Choosing the Right Cryptocurrency for Online Casino Deposits

Most online casinos that accept cryptocurrencies as payment methods will offer a wide range of options. Bitcoin is always present, but a lot of altcoins and stablecoins are also supported. Many casinos have upwards of 20 different currencies that can be used for both deposits and withdrawals.

With all the various options, it can be difficult to know which one you should choose. In this article, we’ll dive into all the considerations you should take into account before deciding on a currency.

Considerations for Serious Gamblers

You should always make sure that you choose a cryptocurrency that offers the least hassle and the most benefits. Keep in mind that some aspects like bonus eligibility, fees, and availability will be different from casino to casino, so you should always look into the specifics at your chosen casino. With that being said, here are the top five aspects we think that all gamblers should thoroughly consider before opting for a cryptocurrency to use at an online casino.

Transaction Speeds

Not all crypto transactions are completed with the same speed, as they are rarely instant. However, you can get some transfers completed within minutes.

When withdrawing, it won’t make much of a difference if the transfer takes one minute or 30, as it’s the processing time at the casino that will mainly impact how quickly you get your winnings paid out. But when depositing, most players prefer a crypto that’s as fast as possible.

One of the fastest cryptocurrencies is Ripple. Transactions can often settle in just a few seconds, and this is very fast compared to for example Bitcoin and Ethereum. For these cryptos, you can expect to wait anything from a couple of minutes to several hours, depending on how congested the blockchain is. With vast differences in transaction time, make sure you check the applicable timeframe for your crypto before depositing.

Transaction Fees

Most online casinos do not charge a fee for crypto payments, and they offer fee-free transactions for both deposits and withdrawals. But, crypto exchanges are not free services, so you will have to pay a fee for sending cryptos.

If you’re a casual player and you deposit fairly small amounts, a fee of 0.1% won’t make much of a difference, it’s more or less considered free of charge. But, if you’re a high roller who deposits large amounts, you’re better off finding a crypto exchange with the lowest possible fees. For example, the crypto exchange BitMEX offers fees starting from as little as 0.02%. If you deposit an equivalent of a couple of thousand dollars, this will make a difference in the long run.

Also note that some casinos might in fact charge a fee, so avoid such casinos. In particular, there are some casinos that charge a fee for withdrawing money, although depositing might be free of charge. If they charge a fee, it can either be a flat withdrawal fee or a percentage of your cashout.

Transaction Limits

No matter if you’re a cautious player or a high roller, the minimum and maximum transactions should be of interest to you. There are some online casinos that will not accept any deposits of less than $30, and for some players, this might be high. Especially since some casinos don’t have a minimum limit at all, so you can deposit as little as you please.

At the same time, some casinos have low maximum transactions which will be a disadvantage for VIP players. For example, if you want to claim an unlimited match deposit bonus, you don’t want to be limited by a low maximum deposit limit for your cryptocurrency.

When considering the transaction limits for cryptos, you should also look into the casino’s withdrawal policies. For most cryptos and casinos, the minimum withdrawals will be close to the minimum limit for deposits, but that’s not always the case. There are casinos that won’t allow withdrawals for less than $100 or even more. Also check the casino’s maximum payout limits per day, week, or month.

You should check the payment limits per cryptocurrency, as not all of them will have the same limits. Some options tend to have higher or lower limits than others.

Currency Volatility

You probably know that most cryptocurrencies can be highly volatile since supply and demand are what drive the exchange rates. Whether this matters to you or not when you play at online casinos will depend on your gambling and bankroll habits. If you tend to deposit, play, and withdraw all in one day, it won’t make much of a difference. But, if you tend to keep money in your gambling account over longer periods without withdrawing when you win, the volatility can have a great impact on the value of your bankroll.

If you’re a player who keeps money in your casino account, you might want to consider using a stablecoin, like DAI or USD Coin. Since the value of these cryptos is connected to the US Dollar, they are much less volatile than other cryptocurrencies. The value is at risk of changing compared to the Australian Dollar over the course of a month, or however long you keep funds in your casino account. But, the risk of a sudden drop in value is far less than with other cryptocurrencies.

Bonus Eligibility

For the most part, Australian online casinos will accept any of their supported cryptocurrencies when you claim a bonus, but it’s not guaranteed. Some casinos are only allowing a restricted set of cryptos to claim for example the welcome bonus. Typically, these will be the big ones, like Bitcoin, Ethereum, and Litecoin.

There are also casinos that offer exclusive bonuses that only certain cryptocurrencies will be eligible for. The most common cryptos with exclusive bonuses are Bitcoin and Tether, but in reality, the casino can choose any crypto for such offers. So before deciding on which crypto to use, check which bonuses you can claim.

Conclusion

With the vast selection of cryptos available at Australian online casinos, you can deposit using almost any currency. But, it can be beneficial to decide on one or two preferred ones. Of course, if you’re looking at the availability at casinos, and the bonus eligibility, then Bitcoin can be the best option. But, if you’re looking for speed, you should consider using Ripple.

However, keep in mind that the value can change while you play, and while you keep your funds in your casino account. To protect yourself against this volatility, you might be better off using a stablecoin like USD Coin or DAI. Not least becasue you can’t sell the cryptos you have in your account, by withdrawing, as quickly as you can if you keep them in your crypto wallet.

The casino needs to process and approve your cashout before you get your payout, and in some cases, this can take several days. During this time, you can lose a lot if the crypto rapidly loses a lot of value. This is less likely with a stablecoin, and that’s why they are often the best choice when tying up your cryptos in an account where you can’t instantly withdraw when the market changes.