Online gambling is fun, but at the same time, players must be careful and meticulous when it comes to handling their money flow. Many online casinos offer various payment options, from bank transfers and credit/debit cards to e-wallets and cryptocurrencies. Some are more popular than others but not without reason.
Safety comes first when players make payments or request withdrawals in their favorite online casino. The popular payment methods mentioned above are considered the most secure because they’re commonly used not only for online casinos but also for other daily transactions. Some offer higher security than others which makes them a better choice for several reasons.
Secure Payments for Online Casino in 2023
Most payment methods that became popular have been around a long time, and almost everyone of legal age owned at least one. However, there are pros and cons for each of these secure payments.
With how most things turn cashless now, e-wallets are something almost everybody uses for daily purchases. E-wallets are mainly favored because they’re, in fact, the fastest when it comes to processing payments. It’s also a secure payment method because users wouldn’t be asked for personal or financial information when paying using e-wallets.
There are still some disadvantages attached to e-wallets, unfortunately, due to their popularity. There are quite a few online casino bonuses that exclude e-wallets, especially Neteller and Skrill, so players won’t be able to claim the bonus if they choose to make payments using e-wallets. Some of the most popular e-wallets for online casinos are Neteller, PaySafeCard, PayPal, Ecopayz, and Skrill.
Credit cards are among the most common payment methods that almost all casinos accept for deposits and withdrawals. It’s a classic and trusted payment method accepted in almost any online casino.
Still, due to some licensing jurisdictions banning gambling with credit cards, it has become less acceptable than in the past. One of the reasons why cards are not as widely used is because of the ‘borrowing money’ concept of credit cards. It loans or gives cash advances that conflict with responsible gambling procedures despite the credit cards’ limit.
It doesn’t change much because credit cards still hold the torch as a popular payment option in the online gaming industry. It has a low-interest fee as its main advantage and is hassle-free compared to other methods. The most secure credit cards that are accepted by the majority of online casinos include Visa, Mastercard, Maestro and American Express.
Contrary to credit cards, debit cards will only allow users to spend their own money without borrowing anything from their bank. This gives an advantage to the users, as no transaction fees would usually be attached to it. Users can also efficiently manage their spending while maintaining responsible gambling.
Despite all the advantages debit cards provide, it can, sometimes, be a little hard to find a legit online casino offering debit cards for withdrawal. Debit cards, including Visa, Maestro, Electron and Mastercard, remained the most popular and secure payment methods for online casinos.
E-wallets are easy to use and quick, but cryptocurrencies are even more hassle-free compared to e-wallets. There are different types of crypto wallets, like paper wallets, hardware wallets, web wallets, and more, and each has its advantages and disadvantages.
The reason why it’s one of the most secure payment methods is because two-factor authentication provides high security. Unlike standard wallets, crypto wallets don’t keep digital assets. They keep the public and private keys to the blockchain network. That’s why cryptocurrencies are always connected with anonymity. Cryptos are also advantageous to use as they, typically, have the fastest withdrawal processing times.
The most commonly accepted cryptocurrencies in most online casinos are Bitcoin, Ethereum, Litecoin, Dogecoin, and Ripple.
Bank transfers are still a widely used payment method at online casinos. While fairly safe when using this payment method you must give the online casino your financial details unlike e-wallets and cryptos. There may not be fees for transactions on the side of the casino but that may not be the case for your bank. Also, bank transfers always have the slowest processing times for withdrawals.