallet that is growing in popularity in Australia. You need to connect it with your bank account and never have to provide the online casino with your personal financial details.
- Cryptocurrencies – a lot of Australian players are now using cryptocurrencies for their deposits and withdrawals at online casinos. Transactions are secure and fast.
Other good options for Australian players include MyCitadel, Skrill, Entropay, and EcoCard.
What are the best deposit payment methods for South Africans to use at online casinos?
South African online casino players have quite a choice when it comes to secure payment methods. Here are our recommendations:
- MasterCard and Visa cards – a lot of South African players use cards from MasterCard and Visa to make secure deposits at their online casinos.
- SID – this is a South African financial system that has been serving the market for a long time. Many South African online casinos accept this secure payment method.
- EasyEFT – another South African banking system that does not insist that players have credit cards and they do not have to convert their money into US dollars.
Other good options for secure online casino transactions for South African players include ecoPayz, Neteller, Citadel, Skrill, and Entropay.
Which secure payment methods have the fastest transactions?
All online casino players demand fast transactions from their payment processors. The quickest methods for making deposits and withdrawals are cryptocurrencies and using secure e-wallets. Our expert team has tested this many times and found that these 2 methods are the fastest. Some credit cards can also offer fast transaction speeds. But as these have links with banking systems this is not always the case.
Bank transfers and payments by check are usually the slowest ways to make online casino transactions.
Which payment methods require verification?
The banking community will tell you that you should always use a payment method that requires you to prove your identity and where you live. It is usually the case that you will need to verify who you are with credit cards and some e-wallet systems will require this as well. This is required for the PaySafeCard who will send you a 16-digit code for additional security.
Not all secure payment methods require verification. Cryptocurrency transactions are anonymous and some e-wallets like Skrill and Neteller will not insist on this. However, unverified users of these e-wallets may find that deposit and withdrawal amounts are limited.
What payment methods for online casinos do we recommend?
The secure payment methods that we have discussed in this guide all work very well. If you are just getting started with online gambling then e-wallets and prepaid cards are a good option. Make sure that you only have limited funds in these accounts to avoid the risk of overspending. You can always switch to another payment method such as credit cards when you are more experienced. Only play at licensed online casinos that have a solid reputation and good player reviews.
Is it possible to use the deposit method of someone else?
This is not recommended but this is possible. The best way to approach this is to agree with the other party to let you use their payment method in a specific way. You need to be aware that this practice is illegal in some countries. If you are not of the legal age to gamble and use another person’s account then you and they can land in a lot of trouble.
Which is the most popular payment method accepted by online casinos?
Local laws and regulations come into play here. On a global basis, Visa and MasterCard are likely to be the most accepted by online casinos. Many online casinos also accept Neteller and Skrill e-wallets as well. Another secure payment method that is gaining popularity is cryptocurrency. But not all online casinos can accept digital currencies as this would violate their KYC (know your customer) regulations.
Only choose reliable and secure payment methods
Never take a risk with your money at online casinos. Only use payment methods that are widely used and have a solid reputation, with excellent customer support.
Don’t concern yourself with the small fees that the secure payment methods charge. This is worth it for the protection that they provide.
Can you make online casino deposits without fees?
Yes, this is possible. Payment methods such as MasterCard and Visa, POLi, EasyEFT, and some cryptocurrencies will not charge for deposit transactions. Be sure to check the terms and conditions of any secure payment processor you are considering.
The truth about cryptocurrencies
Online casinos that accept cryptocurrencies tend to have the same type of casino games available as other casinos. The same applies to bonuses. No deposit bonuses are often available at online casinos that accept crypto. Using cryptocurrencies for online casino transactions is usually secure. You will need to use a reputable exchange such as Coinbase to convert fiat currency into crypto. Also, you will need a crypto wallet to store your cryptocurrency. Go for the most secure option here. There will be small “gas fees” that you need to pay for using crypto blockchain networks but this is worth it for the security, speed, and possible additional bonuses.
Is it a good idea to use credit cards at an online casino?
Yes, if you only choose licensed online casinos to play at. In addition to this, the bank that issued your card will provide you with specific recommendations for card use and you need to follow these. If you are unsure about anything then contact the online casino customer support team for help.
How can you prevent your credit card information from being stolen?
At the majority of licensed online casinos, your personal financial details should be safe.
We recommend the following:
Only play at online casinos with SSL encryption – the latest SSL technology will encrypt all transactions between you and the online casino.
Only play at licensed casinos – check that the online casino that you want to play at has a valid operating license. Never play at unlicensed online casinos.
Never give others your card information – never divulge your card information to anyone else
Mobile apps for secure payment methods
Many players choose to use their mobile devices to play at online casinos these days.
Some of the payment processors have developed Android and Apple iOS mobile apps that you can download and install on your device. The most trusted apps are:
- Transferwise
- Revolut
- Monzo
- iCard
- Phyre
If you want to use a payment processor mobile app do your research to see how well it has been received by other users first.
SMS or phone call online casino deposits
We have already discussed above that secure payments are possible through some mobile networks. This works well for small deposits. You have to validate your phone number to use these phone methods of payment.
Conclusion
It is not difficult to perform secure transactions with an online casino. Always research any payment method that you are thinking of using to ensure that it is safe and has a solid reputation with users.
Here at Legit.Casino, our team of experts is committed to providing you with the best advice and information regarding online casinos. You can trust us as we test everything and stand behind our results.
